Home Buying in 11001>Question Details

Sharleen S., Home Buyer in Franklin Square, NY

hi, first time home buyer here! we cant get prequal or pre approval . were just looking for a $230,000 home to buy.

Asked by Sharleen S., Franklin Square, NY Thu Apr 19, 2012

ourannual income is 65000 plus per diem job of my husband. we have car loan and credit cards to pay monthly for 2,500. the banker told us we have 18K deductibles so we cant get the property we want. and she cant give pre qual.

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Answers

15
Consult with another lender regarding your mortgage pre-approval; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. However at this time it may be in your best interest to pay down debt and save additional money. Unless you are ready to purchase with cash, a mortgage pre-approval letter is necessary.
2 votes Thank Flag Link Thu Apr 19, 2012
Is there a way you can call me to discuss? I want to fully understand the situation with your husband's per diem job, how long has he been there? Etc.

Javier Meneses
Sterling National Bank
516-606-9648
jmeneses@snb.com
1 vote Thank Flag Link Fri Apr 20, 2012
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It will teach you how to buy a house without getting ripped off. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Sun Nov 17, 2013
If you are still looking to get the pre qualification for mortgage please call me to discuss.

Thanks

Sanjeev Ahuja NMLS # 148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Ph 917-517-2552
NYS Registered Broker, Department of Financial Services, Loans Arranged through third parties NMLS # 885573
0 votes Thank Flag Link Sun Nov 17, 2013
You need to pay down your debt in order to qualify for a loan. You wouldn't be able to make the payments on all your debt and the house.
0 votes Thank Flag Link Tue Mar 5, 2013
I think Trevor provided a very thorough answer. It may be time to consider the options mentioned.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Sharleen, do you have a co-signor? How much down payment are you looking to put towards the purchase? Have you considered a 2-family property? However its safe to say that this is a difficult scenario due to the high revolving debt and partially contingent upon the amount of down payment you have as well as your credit.
0 votes Thank Flag Link Sun Mar 3, 2013
my husband has a permanent job AND a per diem job. but not a second permanent job. when he is OFF on his permanent job he work on his per diem job, meaning he works 7 days a week, 365 days.
my credit score is 658 my hubby is 688.
2,500 includes house rent, car, insurance and creedit cards.
well, i guess this is not the time for us to buy a house. i will look for an apartment or house to rent from now on.

thanks for all the replies.
0 votes Thank Flag Link Sun Apr 22, 2012
Hi Sharleen,

You should contact me to get prequalified. I did not understand from your previous post that your husband had a regular job apart from the per diem job. It also was not clear the $2500 including housing expense. Let's get together at my office in Great Neck to get you properly prequalified.
Trevor Curran
NMLS #40140
Office: 516-829-2900 ext 105
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
Flag Mon Apr 23, 2012
Good morning Sharleen,

It appears from your statements that you face 3 serious issues presenting obstacles to your qualification for mortgage financing.

1. "per diem job of my husband" For basic Underwriting of a mortgage loan, per diem presents a problem because the income is not permanent. Underwriting a loan requires assessing risk based on previous employment history combined with the likelihood that employment is stable and will continue (so you can pay the mortgage loan!). Your Mortgage Banker may be able to dig a little deeper into his income situation to see if there is a way his income situation can become acceptable (per diem as per a contract for more than three years, for exampe)

2. Monthly debt of $2500. Wow, that's a big monthly nut. While you may handily pay that every month (I assume you are paying bills on time since you didn't mention you have low credit scores), unless the rest of your Income picture can hold up to that amount of monthly payments along with a new mortgage payment, then you won't qualify.

3. "18k deductibles" When these expenses are deducted---and I assume these are "Unreimbursed Employee Expenses" from Line 21 of Schedule A of your Federal 1040's---we are required to subtract this number from your income for qualifying purposes. Thus your $65,000 becomes $47,000 for qualifying purposes.

It sounds as if your Mortgage Banker did a credible job of trying to qualify you, and, unfortunately, you are not qualified. Did you explore the options of either bringing in a cosignor, or paying down debt, or your husband obtaining a "permanent" salaried job? Did your banker discuss these potential options with you?

If you want a second opinion, I am a Local Mortgage Banker and would be happy to meet with you.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 21, 2012
Sharleen,

There are many factors considered when qualifying for a loan. My recommendation would be to contact another mortgage professional and bring everything you can document regarding income and debt.

Good luck to you!
0 votes Thank Flag Link Fri Apr 20, 2012
thanks so much for the answers... is there a way we can pay all our credit card? like consolidation or something? i have no idea how to do it but we are willing to do it to clean our debts.
we are still waiting for down payment assistant in nassau but it is still close. they said it will be open on January but until now its close.
The banker said to my husband the she needs a letter for his per diem job that it is regular. she cant understand that it is not a second job it is only part time or per diem. so we cant get the letter she want. so cant give us assurance that we can have our pre qual now. or most probably she will now give it to us.
0 votes Thank Flag Link Fri Apr 20, 2012
What that means is you have too much debt going out every month. After paying your monthly bills there isn't enough income left over to pay a mortgage. You can start by paying down some of your debt. As for the car loan if you have less than a year left on the note there is ususally some flexibility there. Hope this helps!
0 votes Thank Flag Link Thu Apr 19, 2012
The best thing for you is to meet with an experienced loan officer and go over all your info and see what you guys would qualify for. Though income and credit are huge determining factors, there is more to it.

If you need someone to go over ALL your options and give some good advice, I am always available to meet.

Good luck!

Javier Meneses
Sterling National Bank
516-606-9648
jmeneses@snb.com
0 votes Thank Flag Link Thu Apr 19, 2012
Congratulations on being a first time homebuyer. Did you check with a few mortgage professionals? There may be a program that suits your needs, and that you qualify for.

Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Thu Apr 19, 2012
Hi,
I am a sales associate
For Cruse Realty (did not update
My profile yet). We have lots of inventory in Nassau County of affordable homes. Lots of foreclosures.

Call me and I can get you started on
The purchase of a home I have one that came on the market this week on a great block in Freeport South of Atlantic.

516-312-6245
0 votes Thank Flag Link Thu Apr 19, 2012
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