hi all, new to the forum, question for mtg lenders....i have a home for sale ( under agreement ) p and s signed, with closing date. I also have 2 other properties for sale right now ( listed not sold or under ) .... the home i have under agreement is my residence, so i am applying for a mortgage for a new home....i plan to put approximately $100,000 down on the new home with the proceeds of the sale of the other home....taking into account i have 2 other homes for sale, and im kinda cash poor right now, until the sale of that home that's under...will i be able to qualify for another home? ...i can provide proof of the signed p and s, and the " listings " of the other 2 homes.....also, i should ( after putting $100,000 on the new home still have about $80,000 leftover in cash....thanks for any input or help in approaching a lender with this situation, i plan on doing a " no income verification " loan... thanks all...

forgot to add, .... my credit is about 650 mid fico...no lates at all in 7 yrs...just some high debt...my wifes is 715 mid fico... thanks

lenders look basically at 3 items:
1. your credit
2. your debt-to-income ratio (dti)
3. assets

if you're planning on doing a no income loan on the mortgage, you don't need to worry about the dti calculation b/c it won't be calculated.

you just need to make sure your credit is good enough to qualify for a low doc loan, and that you have enough assets for down payment and closing costs. if you do then you should qualify.

Sammy

Argghhh...you posted your credit info as i was typing my response.

when co-borrowers are involved, lenders take the lower of the 2 mid credit scores, so they would use your 650. many lenders require a 680 to do a low doc loan, however, others can use an Alt A low doc product down around 620. please note, do not expect the lowest rate.

good luck!

Sammy

ok sammy thanks...thats what i was worried about was the rate...also, i guess i could just put it in my wifes name, but what about the 100k we are putting down, that would come from proceeds from a property i hold alone..? ..my credit was over 700, but the cost of doing a " rehab" project ran up my debt and credit cards...no lates though...

You may qualify under a pending sale status. The underwriter will request copies of the HUD 1 settlement statements reflecting cash to you at closing as a qualifying factor in your liquid assets and down payment proceeds.

I'm gonna start wearing a shirt that says "AZLender's fan club president". So knowledgeable! Where were you when I was trying to find a lender in AZ for one of my client???

cool.....I got fans! It's gotta be white, wet and you have to jump up and down.....frequently. oh yeah....you are a girl right?....got to be a girl to be in my fan club....

ha ha funny! yes sir, I'm a girl making a good living in an industry ruled by boys...so there! :p

Oh no this topic turned in to a beauty. Someone needs to take care of something... AZ....and...your fan club even says "yes sir"

What does your spouse do? Has she been employed for 2 years?

Both scores will qualify but her score alone will get a better rate if she has a 2 yr employment history. Her income can be stated as well even if she is a wage earner.