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re: Mortgage application/Child Support
Posted on 8/17/12 at 8:00 am to bayouboy33
Posted on 8/17/12 at 8:00 am to bayouboy33
quote:
The messed up thing is that i have a secondary checking account that my GI bill money goes to.
I understand your frustration, but I also understand it from the lenders point of view. They are wondering if you will be able to cash flow the loan when the GI bill money stops. It's a legit concern IMHO.
I agree with the posters who have said that you should think this over, but if you're determined to buy, there might be lenders out there that are willing to lend to you.
The vast majority of lenders today are selling their originated loans to Fannie Mae and Freddie Mac. Because of this, lenders have to follow the guidelines that they set up, which became very rigid after the housing bubble popped.
What you need to do is find a lender that is not going to sell your loan. There are not many lenders like this out there today but if you search hard enough you might find one. They tend to be smaller lending institutions like community banks and credit unions. Some might refer to themselves as "portfolio lenders" because they keep the loans in their own portfolio.
The terms won't be the best; you might have to tolerate a higher rate or an unconventional loan product but if you are determined to own, you should look into going this route.
Good luck.
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