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Real Estate Home Mortgages/ways to get pre-approved for more

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Question
Hello,

I just lost my full-time job and the bank we're working with drastically reduced what we are pre-approved for. They said they can now only count the income of my husband. Are there options so that we can get closer to what we were pre-approved for prior to the layoff? Thing is, I also freelance, so I do have some income. We were thinking about applying for a stated income loan. Do you have other ideas? I have a sizable investment account that the bank took into consideration when we bought our current home (in 2007), but the bank we're now working with says investment accounts are no longer taken into account since they are not liquid. Is this true or are there some lenders out there who would take an investment account into consideration?

Thanks,

Peg

Answer
Hi Peg, thanks for checking in with this forum.  There may be some solutions for you, I would need to understand more of the specifics to really help answer the question.  Stated income loans are not really out there still, but there are alternate ways of document income that may work for you including bank statement deposit loans and things such as that.  Additionally there are different guidelines for different loan types that may enable you to use all the income you have.  Many loan officers are not familiar with the underwriting guideline differences between these various programs.  For example, just within conventional loans Fannie Mae requires those considered self employed to have 2 years of tax returns showing the self employment income, Freddie Mac only requires one if credit is good.  

I am happy to take a closer look at your situation if you would like, however to keep your information private it is probably best to do that via phone.  If you want to discuss it in greater detail feel free to give me a call. the auto attendant for this number will answer specific to reverse mortgages, but once you get through to me I can help you with information for any loans in the marketplace.  We service all of them.

855-273-8377
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

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Mark Schow

Expertise

Can: reverse mortgage, mortgages of all types, debt management and settlement, foreclosure problems, real estate investment strategies. Can't: real estate law, standard banking outside mortgage and debt.

Experience

2002-2004 President of the Utah Association of Mortgage Brokers (UAMB) 2004-2008 Board member UAMB, Fraud task force chair, PR chair, Legislative chair. 2002-2005 Delegate to National Association of Mortgage Brokers, Legislative committee. 1996-2008 COO Debt Free Living- Now Debt Fast Track. Founder of company- consumer debt elimination company. 1994-2008 President Secured Financial Freedom. Mortgage broker, serviced nationwide, 120 employees and handled real estate investment loans for the Carlton Sheets group and some Rich Dad clients. 2005-2011 ARES, LLC. Owner, Manager. Private money investments, business consulting. 2011- present, Reverse My Mortgage, LLC. Managing Member. Reverse mortgage education, marketing and sales. 2011- present. Salt TV Network. Financial contributor, Sales Manager.

Organizations
UAMB, NAMB

Publications
Ezines.com, Authorstream.com, articlesbase.com, articlealley.com, yahoo answers, wiki answers, UAMB newsletters.

Education/Credentials
High School- Alta High graduated 1984 Brigham young University- 1986-1991 Business Finance Major

Past/Present Clients
Salttvnetwork.com, Doreen Stein, PEI institute, Franklin Covey Coaching, Capital Financial Group, the rest are consumers- cannot give out names due to privacy but have had thousands of clients both for debt elimination and mortgage work.

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