Home Loan---advice please send me pm:) Thank you!!

I went to apply for a home loan and I only have 1 year of tax returns... The Bank will only finace me 140,000...I am needing to get financed for $187,000 The bank is wanting $50,000 plus closing cost if I want the house this year..WHO THE HELL HAS THAT KIND OF MONEY SITTING AROUND ANY ADVICE OR DO YOU KNOW ANY BROKERS WHO COULD WORK WITH ME SO I CAN BUY IT

Thank you bunches!!!
And kisses all over,
Jessica UTR

Advice, get the cart and the horse in the correct order.

That is, you find out what you can get financed and how much of a down payment you need & have available and then start looking for a house that fits what you can do.

If you "find" a house and fall in love with it, you're likely to end up in the situation you are in now.

In the DFW area, $140,000 should be able to get you a decent house in a decent area. Actiually, in today's credit climate, I'm pretty amazed you managed to secure that much financing with that little financial history/income verification.

Not to sound harsh, but stop thinking like a woman and being emotionally attached to that house. In the end, it's just some walls and a roof, nothing more.

I have been renting the house for about 3 years from a single dad with 2 young boys...he lost his job so he could not afford it..About 6 years ago my sister who is a single mom of 3 kids lost her job and ended up losing her home it was devastating to her and the kids and it has made it hard for her to even buy a car when she needed it because it hurt her credit so bad I am single mom of 2 kids and I knew that I could use the extra space and I could help him out..I have done a lot of work to the house and have made it feel like home...I guess I will just have to wait another year ....it is what it is.. I will just have to save
Thanks!

I feel ya, I really do. Even us guys do leave a bit of our hearts and souls in our homes.

I think it helped me that I really didn't invest emotionally in a home until I had bought a house. I hope that makes some sense?

Spend your time making sure your credit is as good as possible, and be aware that even credit inquiries have an affect on mortgage financing! Do your research on the entire process. I was very, very lucky that I got a personal recommendation for a real estate agent who was able to guide me to a good financing company who guided me though the entire process in a honest and forthright manner.

I can see where there's a lot of potential for making mistakes along the way.

Also, have you had the house inspected? Even if you have been living there, do this!

Saving is a good idea, the more down payment, the easier and better terms you can get on financing.

I'm sure there are others here who have even better advice!

I have been renting the house for about 3 years from a single dad with 2 young boys...he lost his job so he could not afford it..About 6 years ago my sister who is a single mom of 3 kids lost her job and ended up losing her home it was devastating to her and the kids and it has made it hard for her to even buy a car when she needed it because it hurt her credit so bad I am single mom of 2 kids and I knew that I could use the extra space and I could help him out..I have done a lot of work to the house and have made it feel like home...I guess I will just have to wait another year ....it is what it is.. I will just have to save
Thanks! Originally Posted by jessica

Move 10 miles north of your area.

try Countrywide

I have good credit...Loans have all been paid off..car is paid for and maintained regularly I take the money that I would have paid my car note with and put it in savings account.I have had the house inspected last year. I will just have to be patient things will fall into place.

Credit union, or buy less house. Find a house you can comfortably make payments on a 15 year loan. You'll be a lot happier in the long run.

If the owner has the equity ask him if he'll take back a second mtg for you. That is if you can afford it and the bank will allow it.

try Countrywide Originally Posted by Jarvis

Lol...too bad it isn't 2006-2008. Countrywide was handing out mortgages like candy. If you were still vertical you qualified. Thanks to companies like them, new entrants are finding it hard to break down the door. You're not alone.

I'm assuming you're still young, Jessica. Nothing beats a long history of paying bills on time and a credit score of 800.

Your tits are amazing jessica

If you move far enough outside of Dallas, i.e. Denton County or North, you can look at a USDA loan, no down payment. About all I have to contribute here.

I don't know if your seller is willing to do this: ask if the seller is willing rent the home while granting you an option to buy the home under the terms of the lease. this works well for both of you. a lot of times the seller will even grant you credit toward the sale price from the rent you pay. i.e. 20% of the rent paid over a three year period toward an agreed purchase amount. then if you don't like the house you're under no obligation to buy it. you just pay your rent and move on.

My advice is buy a cheaper house.

I don't know if your seller is willing to do this: ask if the seller is willing rent the home while granting you an option to buy the home under the terms of the lease. this works well for both of you. a lot of times the seller will even grant you credit toward the sale price from the rent you pay. i.e. 20% of the rent paid over a three year period toward an agreed purchase amount. then if you don't like the house you're under no obligation to buy it. you just pay your rent and move on. Originally Posted by mayday

I have thought about this a well I have just heard so many horror stories about people getting screwed doing this??