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Good credit, no bills, and can't get a $49,000 mortgage.

 
TacticalEdge
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User ID: 1382344
United States
12/27/2011 02:37 AM
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Good credit, no bills, and can't get a $49,000 mortgage.
I am baffled on this one.
I have a decent job that I have been at forever.
I spent the last 8 years cleaning up the mess my ex-wife made of my credit report.
I have no bills and everything I own is paid for.
I found a nice house for my wife and kids and I for only $49,000.
It is a 5 bedroom, 3 bath home on three acres. Apparently it is a foreclosure hence the cheap price. It is right around the corner from where we currently live so the kids could stay in the same school The house is perfect.

Here is my problem. I will have about $8,000 by the end of January for a down payment and have been denied by three mortgage companies. Apparently, I qualify for a mortgage but the greedy banks will not originate a loan for less than $80,000 because they do not make enough when they sell it.

I know what I make and I know what I can afford....An $80,000 loan is not on my list!

So, does anyone here know of any place I can get about $42,000? Small bank? Private lender? Anything?
Anonymous Coward
User ID: 7776942
Australia
12/27/2011 02:38 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
all that for 49 grand?


fuck me damned
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:40 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
try [link to www.lendingtree.com] , they will help you , 100 %
Anonymous Coward
User ID: 7688496
United States
12/27/2011 02:41 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
if you were a cop selling drugs for the CIA i guarantee you would get that loan no questions asked

america, bitchez
Anonymous Coward
User ID: 5748616
United States
12/27/2011 02:41 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I don't get it. First you say its a nice house, then you say its $49,000. Which is it? Everyone knows you canter find a nice 5br for $49,000. Idc where you live.
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:41 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
what area , 49k sounds super cheap
Anonymous Coward
User ID: 7765161
United States
12/27/2011 02:43 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
what area , 49k sounds super cheap
 Quoting: kevinGLP


lol

Harlem isn't even that cheap
Anonymous Coward
User ID: 7742556
United States
12/27/2011 02:44 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
Yea what area OP?

Also go to a credit union, you'll have no problem....im never getting a loan from a bank again.
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:44 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
what area , 49k sounds super cheap
 Quoting: kevinGLP


lol

Harlem isn't even that cheap
 Quoting: Anonymous Coward 7765161
really , cost more where you live?
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:45 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
try [link to www.lendingtree.com] , they will help you , 100 %
 Quoting: kevinGLP



They could only match me with one lender who will not return my calls.
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:46 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I don't get it. First you say its a nice house, then you say its $49,000. Which is it? Everyone knows you canter find a nice 5br for $49,000. Idc where you live.
 Quoting: Anonymous Coward 5748616


40 miles south of Nashville Tennessee. It is a Freddie Mac foreclosure No stove, fridge, or water heater, and it needs a little work..Nothing major.
Anonymous Coward
User ID: 7689788
Germany
12/27/2011 02:47 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
Organize a deal 'legally' with the seller to over pay them 31k and they give you back 30, they make a grand for nothing.
And you pay the 30 back on the loan straight away lmao
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:47 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
try [link to www.lendingtree.com] , they will help you , 100 %
 Quoting: kevinGLP



They could only match me with one lender who will not return my calls.
 Quoting: TacticalEdge


try this [link to www.quickenloans.com]
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:47 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
Yea what area OP?

Also go to a credit union, you'll have no problem....im never getting a loan from a bank again.
 Quoting: Anonymous Coward 7742556


My credit union will not do mortgages at all. I applied for a collateral personal loan and they laughed at the idea.
Anonymous Coward
User ID: 7776942
Australia
12/27/2011 02:48 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I think you're full of shit OP


:bs:
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:48 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
try [link to www.lendingtree.com] , they will help you , 100 %
 Quoting: kevinGLP



They could only match me with one lender who will not return my calls.
 Quoting: TacticalEdge


try this [link to www.quickenloans.com]
 Quoting: kevinGLP


Quicken denied me in under two minutes. I tried them first thanks to Dave Ramsey always pitching them.
I'm running out of places to apply and am going to ding my credit report if I keep on.

Last Edited by TacticalEdge on 12/27/2011 02:49 AM
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:49 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
Organize a deal 'legally' with the seller to over pay them 31k and they give you back 30, they make a grand for nothing.
And you pay the 30 back on the loan straight away lmao
 Quoting: Anonymous Coward 7689788


no wonder you're broke
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:50 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
try [link to www.lendingtree.com] , they will help you , 100 %
 Quoting: kevinGLP



They could only match me with one lender who will not return my calls.
 Quoting: TacticalEdge


try this [link to www.quickenloans.com]
 Quoting: kevinGLP


Quicken denied me in under two minutes. I tried them first thanks to Dave Ramsey always pitching them.
I'm running out of places to apply and am going to ding my credit report if I keep on.
 Quoting: TacticalEdge
i'm trying for you tact , can't figure out how come they won't help you
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:53 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I think you're full of shit OP


:bs:
 Quoting: Anonymous Coward 7776942


Who asked you?
If I was buying a dirt hut in the outback I would consult with the prison colonists but I'm not so go back to eating your wallaby and mind your own business.
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:53 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
here's another [link to elendingsaver.com]
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:54 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
lending has been tight lately , this could be the problem , there scared to ease up on any loans
Anonymous Coward
User ID: 7472377
United States
12/27/2011 02:54 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
It's very hard to get a home loan now.

I bought a small house about ten years ago and got a loan, paid it off and sold my house last year. During this past summer, I found a house I thought I'd like to buy. So I called my bank and spoke with a banker who practically yelled at me because I asked about a small home loan. I wanted to put half down.

I had just moved and had money saved up plus I own some land, but the banker screamed at me that since I was currently without a job (I had just moved!), there was no way they'd give me a loan.

I could not believe how rude that man was.

I have very good credit, my only ding against me is that I have no credit cards, I don't like them and don't want them.

That banker could've been professional and polite, there was no need to be rude.

I decided at this point if I want a house I'll just have to save up for one.
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 02:58 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
It's very hard to get a home loan now.

I bought a small house about ten years ago and got a loan, paid it off and sold my house last year. During this past summer, I found a house I thought I'd like to buy. So I called my bank and spoke with a banker who practically yelled at me because I asked about a small home loan. I wanted to put half down.

I had just moved and had money saved up plus I own some land, but the banker screamed at me that since I was currently without a job (I had just moved!), there was no way they'd give me a loan.

I could not believe how rude that man was.

I have very good credit, my only ding against me is that I have no credit cards, I don't like them and don't want them.

That banker could've been professional and polite, there was no need to be rude.

I decided at this point if I want a house I'll just have to save up for one.
 Quoting: Anonymous Coward 7472377


Same here......No credit cards and don't want them.

If I didn't have kids, I would buy one of the 5 acre tracts behind me ($25,000) each and live in a tent or camper for a while.
Anonymous Coward
User ID: 7515286
United States
12/27/2011 02:58 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
It's very hard to get a home loan now.

I bought a small house about ten years ago and got a loan, paid it off and sold my house last year. During this past summer, I found a house I thought I'd like to buy. So I called my bank and spoke with a banker who practically yelled at me because I asked about a small home loan. I wanted to put half down.

I had just moved and had money saved up plus I own some land, but the banker screamed at me that since I was currently without a job (I had just moved!), there was no way they'd give me a loan.

I could not believe how rude that man was.

I have very good credit, my only ding against me is that I have no credit cards, I don't like them and don't want them.

That banker could've been professional and polite, there was no need to be rude.

I decided at this point if I want a house I'll just have to save up for one.
 Quoting: Anonymous Coward 7472377
nevered had any credit cards, and i'm in my 40's
Anonymous Coward
User ID: 7092995
United States
12/27/2011 03:05 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
A good friend of mine just got married about 4 months ago, so he and his wife are looking for a house to get out of their apartment. Both have excellent jobs and make decent money and have good credit.
They found a house for 120 grand that they liked in a nice neighborhood.
The only lender that would even talk with them wants 35 thousand dollars as a down payment (30% of the loan).
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 03:10 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
why won't you say what area the home is in OP?
 Quoting: ^TrInItY^


Already did.. 40 miles south of Nashville, Tennessee.

You in the market to buy Trinity?
SwampWitch

User ID: 1485548
United States
12/27/2011 03:11 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
good luck, op...

Last Edited by SwampWitch on 12/27/2011 03:12 AM
...'n dat's da name a dat tune!
Anonymous Coward
User ID: 7746748
United States
12/27/2011 03:14 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
A good friend of mine just got married about 4 months ago, so he and his wife are looking for a house to get out of their apartment. Both have excellent jobs and make decent money and have good credit.
They found a house for 120 grand that they liked in a nice neighborhood.
The only lender that would even talk with them wants 35 thousand dollars as a down payment (30% of the loan).
 Quoting: Anonymous Coward 7092995


Its that way in this area too.Huge down payment.If its a cheap house like OP is referring to they wont bother with it unless you plan to pay in full when you buy it.Hardly anyone can qualify for a loan.
mopar28m
Lev. 23:23-25

User ID: 5072011
United States
12/27/2011 03:14 AM

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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I think you're full of shit OP


:bs:
 Quoting: Anonymous Coward 7776942


Who asked you?
If I was buying a dirt hut in the outback I would consult with the prison colonists but I'm not so go back to eating your wallaby and mind your own business.
 Quoting: TacticalEdge


Here's an idea, take the $80k, put the money you don't need to pay for the house into a savings account, make payments every 2 weeks, this will mess up their interest calculation AND you will pay off the loan sooner. Be sure you stick into the savings account as much of that monthly payment as you can so when it gets down to being zero, you'll just about have thing payed off.
vaccinefreehealth.spam

vaccinefreehealth@hushmail.com

Racin​g to end vaccinations.
Anonymous Coward
User ID: 7689788
Germany
12/27/2011 03:20 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
Organize a deal 'legally' with the seller to over pay them 31k and they give you back 30, they make a grand for nothing.
And you pay the 30 back on the loan straight away lmao
 Quoting: Anonymous Coward 7689788


no wonder you're broke
 Quoting: kevinGLP


LOL?Are you kidding me? For a 5 bedroom 3 bath home on 3 acres?For 49k?
You just proved your stupidity!
TacticalEdge (OP)

User ID: 1382344
United States
12/27/2011 03:20 AM
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Re: Good credit, no bills, and can't get a $49,000 mortgage.
I don't get it. First you say its a nice house, then you say its $49,000. Which is it? Everyone knows you canter find a nice 5br for $49,000. Idc where you live.
 Quoting: Anonymous Coward 5748616


40 miles south of Nashville Tennessee. It is a Freddie Mac foreclosure No stove, fridge, or water heater, and it needs a little work..Nothing major.
 Quoting: TacticalEdge


I think you're full of shit OP


:bs:
 Quoting: Anonymous Coward 7776942


Who asked you?
If I was buying a dirt hut in the outback I would consult with the prison colonists but I'm not so go back to eating your wallaby and mind your own business.
 Quoting: TacticalEdge


Here's an idea, take the $80k, put the money you don't need to pay for the house into a savings account, make payments every 2 weeks, this will mess up their interest calculation AND you will pay off the loan sooner. Be sure you stick into the savings account as much of that monthly payment as you can so when it gets down to being zero, you'll just about have thing payed off.
 Quoting: mopar28m



You know....That thought had crossed my mind. The house has a current tax appraisal of $78,000 so if I financed it for full value I could do something like that. I thought about writing a check for the difference to the lender with instructions to apply it solely to the principal.

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