HELP!!! I am supposed to close on my house very soon & my loan fell through (lost loan). Need mortgage loan!?

Deal Score0

I am supposed to close on the house in a week. I have been through all the steps in the process (appraisal, inspection, etc) with my mortgage broker. All of a sudden he calls me and says the new rules regarding stated income loans have changed (from Fannie Mae and Freddie Mac) and it effected my loan. Now he says I need 20% down for the stated income. I can’t come up with the extra money. Can anyone help?

Here are the specifics:

House price: $ 220,000 (Orlando)
Appraised value: $ 240,000
Neighborhood: Stable (not declining)
Median Credit Score: 709
Money: I have 10% to put down ($ 22,000)
Loan: Stated income under my business

I can’t do a regular conventional loan because I only qualify for $ 150,000 using my w-2s from employer. My business has been in operation for 2 years so loan broker said it was easier to do it under business name.

Are there any mortgage companies out there that still can do “stated income” loans with 10% down and good credit (just under 720)? 80/20? NINA?

I’m a loan officer need a lender that will go 90% ltv on a borrower with a foreclosure 16 months ago and a 577 middle score (full doc), I need to find a lender than may have a program for this borrower.

Thank you

10 Comments
  1. Reply
    robert w
    February 14, 2011 at 2:54 am

    Sorry , rules have changed.
    beware any company that can do a quick mortgage for u. read alll the fine print.

    u may do better to back out in short run and long run.

    there are plenty of houses out there.

  2. Reply
    Josh
    February 14, 2011 at 3:34 am

    Sorry to hear that happened. Things have changed but it should not have affected you if you were in the process when the rules changed. Stated income has been very touchy since last year unfortunately. You will probably need your 20% down but talk with some other reputable lenders and see if there is anything that they may be able to do.

    Good luck with everything

  3. Reply
    Jennifer R
    February 14, 2011 at 4:06 am

    Do you have a business license?

  4. Reply
    Linda d
    February 14, 2011 at 5:00 am

    If you have a good job , you can ask for a loan at your credit union or Prosper. People may help you. More information at http://www.acreditlibrary.com/prosper.html and http://luccu.org

  5. Reply
    Muga Wa Kabbz
    February 14, 2011 at 5:14 am

    Good luck finding one. With the current crisis with mortgages it’s going to be impossible.

  6. Reply
    Judy
    February 14, 2011 at 5:31 am

    Lotsa luck. If you are a loan officer and can’t find one, how do you expect to find leads here other than the scammers who are likely to reply. And btw, last I heard, 577 is hardly a middle credit score.

  7. Reply
    Angela C
    February 14, 2011 at 5:36 am

    Its not gonna happen.

  8. Reply
    nick k
    February 14, 2011 at 6:07 am

    brokeruniverse.com

    brokeroutpost.com

    This post does not belong here go to these websites and post there.

    How about ask your manager or other people in your office.

  9. Reply
    rlloydevans
    February 14, 2011 at 6:30 am

    A 610 is a middle score. 577 is strictly low and subprime. Origination lenders are completely out of this business for the moment, unless the borrower has a 20% down. Only people doing these loans are small, local banks who don’t use mortgage brokers or originators, and even then they are normally only going down to 620 or so.

    The no doc loans are dodo birds – a thing of the past. Everything is full doc now.

  10. Reply
    Pengy
    February 14, 2011 at 6:37 am

    Other than loan sharks the sub prime market is gone, the Alt-A is disappearing and the credit scores in all cases have been raised. Your lender will end up suing you if they get a loan a year from now because of the rates you got them. Not to mention a foreclosure just over a year ago, sorry out of luck

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