I bought a gorgeous 40-acre parcel with 16K down and seller-back financing. It was very easy and closed in about 2 weeks! Of course most of the parcel was in mountainous terrain, not for everyone, but we loved that property.
It shouldn't be a problem to get you qualified for a loan, possibly even an FHA loan. My team and I are FHA approved and if you would like to talk it over some more please feel free to contact is at 408-836-7078. Thank you.
You should not be having this problem. You are qualified. I have been in business for over 20 years and I must agree it is getting harder to get loans. However a lot of the problem is the fact that so many banks are merging right now there not running on 8 cylinders. Try a direct lender that is not merging into a larger bank.
Call me if you need a referal. I don't do loans I'm strickly a Real Estate Broker but if you need a referal, feel free to give me a call, I know some good people.
Hang in there, you can do it!
Steven A. Ornellas, MBA, GRI, ABR, e-PRO, CMPS, RE Masters
REALTORÂ® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist
As evryone has already advised you, talk to a competent Mortgage Broker. Most importantly remember that you are interviewing them, not the other way round.
You should expect to be told how much you qualify for and what it will cost for each of the multile loan programs available to you. If not qualified you should be told clearly why not, and what it will take to fix it.
I do not recomend going to a regular Bank (BofA, Wells Fargo) etc as their loan officers can only hep with the limited number of loan trypes they make. An independent Mortgage Broker will have access to the full range of loans available from whatever source.
Lastly, you should consider talking to a Mortgage Broker who is CMPS Certified. You can check out the value of this at http://www.cmpsinstitute.org/.
You just need to see a few more lenders if you need some contacts just email me and I will provide you with a few VERY good people. I see by your price range you would do well looking for REO"s and Short Sales as I am experienced in the purchasing side and have worked with getting buyers ready and into homes let me know if I can be of assistance to you.
I don't know who you are working with, or how much other debt you have, but you should be able to qualify for a FHA loan, which only requires 3.5% down, based on the information you provided. I would be happy to refer a lender to you who does both traditional as well as FHA loans. With 10% down, you should be able to do a traditional loan, which banks will do at 90%.
Don't give up - just talk to a few more folks. The numbers will make sense. While I am not a lender, I work with great folks, and I am a former banker, so I have a very good understanding of the process and options available.
Feel free to call or email me if you have more questions.
Happy house hunting,
Alain Pinel Realtors