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Help! Home financing

Looking to buy a 500k house. Put 150-200k down. Currently have 450-500k in the bank from an inheritance but only making 30k. After 2 years school will be completed and income will increase to 100k+, guaranteed. There has to be some options out there because of the substantial savings but so far nothing because of the small income. We wanted to make an offer on this house but got stuck when it came to the financing because of our current situation. Any suggestions? by richar_989_779 from Anaheim, California. Jun 13th 2012 Reply


Shaun batin (loanleaders)
#570 ranked lender in California - 8 contributions

Yes we can help. You need a stated income loan. Need to be more like 60% - 65% Loan to Value so if you can put more down we may have a loan for you.Call me and we will see what we can do for you.Shaun Batin888-834-1988 ext. 159

Jun 13th 2012
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Jonathan Rhode (jrhode)
#184 ranked lender in California - 130 contributions

HelloYou may want to consider using a non occupant co borrower. Do you have a family member that would be willing to helpyou qualify for the home you are interested in? Once you graduate and have a consistent and higher income you will be able torefinance and take the family member off the loan and title. If you would like to discuss this option please feel free to contact meat 619-772-5999 or email me at jrhode@cstonemortgage.com

Jun 13th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Hello i can offer you private money i have private investors, not the hard money kind that you hear about email me at yourloanpartnerforlife@live.com or phone linda @ 602-330-1598

Jun 13th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,894 contributions

In today's world, to get a conventional loan, you must have current income sufficient to support your current monthly obligations plus the new payment(s). $30,000 per year won't do it for the size loan you are looking for. Your only real option is what we call a hard money loan. Typically, these are collateral lenders who will lend up to 60% of the value of the property. Their rates are higher and will think nothing of foreclosing if you are late. This would allow you to buy now and then refinance into a more traditional loan once your higher income can be documented. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 13th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

You either have to wait until you are making more income or add on a non occupied co borrower or get a higher rate for using private or hard money. If you chose to move forward you can always refinance later to get a lower rate or to have the non occupied co borrower removed. All the best!

Jun 13th 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

You should look into the co-signer approach until you finish school. Otherwise, you're looking for a portfolio lender who is willing to do asset based lending; where you'll probably have to bank some of that money with them, too. I have a Savings & Loan company in my area that does this kind of lending, if it all makes sense, but they're only in 8 western states and California isn't one of them. Look up a local mortgage broker, or two, and ask them if they have any portfolio lenders who do asset based lending. If there is somebody out there, you'll turn up a source if you talk to a mortgage broker, or two. There may even be a special lending division at the institution where you currently have that money...someone who is holding your money is going to feel a whole lot better about lending you their money, in this case.

Jun 13th 2012
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 261 contributions

I just sent a letter to 1 of our lenders on your behalf that that is located in CA and may do your loan at conventional interest rates, probably, in the low to mid 4s depending upon your loan qualifications. I should know in the morning about the possibility of it being done. If so, it won't require you to get expensive "hard money," a co-borrower, or put 35% to 40% down. Give me a call 16/7, or email me your phone number so I can call you, and I'll let you know the outcome of my effort. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jun 14th 2012
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