| Author |
Message |
|
|
VinAZ
Guest
|
 Posted: Mon May 18, 2009 6:07 am Post subject: Lost 1st-time buyer |
|
|
I am looking for an FHA Firs-Time Homebuyer loan of about $100k +/- to buy a short-sale single family house from my landlord-lord/rooomate. He became ill, was let go from his job for being out sick and not covered by FMLA (< than a year employ), had to file BK7. Anyway - I am partially disabled so I get SSDI of $834, have some self-employ income and part-time income (limited due to health) but am well able to prove (some stated income, some standard docs) that I can afford the mortgage on a loan of that amount in order to buy the house from my landlord and keep us in the home. I am having trouble finding a lender that "understands" my odd circumstances (3 different kinds of income) and am being discouraged by the major and mid-size banks. Any advice out there for me?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
 savior70
Joined: 25 Mar 2009
Posts: 1776
Location: Florida
237.75 Dollars($)
|
| Posted: Mon May 18, 2009 8:13 am Post subject: |
|
|
Hi
With stated income, it'll be difficult for you to qualify for an FHA loan. They need you to have at least 2 years of stable employment history and other necessary documents in support of your income. There are some lenders in the market who offer stated income loans. They may be able to assist you. But the interest rate will be higher than normal. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
|
| Posted: Mon May 18, 2009 8:27 am Post subject: |
|
|
vin, it won't simply be difficult to qualify for fha loans with stated income, it will be impossible. fha does not have a program that allows stated income. you would need to provide sufficient evidence of all income that you have for qualifying purposes.
this is just an opinion on the short-sale scenario: how confident are you that the lender will allow you to purchase the home from your landlord/roommate? i think those circumstances might make it difficult for you to get their approval.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
brian3
Joined: 09 Jun 2009
Posts: 80
21.31 Dollars($)
|
| Posted: Wed Jun 17, 2009 3:01 pm Post subject: |
|
|
Vin how long have you had each of those jobs, for FHA to consider any part time employment it must be for 2 continuous years.
_________________
Brian F. Foster
Mortgage Banker
BFF Mortgage
7057 John F. Kennedy Blvd
North Bergen, NJ 07047
201-305-5149
First Residential Mortgage: Licensed direct lenders in NY, NJ, CT, PA, FL, VA, MD, NC, SC, TX |
|
|
Mortgage_Man_X
Guest
|
| Posted: Wed Jun 17, 2009 5:45 pm Post subject: I Can Help With Your Mortgage! |
|
|
| I Cannot help with your mortgage |
|
|
Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
|
| Posted: Wed Jun 17, 2009 8:17 pm Post subject: |
|
|
What else can you do Mr.X
Can you give out free money
Go Away |
|
|
