Advice on how to get an extra $20-30,000

onetyger
Contributions:5

My husband was just approved for a VA loan of $102,000. They wouldn't approve me because of my credit score. It was above their minimum and I even own over $60,000 in real estate with no mortgage. My income is also higher than my husband's and my DTI is lower. So, I'm honestly not sure why I wasn't approved. Anyway...does anyone have any creative ideas on how we can come up with an additional $20,000-30,000? The house we want has an asking price of $129,900. I'm sure they'll take less but probably not $102,000 with them paying closing costs. Would adding my husband's name to my property help? We can't really take out a loan for the difference and selling my mobile home and lot would take some time. We want to rent it out to make our mortgage payment on the new house. Help!!!

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August 23 2010 - Clover

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Answers (4)

Michelle Melton, "Michelle Melton"
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- (1 review)
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I would recommend geting a second and third opinion from differnt lenders. Are you using VA because of the downpayment benifits? There are plenty of lenders outthere that can more than likely get you approved for a that addition money.

The other otion is to do a HELCO on the property you own out right and invest that into the new home.

Best of luck, MICHELLE

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August 24 2010

Steve Roake, "Steve Roake"
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- (2 reviews)
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Have you inquired to a home equity loan on your current property with no mortgage? If its worth $60k you should be able to get 1/2 out of it....

Option 2 find a different lender that will take your credit. All loans are written by banks. No 2 banks are exactly the same. VA loans are no different, but are just backed by VA.

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August 23 2010

Bob McClure, "bob4approval"
- 0.0/5.0
Contributions:43

good evening...why not take a small loan against the property you have that's free and clear?...if you take it prior to closing, the new home, it would increase your dti..if you recvd a gift from a relative for the money you need, then close that deal after closing the house to pay back the relative...also..be sure you are being given credit for all of your income...the lender you are using could have very well have overlooked something that could change what you are approved for and take you to what you want to be approved for..if you do both loans..i would close them one right after the other..perhaps a day or two...the additional amount of money you are requesting additional approval for is only about another $150/ month or so...with very little more income to get you there..
best of luck to you on your deal..
bob mcclure- mortgage one- brighton, michigan

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August 23 2010

Dan, "the_country_hick"
Contributions:4691

The solution is simple. IF your "over $60,000 in real estate with no mortgage." still has that value in it get money from it. Refinance or otherwise borrow money against it. Then you will have the cash you need.