wayne lancaster's Advice

Troy,How long were you with Wells Fargo ?  "When comparing lenders you only want to focus on the Lender fees".......... what a terrible suggestion of how to make a mortgage co comparison. Lowest fees doesn't speak to service, performance, expertise, rates, customer referrals, meeting closing date, reputation, experience, loan programs, etc etc. Basing doing business "with bank that services their own loans" comes in a close second to bad advice 1 above. Every servicer has potential to sell part or all of their servicing, and even the biggest servicers can be acquired i.e. CountryWide by Bank of America. Your old company Wells Fargo acquired servicing from 4th largest bank holding company when they took over Wachovia 5-6 yrs ago.

Do all of your shopping/comparing and then select a lender to begin the pre approval process. A pre approval can vary by lender depending on their guidelines/overlays, so not all approval are valid for your specific scenario. Why waste your time and theirs if you don't plan on going forward with a loan application?  Once you know your credit score from one lender there really is not any reason to have multiple reports pulled. Share score with others and they can base their loan summaries on that scoring.  They will have to run their own report if you go with them, but if done with in a 3-4 week window it would not impact your score negatively.

You may be spending more time than necessary being concerned about existing second. Even if rate is 7-8%, the low loan amount at a 4% rate likely to be only $50-60 less per month. You probably know that your only options are pay extra and pay off early or as your value improves you may find a local bank or CU that will refinance second at lower rate; but if amortization/years decrease the payment may increase........

You may have opened the "flood gates" by giving out email.  A better option might be for you to go to Find a Pro tab above and do your own research by finding local/state IN lender and review their profiles and Reviews.

Sorry you are experiencing such poor service. It is likely though you may not have done enough homework before selecting the lender. It also appears you are not talking to a loan officer who has a vested interest in closing your loan. It is difficult to advise to switch lenders unless another loan officer evaluated your file, and was able to tell you with a degree of certainity that they could close the loan with in your contract timetable. I would suggest you go to Find a Pro above and locate a lender in your area/state, and read Reviews to decide who to contact. Talk directly with the Loan Officer and go over loan details. If you get a committment they can do loan with in your timetable make a decision about making a switch. Giving current lender ultimatum is not likely to have much impact since their operational process is the problem.

One agent violated the GNP (Good Neighbor Policy) and one didn't.  I like Melissa's answer better.  You should be fine in the $280-$300K range.

You can buy a home but the loan amount would not be possible to determine until your tax returns was analyzed. Net income from Schedule C would be counted for a 24 month period and any depreciation could be added back to income. Your debt from credit report would also need to be counted. If 2 yrs average income is actually $1,666. monthly, depending on taxes and ins and no debt, a loan amount of $100-$120K may be feasible. David can assist you but may need to lower loan amount range, and after calculating income a DU/LP finding would be the determing factor.

Buying a "fixer up" has challenges and as a first home purchase it gets even bigger. Using 401K money has downside particularly if you are paying a penalty to withdraw some of the money and losing return on investment. You need to look at all of your options including 5% down conventional and use other funds available to do repairs/remodeling. You also need to investigate getting a bank home improvement before you proceed, so you know if you have options should you need more funds to renovate the house. Puttting down 20% by borrowing from 401K vs min down and a home improvement loan should be compared. Also, be sure to get a home inspection so you know exactly what issues you are dealing with concerning condition of major components i.e. plumbing, heating, foundation, electrical, etc.

I think you answered your own question...... "it is in a mixed use bldg.... That would mean not zoned residential which is requirement for a typical conventional or gov't loan program. Your best option would be a local bank but expect 20-30% down payment and commercial loan rates.

Click on Post Reply and finish your question.  Be sure to include the month and year you purchased or last refinanced your FHA loan.