Home Buying in Miramar>Question Details

Missd211, Other/Just Looking in Miramar, FL

I applied to get pre qualified to purchase and was denied because of the amount of student loans i have. I am a teacher and now wants to buy a home.

Asked by Missd211, Miramar, FL Fri Jun 29, 2012

Since i was denied should i refinance my car for a lower APR

Help the community by answering this question:



Refinancing the car can help, but there are other ways to help you qualify for the house you want as well.

We need to review the x-ray and lab work, the loan application and current Mortgage Credit report.

Since you already applied, ask the lending source to send you these 3 things:

1. 1003 application
2. copy of your Mortgage Credit Report
3. 1008 Transmittal Summary

Forward these to me at: Steve@pro-option.com so I can advise

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404
0 votes Thank Flag Link Sun Jul 22, 2012
Hello how are you? I maybe able to help you as the City of Miramar has a dowpayment assistance program for which you maybe eligible to obtain up to 60,000 in downpayment assistance on a foreclosed home in a corridor of Pembroke Pines. Please contact me and I can help you find a great home, and help guide you in this programs as they have loan officers readily avaliable to help you.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
0 votes Thank Flag Link Sat Jul 21, 2012
I can go to a 59.8% Debt To Income.

See website http://www.pro-option.com
0 votes Thank Flag Link Tue Jul 3, 2012
Hi Missd211 if you are a teacher and you want to buy your first house you can take advance for the HUD good neihghdor next door that is a program you can pay only 3.5% donw and if you stay in that house for more a 3 year the they pay you the 50% on you morgate
Neighbor Next Door
Buying a home through HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties.

Call me for more Infromation
0 votes Thank Flag Link Tue Jul 3, 2012
With good credit you can go up to a 54.9% DTI (Debt To Income on FHA)

With 20% down, you can go up to 60% DTI in a non FHA loan

These two programs may be able to help you puchase now, while rates are low and before prices go up.

Contact me for more info: http://www.pro-option.com
0 votes Thank Flag Link Sun Jul 1, 2012
Sounds like your DTI is high because of the student loans. If that is the case, you could try to defer the loans, if you can, for minimum 18m to 2years, then it would not count to your DTI. More practical would be pay off or sell the car, that would be a solution. But I need to see more details about your denial, how much did you apply to why they denied you specifically.Was that the only reason, or others as well, what kind of Loan program was it? etc.
If you want to can call me or e-mail me.
I am a Realtor and a Loan originator.

Andrew Muller LOAN ORIGINATOR NMLS#384950
305.343.1135 (24/7)
AMuller@bestbeach.net or amu210@aol.com
e- FAX: 305.403.3535
0 votes Thank Flag Link Fri Jun 29, 2012
I also have student loan debt. I am a real estate broker in central florida. I thought I may give you a few points that helped me. As far as I know, wells Fargo is the only lender that is consolidating private loans. If your family can cooperate, you can transfer that debt to them with a consolidation loan. If your debt is federal and deferred for atleast 2 years, I believe that debt does not count towards your ratios. So it may help if you enroll in a program or seek deferment options. These rules change often and depend on many factors, so please discuss these with your lender, but I thought I would atleast give you my thoughts and what I've discovered. I wish you the best of luck! I hope your student debt does not get in the way of homeownership! A problem I see everyday.
0 votes Thank Flag Link Fri Jun 29, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer