HELP!!! I AM SUPPOSED TO CLOSE ON MY HOUSE VERY SOON & MY LOAN FELL THROUGH (LOST LOAN). NEED MORTGAGE LOAN!?

I am ostensible to close on the residence in a week. I have been by all the stairs in the routine (appraisal, inspection, etc) with my debt broker. All of a remarkable he calls me and says the brand new manners per settled income loans have altered (from Fannie Mae and Freddie Mac) and it effected my loan. Now he says I need 20% down for the settled income. I can’t come up with the additional money. Can any one help?

Here have been 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 underneath my business

I can’t do a unchanging required loan since I usually validate for $150,000 regulating my w-2s from employer. My commercial operation has been in operation for 2 years so loan attorney pronounced it was simpler to do it underneath commercial operation name.

Are there any debt companies out there which still can do “stated income” loans with 10% down and great credit (just underneath 720)? 80/20? NINA?

{ 4 comments… read them below or add one }

robert w April 12, 2010 at 12:47 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.

Josh April 12, 2010 at 1:37 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

Jennifer R April 12, 2010 at 1:44 am

Do you have a business license?

Linda d April 12, 2010 at 2:39 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

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