All Forum Posts by: Joe T.

Originally posted by @Bill McCartney:

Originally posted by @Joe T.:

@Chris Mason

I agree 100%. I am never using a big bank again (the only reason I did is because no other lenders would even contact me back, and this was before I started working with my current realtor.) 

I am still confident that I will somehow get this loan approved, whether it be with another lender, delaying the closing until enough time has passed, or some other method. 

I do not agree with others saying it was my fault, I had done my due diligence before requesting a new loan to be approved. Unfortunately, like stated above, pre-approvals are not guarantees, but how do I get them to guarantee me a loan until after I am under contract and half way through closing before they do so? Getting appropriate financing was never a concern for me. 

 Please don't take what I was mean that "it was your fault, you're an idiot and you have no one to blame but yourself" because that is not at all what I, personally, meant. I wanted to be realistic with you that recovering your $2200 through small claims is not a likely scenario. If the numbers I presented were in the ballpark, you might be able to put down an extra 5k, switch to a 3/1 arm with a 3.1% and you just saved your $100 per month they were looking for. These are all solutions that your loan officer SHOULD present to you tomorrow. As I mentioned before, try not to freak yet. I know it's hard, but tomorrow is just around the corner. We're ALL speculating on what some unnamed bank on an unnamed property with unknown terms will do.

 I understand, unfortunately most of these things can't be learned in a book or in an online seminar. I have to learn much of what i'm doing as I go along and there are just a lot of things I haven't experienced yet. 

Originally posted by @Bill McCartney:

You could get another a third IF you could get financing on 2 and 3. Right now you need to finance the #2! Based on your numbers, you're buying a 100k property putting down 25k. If you're at 5% for 30 years, you could only finance roughly $56,500 to drop the payment by $100 per month. Is this about right?

 Property price is 132k with 25% down. 2% of closing costs paid for by seller. 

I'm not so much concerned with my $2200... i'm really just concerned with closing on this deal. I'm losing potential investment income from a duplex that I believe I negotiated a good price on, that will net me around 20% cash on cash return when I raise the rents when the current leases expire in a few months after closing. I also had the seller agree to over $4k in repairs as well as it having a brand new roof and repaired foundation. 

@Chris Mason

I agree 100%. I am never using a big bank again (the only reason I did is because no other lenders would even contact me back, and this was before I started working with my current realtor.) 

I am still confident that I will somehow get this loan approved, whether it be with another lender, delaying the closing until enough time has passed, or some other method. 

I do not agree with others saying it was my fault, I had done my due diligence before requesting a new loan to be approved. Unfortunately, like stated above, pre-approvals are not guarantees, but how do I get them to guarantee me a loan until after I am under contract and half way through closing before they do so? Getting appropriate financing was never a concern for me. 

Originally posted by @Bill McCartney:

That sucks. Is putting down more to get you below the DTI an option? Again, without know the specifics of the current loan it's hard to say, but you might be able to get into a 3/1 ARM and get it the payment low enough that you could close.

 Yes, but he's suggesting I put down 20k more. That's enough for me to get another property entirely on it's on. I'm already putting down 25%. 

I neglected to mention some important information in my original post. My loan officer retired a week prior. I'm sure that this has something to do with all of the miscommunication going on. 

@Chris Mason I have the current leases for the property and can provide them for the property. The lender never suggested that I could use this to help qualify, even though I know that you definitely can. 

Bill McCartney I do not carry a balance on any of my credit cards and have no other debt besides my primary residence and current rental.

Michael Dolan they are claiming my debt to income is 44% with this new loan. I am waiting to hear back on Monday how they are calculating this information. Just so everyone is aware, I have provided my lender every pay stub going back to a year ago before this entire process started. They should be able to see everything about me as well, considering all of my financials are through them. How is everyone else getting past these barriers? Do most real estate investors just have a high level of income? I am still only 23, but my past jobs have all been in IT, including an internship at my current company for 3 months, which would put me at 2 years total with the company.

Russell Brazil not sure I'm understanding your question correctly but it was the loan officer

Russell Brazil he verbally stated that they are counting it as income by about $60 per month

What are the chances that they come back on Monday and approve me after they talk to the underwriter? Is there anything I can do to get this approved? Cosigner? This also makes me realize that how on earth am I going to get approved for my 3rd loan? I feel like my real estate investing journey stops at 1 rental property.. I'm on track to buy 1 duplex a year (I'm able to save plenty and my cash flow from the first rental and this duplex would put me at around $900 extra income a month).