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Is ANYONE giving out mortgages?
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Anonymous
| HHI is 300k, excellent credit, minimal liability, good job security, previous home owners before moving to DC, requesting a modest mortgage... except none of the banks seem to be giving them out! Geez, I know it was bad but I didn't realize it was THAT bad. |
Anonymous
| There must be some red flag in your credit history -- maybe debt to income ratio? We had no trouble refinancing a couple months ago, and I've not heard anything about it being difficult to borrow non-jumbo as long as you had good to excellent credit. |
Anonymous
| It's been a few months, but with a very similiar situation to yours we got it. But you need a good downpayment to get a decent rate. They are giving away anything to anybody. |
Anonymous
| DH has 80k in school loans and that's about it for our debt. Is that too much? We plan on putting 20% down. |
Anonymous
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yeah, not sure if there is a flag in your credit report - and it's checking this yourself. as someone noted, check your debt to income ratio carefully.
in the same HHI as you. we are going through the process of looking for our 2nd (forever) home - no problem with pre-approval. had the salary documents, financial and other assets, mortgage payoff (current mortgage) was under 300k and current home value is 700k+. no problem qualifying for jumbo at my credit union. |
Anonymous
| we got one with less income and more student debt and credit card debt than what you are reporting. we went fha though. try fha. |
Anonymous
forgot to mention that our rate was 4.25%, 30 year mortgage, through bofa in january of this year. the downside is that we had to deal with bofa. we also had far less of a downpayment then you have and got a jumbo loan. |
Anonymous
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Unless you have a low credit score, most lenders should lend to you with 20% down, and a payment that keeps you in or below a total debt-ratio range 30-40% of gross HHI.
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Anonymous
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We were also pre-approved for a mortgage over 1m. The hard part has actually been getting it realized. I might just be a little impatient as it has only been 3-4wks since we submitted the paperwork. This went MUCH quicker the last time around for us.
I'll look into fha. Thx. |
Anonymous
| We had no problem getting a mortgage for a second home (we plan on keeping our current house as a rental). We have no debt, make about the same HHI and are putting 20% down. I'd question the lenders as to why you're having problems. You shouldn't be. |
Anonymous
| Have you gone to a mortgage broker (not just a bank)? Brokers can shop multiple lenders where banks typically offer their own. |
Anonymous
So, you haven't been turned down yet? Then it's just a matter of being bogged down with paperwork - also - you might need to look at appraisal value vs. loan value - that could be a sticking point. The banks are definitely dotting and crossing i's and t's - it took at least 45 days from start to finish for a refinance - an original loan might take even more. |
Anonymous
| We refinanced maybe a year ago and it took a long time to go through and I think it was just a backlog with the mortgage people. Our HHI is half yours and we have more school debt that you. Our credit is very good. |
Anonymous
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Yes, we have not been turned down. I guess I was just unrealistic as to how quickly this could get done in the current economy.
Patience is a virtue I obviously lack. Thanks for the tips, everyone. |
Anonymous
This is a great thread. 
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