I have a fairly complicated situation that I need some suggestions one here. The past few months I have been working with a lender who ended up not having a clue what they were doing. I now have a contract on the property I'd like to buy, but closing date is February 16th, so time is running out. I was originally trying to get approved for FHA with an MHDC cash assistance loan. Unfortunately the lender had no clue what the MHDC loan has an acreage limit the property is over, so that's out. They have dropped the ball more times that I can count and have had incredibly poor communication. So I'm on the search for another lender that can close ASAP. I've contacted several, but it's becoming difficult to find a program that I can work with to qualify. I would like to hear everyone's suggestions as far as what program I may qualify for. Thanks in advance.
I currently own one piece of property; my mother's house. She recently transferred it to me so I could manage everything while she works out on the road. My family, however, lives in a single wide mobile home on another piece of family property that I do not own.
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I could be way off base here - but it looks like you make about $35k a year and are trying to buy a $200k house and have pretty much no money in the bank. If that's the case, I would think simple math makes that out of reach.
How much money are you planning to use for Down Payment and Closing Costs?
Numbers-wise you're spot on . I gross just a hair over $34k, and the house is $206k. However, aside from a few minor credit card payments, we have no other monthly debts. Also my wife bring in about an additional $500 a month in undocumentable income, but has terrible credit. So we're just applying in my name.
We do have the ability to come up with a 3.5% down gift for an FHA loan, and the sellers have agreed to pay 3% closing costs.
I think what this boils down to is I need to figure out a way to qualify with about 36% front end DTI and ideally 0% down.