Mortgage Help

Re: Mortgage Help

• Mrs.BWilliams

  March 2011

  I would suggest trying a Credit Union vs a large lender. Besides better customer service (in my opinion) you often will solidify a better rate. We have all of our loans through Premier Credit Union, if that helps.

  www.babiesandbroccoli.blogspot.com

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• shea77

  March 2011

  Try First American Bank and Premier Credit Union....

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• shea77

  March 2011

  you could always see if you could buy a house on contract with the clause to refinance in 2 years.

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• Temp257387375002530

  March 2011

  When we moved back to Iowa, I went totally on commission and this was a problem for us as well.  They needed me to have worked on commission for at least 2 years. So, we had to wait.  It sucked but in the long run it worked out WAY better for us and we were able to get a nicer house.  GL!!

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• Brooke7748

  March 2011

  We kind of had a similar problem.  We were just finishing up building our house (had our construction loan but hadn't officially closed it) when DH got laid off.  Unfortunately it was April of 09 and DH's profession took him to DSM working contract bc there was nothing in his line of IT back home here.  It was for considerably more $$$, however bc it was contract they wouldn't budge is what I was told.  I ended up doing my research and after finding someone else at the bank was able to close with DH only working contract for 5 months.  I remember contacting a few places and explaing my situation, some acted like that wouldn't be a problem and others just completely flat out refused.  Just keep searching, I do know that Wells is extremely picky.  My BIL is self employed and let's just say very very well off, and wells took over 3 months to sift through their financials when applying for a loan for a cabin.  They made them justify every deposit and draw and even asked him where a $1.56 deposit came from, off the top of his head he said the change in the car.  Bottom line is some are going to have more hoops to jump through, smaller banks seem to simplify things somewhat.  Good luck and keep trying.

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• KMPeiffer2

  March 2011

  I don't have any options to suggest, but just wanted to point out that a commission job is a greater risk for most lenders.  Without an established income history, it is difficult to price for the risk.  The larger institutions sell most or all of their loans so that means the loans must be able to stand up to the buyers due diligence.  With the recent financial crisis, it is harder to get a loan.  I certainly don't mean to suggest you and Mr. BP are a bad risk.  The commission just makes you an unknown.  Perhaps a CU could help you.  I think they portfolio most/all of their loans.  They also don't have to comply with the Community Reinvestment Act which impacts the rates they charge.  Like someone else pointed out, if you do end up waiting, you could potentially be able to get more house in a couple of years.  I hope you find a solution that works for you.

  

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• sweetpea18

  March 2011

  The fact that you only have 5% down could be part of the issue, too. While lenders are starting to relax some, most are still pretty strict about having closer to 20% down. Definitely look into a credit union. When we refinanced, we were able to get a much better rate from them than one of the big banks.

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• mishy112

  

  March 2011

  I know this may not be as convenient, but we bought our house through a loan from Greater Iowa Credit Union in Ames. I don't know if they have other locations, but either way, it's worth a try. We only put 5% down, and I'm a student, so it was iffy for us if we'd be able to get the amount we were looking at. I also have my auto loan through them and have been very happy with them.
  

  

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