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re thinking my mortgage guy

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ARIELSMOM
Love my Babes

Member since 8/05

5889 total posts

Name:
MEREDITH

re thinking my mortgage guy

i have been back and forth with this guy for a long time. He has been somewhat helpfull in answering my questions but every time i get close to wanting to put an offer on a house, he seems to get all weird and he finds something else that needs to be done. I am looking for a No income verification, no money down loan. The interest rates are going to be higher, but now he is saying- i have to check with my underwriter to see if we can get this for you. Does this sound normal? Can anyone with this type of loan give me some insight?

Posted 1/17/06 4:53 PM
 
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sunnyplus3
:)

Member since 11/05

8749 total posts

Name:

Re: re thinking my mortgage guy

we had that kind of loan & by the time the deal was done I HATED my broker....I should have listened to my gut & shopped it around.

Posted 1/17/06 4:54 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: re thinking my mortgage guy

You are asking for a loan that banks hate to give out. You will pay a major premium on the interest rate. Is the interest rate hike you are going to pay really worth it?

Posted 1/17/06 5:38 PM
 

ARIELSMOM
Love my Babes

Member since 8/05

5889 total posts

Name:
MEREDITH

Re: re thinking my mortgage guy

Well he told me that i couldnt use my husbands income(even though it isnt that much on the W-2 b/c he is self employeed) b/c his credit isnt as good and it would make our monthly payments more. So he said to leave myhusband out of the equation.

Posted 1/18/06 8:15 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: re thinking my mortgage guy

Posted by ARIELSMOM

Well he told me that i couldnt use my husbands income(even though it isnt that much on the W-2 b/c he is self employeed) b/c his credit isnt as good and it would make our monthly payments more. So he said to leave myhusband out of the equation.





Yeah but you should at least have money to put down.

Most people do either no-doc loans... OR they do no money down.

Very few people can do both. I have never heard of doing it this way before... and that could explain why you are getting resistance from mortgage brokers.

Why would a bank offer full 100% financing and put their butts on the line with a no credit check... no doc applicant?

Posted 1/18/06 11:32 AM
 

june262004
But I love the Snow!

Member since 5/05

15379 total posts

Name:
Kristin

Re: re thinking my mortgage guy

Posted by DjPiLL

Posted by ARIELSMOM

Well he told me that i couldnt use my husbands income(even though it isnt that much on the W-2 b/c he is self employeed) b/c his credit isnt as good and it would make our monthly payments more. So he said to leave myhusband out of the equation.





Yeah but you should at least have money to put down.

Most people do either no-doc loans... OR they do no money down.

Very few people can do both. I have never heard of doing it this way before... and that could explain why you are getting resistance from mortgage brokers.

Why would a bank offer full 100% financing and put their butts on the line with a no credit check... no doc applicant?





for maybe the first or second time in history I'd have to agree with ya pill

Posted 1/18/06 11:47 AM
 
 

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