Home Buying in Gilbert>Question Details

Leora, Home Buyer in Phoenix, AZ

I can't get a loan!!!

Asked by Leora, Phoenix, AZ Fri Aug 29, 2008

I have a sizble down payment, 700 scoor credit , relocated to AZ only part time job.
I'm making rental payment that are twice as much as I want pay for mortgage .
I tried bank and brokers ANY ideas?

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One option for you may be a lease purchase. Just make sure you give yourself a long enough term to obtain financing. It sounds like you may have sufficient cash and reserves, but not adequate income if you are only working part time. Another option is private money mortgage. You may have to pay higher interest, but it may be easier to do a rate and term refi in several months than a purchase.

We would all need more information from you in order to help with some ideas to get you into a home.

Good luck.!
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Fri Aug 29, 2008
Leora,

I understand your frustration with the tighting bank criteria. I have just been introduced to a brand new program that may help you.

Qualification Guidelines
1. No Bank Qualifying
2. Unlimited Funding Scource (Hedge Fund--Real Estate REIT)
3. Minimum Credit Score 600 (middle score) 585 in some cases.
4. 50% Debt To Income Ratio--Most Banks Max. at 38% Note--Income Must Support Payment
5. 2- Year Verifiable Employment
6. Verifiable Rent or Mortgage Payment (12-24 months)
7. Collection and Charge Off,s Must Be Paid
8. Medical Collections Ignored
9. No Judgements or Liens
10.Foreclosure Greater Than 5 Years
11.Bankruptcy Must Be Greater Than 7 Years.
12.Requires Only 5% Minimum Down Payment (May Vary)
13.In House Underwriting (usually done in less than 5 days)
If you would like to discuss this option further, please email me at your convienance. JustConsiderItDoneInc@yahoo.com
0 votes Thank Flag Link Sat Aug 30, 2008
The credit contraction is worsening. There is less money out there and it's going to get worse. Each week it's becoming more difficult to get financing even for people with good credit. We're only at the start of this. Keep your money and buy later.
0 votes Thank Flag Link Fri Aug 29, 2008
Leora,

It probably is the part time employment. However, I have a lender from State Mortgage. His contact information is on my site. If any one can find the right program it is him. I have had buyers that couldnt get loans with some lenders however they were able to with programs he had available.

If you need more help,I can offer some othere suggestions! Feel free to contact me!
0 votes Thank Flag Link Fri Aug 29, 2008
Leora,

Your down payment and credit score is not the issue as many have pointed out. Your job is, it does not matter that you work part time, however your income need to be high enough to qualify to make the payments on the house you are buying. If your income is too low to qualify your only option right now is a seller carryback, lease purchase scenario. With the down payment that you have a seller carryback should be fairly easy to get done, however the main concern for you is to make sure that you can afford the payments on the house with the income you have. Not just for 6 months, but long term.
Web Reference: http://www.TeamKearney.com
0 votes Thank Flag Link Fri Aug 29, 2008
As a mortgage lender let me share my view. Your credit and down payment are really not the issue. Bankloans in the past was like walking into a ice cream parlor with 31 flavors. Today the market is very strict and banks only want to sell you vanilla. What this means is banks only want to do full documentation loans with good jobs full time for 2 years + or provable income that will substaniate the ability to repay the loan. I would work on your job issue. If you go back to full time and work in the same field from your part-time job and the income is sufficient, you might be able to get an exception and get approved. If you have any specific questions, please feel free to contact me.
Web Reference: http://www.garymiljour.com
0 votes Thank Flag Link Fri Aug 29, 2008
If you already have 40% down, wait a few years, save your money, you will be a cash buyer and you don't need a loan.
0 votes Thank Flag Link Fri Aug 29, 2008
If you've got 40% down, a 700 credit score, and can't get a loan, something's odd. Ask the mortgage brokers what the problem is. They should be able to tell you. I'd guess your ratios are off. You may not be showing enough verifiable income to justify the expense. That, and a combination of a short work history in Arizona.

Still, that's only speculation. Talk to one or more brokers and ask what the problem is. They should be willing to tell you, if only to get your business once that problem is rectified.

Hope that helps.
0 votes Thank Flag Link Fri Aug 29, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
40% down I think that's a sizble amount
0 votes Thank Flag Link Fri Aug 29, 2008
Leora,

You don't say how much your down payment is? Is it over 20%? The way banks think, is not always the way we think. Just because we know we can afford a home, does not mean a lender will give you the financing. It has to be proved to them. Your biggest thing is that you work part-time. I would then assume that you earn a part-time wage and this is what is preventing you from qualifying. I would suggest saving some more, then trying again in possibly a year or when you work full-time, whatever comes first. Lenders are very careful here in AZ...they have been burned once....and are detemined they will not be again. I wish you good luck! :)
0 votes Thank Flag Link Fri Aug 29, 2008
AZ is a risk for banks. They've already lost a lot of money in AZ loans. Save more money for a down payment. Housing prices are still declining. Wait a few years.
0 votes Thank Flag Link Fri Aug 29, 2008
call Dorina @ 501-762-3293 she is a great loan officer.
0 votes Thank Flag Link Fri Aug 29, 2008
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