Home Buying in Buffalo Grove>Question Details

Volensaeros, Home Buyer in Buffalo Grove, IL

Veteran look to buy home needing financial asistance

Asked by Volensaeros, Buffalo Grove, IL Thu Aug 25, 2011

I am having a lot of trouble finding financing for $140,000 mortgage. I have a $83,500 mortgage on another property in which I do not reside in. I can prove $21,000 in income from last year. My credit score is about 675 and my debt to income ratio is at 46%. My fiancé and I have made $72,350 YTD. I presently live in the house in which I am buying. It is currently up for a short sale. What can I do? Can someone please help me?

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4
John Walin’s answer
My son is Army at FOB Fenty, in Nangahar province, Afghanistan until next spring...
Cautionary note...If you are buying a house you are renting that is a short sale that probably is not an arms length transaction and sellers bank might not like it. Sellers more and are called to the carpet by their banks for putting in a tenant to stall foreclosure and if that tenant writes an offer it is scrutinized to see if the buyer was a party to fraud.
1 vote Thank Flag Link Fri Sep 16, 2011
The irony of Dan's blog - found at http://thehousingbubbleblog.com/index.html - having mortgage & real estate ads... I read a lot of Dan's responses, but not much is more than just "punchlines". I digress...

Now to Volensaeros' issue.. a 46% DTI shouldn't be an issue, we just got someone approved for VA financing with a 50 DTI and a 643 FICO score with a foreclosure 3 years ago, so since your credit score is higher than that and your DTI is lower... unless you having some serious recent credit issues then so far it sounds do-able. What exact issues have you been running into/why are they saying that you can't get financing?

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
0 votes Thank Flag Link Thu Aug 25, 2011
Volensaeros,

As long as you are not delinquent on the other mortgage I may be able to help you purchase the new home. Please call me so we can discuss the details in private. Thanks.

Mike
815-484-8096
0 votes Thank Flag Link Thu Aug 25, 2011
First of all, let me say THANK YOU for serving:
I was in during Nam, and no one said that to us when we got out.

Secondly; please go see your local VA office;
You will need your Letter of Eligability anyway.
They can tell you about the second house, and advise you.
They have no axe to grind, they really want to help you, you can trust them.

Good luck and may God bless
0 votes Thank Flag Link Thu Aug 25, 2011
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