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droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

So me and my wife are trying to get a 75000 loan and we have the ability to put down about 7% if need be. I have credit scores above 730 (one at almost 800) and hers are all above 640. debt is at about 30%. BBnt has said we would have to bring in a cosigner and do fha but we want a house we can make our own and fix up. our gross is like 25000. my 1099 shows i alone make 50000 but for tax purposes I take it down a notch and her w-2 is 1900. any suggestions would be appreciated. also nothing we have is in collection and we dont use credit cards. we only have 500 on a care credit card for a wisdom tooth extraction which was on a two year plan that will b paid off in 1 more month.

jameshogg · Posted: Mon Jun 06, 2011 8:35 pm Post subject:

Hi droksurfs,

As your credit situation is good, you should have got approved for a loan. I will suggest you to contact the other lenders of your area and apply for a mortgage. This community, too, has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this matter.

Thanks

jimgilly · Posted: Tue Jun 07, 2011 2:16 am Post subject:

To be honest, it doesn't sound like you are in the best position to be purchasing a home at this time.

If you are still paying off a $500 bill after 2 years, self-employed with little funds available, looking for a $75,000 loan (low), and are being told you need a co-signer, this does not bode well.

That being said, if you can find a great deal on a property and you have the ability to fix it up yourself, this might change the picture for you. Every situation is different and only you can know if buying a home at this time makes sense.

If you do plan to go ahead, post rates/fees and other details on quotes you get and maybe you can get better help here at that point. Anyway good luck whatever you decide.

admin · Posted: Tue Jun 07, 2011 4:59 am Post subject: Think about a FHA 203k Loan

Hello,

You should qualify for an FHA 203k loan. This loan allows a 29/41 DTI. So your income may be tight for that, however it might work if you can find the right underwriter. Try to work with a large lender.

Jeff Ragan

raymond · Posted: Tue Jun 07, 2011 5:51 am Post subject:

>>my 1099 shows i alone make 50000 but for tax purposes I take it down a notch

That's probably your primary obstacle. It doesn't matter what you gross, only what you net. How many years have you been filing a Schedule C? And what's your net pay after you take it down a notch?

Posted: Tue Jun 07, 2011 5:22 pm Post subject:

so u must not have understood what i said about the care credit debt. It was on a two year plan originally financed was 1700. within 7 months i got it paid down to 500 so i will have it paid off in 2 more months.

Posted: Tue Jun 07, 2011 5:35 pm Post subject:

I have been filing schedule c for 6 years with the company i contract for now and 4 before that. Like i said me and my wife agi is around 25000 after i get done with my "deductions" (you got to do what you got to do). I know that is what is killing us because i make great money...it just doesn't show on paper. That being said the mortgage broker at bbnt told us that our financial situation was far better than 95% of people our age. ...27. my truck is paid off. i have care credit.$500...wifes car..$178. She has a credit card $250.... and 2500 in her student loans. We just had a baby girl and with insurance our medical bill was around 2600 which we have already paid off 400 and she is only 3 months old. so I wouldnt say that our "position" is that bad

And as for my funds we have about 13000 just not looking to drop it all.
I do not want fha because i am a contractor and i remodel houses so I want to remodel one for my family.

droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

those last 2 post were me by the way

raymond · Posted: Wed Jun 08, 2011 6:47 am Post subject:

>>I do not want fha because i am a contractor and i remodel houses so I want to remodel

You can remodel your house if you have an FHA mortgage. And if you want to purchase a fixer-upper house, you can use FHA's 203k program.

droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

i was under the impression that fha's were super strict about the quality of the house.
We have already found a house in a great neighborhood owned by an in law. A hoarder was living there so you can imagine what the condition of the house is. Its livable and there is nothing structurally wrong with it. minor things such as gas pack on heat pump needs replacing and there is some siding that is missing but where it is missing there is still siding there because they re-sided over top of the other so no exposed sheathing is present.

droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

Im trying to set up appointments with other lenders because i really dont see the problem. we are never late on bills. no outstanding debts. everything we have ever financed has been paid off way before the promos ended and although I am a contractor, I do get a check with a pay stub. I have the last 10 weeks of mine all of which are at least 1100 and some as high as 1500. It just a matter of what I claimed.

raymond · Posted: Wed Jun 08, 2011 7:20 am Post subject:

>>i was under the impression that fha's were super strict about the quality of the house.

They are, but the 203k program is designed for what you're trying to do. Do a google search and learn about it, and then find a Loan Officer that specializes in it.

droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

thanks dude...may be this is our answer. I just wish I would have known about this sooner

droksurfs · Joined: 06 Jun 2011 Posts: 6 2.27 Dollars($)

and just like that a lender said with us there would be no problem. seriously man thanks you are a lifesaver

raymond · Posted: Wed Jun 08, 2011 10:37 am Post subject:

You're welcome - it's going to be a perfect fit for your objective.

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