Need help finding financing--We are in Richmond, VA. We are in the process of selling our second home, purchasing our third. We have excellent credit-

Asked by J. Irvin-Rooney, Richmond, VA Tue Dec 1, 2009

about 770 each. My husband has been with his job for 6 plus years. I had been with mine for 3, but I left it back in June to become an adjunct professor full-time. I teach 7 - 10 classes a semester, have them lined up a semester before, but Fannie Mae or Freddie Mac is not counting my income since I do not earn benefits. THerefore, they are only counting my husband's, which isn't ideal since he is a public servant with a police department and does not make enough to qualify a loan by himself. Even though I make over 40 k a year, it is not being counted. We cannot afford, due to the price we will probably end up selling our home at, to put 20% down. Does anyone have any ideas about how we can procure financing? We have the income but the new regulations aren't "accepting" mine.

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Brenda Feria’s answer
Brenda Feria, Agent, Richmond, VA
Tue Dec 1, 2009
Is your job description the same or similar as the one you were in for 6 years? You may have to be on the job for 6 months before it can be counted. Have you thought about FHA? You would still have to pay mortgage insurance even with 20% down, however, it the loan amount does not go beyond FHA limits, that might be your best bet, unless of course you or your husband qualify for VA. Call Nannette Shor at Trustmor Mortgage. Here number is 262-7408 if you want to try another lender. You will need to speak with your agent because, changing the type of financing may mean that you have to change the terms of your contract.

Good luck. I hope that this helps.

Brenda Feria ABR, CREC-C, CSA, GRI, SRES
Park Place Properties, Inc.
5604 Grove Avenue
Richmond, VA 23226
804-285-2828 ext 3002
hablo espanol
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Gerri Giles, , Irmo, SC
Tue Dec 1, 2009
Try speaking with a loan officer with United Caldwell Banker They are very creative and can offer many suggestions.
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