After everything that has gone on with us loosing our first REO property...it got me wondering about mortgages. I made a few calls to our current lender and it is really difficult to get financing anywhere now.
We currently have a home with over 30K equity.
I have a 728 credit score but I quit working after my daughter was born 3 yrs ago.
My husband has horrible credit but he brings in the income (and a good strong income).
Debt to income is very low.
IF we were to get that foreclosure for 35K, our equity in that home would have been almost 80K.
After speaking with several banks, NO ONE would give us a loan!!!! Not a home equity line of credit on the foreclosure).
NOT a re-fi on our current home to pull out equity to get extra $$$ for the foreclosure.
NOT a consolidation loan to combine both homes.
There are NO low-doc loans available at this time. Primary borrower must have credit score of OVER 720 and have employment of no less than one year on the job.
They said, even with ME having perfect credit and five prior paid off homes ....... I could not qualify because of hubby's credit now. I also have the availability of a co-signer (parent) with substantial CDs to cover loan.....they said they are not taking any co-signed loans either.
It is shocking to me because I have NEVER been turned down for credit in my life. How are you guys doing it with the banking system the way it is....??????
Lets talk some finance?
I would like to know so (if) we try this again....we have all our ducks in a row.
~~~~~~ Praying for our dream house ~~~~~~