Posted on: 20th Apr, 2009 09:06 am
hello, hoping some of you can assist. we're in ri, and plannig to purchase a home (offer made and accepted). this will be our third home purchase in 20 years, we have had 5 mortgages and home equity loans over the years (including refinance loans) and paid all on time and in full. the amount we wish to borrow is $350k, the home is appraised at $ 440. we will walk away with over $70k profit from the sale of our current home. our current mortgage balance is $390k, so we would actually be borrowing less than we owe on our mortgage now, and at a much better rate.
our dti including the new piti payment would be about 26%, and our credit scores are in the 620-650 range - primarlily due to credit card debt. in the purchase transaction we planned to payoff all credit card debt (25k total) and still have money to put down 10% on the new home purchase. we have no other loans, no other debt of any kind, no bankrupcies, no forclosures, no collections.
it would seem we meet all criteria for a loan approval, and this new home purchase would put us in a better financial situation overall (no cc debt, smaller mortage, income over $200k/yr) . problem is, we can't seem to find a lender who will approve us. any suggestions on who is actually lending money these days to folks who don't have perfect credit, would be greatly appreciated. thank you.
our dti including the new piti payment would be about 26%, and our credit scores are in the 620-650 range - primarlily due to credit card debt. in the purchase transaction we planned to payoff all credit card debt (25k total) and still have money to put down 10% on the new home purchase. we have no other loans, no other debt of any kind, no bankrupcies, no forclosures, no collections.
it would seem we meet all criteria for a loan approval, and this new home purchase would put us in a better financial situation overall (no cc debt, smaller mortage, income over $200k/yr) . problem is, we can't seem to find a lender who will approve us. any suggestions on who is actually lending money these days to folks who don't have perfect credit, would be greatly appreciated. thank you.
I am on line now!
taw62
This loan should not be a problem. I work with lenders who would finance that deal in RI. I am sure a few others here do as well.
This loan should not be a problem. I work with lenders who would finance that deal in RI. I am sure a few others here do as well.
