It sounds like you're on the right path to doing well in your business in only 3 years. It's too bad that government yahoo's won't allow sub prime financing back. Back then, we could use your YTD income and average out deposits. The issue, however, was the high interest rate. So, your issue will be that you'd better keep your income going just as good for this year in order to finance out of my loan next year.
I don't do sub prime loans. Worse. I do private money loans. These loans are not for the people who complain about rates and fees. They are loans offered to people for a temporary basis. The interest rate starts at 9.5%. Credit is irrelevant. Good, bad or ugly, your rate starts at 9.5%, interest only. There is no pre pay penalty, however, in order to refinance using the value of the property, you may have to wait one year unless one of these fine financial institutions below can do it in less time.
Fees up front range from $750 to $1500, depending on what you're buying, where you're buying, how you're buying and why you're buying a property. Fees due at closing also apply regarding the same. Down payment ranges from zero to 35% for residential properties and zero to 50% down for commercial.
Hard money financing is not allowed for primary residence. I don't offer hard money. I offer private money and it has little to no restrictions on what can and cannot be charged for primary residence. You're basically getting owner financing on a property. You'll still go to a closing and sign loan documents but you're payments most likely won't be reported to the credit bureau so you'll need to keep track of it yourself using cancelled checks.
It can take 30 to 60 days to close a loan. Why? Because they can. I don't mean to sound rude, it's just that people confuse private money with hard money. It's like comparing FHA to conventional lending. Same idea, different rules.
If you'd like more information, visit my website and good luck.
It is horrible when this happens, I am sorry you are going through this.
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
In this case, you would use 2011 and 2012 averaged over 24 months. The $35K + $5K gives you $40K for 2 years. This averages to $1,666.67/month in qualifying income. Please keep in mind that these are jsut rough numbers since we use several differnt lines on your tax returns to actually calcualte your income.
It sounds like the loan officer really never Pre-Qualified you. Unfortunatley, a lot of Loan Officers still issue Pre-Qualificaitons without ever reviewing the required documentation.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.