Long Island City, NY · Member since 2016 · 46 posts · 2 votes
Hi fellow BPers,
Need your help for a friend of mine.
He was denied a mortgage loan by Citi Bank because he is self employed. He has 3 weeks left to find another mortgage since he’s in contract.
Used to be an investment banker. He is not a W2 employee and doesn’t have much credit history because he doesn’t use a credit card very often. Not does he have a car or other assets with ongoing payments. He has an excellent debt to Income ratio and was very diligent in providing 2 years of solid income and payment history.
I know his lack of credit history is a tough one here. Can someone advise here?
@Eli Rods Any chance he can get seller financing with a 1 or 2 year balloon? also a hard money lender might be willing to make a short term loan.
I have found larger banks to be a total PITA. I have been turned down every couple of years for close to a decade due to no W2 income or DTI issues. LoanBiz jut did a refi on a small apartment building we bought in Cleveland and that was weeks after US Bank turned me down for the same property.
He was denied a mortgage loan by Citi Bank because he is self employed. He has 3 weeks left to find another mortgage since he’s in contract.
Used to be an investment banker. He is not a W2 employee and doesn’t have much credit history because he doesn’t use a credit card very often. Not does he have a car or other assets with ongoing payments. He has an excellent debt to Income ratio and was very diligent in providing 2 years of solid income and payment history.
I know his lack of credit history is a tough one here. Can someone advise here?
I know for a fact if he has a good DTI and no negative credit like late payments (which he shouldn’t if he doesn’t currently use credit) he can find a lender who can get him financed. He will just have to really contact several lenders.