debden

My sister took all her cash savings to pay down her debt thinking that would make it easier to get a mortgage but come to find out they were more concerned with her having money in the bank. So now she's saving all her cash for the down payment and closing costs. Actually these days I think they want both....

Well I have a second job as an independent contractor(transcriptionist)and I've been doing this for 1 1/2 years now. I've been applying for a mortgage to a few places and they tell me they prefer you be at your second job for 2 years.

Well I just a GFE for a Streamlined 203k thru an FHA Lender.It was for a HUD home in our area. The purchase price is $95,000 and renovations $60,000. So for a $155,000 loan to purchase and renovate a HUD home he told me my closing costs would be $16,000!! Can you imagine!Bringing $16,000 to the table for a $155,000 FHA Loan.No way. I haven't gotten a detailed listing yet but I'm suppose to speak to him and find out what is included and the charges. Eeek!

The loan officer I spoke with said I would need $8-10,000 for closing and down payment costs. If I can ask the seller for closing costs I don't know why I would be required to have those funds available.Maybe in case they don't pay closing costs?I don't know. Now the 3.5% down payment is only $5,600 on a $160,000 loan.Could the closing costs be another $5,000? Well it's NY State and we do have some of the highest closing fees. Thanks for helping.

Should I take cash out of a credit card and use that for down payment?It seems there are people with low credit scores and baddies on their credit reports getting FHA approved for over $200,000. Yet I can't get approved and my credit and paying ability is superior. Maybe I should take one of the credit cards I payed off(that's where all my cash went)and use it to get the down payment they want so badly.It sounds rediculous but that's the impression I'm getting. What do you think?

Yes I did include my second job in my income figure.And my credit score is 753.I did not include utilities or insurance,cable exc..exc into by debt. I just spoke with a lender today and he said that because my second job is an independent contractor he has to take the average of my yearly income for the past 2 years and add that into my first jobs income. I don't know why.I worked at that 2nd job the whole year of 2009 but he can't just use that as a reference he needs the year before too. Also he says as it stands I do not qualify for a FHA loan.It might be because I don't have closing costs but I had intended on asking the seller for closing costs. Maybe I need to try another lender.I did go to their website and we have 4 lenders in our area.I'll give another one a try. I'll let you know how it goes.Thanks for all the info.

I'm looking into getting an FHA mortgage and would like some feedback.Here's my story: Income:$54,000 year 401K:$18,000 Bills: $1000 month Credit Score:735 No baddies,collections or lates.And I've been at my job over 25 years and my second job for 2years. If you need more info just let me know. Thanks for any input.

Ryan1984, Wow.That's a great approval.Who did you go through and when was this mortgage acquired. If you don't mind me asking? Thanks.

I was referred to a bank by a real estate agent so I did a pre-approval online. But this just isn't my day.I sent a pre-approval application thru the website and made a mistake on my annual wages. I forgot to add the income from my second job.I've been working a second job for 2 years so I'm sure that income counts. Well that's Ok.When he calls Monday(or I'll call him)I'll let him know about the income from my second job. I was only given a pre-qualification from the other bank.Not a pre-approval.

Well I get told by Realtors that it's a really good idea to get "pre-approved"first then go looking for a house. So I went down to my bank and the guy tell's me I pre-qualify for xx amount and when I find a house to come back and see him with a signed purchase contract.Then they'll go through the loan process. So I have contacted a couple real estate agents in my area trying to get a look at some homes and nobody will call me back! What is going on?This is getting really frustrating and I haven't even begun. Any advice would be great. Thanks.

Thank You for the info. Debbie

Is it possible to sell your house for less than the Mortgage that's owed if you plan on paying the difference? Has anybody done this? Is this a complicated process? Costly? Any info at all is appreciated. Debbie

Debbie, there isn't a clear cut answer to your question because every market is different. In many markets it would be viewed as an insult to come so far below asking price. Many sellers wouldn't even respond to you. But in my market it wouldn't be all that far-fetched, because S. Florida is notorious for outrageous asking prices. Know the norm in your market and that will help you determine if it's prudent to offer that much lower than asking price. Good luck! 800s Thanks everybody for your great and helpful responses.I really appreciate all the input.We love the house but have decided to look at houses that aren't so much over our budget. Maybe within $10-20K over so we don't feel awkward about putting in a lower bid. There are many,many houses in this area that have been on the market for over a year.It's tough to sell a house these days and upstate New York has some really high taxes and closing costs too.That makes it even harder. So were going to keep looking and I'm sure we'll find a place within our budget (or at least within reach) that we really like and want to place a bid. Debbie

quote by cedski:...DU can and will accept up to a 65% debt ratio. What does DU stand for?? Debbie

My 401K allows loans.Does it have to be a hardship to get a large amount out to borrow? Debbie