Getting discouraged!

[dianas]

I don't think I will ever be a home owner. I feel like I know more about how to get financed from reading these forums than the mortgage officers I have talked to! None know anything about the score simulator I have seen referenced here where the officer can play with the numbers and tell you what to do to improve your chances of getting approved. They just give a flat out 'can't do it but you are close'. When I play with the online calculators, my income is on the borderline for what I want to spend on a house. If I lower the interest rate (as in paying down the interest rate some), then my income falls within guidelines. Yet no one mentioned paying it down, I had to bring it up and then they acted like it was something unfamiliar to them. Isn't it pretty straight forward? You pay x per cent of the mortgage amount upfront to pay down the interest rate x percent (or fraction of)? 

[Anonymous]

To be honest Dianas if the lender isnt trying to suggest ways for you to improve your situatuion why bother with them? Keep your eyes out for someone else. i had several who wouldnt even look at my paper work all they wanted to know was "What are your scores?" Most lenders want easy loans with no real work involved.

My income was also a problem. I have a good job but it doesnt pay as well as my hubby's. But the lender i settled with worked with me since December and now my house will close on may 20th god willing. You can do this. I'm sure they are telling you what percentage of your monthly income can be devoted to your house payment vs all the other bills. I had to find a house with low taxes to overcome the low P&I i was alloted. You can do the same thing. I would spend HOURS lookin at the MLS, searching the county tax records online before i would view the house.

Try not to get frustrated. This is your house and your dream if others (lender) is not supportive move on. You are doing them a favor not the other way around.

[Anonymous]

before i found the people am working with now on my home loan. i was going thru a small bank and the lady was cocky and seem to not want to work with us. so we put up with it cause we wanted a house. AFTER a few days she told us hubby had to pay off a old debt of $8600 off his credit report BUT the debt was do to get remove in a couple months so why pay now when the credit people told us it will not show up anymore after a couple more months and we told her this. so we decided to cut off all contact with her. SO WHY SHE CALL HUBBY TODAY!! and said guess what i was able to get u APPROVE! and u dont have to pay off your debt. Just because she didnt approve us i guess she was thinking we would give up but what she didnt know we just went to the next person! LOL

Where they approved us! No money down No closing cost! and they bought the interest down the first to years and we locked in at 4.99% for year 3 thru 30!!!!

SO DONT EVER GIVE UP GO TO THE NEXT LENDER! HER BUSINESS MUST SLOWED DOWN THATS WHY SHE CALLED US BACK BUT we said sorry we are already approved thru someone else BOO-YAH!!!!! 

 Credit Score 660 and we Didnt have to pay off no BAD DEBT!!! and still got a house!!! GOD works 24 hrs a day!!!