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Tina
Joined: 01 Nov 2007
Posts: 3
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| Posted: Thu Nov 01, 2007 7:03 pm Post subject: Need help finding loan |
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State: CA
Loan amount: $ 425k
Property Type: Single-Family
Full doc
FICO Score: 630
LTV Ratio: unk
Occupancy: Owner-Occupied
Loan Purpose: Purchase
Hello,
I am trying to get a loan for 100% financing to purchase this property. I make $60k per yr, but do side jobs for extra income (unable to document this). I have a discharged BK (5 yrs). Anybody able to help? |
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Marty 1stMet
Joined: 20 Sep 2007
Posts: 38
Location: Williamsburg
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| Posted: Thu Nov 01, 2007 7:14 pm Post subject: Ouch |
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| Tough sell......not impossible, but almost. |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Thu Nov 01, 2007 7:29 pm Post subject: |
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| I would venture to say that your documentable income won't support the payment for a loan that size. How much extra do you make for the "side jobs"? What are you other monthly debts? |
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Tina
Joined: 01 Nov 2007
Posts: 3
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| Posted: Thu Nov 01, 2007 8:22 pm Post subject: |
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| I make from $500 - $750 and my other debts total approx $2,000. |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Thu Nov 01, 2007 8:57 pm Post subject: |
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Tina wrote: I make from $500 - $750 and my other debts total approx $2,000.
You don't make enough money a month gross to pay for that house and your other debts. Your DTI would be somewhere around 95-100% and it should be closer to 43%.
Any possibility of cheaper housing in your area? |
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