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Can anyone suggest a lender

Posted on: 22nd Jan, 2007 08:14 am
I would like to look into getting pre-approved as my lease is up in December.

I live in US. I would be trying to do the loan in my name only however my fiancé of 10 years would be a 2nd income (has a recent judgment so not putting her on the loan).

I have about 7 years history in my line of work.

My credit score is about 660+. No BK. No charge off. Income is 63k before taxes. But I do have about 400 - 500 monthly debt. 1 car payment, student loan debt and some CC debt that make up that 400+.

I have not owned a house in 2+ years so I am told I may be considered a first time buyer again.

I would like to finance 100% and I am looking at houses right around 300k.

If someone would like to take on this challenge or can recommend someone please let me know.

Thanks!
Your credit score is good enough and as fiancé has a judgment entry its better not to include her in the loan as you have correctly decided. As far as getting 100% financing is concerned, you will have to talk with a few lenders to know about the rates they are offering and compare.
Posted on: 22nd Jan, 2007 10:42 am
For the 100% financing you will have to take two mortgages which are called as 80-20 loans.

In such type of mortgage the first one will be for 80% of the value of the house and the second for rest 20%, you will only have to come up with the closing costs.

It is also called as piggyback loan.

Thanks
Posted on: 22nd Jan, 2007 12:38 pm
micah,

I'm not sure why Mark's comment above indicated you could "only" do a two loan transaction or 80/20 to finance your purchase. There are also 100% financing loan options which may be available to you. To compare the two methods, you must consider that the 80/20 has a higher rate of interest on the 20% part (second loan) which translates to a higher monthly cost. The 100% one-loan transaction in many (not all) cases will require private mortgage insurance which is a monthly payment insuring the lender against your default.

The first thing to do is compare the monthly payments under each option. If you can qualify on your income, you may very well be a candidate for a first-time homebuyer program. Bank of America's loan program provides up to 100% financing with no private mortgage insurance costs.

If you would like to talk further let me know. It looks like based on the information you provided that you will have choices in your lender and loan program options.
Posted on: 22nd Jan, 2007 03:10 pm
Yes Ken, 100% single is also an option to choose with PMI. I am a bit new in this field. :)
Posted on: 22nd Jan, 2007 03:46 pm
Mark, welcome to the business.
Posted on: 22nd Jan, 2007 03:58 pm
PMI's are now eligible for tax deductions for 2007 income taxes.
Posted on: 22nd Jan, 2007 05:32 pm
Micah, 100% financing with one loan transaction can be a good choice. But there will be private mortagge insurance reuqired.

The best thing is that PMI is now tax-deductible, and I feel it will be better than high interest rate second loan that is offered in a piggyback loan combination.
Posted on: 22nd Jan, 2007 10:55 pm
Welcome Ken.

Thanks for sharing your suggestions with our Community.

Hope you enjoy visiting our forums. :)

Thanks,

Caron.
Posted on: 23rd Jan, 2007 01:50 am
Micah

A lot would depend upon whether you can handle mortgage, credit card, car loan payments and student loans all in a row.

Just discuss with some lenders and get an estimate of the monthly mortgage payments. Now add it to your current payments and then find out if you can afford to pay all together. If yes, then you may go with 100% financing.
Posted on: 23rd Jan, 2007 02:56 am
Hi Micah,

Welcome to our forums.

You may be thinking of putting your fiancé as the cosigner on the loan as you are using his income. But her name will not be on the loan.

Your income seems to be good but if you could take up your score to somewhere around 700-720, that would have been fine for a comparatively low rate. I am saying this because you require 100% financing and lenders providing such offer charge high rates of interest. Here your score will be taken into account also.

I would suggest that you wait for some more months and improve your score. You have some time actually as your lease is up by December. However, if you are interested to go for it currently, then you can Request us for free Consultation .

As soon as we receive your request, we shall forward it to some of our community lenders. And, if they find that they can provide you with 100% financing based upon your requirements, they shall contact you as soon as possible.

Feel free to come up with any other query.

Thanks,

Caron.
Posted on: 23rd Jan, 2007 03:13 am
In 2002, after my separation with my ex partner, I have to apply for Bankruptcy. Moreover, the decision came out at a later period and I was freed to pay my previous debts.

At this point of time, I have been engaged in a bigtime business firm with 60 employees on my own. The business became a big bang but fortunately, because I am increasing the number of human resources and because I live offshore, I ended up not having any real property on my homeland which is USA. My question is, now that I have a good bank standing, will it be possible to apply and may even get a higher percentage of debt consolidation after my bad account history?

[Link deleted as per forum rules. Thanks.]
Posted on: 24th Mar, 2007 09:32 am
Hi Janiyu,

Welcome to the forums.

If you do not have a real property in the USA, you cannot get a debt consolidation loan there. This is so because such loans are secured by real property.

You do have a good bank standing, so this may help you to qualify for a debt consolidation program.

Thanks,
Jerry
Posted on: 25th Mar, 2007 11:12 pm
get a list of few lenders, talk to them all, in person if i were you, and of course take a professional with you just as a second ear, see what they all have to say before you make any decisions :)
just a simple advice of course, much luck to you
Posted on: 04th May, 2007 01:23 am
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