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