Posted on: 16th Dec, 2005 08:32 pm
I applied for a loan with Mortgage Select. After an extensive review, I was locked in for a loan with FHA at 7%. They requested last 2 years income tax. They turned me down because of business losses in 2003 and excessive deductions in 2004. They refused to consider my current confirmed income to date of $75,000. They said that my debt to income ratio of 39% was to high. The
Hi,
The situation currently you are in, other people has faced this kind of situation.
But you dont have to think too much about it as there are many lenders in the community who gives the loan on the basis of current financial position or your current income.
You can contact those lenders and forget about your current lender.
Thanks
Adonis
The situation currently you are in, other people has faced this kind of situation.
But you dont have to think too much about it as there are many lenders in the community who gives the loan on the basis of current financial position or your current income.
You can contact those lenders and forget about your current lender.
Thanks
Adonis
Those type of lenders are there to work for their benefit not for the common people. Thay are only interested in making money and not making this industry grow.
But as adonis said there are many lenders you will find who offer loan on the present income. You can look for those lenders, though they can charge some extra fees or may be you will find that their rate is bit on the higher side. But if can bargain well then we may also get a good offer at resonable rate.
Thanks
But as adonis said there are many lenders you will find who offer loan on the present income. You can look for those lenders, though they can charge some extra fees or may be you will find that their rate is bit on the higher side. But if can bargain well then we may also get a good offer at resonable rate.
Thanks