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Can I get financed?

Ok... here is the deal.

I live in Texas.
Recent Divorce.
I am self employed with  mortgage on my building.
I want small home. Tired of apartment since divorce.

$47K income (line 12 on form 1040). Lots of business expenses but you know how it goes. I have cut spending dramatically. this will increase.

800-815 FICO

$750 child support (ughhh - why does this count against us? not right in my opinion)

$150K house (Small 3/2 House)

30K Down

Leaves $30K in the bank

Own my business building. Value $120. Mortgage $80 but that is part of the net income from my business.

My current mortgage guy said he can only get me done on a $100K home with $50K down. No thanks!!

Is there a lender for me? I expect to pay a little higher interest.

George
  • August 04 2013 - Northlake
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Answers (2)

Your only hope is that the 1st lender miscalculated income.

Sit with another lender and go over the tax returns.
  • August 04 2013
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Shop around - visit as many financial institutions as possible.  Consider it like going car shopping, you're going to visit several dealerships.  Do the exact same thing with shopping for a loan - all your essentially doing is buying a loan from a bank, simple business transaction.  Stop by and talk to various lenders & you will have a better handle of what different kinds of lending packages are available to you & which lender would best suit your needs.
  • August 04 2013
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