 Renting an apartment? |
My boyfriend and I (we are 18 and 19) are planning on renting an apartment really close to our college.
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 Should I rent out my house or sell it? |
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 How much do you pay for rent? |
Where do you live?
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My advice to anyone leaving school and considering going to University is this - Do not attend University, become a drug addict instead.
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 If an apartment cost $500 monthly for rent with 2br/2bath...? |
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 I make 30k a year? What kind of home loan can I expect to receive? I.E. How much? |
I live in Los Angeles, CA
Additional Details
also have spouse who makes around the same per year.
not necessarily looking for a house. maybe a duplex or condo.... |
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 Unless otherwise stated in your rental contract, is a landlord supposed to pay for toilet repair? |
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80sdreams | Self employed for over 4 years and I need home loan having probelms please help? |
Ok I am 23 years old have an excellent credit score (806) I have been in my same business for more than 4 years and I have never declared bankruptcy or been late on paying my credit card bills in fact I pay the very next day these accounts have long been established. I owned a condo for exactly a year and have not once been late on payment or for HOA. I sell that condo and decide to move to another state and the lender in the other state says I need to show 24 months of previous housing/rent payments in order to get this particular loan, I told them how can I, I only lived in my condo for a year and before that lived with my parents and they didint charge rent... so that does not equal 24 months etc? They then decline my loan on that one techincality. Anyone know of a lender that doesn't have a requirement like this that would be interested in lending to me for a single family home purchase? Any help much appreciated!
Additional Details
Thanks everyone for the answers so far. I am considering what to do, in regard to user "common cents" no I don't have any debts and have plenty for a down payment. With my fico score I am suprised that the interest rate they are saying they will charge is 7.75%... even if I am self employed. |
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Suzy_305
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In general 24 mths proof of payments are required. I suggest you go to a Licensed Mortgage Broker in the state you just recently moved to & explain to him/her the situation. They should have a lender that can do your file. You might get a hit on the rate because you do not have 24 mths of payment history but they shouldn't decline your loan. You didn't list if you had went to a bank or mortgage broker.
No one can really list a lender for you to try because my company might be signed up with a lender that your mortgage company is not. You can try the banks but why would you do that? A bank has anywhere from 20 - 40 programs. If you go to a Mortgage Broker he/she works with anywhere from 50 - 70 banks & each of those banks have 20-40 programs. You obviously have a better chance to get a loan if you try a broker.
If you do use a Licensed Mortgage Broker make sure you go to one that works for a company that has been around for a while. Also make sure that the broker you are working with email address is not any of the free accounts like yahoo, msn, hotmail, etc. A reputible company will give their brokers an email account.
Good Luck! |
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lenderjayne
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All in all it sounds like you are working with a loan officer that may not be real knowledgable with the loan products that are available. Unfortunately, some loan officers familiarize themselves with only a couple of loan programs and not others. The market has definitely changed the past few months as far as loan programs, but with a down payment you shouldn't have a problem obtaining a loan. There are several products available I know of that you should fit within. Check with a couple of lenders including brokers to see what your options are.
Good Luck
CA Lender |
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Digger
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Unfortunately, some loan programs don't count living with parents as rent, since you can't prove you actually paid on time. Some, but not all. Contact Julie at http://primelendingonline.com for loan programs that don't require 24 month rent payments.
Good luck! |
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CommonCents
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24 months mortgage history sounds excessive. 12 months should work... What state did you move to ?
Do you have a down payment or are you looking for 100% financing, and do you have money in the bank .
How much other debt do you have ?
Find another broker or go directly to some banks |
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sunshine_today
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If your credit is good and your income is okay, then shop around for another lender or go to a mortgage bank--not a mortgage broker, a mortgage BANK. They have higher margins and can work with you more than a traditional bank can because they are lending their own money, not federally insured money. In my state I did this and used CTX Mortgage after getting jacked around by a traditional bank. |
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debberu
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You have excellent credit... why use a mortgage broker? They are commissioned sales people whose job is to hook you up w/ a lender. You pay closing costs twice in effect: the broker costs and the lenders costs. They are great for people w/ credit issues or newly self employed etc . I am surprised at your lender asking for 24 m rent/mtg history w/such a great credit score.
I work for a small community bank and you may want to check one out in your area. As long as your business looks healthy, you have the income to support your payments, and your credit is good, you would be approved w/ us.
Good luck! |
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Mustbe
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You should be able to get loan anywhere.
Tell the lender you just tryed threw to shove it.
Try a couple more places...
With your score go to your local bank.... |
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ShacklesOff.com
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This is what can be done for the self employeed.
No seasoning for self employed borrowers!
Need proof of business license
80% Stated with a 600 score
Owner or Non-Owner Occupied
24 Hour Underwriting Turn Around
Job Gaps ok!
Only 3 months on 2nd jobs to use as income
Tax liens ignored
Bankruptcy buyouts up to 90%
Collections Ignored if less than $5000 or over 12 months old
Go to www.mynlc.com/A39219 for more information |
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