All Forum Posts by: Cecelia Mitchell

@Chris Mason thanks  for your reply  to this  concern of our colleague . if the information you provided is close to the truth I am so grateful to have this information I should be closing on my 1st investment property within the next couple of weeks . Tthrough the financing process I have learned that mortgage brokers or not created equally with knowledge I have had some that gave me rules that were so different from others. The problem is for us to find knowledgeable mortgage brokers who know of these guidelines and Underwriters as well because the underwriters all seem to use different guidelines. I guess financing is a very Dynamic process with changes taking place frequently and mortgage processors need to be up on getting updated information.

My next purchase will be to find my parents a home for themselves they are currently living with me and I was wondering what is out there that we could use to getting them in their own place.  Now I have hope:)

Thanks again for your input

Hello all  I am looking to close  on  my investment property  in a few  (5) weeks  the problem I'm having is financing. First  I was told  that  I would be able to put 15% down  then I was told  that  unfortunately due to my debt to income  ratio I have to put  the purchase  agreement  and Loan  in my husband's name only.  

According to the mortgage broker when he did the pre-qualiication using a computer system it came up that my husband needs to put down 23%. We need to produce  2 months of bank statements with  that 23% plus closing costs sitting  in the bank.  We are about  $6,000 short of the required amount. I asked the broker if he can  ask different lenders at the same time to see who he could get the best  deal/rate from. He told me that that is now a violation and he can lose his license for shopping the mortgage. He has to go to one lender at a time and we don't have time.  

The sellers are not motivated to work with me because I had the house on a lease purchase ( separate term lease Plus purchase agreement)  and everything that could break broke because it was leased for years and LL repaired nothing , so they had to spend  thousands of dollars in repair plus the home value went up 10000 dollars. We had a few contentious discussions so now I don't know if they would agree with taking my name off the agreement and just leave my husband's name.

 I'm staying positive that we will close but at the same time  I am a little worried. Does anyone have any  thoughts or ideas how I can remedy this situation  No I don't have any friends and family to ask  for the extra 6000. If I could get a 20% down payment I would be fine it's that extra 3% that pushing me out.

The home price is SFR 134900

Rent is 1200+

Hubbys credit is 650

Hubbys DTI is 38%

Any advice you can give would be greatly appreciated. Positive thoughts and energy appreciated too.  thank you guys so much.

Nicole thanks for your response. Appreciate you.

My husband would like to purchase his first " house". I purchased our first home over 14 years ago.  My husband was not on the mortgage but I had placed his name on the deed.  Now my husband is being told that he needs to have 20% down to purchase a house because he is on the deed for my home! Is this a hard fast rule in purchasing real estate? Why does this rule exist? Is there a way to circumvent this? Your thoughts are greatly appreciated.

Thanks Brian Gibbons for your reply.  I have taken your advice.  I was able to get a lease purchase option on a home ( a different one than was initially interested in).  I am working with a real estate agent to draft up the lease and the lease option.  We were able to work out a good agreement.  When the forms were completed after a few back and forth negotiations, there was nothing stated about what would happen with the $4047 option fee money.  My agent wrote in the stipulations that this money would go towards the sale at the time of purchase.  Is this correct?  At what stage of the process do I pay this money?  Should it be held in escrow and what paper work should I ensure that I have.  With my security deposit and my earnest money that would be a good chunk of my down payment.  Any info and advise appreciated. Thanks

Good morning I am in search of my first deal.  I own my primary residence, have great credit but not enough down payment.  I found a good rental property in the #1 school district here in GA.  It is for sale has been on the market 42 days with a price reduction.  I want to find out if the owner would do a lease purchase deal.  I have the agent's and the owner's  phone numbers.  Who do I call? What should I say?  Any advice on how to approach this greatly appreciated.  Thanks for your response.