Posted on: 09th Jan, 2009 07:48 am
I just found out yesterday that the bank we submitted our forms to are no longer running 90 stated income w verif of assests as of Jan 2. I could cry because all of these papers were there the week before Christmas..but because of the holidays nothing was actually submitted until Jan 5.
We even offered a total of 15% down instead of 10%.
The thing is my husband and I are both self employed. He is the one on the mortgage though, because his credit score is 750+. He showed income for the month of December through bank statements, however we don't have anything to show in November even though we both had income. So we received a written commitment with conditions. And the conditions were they needed to see November statements.
We both make good money and CAN afford a mortgage. The loan amount is $341,640.
Now what? We are both filing taxes for the 08' year as on the books but filling out a 1090. We have no "stubs" to show. So do we really have to wait 1 more year to be on the books and then re-apply? I'm fearful that even then showing income if we would qualify based on these stingy terms.
Please help!!! I'm devastated losing this house =(
We even offered a total of 15% down instead of 10%.
The thing is my husband and I are both self employed. He is the one on the mortgage though, because his credit score is 750+. He showed income for the month of December through bank statements, however we don't have anything to show in November even though we both had income. So we received a written commitment with conditions. And the conditions were they needed to see November statements.
We both make good money and CAN afford a mortgage. The loan amount is $341,640.
Now what? We are both filing taxes for the 08' year as on the books but filling out a 1090. We have no "stubs" to show. So do we really have to wait 1 more year to be on the books and then re-apply? I'm fearful that even then showing income if we would qualify based on these stingy terms.
Please help!!! I'm devastated losing this house =(
i saw this post after i responded to the other one.
there are no-documentation programs out there, but i think you'll find that 90% ltv financing is a thing of the past. for one thing, lenders want mortgage insurance; and mortgage insurance companies have dropped these products like hot potatoes.
the products that exist these days are requiring 25% or more for down payment.
at any rate, now that i know what that other post was about, i guess i would advise that you'll have to try those 2 ideas that were more reasonable than the one about adding you on the existing deed and following up in a year with a refinance.
both the owner-financing and the lease with option to purchase ideas are complicated. do you have any notion of the seller's plans after the sale of this home? does he or she need proceeds from the sale to move on and make a new purchase? you'll need to sit down with the seller of the property and make it clear for both sides what is and is not possible.
there are no-documentation programs out there, but i think you'll find that 90% ltv financing is a thing of the past. for one thing, lenders want mortgage insurance; and mortgage insurance companies have dropped these products like hot potatoes.
the products that exist these days are requiring 25% or more for down payment.
at any rate, now that i know what that other post was about, i guess i would advise that you'll have to try those 2 ideas that were more reasonable than the one about adding you on the existing deed and following up in a year with a refinance.
both the owner-financing and the lease with option to purchase ideas are complicated. do you have any notion of the seller's plans after the sale of this home? does he or she need proceeds from the sale to move on and make a new purchase? you'll need to sit down with the seller of the property and make it clear for both sides what is and is not possible.
the house was left to seller from his mom when she passed. There is no existing mortgage on it. And he currenytly resides out of state.
Yes the other option they told us was 30% down, but who in their right mind has $120k + sitting around especially first time home buyers.
Yes the other option they told us was 30% down, but who in their right mind has $120k + sitting around especially first time home buyers.
so the owner offered you seller-financing? is that right?
as long as you get proper legal advice and the terms of the financing make sense and are reasonable, i'd say that's a fairly decent option.
i agree...i've not met a first-time homebuyer with $120K sitting around.
as long as you get proper legal advice and the terms of the financing make sense and are reasonable, i'd say that's a fairly decent option.
i agree...i've not met a first-time homebuyer with $120K sitting around.
we were thinking of offering that to him, because I know he doesn't have a mrtg and could possibly be an investment for him. He asked us to get a co-signer, however I'm hestitant to do that. My attorney doesn't know much about Seller Financing. Do you have anyone you could recommend for advice?
certainly there are plenty of websites that offer information about seller financing. i'm sure that some or all of them probably have good advice (mixed with some bad, of course). i just did a google search for "seller financing" and there are almost a million results.
frankly, i don't have any specific insights as to the process or anyone who could elaborate, but i do recall seeing, at one time, a website that specialized in helping owners to arrange financing for their buyers. i can't vouch for anyone i don't know, so i won't go out on any limbs here, but in essence, it is simply a loan that can be negotiated between two parties and which will be secured by a mortgage note and a deed identifying the property, with caveats as to what happens if payments aren't made, etc.
in other words, standard mortgage documentation wouldn't have to be altered too much in order to facilitate this sort of transaction (my opinion).
as for terms of such a loan, that's one of the favorable things about owner financing (maybe). you can negotiate more favorable terms because the lender (seller) doesn't have to satisfy investors - he simply has to satisfy his own financial needs.
frankly, i don't have any specific insights as to the process or anyone who could elaborate, but i do recall seeing, at one time, a website that specialized in helping owners to arrange financing for their buyers. i can't vouch for anyone i don't know, so i won't go out on any limbs here, but in essence, it is simply a loan that can be negotiated between two parties and which will be secured by a mortgage note and a deed identifying the property, with caveats as to what happens if payments aren't made, etc.
in other words, standard mortgage documentation wouldn't have to be altered too much in order to facilitate this sort of transaction (my opinion).
as for terms of such a loan, that's one of the favorable things about owner financing (maybe). you can negotiate more favorable terms because the lender (seller) doesn't have to satisfy investors - he simply has to satisfy his own financial needs.