All Forum Posts by: R Rowden

Thank you, Tim.  I was hoping to have a positive follow-up for you, but ended up having a bad experience with Angel Oak.  Their broker was nice enough, very positive on the phone after I gave him my details, but problems started after he connected me to the local loan officer.  This guy talked to me for a long while on the phone and I gave him a very accurate, detailed picture of my situation.  He said their bank statement loan would work fine for me, did a hard credit inquiry, and then told me my debt to income ratio wasn't good enough!  AND the ratio he quoted me after the inquiry were different than what both he AND the broker had told me on the phone.  I asked him why on earth he did a credit inquiry if he knew I wouldn't qualify, and he said he had to make sure what I told him was true.  I asked if there was even one piece of info on my report that was different than what I'd told him, and he said no.  Then tried to get me to go for a less attractive product that I can't afford anyway - Bait and switch!  Feeling duped.

Thank you, Kevin.  That's also a great idea, and what I may end up having to do, though the place I want will likely be gone. 

Great idea - How does that usually work?  Short-term until I can refinance or...?  What would a typical rate be?  I suppose it varies by case...Thank you!

Hello! I just applied for an FHA loan to purchase a duplex that I intend to live in. I thought it wouldn't be a problem, but the loan officer was not too positive. I've been self-employed and living in the same place for 2.5 years, but they want to use 2017 and 2018 tax returns and 2017 is very low (start-up time). Then I find out that because I started my own business this year, as opposed to just my 1099 income (which I'm scaling back on), they can only use my personal bank account and all the income made in my business account won't count as income, only as reserves. AND they don't like it that the deposits from my 1099 work have reduced in size. I have been looking for other ways to fund this, but hard money lenders either won't work with OO units or won't lend more than 80% (I could come up with 15%). I have very good credit. Are there any other options for someone like me?