You got preapproved without a job? Wonder why the Feds are beating up on lenders? I hope you have another lender now.
Okay, hereâ€™s the scoop from a loan officer that actually reads the guidelines. Portfolio means the lender is using their own money, therefore the Golden Rule applies, â€œHe that has the gold makes the rules.â€ That means they donâ€™t have to follow standard mortgage guidelines, you didnâ€™t mention what kind of loan you are prequalified for so I am just being general on that issue. But if the lender is using their own money do you think they are going to be more or less liberal in what they do? Less is the answer.
If you are putting 20 or 30% down or more, they might make a portfolio loan on a short term basis. They WILL NOT lend it for 30 years with a low interest rate. What happens if interest rates jump to 9% before you can refinance that loan? Wonâ€™t happen? Itâ€™s only a matter of time, when, not ifâ€¦.
Ask the seller to wait until your probationary period is over. If you are getting an FHA loan donâ€™t rent the house prior to closing, that will mess up the loan and push back the closing date. Good luck,
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