Can we talk FINANCE ?

Can we talk FINANCE ?

After everything that has gone on with us loosing our first REO 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 ~~~~~~



Just read your post, I know how you feel. I had this same happen to me several times a few weeks ago and if you let it, it can get the best of you. SO DON'T LET IT!! When (THEY) say no, you say yes.
Start working on getting your husband's credit cleaned up.
Talk to small local banks they are easier to deal with, also find out who the commercial lenders are and introduce yourself and what you have in mind.
Leave no stone unturned. Check out Hud homes, make an offer, get a good deal and go back to the comm. lender. YES YOU CAN!
Calling on the DG family for help and advice on CAN WE TALK FINANCE!




Try to talk to credit unions and small community banks. I think that your best bet. I believe they are eaiser to work with because they can make up they own rules.And if your going to speak to whoever is in charge talk to them about what are you trying to do. Go in with a game plan & with a strategy of how you can get does amazing deals and what you are trying to acomplish, be confident . U never know they might offer 100% financing.
And also you can try a HML and then refi here is one im going to work with.

Shawn K. Pearl
Commercial & Home Loans Division
SFA---Specialty Funding & Associates
Office: 504.208.6722

I think he does all types of loans
Never give up

Can we talk finance

That seems like a good idea about credit unions and small banks might be more willing to work with you than the big corp. banks. Alot of those banks did good so far not needing to be bailed out in this economy.MichelleNicole