Expert: Dottie Worthington - 5/31/2008

Question
Hello, Dottie,
We live in Katy, TX, and recently decided to move to a sub-devision that has a great school for our daughter.  We have found the house we like and want to make an offer. In the mean time, trying to get a pre-approval certificate from a mortgage broker.  I have tried 2 brokers and they all told me that my income level is not qualified for a 200K home.  I am self-employed and have a good(not excellent) credit score, own my current home and I have down payment ready.  I don't want to make an offer without knowing that I would very possibly getting a loan from a lender. Do you know any broker/lender in my area that will work with people like me?  Or something I could provide to prove that I have the ability to pay the monthly mortgage?

Answer
First, are you making your purchase contingent upon the sale of your present home? That may help your loan approval. Talk to the bank where you do business. The mortgage brokers are really watching things now. Ask them what you need to do to get approval, maybe it is just paying off one credit card or something simple. I don't have a friend in the area, but could probably find you someone.