USA Loan in Montana.
I am trying to get into a house currently and the one I want qualifies for a Rural Development loan. The bank I am working with for now needed me to get my debt to income (with the mortgage included) down to 40% from 44%. I got that done, then I was told a week later that they cannot consider my constant overtime because I'm a couple months shy of two years in this field. I put on at least 50 hours a week (10 ot). This adds up to just shy of $10000 a year.Without my over time being considered I cannot hit the 40% goal. Lastly, because I am wanting to buy 222miles away from my current town they are unsure if the underwriter will accept the loan. Both of my jobs transfer and I have received and given them letters from my employers that I am approved for the transfer once my housing goes through. I have no clue what to do right now. I really don't want to have to apply for an apartment and waste that money. by t.bears570 from Los Angeles, California. Apr 22nd 2016
Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions
You should have no problem getting a loan as long as you qualify for it from all other standpoints even though you have only 22 months of OT on your work history . That's absolutely preposterous! I'm doing a loan right now for a client who barely has one year on the job, and his OT is being included. What is the price of the home you want to purchase, how much are you putting down, and what is your FICO score? We do a significant number of USDA loans and have no problem getting them approved anywhere in CA. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 55 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.
BlakeK. I don't know why it popped up in California as I'm in Montana. But, the home price is $92,500 but I'm hoping to get it for 85,000. My realtor doesn't want me putting an offer in until my funding is secured. My down us 0 due to the USDA loan, but my parents are willing to gift up to 3000 as needed. And my median fico score pulled at 660. This is just very frustrating as I did everything the lender originally asked me to and she found another hurdle for me. Heck she had the gall to tell me to move, pay rent a few months and call her again after I hit my 2 year mark.
Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions
All of the questions asked on Lender 411 show up in CA and probably all of the other states. I didn't notice that you live in MT. My advice to you if you're working with a bank is don't. Banks are the least flexible of all the lenders, offer the fewest loan programs, and, typically; have the highest interest rates and loan costs. Find a progressive and aggressive mortgage broker with loan officers who know what they are doing. That's actually a real challenge because most of them have no clue about how to structure loans, and get the tough ones done, regardless of whether they work for brokers or banks, but those who work for brokers are normally more creative, outside-of-the-box thinkers. Dump the loan officer you have been working with! She has no idea how to do loans. I've been doing then since 2006 and am an accountant by education, so I know how to do the numbers for my clients rather than just sell loans, and collect commissions. Unfortunately, however, I don't do them in MT.
Sara Deere (Mortgagequeen2)
#15 ranked lender in Missouri - 608 contributions
I agree with the other posts. Drop who you are currently working with, and find a local mortgage bank or broker in your area.
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