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3 Bumps

Can't get approved and need to move......

Our current lease is up in January, and we can not afford the 1100 to live where we are after then. I tried to apply for a home loan through veterans united(as I am a veteran with 20% disability) and was denied because of not enough residual income. The house we found is only 53000 so would only cost us about 350 a month for mortgage!! Totally doable. The issue is we can not get approved for the loan and have to move in 3 months!!! What else can we do?!?! There is no way for us to obtain "more income" before January and we are homeless :(

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Anonymous

Asked by Anonymous at 2:56 PM on Oct. 15, 2012 in Home & Garden

Answers (10)
  • This is a very bad situation that is happening to a lot of people all over the country. The bank rates are low so people can afford a home yet the rules are so stringent you cant get the loan. This has gone from you degree to another when the government bailed the banks out. I would suggest to keep trying other banks. Call like fifty to try and get a loan. If not there is such loans that are not governed by Fannie May and Freddie mack called hard money loans. If you get denied ask every bank if they have this type of loan. Never walk away with just a No, always get a suggestion. Also, with regard to people having a hard tiem getting loans please write your congress person.
    bridget57

    Answer by bridget57 at 5:31 PM on Feb. 15, 2013

  • or you could try for a "rent to own"; you'd pay more in the long run but you might find a good deal.
    donnabc

    Answer by donnabc at 5:35 PM on Jan. 2, 2013

  • Yeap, rent a small apartment, duplex or older home.
    donnabc

    Answer by donnabc at 5:34 PM on Jan. 2, 2013

  • Why cant you get approved, is it from credit or income? Don't give up!
    shawnalovesdon0

    Answer by shawnalovesdon0 at 10:54 AM on Dec. 13, 2012

  • It sounds at this point your best option is to get a new rental. Even if you got approval on a loan today 90 days is a very tight squeeze to close on a home. If you can't get a VA loan you need to come up with a down payment, closing costs, insurance money, which on a 53,000 home is a minimum of 4,000.

    If you want to exhaust all options before you give up to the life of a renter: You can look at other types of loans or grants. Check out your state's housing and urban development websites to see if there is anything you uniquely qualify for. The only other option is to make more money (although 90 days to prove income is going to cut it close), come up with a much higher down payment, get a co-signer (which is essentially renting from a relative) .;
    hotelmom123

    Answer by hotelmom123 at 4:23 PM on Oct. 15, 2012

  • Yep, find somewhere else to rent.
    idareyou

    Answer by idareyou at 3:24 PM on Oct. 15, 2012

  • Look for an apt.

    And, JeremysMom is right, there's also property taxes & homeowners insurance.
    3libras

    Answer by 3libras at 3:15 PM on Oct. 15, 2012

  • Have you looked at other rental places? Owning a home is so much more than just paying a mortgage.

    JeremysMom

    Answer by JeremysMom at 3:09 PM on Oct. 15, 2012

  • apartment I meant.

    louise2

    Answer by louise2 at 3:09 PM on Oct. 15, 2012

  • Rent a apaertment if you have to. Tell you can aquire a loan.
    louise2

    Answer by louise2 at 3:08 PM on Oct. 15, 2012

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