Sterling National Bank
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!
Sanjeev Ahuja NMLS # 148731
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
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
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.
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.
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!
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.
If you need someone to go over ALL your options and give some good advice, I am always available to meet.
Sterling National Bank
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
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.