mortgage application process (sale, lease, credit)

[sfw55]

found a house I like in Owens Xrds / Hampton Cove area[have a 12 yr old girl],would buy now & rent for year or so while clean up loss ends here in Ga.Have no debt & 20% down payment but still having trouble securing financing. Whole different game than last time I did a mortgage in 2007,since paid off. Any suggestions for local financing options?

[Charles]

Originally Posted by sfw55

would buy now & rent for year or so
while clean up loss ends here in Ga.

Whole different game than last time I did a mortgage in 2007,since paid off.

What sort of trouble?

Are you having any trouble with the application?

[Elizabeth_G]

I work with several great lenders, if you'd like a few names. The negative to lease purchase or rent to own is you lose your bargaining power, the majority of times. I tend to believe the homes that are available for lease purchase have been on the market quite some time, which means overpriced, typically. Just be sure to have your agent pull comparables for you to ensure you aren't overpaying.

[sfw55]

Yes,a couple of names is exactly what I'm fishing for that know/responsive to local market,& preferably does not sell note off into 2ndary market,services it locally,if that's not too much to ask.
I've looked/researched market exhaustively last 6 months,have negotiated price, based on criteria you have mentioned,plan outright purchase,will rent for no more than year while I clean up loss ends here in Ga. Want to move over ASAP girl wants to get into H/C schools as currently have to send her to private schools @ 10k +/yr. Thanks

[Toymeister]

Soon a realator will post, but perhaps not given the sale and income is already gone. So here is what I do not understand: If the Debt to incomer ratio is in line (31 or 36% of gross) the down payment is there, the apprasial is OK the FICO is 720+ there is no question you are gold, you just need a responsive bank. I recommend Pentagon Federal Credit union (yes you qualify for membersp, period), I do not post useless links to prove myself I speak from experience. I do not recommend Redstone Federal CU. PenFed will not sell your note, nor do they do any non main stream mortgages I would Googlethis recommendation (along with any other recommendations) and see what others have to say. As far as the standard qualifications for a mortgage I will leave that for someone else to link (or Google it yourself)