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Old 09-04-2007, 04:25 PM
 
109 posts, read 515,184 times
Reputation: 40

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Hi guys, I was about to purchase my first home here in Las Vegas, I was prequal last june, we went out to look for a house, we have found the house but we need it a little bit more money, so we asked for more from 285 to 315, since the mess with the housing market in july, we can't get a loan. the GFE that the private lender gave us was good, but 2 months later we haven't been able to get a loan.
Here is my scenario:
Making good money (70-75 year), no down payment, Earnest money 2500, stated income, credit score median 640. no large debt, no late payments, no collections.

Any one doing loans in Las Vegas? that can help?
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Old 09-04-2007, 05:17 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,515,932 times
Reputation: 817
Stated loans have dried up faster than a creek in the desert. You can still get them, but you have to put money into the deal. You may need to take a break and see if you can get some money in the bank for a downpayment, or you will have to do an income verefied.

However, if some mortgage person here knows a program, I'm sure they will share it.

shelly
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Old 09-06-2007, 08:20 AM
 
109 posts, read 515,184 times
Reputation: 40
I think you are right, I can't find a Loan under my circumstances. I'll still be renting
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Old 09-06-2007, 08:59 AM
 
5,227 posts, read 13,372,894 times
Reputation: 4403
Quote:
Originally Posted by coolricks View Post
Hi guys, I was about to purchase my first home here in Las Vegas, I was prequal last june, we went out to look for a house, we have found the house but we need it a little bit more money, so we asked for more from 285 to 315, since the mess with the housing market in july, we can't get a loan. the GFE that the private lender gave us was good, but 2 months later we haven't been able to get a loan.
Here is my scenario:
Making good money (70-75 year), no down payment, Earnest money 2500, stated income, credit score median 640. no large debt, no late payments, no collections.

Any one doing loans in Las Vegas? that can help?
Why are you going stated income? Also do you have limited credit history? I ask because it sounds like you should be higher than a 640. Did you receive a copy of your report from the lender?
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Old 09-06-2007, 09:54 AM
 
Location: California
510 posts, read 3,124,612 times
Reputation: 388
Do you deposit all of your income into one account? We use lenders that still allow you to use bank statements to prove your income. The main problem now is that they are Sub Prime lenders, and those lenders now have actual sub prime rates... 6 months ago they still had great rates.

I'm hoping the lenders you've used have run you through Fannie mae automated using full documentation to see if they get lucky and get an approval that doesn't ask for income docs. It's one of our little tricks that allows us to get full doc pricing and terms without having to show income. Although, it's not likely you would get that kind of approval with a 640 score.

If you've not checked out your own personal report lately, go to www.annualcreditreport.com and view all three of your reports. Don't waste the money on buying the scores they offer, as they are not FICO scores and have nothing to do with your scores the lenders use. In addition, you can dispute stuff online when you go there. They have 30 days to verify whatever you dispute, so if someone doesn't respond, your dispute wins out. Even if it's a legitimate collection, it could disappear, at least in the short term til they report it again.

Your income may be on the high side for first time home buyer assistance programs but.... I just searched the LV website and found this brochure that could help http://www.lasvegasnevada.gov/files/...e_brochure.pdf
This link was derived from this page: Find Programs (Official City of Las Vegas Web Site)

They look like they only offer $10K which is a joke compared to what we have here in CA... but who knows, there may be more beneficial things out there.
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Old 09-06-2007, 09:56 AM
 
85 posts, read 199,921 times
Reputation: 61
100% stated income deals are tough these days.

You can still find 100% full-doc, although 70-75 grand isn't very much money relative to a 300K purchase price if you have a lot of other debt payments. 100% programs look very closely at those debt to income ratios.

Also, your assets might come into play. Banks are looking at liquid assets in checking, savings, 401(k), etc much closer especially at 100% loan.

If you are a first time home buyer, that is also going to come into play. A lot of 100% programs don't allow FTHB nowadays.

If low assets are an issue, high other debts, and you are a FTHB...

well then:

If you can verify the 75K a year and have the 640 score...

I would reccomend going FHA loan route.

You are within FHA guidelines for loan amounts. Assets are not as stressed. You can do a 2-1 buydown loan to qualify for a looser Debt to Income ratio.

The downside is that you need 3% down. However, FHAs will let builder/sellers/agents/charities kick in this money.

In a buyers market like Las Vegas, you can probably get concessions for most of the 3% you need.
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Old 09-06-2007, 02:52 PM
 
109 posts, read 515,184 times
Reputation: 40
Thanks guys for your reply's, here is my situation:

I got married about 7 years ago, wife is US citizen, but we were living in tijuana/san diego border, we came to USA last year arround march, I was waiting for my legal papers, wife was working untill march this year, thats when I started to officially work and get paid by checks, right now I'm earning almost 35/hrs working 40hrs per week, direct deposit on two accounts, first account openned almost 6 years, second early this year, we only have few card payments, one car loan, my credit report got mixed with my dad's ( we were living with him for few months) wife have established credit. The first credit report by the lender was showing mixed accounts with dad, but i sent out a letter to transunion to fight. I went to Lennar and got preapproved by them and my credit report was clean. right now Experian shows 691 score. This is all new to me!!1

We do not have down payment. Assets we have is a paid house I left in Tijuana, but i have it under rent.

Where can I find a loan???
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Old 09-06-2007, 05:25 PM
 
Location: Anywhere but here!
2,800 posts, read 9,748,200 times
Reputation: 1709
Quote:
Originally Posted by coolricks View Post
Thanks guys for your reply's, here is my situation:

I got married about 7 years ago, wife is US citizen, but we were living in tijuana/san diego border, we came to USA last year arround march, I was waiting for my legal papers, wife was working untill march this year, thats when I started to officially work and get paid by checks, right now I'm earning almost 35/hrs working 40hrs per week, direct deposit on two accounts, first account openned almost 6 years, second early this year, we only have few card payments, one car loan, my credit report got mixed with my dad's ( we were living with him for few months) wife have established credit. The first credit report by the lender was showing mixed accounts with dad, but i sent out a letter to transunion to fight. I went to Lennar and got preapproved by them and my credit report was clean. right now Experian shows 691 score. This is all new to me!!1

We do not have down payment. Assets we have is a paid house I left in Tijuana, but i have it under rent.

Where can I find a loan???
I don't know if we're allowed to name companies, however, I would recommend trying M&T Mortgage and Financial out of Maryland. They helped us out and we're basically in the same market as you...we're only 90 miles away!
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Old 09-09-2007, 06:06 PM
 
109 posts, read 515,184 times
Reputation: 40
Quote:
Originally Posted by kawgpz550 View Post
I don't know if we're allowed to name companies, however, I would recommend trying M&T Mortgage and Financial out of Maryland. They helped us out and we're basically in the same market as you...we're only 90 miles away!
Signed up, lets see if they go foward. Seems to me I'll have to bite the dust and wait to get some down payment saved. Too bad, I wanted to be a home owner,
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