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Profile picture for user6974154

What can I do to get more (or better) quotes for my loan request ZR-ZMNBRHL?

My resources are in my home with a value of about 80-85k.  I wish to buy 85-90 range. I am able to put all the cash from sale of home into new home.  Income is fixed on social security.  How do I proceed?
  • April 18 2013 - Beaverdale
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Answers (5)

Best Answer

Profile picture for dsm_unrealtor
Hi,

I am a local agent in the Des Moines area.  I would recommend trying to get financing from another source.  Just because your credit union wouldn't fund you, doesn't mean the next bank won't.  I have a lender at Luana Savings Bank that may be able to help.  Contact me for his information.

If that doesn't work, you may be able to work out a contract sale with the sellers where you would make a large down payment and pay the rest off in installments over the course of a couple years.

Your last option may be to just find a less expensive house.

  • April 19 2013
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If your goal is to avoid moving twice you could list your home for sale and submit offers to purchase contingent upon the completion of the sale of your existing home. If your cash from sale isn't enough to buy cash for purchase you can include in your purchase offer an additional contingency that secure financing for the amount needed after some or all of your proceeds for sale are used as down payment. This type of contingent offer might discourage some sellers but it is a perfectly acceptable and regularly structure that could work for you.
  • April 18 2013
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Profile picture for Go Huskers
User,

It's Pat and other RE agents on Zillow like him/her are fairly useless when it comes to answering mortgage questions. They do nothing but say "contact a lender" to boost their post count and make themselves feel important, but offer nothing of substance to the community.

As for your situation, your qualifications look good, but with that small of a loan amount you will be limited. You could just put a smaller down payment of 5-10% and get a loan with lender paid mortgage insurance, then after you receive the proceeds from the sale of your current home you can pay down the balance and refinance. It's a risk since we don't know what rates will be, but it's a short term solution. 
  • April 18 2013
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Profile picture for user6974154
I have small fixed income.  I was trying to elicit from you what my options might be in view of fact that my CU wouldnt loan me 10k.  Are u saying that it is possible that some other bank would view this different? why or why not? In your experience how likely is that?   I was using this as a filter before wasting my time on something futile.  Could u elaborate on your response please?
ty very much.  jd
  • April 18 2013
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We suggest that you contact loan officers at 2 local banks.
  • April 18 2013
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