I did not get any quotes on my loan request (ZR-TJVPPYM). Can someone help me figure out why?

Please review and provide advice.  My wife and I are looking at purchasing a second home in or around our existing neighborhood for our son; who is going to graduate from U of O in June with amaster's in Accounting.  He has a great work history, but it is only part time this past year.  he also has established some limited credit on his own via credit cards, he would qualify as a first time buyer, but really can't show the employement or earnings history to be the primary on a loan. (AT least that is my guess).  CAn someone provide advice as to how e can get moving on pre-qualifying us and him for 200K to 250K loan package?
  • February 23 2010 - Hillsboro
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Answers (8)

You might consider applying for a FHA loan with your son as primary occupant and you as co-signer.  FHA does not have owner occupant ratio requirement as FNMA and FHLMC do if the borrower is a student.

This may work for you.

  • February 23 2010
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Do whatever ya want Corri, continue doing it and you will be kicked off the site.  There are rules on this site for a reason and not open for interpretation.

  • February 23 2010
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Nic, I see nothing unneighborly of my actions, I made it clear the quote was not for an investment property. If they so desire they can create another quote with the proper info to obtain other quotes. Forgive me for thinking outside the box. Try to lighten up a little, life is short :)
  • February 23 2010
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No thanks. Just know you are breaking the rules of the site.  If you're ok with that........
  • February 23 2010
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Well I did based on the information that was provided as a service to person asking. Flag it if you must.
  • February 23 2010
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You cannot quote an FHA loan on an investment property request Corri.
  • February 23 2010
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Your son along with your help might qualify for an FHA loan wih you as a non-occupying coborrower. I left you a quote. GO DUCKS :)
  • February 23 2010
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The reason you didn't see any quotes is the request was formed as a rental / investment property which requires 25 percent down payment.
  • February 23 2010
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