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Old 03-01-2015, 02:06 AM
 
29 posts, read 28,605 times
Reputation: 24

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Hey all! Posted in a general city forum and it was suggested I come here. This may run a little long so I apoloze.

My wife and I own a home in West Virginia. I recently got a new job in Las Vegas. My wife is finishing out her current work contract in wv, until the end of May, and then comeing out to join me. We've already put our current home on the market, but the bad winter there has made things move slowly. We want to gain pre approval so that as soon as the wv house sells, we can buy a home in Vegas.

were looking to buy something in the 220k range, and we're going to put upwards of 140 down. My salary is decent, and my wife is guaranteed a job, at worst, in public education here in Vegas. We do have regular debt--a couple credit cards and car payments--but we've never missed a payment, and our credit scores are boh close to 800. Also, between a savings account and an investment account, the latter from
Which we take monthly disbursement so as to avoid tax penalty, we could easily buy the home for cash outright if we wanted.

All that said, the lender I spoke to today said since my wife will technically be unemployed when she first gets to town, we can't put her on a loan. Also, the investment account with its disbursements only counts as much as the disbursements we've taken the last couple years, despite the fact that all it would take would be a phone call to our account manager to say "hey, bump our disbursements up" and boom, instant extra income. Additionally, he said he can't count our 2014 tax returns toward loan qualification.

Essentially, he told me that we can only count the income from my new job, and the disbursements as we've been getting them (and not amounts we could be taking out) in figuring my income. Also, the savings account means nothing, and I have to claim the whole family's debt, though were only counting MY income.

Am I crazy to think I should be able to provide concrete documentation of my ability to pay the loan, and evidence of my past debt payment history, and that these things should get Us a loan?
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Old 03-01-2015, 09:27 AM
 
Location: MID ATLANTIC
7,849 posts, read 19,185,657 times
Reputation: 8671
Keep looking for another lender is my first thought. Has anyone run your loan thru DU? DU is an automated approval via computer. It reads your credit, assets and so one and tells you what documentation is needed. But before you find a lender to do that, see if you can find a lender that also does portfolio loans. This way, in the the event you cannot meet the terms of the computer, common sense (portfolio) can prevail.
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Old 03-01-2015, 10:39 AM
 
29 posts, read 28,605 times
Reputation: 24
Quote:
Originally Posted by SmartMoney View Post
Keep looking for another lender is my first thought. Has anyone run your loan thru DU? DU is an automated approval via computer. It reads your credit, assets and so one and tells you what documentation is needed. But before you find a lender to do that, see if you can find a lender that also does portfolio loans. This way, in the the event you cannot meet the terms of the computer, common sense (portfolio) can prevail.
No, haven't even heard of DU before. How does one go about getting that done? And what exactly is a portfolio loan? Is it basically a loan that takes assets into account specifically? Are lenders who do that sort of thing difficult to find?

Thanks!
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Old 03-01-2015, 09:10 PM
 
Location: MID ATLANTIC
7,849 posts, read 19,185,657 times
Reputation: 8671
Talk to another lender that is local to the LasVegas area. Given the information, you should be fine to go under contract shortly after your wife starts her job (which I assume she will do right after you close on the sale in WV). Don't worry about the details I gave you, find a lender onboard with your scenario, before letting them pull your credit. I'm concerned that they may not be giving you the time of day due to your loan amount . I really hope I am wrong on that point.

You only need to make around 30K, give or take, depending on debt. If you have heavy debt, it may make sense to pay some off. Seriously, find someone local.
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