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Hi Adam,

I just wanted to send you best wishes on learning and implementing some of the valuable information that you can find on this board. Good luck in all of you ventures!!!

Good advice Leah!!

David Spencer
Mortgage Consultant
570-412-4438

I don't think that the seller's agent has a leg to stand on....although you may have been approved based on your w-2 income, if you were using any rental income to qualify for the loan, then your 1040's will come into the equation, and if you have a lot of deductions, then that will reduce your income and may have been enough to kick you out of the parameters of the loan guidelines. This is always an unknown until your mortgage loan officer has all of your income documentation, although, if he/she was using any rental income to qualify you, they should've known that they would need the 1040's to verify income. You should most certainly still be able to obtain a mortgage for the property though, you could go with a stated income loan, no doc loan, no ratio loan, lite doc, or go through a "non-prime" mortgage provider. I will advise you that the rate will be a little higher on these types of loans, but if you really want the property, you should still have the means to do it. I don't believe that you were trying to mislead anyone about your intentions or ability to get a mortgage. Tell the sellers agent to extend the contract and get off of your back while you adjust your plan. Good luck!!!

David Spencer
Mortgage Consultant
570-412-4438

Thank you bigger, I also spent 2 years on the title side of real estate.

I am a Mortgage Consultant with a company that has been in business since 1957, and I am looking to network with other real estate professionals. I have been in the mortgage business for almost 10 years, and I specialize in dealing with investors and all facets of residential real estate. I have strong experience and tremendous drive. I look forward to meeting other real estate pros, and developing some fantastic relationships that will last for a long time and be beneficial to all parties involved in the process. Good luck out there in all of your ventures!!!

David Spencer
Mortgage Consultant

570-412-4438 Phone

I love the real estate biz!!!! I am a mortgage consultant, and have been in and around the real estate industry for almost 10 years. I specialize in dealing with residential real estate investors in Pennsylvania, but am also licensed in NY, CT, NJ, NC, MI, and FL. I look foward to networking and learning a few new methods that I can pass on to my clients. If anyone has questions about the mortgage side of real estate, I am happy to help. Best of luck to all in their ventures!!!

David Spencer
Mortgage Consultant

570-412-4438 Phone

I am a mortgage consultant, and it certainly sounds off that your mortgage broker wants to write you a check for $8000. The easiest way to get that $8000 is to do it as a seller consession, most lenders allow 3-6% towards closing costs. If you do it as a credit for repair of the property that will raise questions with the lender about the condition and marketability of their collateral. An added benefit of putting it towards closing costs it that it will reduce the amount of money that you will need to bring to closing, and you can use that savings at the closing table to make the repairs.

David Spencer
Mortgage Consultant
570-412-4438 Phone