Can anyone suggest a lender

quentin · Joined: 26 Feb 2007 Posts: 1

I would like to look into getting pre-approved as my lease is up in December.

I live in US. I would be trying to do the loan in my name only however my fiancé of 10 years would be a 2nd income (has a recent judgment so not putting her on the loan).

I have about 7 years history in my line of work.

My credit score is about 660+. No BK. No charge off. Income is 63k before taxes. But I do have about 400 - 500 monthly debt. 1 car payment, student loan debt and some CC debt that make up that 400+.

I have not owned a house in 2+ years so I am told I may be considered a first time buyer again.

I would like to finance 100% and I am looking at houses right around 300k.

If someone would like to take on this challenge or can recommend someone please let me know.

Thanks!

maxfs2007 · Joined: 26 Feb 2007 Posts: 2 Location: Marlton, NJ

I can help you out if you would like. I am a nationwide lender based out of New Jersey and I can help you get your loan done. You can either email or give me a call. Also you can apply right on my website. I am always here to answer any questions you may have also. Look forward to talking to you.

Jeff O

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

quentin

welcome to the forum.

first.... i would be really hesitant to work with someone who solicits you in a discussion forum..... this board was not developed for trolls, it was developed to answer questions in an open forum so all can learn.

now, your debt ratio is going to be really high if you leave fiance off the loan.... so you will have to utilize a 'no ratio' loan program.
here are the main qualifications:
1. you will need a minimum of 2 months(6 months better) of cash reserves after you pay closing costs
2. you will need several open accounts on your credit report.... looks like the car loan is one good one. maybe a credit card or two and you are there.

what lender?
well, any broker can help you with this scenario. you should maybe ask friends and family or a co-worker or a referral. to someone they use in the past that was helpful to them.
once you apply, you will get a 'good faith estimate' which you should bring here. we can go over the terms with you to see if you are getting a fair deal.

maxfs2007 · Joined: 26 Feb 2007 Posts: 2 Location: Marlton, NJ

sorry there buddy, wasnt trolling for a deal. just noticed he was lookking for help and I offered. I help people all the time to make the right decision, weather they go with me or not. I try to give information and be a help, i didnt want to waste time replying without all of his info. Sorry if i offended you and the board.

chow · Posted: Tue Feb 27, 2007 12:04 am Post subject:

Put it this way,

I could probably wipe up around here with loans and programs if I'm forced to go out on my own, which will be soon.

Now, who would you like to deal with when you're buying a home?

I would rather look my Loan Officer in the eye.

darren · Joined: 21 Feb 2007 Posts: 4

It sounds like you might be pushing it as far as ratios are concerned. With a monthly income at $5250 you're going to want your total payments at or below 1/3 of that amount if possible. There are definitely programs that allow for greater ratios, but you have to keep in mind how much that is going to cost you. A $300,000 loan is going to run you right around $2,000 (Off the top of my head) and that wouldn't be including taxes and insurance. While you may *have* that 2nd income, if she's not on the loan it wouldn't be something you could use to qualify for. I can say you may meridianlendersonline.com Meridian Financial and can call them at 888-429-6121. I am sure u will get the solutions to the problem.
There are no ratio programs that wouldn't require that you document your income, but that is usually going to require money down and is going to be a nominal rate.

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

darren brings up a good point.

$300,000 if broken into an 80/20

$240,000 at 6.25% = $1,477
$60,000 at 8.75 = 472

Just your mortgage payments monthly would be $1,949. A conservative estimate for homeowner's insurance and taxes is $650 per month so you are looking at a total housing expense of $2,600

You state that your income is 63k before taxes or $5,250 per month. that means your front-end debt-to-income ratio (relationship of housing cost to monthly gross income) is 49%. I would encourage every client to keep that percentage closer to 35% then 50%.

When you add your other monthly debt obligations your total debt-to-income ratio is almost 60% which is beyond most loan program guidelines.

I know you have a fiance who wouldn't be on the loan application due to her recent judgement but you can do the math yourself of adding her income and debts to see where those percentages stand. Just keep in mind that if you broke up you would be in more house than you can afford. Not saying it would happen, but.....

Now I disagree with darren that the best approach to this program is to pay higher interest rates to get a loan program where you don't have to state your income. Furthermore, you would have difficulty getting that kind of program as a first-time homebuyer if asking for 100% financing.

Do yourself a favor and consider buying a little bit less house.

good luck...

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

darren wrote: I can say you may meridianlendersonline.com Meridian Financial and can call them at 888-429-6121. I am sure u will get the solutions to the problem.
.

is that your standard line?

chow · Posted: Fri Mar 02, 2007 11:39 pm Post subject: Re: Can anyone suggest a lender

DallasLoanGuy wrote: darren wrote: I can say you may meridianlendersonline.com Meridian Financial and can call them at 888-429-6121. I am sure u will get the solutions to the problem.
.

is that your standard line?

A little tune about "Burning down the house" comes to mind. :D

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