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Old 04-23-2010, 07:23 PM
 
1 posts, read 2,364 times
Reputation: 10

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I feel like McFly not knowing this great forum exists. Obviously I am new and would like some assistance regarding loan companies. My husband had lined up a lender here in our home town for our potential sell and relocation to Las Vegas. He was just told that due to the fact my company can not guarantee my transfer to LV that my income can not be used to qualify. Realizing the job market there is bad...I told my husband I would just stay behind and work my position until a transfer could be arranged. The lender did an about face when I mentioned this and stated that I need to be in Vegas with a job ahead of the deal to qualify? When I stated that military couples probably due this alot I was told that new rules exist under our bad economy and guidelines are more tight. Well I was shocked and this could put our dreams on a big hold. Hopefully this might be a function of small town mentality...should maybe we try a lender out there? Also what is the difference between banks and mortgage companies..Does anyone have an suggestions as to any alternative loan company we could use there that is not so closed minded? We both have close to 800 Fico scores...but both our incomes will be needed to purchase there and my hubby can not qualify on his retirement. I was so excited about getting out of dodge here now I am depressed...please help..
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Old 04-24-2010, 08:39 AM
 
Location: North Las Vegas
1,631 posts, read 3,950,349 times
Reputation: 768
Quote:
Originally Posted by Going4broke View Post
I feel like McFly not knowing this great forum exists. Obviously I am new and would like some assistance regarding loan companies. My husband had lined up a lender here in our home town for our potential sell and relocation to Las Vegas. He was just told that due to the fact my company can not guarantee my transfer to LV that my income can not be used to qualify. Realizing the job market there is bad...I told my husband I would just stay behind and work my position until a transfer could be arranged. The lender did an about face when I mentioned this and stated that I need to be in Vegas with a job ahead of the deal to qualify? When I stated that military couples probably due this alot I was told that new rules exist under our bad economy and guidelines are more tight. Well I was shocked and this could put our dreams on a big hold. Hopefully this might be a function of small town mentality...should maybe we try a lender out there? Also what is the difference between banks and mortgage companies..Does anyone have an suggestions as to any alternative loan company we could use there that is not so closed minded? We both have close to 800 Fico scores...but both our incomes will be needed to purchase there and my hubby can not qualify on his retirement. I was so excited about getting out of dodge here now I am depressed...please help..
You are experiencing what everyone is the lending standards are so tough that it has made getting a loan near to impossible.

Even with a high credit score, the banks look at debt to income and also your employment. I have had clients with over a 800 credit score and be turned down due to the debt to income even with 25% down.

I just had a client turned down that wanted to purchase a home for $141,000 putting down $85,000, because her credit score was a 617 she was turned down.

And the credit score was down due to an reported past due balance on a credit card that was wrong and even having a letter from the credit card company saying that it was wrongly posted didn't matter. We tried 3 different banks one told here they couldn't loan her the money even if she had 3 million dollars in the bank.

The banks have gone from giving loans to any one with a heart beat to not loaning hardly at all. As a realtor I have felt so bad for my clients that would have been able to get a loan in the 90's but can't now. These are different times and for now this is the new normal.
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Old 04-25-2010, 12:45 AM
 
Location: Portland, OR / Las Vegas, NV
1,818 posts, read 3,835,450 times
Reputation: 985
Quote:
Originally Posted by 007 license to sell View Post
These are different times and for now this is the new normal.
Maybe when the investors have had their fill the banks will be more willing to loan money on the homes they have on their inventory.
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Old 04-28-2010, 07:13 PM
 
2,724 posts, read 4,762,354 times
Reputation: 1042
Quote:
Originally Posted by Going4broke View Post
I feel like McFly not knowing this great forum exists. Obviously I am new and would like some assistance regarding loan companies. My husband had lined up a lender here in our home town for our potential sell and relocation to Las Vegas. He was just told that due to the fact my company can not guarantee my transfer to LV that my income can not be used to qualify. Realizing the job market there is bad...I told my husband I would just stay behind and work my position until a transfer could be arranged. The lender did an about face when I mentioned this and stated that I need to be in Vegas with a job ahead of the deal to qualify? When I stated that military couples probably due this alot I was told that new rules exist under our bad economy and guidelines are more tight. Well I was shocked and this could put our dreams on a big hold. Hopefully this might be a function of small town mentality...should maybe we try a lender out there? Also what is the difference between banks and mortgage companies..Does anyone have an suggestions as to any alternative loan company we could use there that is not so closed minded? We both have close to 800 Fico scores...but both our incomes will be needed to purchase there and my hubby can not qualify on his retirement. I was so excited about getting out of dodge here now I am depressed...please help..
Banks charge a Service Release Premium, they exploit a loophole in RESPA and don't disclose this. Banks are NOT a good place to shop for a mortgage...
Mortgage Refinancing – A Warning About Refinancing With a Bank (http://ezinearticles.com/?Mortgage-Refinancing-%96-A-Warning-About-Refinancing-With-a-Bank&id=361341 - broken link)
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Old 04-28-2010, 08:52 PM
 
Location: Bethesda, MD
317 posts, read 1,003,011 times
Reputation: 111
Quote:
Originally Posted by Going4broke View Post
I feel like McFly not knowing this great forum exists. Obviously I am new and would like some assistance regarding loan companies. Also what is the difference between banks and mortgage companies..
I want to learn about this too : what is the difference between banks and mortgage companies..?
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Old 04-28-2010, 09:21 PM
 
2,724 posts, read 4,762,354 times
Reputation: 1042
Quote:
Originally Posted by Natali :) View Post
I want to learn about this too : what is the difference between banks and mortgage companies..?
Mortgage brokers earn a fee by putting buyers and banks together, arranging a loan and presenting a qualified borrower and all their documentation to a lender for funding. Their fee (YSP) is disclosed and quoted up front.

A direct lender (bank) earns an added incentive when they originate a loan in the form of a HIDDEN FEE called a "Service Release Premium". It's additional revenue that the bank is not required to disclose.

By using a mortgage broker you can compare fees and negotiate the best terms, with a bank this is not possible.

MORTGAGE SERVICE RELEASE PREMIUM:

http://ezinearticles.com/?Mortgage-S...mium&id=494932
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Old 04-29-2010, 02:03 PM
 
Location: Bethesda, MD
317 posts, read 1,003,011 times
Reputation: 111
Quote:
Originally Posted by eventusstultorummagister View Post
.

By using a mortgage broker you can compare fees and negotiate the best terms, with a bank this is not possible.
@eventusstultorummagister

Thanks !

so mortgage broker and loan officer it is NOT same, correct ?
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Old 04-30-2010, 06:50 PM
 
154 posts, read 357,183 times
Reputation: 109
We just purchased a home in Vegas for 150000.00. 70,000. down. We went through a bank and had no problem qualifying, but be prepared for an interesting experience. Can't write checks, have to wire everything. And if they misspell your name, wait time will be at least 4 days additional till closing due to downsizing and outsourcing. Unbelievable frustration. Banks are a mess right now.
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Old 04-30-2010, 07:37 PM
 
Location: Bethesda, MD
317 posts, read 1,003,011 times
Reputation: 111
Quote:
Originally Posted by Heyygirl View Post
We just purchased a home in Vegas for 150000.00. 70,000. down. We went through a bank and had no problem qualifying, but be prepared for an interesting experience. Can't write checks, have to wire everything. And if they misspell your name, wait time will be at least 4 days additional till closing due to downsizing and outsourcing. Unbelievable frustration. Banks are a mess right now.
Can't write checks - > checks for what ?
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