Can we use an investor instead of a traditional Mortgage bank to qualify for a home?
by Mortgage Rates on Thursday, October 21st, 2010 | 2 Comments
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Have you even tried a couple of the banks in your area?
It costs NOTHING to make an appointment and get pre-qualified for a mortgage loan.
You might be surprised.
They might put more weight on the higher wage earner – YOU.
Have a 20% down payment – you will have absolutely no problems.
Some late payments will probably be overlooked.
20% down will also avoid that nasty PMI which is like throwing thousands away a year – for nothing.
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If you are married, banks will demand to see both your incomes and both your reports.
You cannot get a loan in your own name if you are married – these are new federal rules.
Not sure what bank you went to – surprised they didn’t tell you this.
Try a more honest and legitimate bank in your area.
And go joint. Perhaps they thought you were trying to scam them and they did not want to do business with you.
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Investor are a horrible place to look for funding. Way, way to expensive. These type of loans are usually used for properties that are soo damaged that the banks won’t lend on them.
If you’ve been turned down at a traditional bank don’t waste your time at another traditional bank. You’ll be running and lowering your credit for nothing. All major banks fallow almost identicle guidlines. You need to talk to a mortgage broker. A mortgage broker will have lenders willing to lend upto 45% of income/payment. Banks are under 30%. Also, if you are putting less than 20% down the banks will charge you .55% for PMI but with as little as 5% down a mortgage broker can reduce you PMI. I just closed a deal that was 10% down and my client’s PMI was .18%. That’s a savings of $40 a month for every $100k financed. Brokers charge more to do a loan than the banks do but nowhere near what you’ll get charged for an investor loan. And a broker will get you a lower payment than the banks. Just remember, I’m every field there are people who are exceptional and there are those that are just there.
Call all the mortgage brokers you find in your area. Don’t let them run your credit, just tell them your fico, income, down and purchase price and eventually you’ll come across one that knows his trade like the back of his hand. That person is the solution to all your problems.
PS. A mortgage broker will also know people who can raise your wifes fico in a matter of weeks. If you live in Cali, I can refer you to my Majic Man aka mortgage broker.
Good luck buddy, remember, there’s always a way. Just need the right tools for the job.