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re: Home Purchase Question
Posted on 5/2/13 at 8:27 am to ZereauxSum
Posted on 5/2/13 at 8:27 am to ZereauxSum
I'm actually excluded from the loan because I started my own business and showed a loss last year. Since the beginning of the year started, I have procured clients which will swing the pendulum the opposite way, but won't be able to be included on the loan.
For the poster who asked why we are buying when she might lose her job, see above answer. We also already own another property which is an income producing property but has been so for less than two years, so we are getting dinged on what we can purchase because of that as well.
We are financially secure but leveraged out a bit in the eyes of a bank because of some of the things we are trying to accomplish.
For the poster who asked why we are buying when she might lose her job, see above answer. We also already own another property which is an income producing property but has been so for less than two years, so we are getting dinged on what we can purchase because of that as well.
We are financially secure but leveraged out a bit in the eyes of a bank because of some of the things we are trying to accomplish.
Posted on 5/2/13 at 9:10 am to bwm14
quote:
I'm actually excluded from the loan because I started my own business and showed a loss last year.
OK gotcha, yeah that's a tough spot to be in when trying to buy a home.
Any chance you could wait until your wife has a clearer understanding of what's coming (or until she finds another job). Not sure what to do here but someone will chime in with a good idea.
Posted on 5/2/13 at 10:06 am to bwm14
the lender is going to verify employment twice once at the begining of the loan process and once right before you close(usually the day before closing) keep your fingers crossed the layoff has not been anounced before you close.
Posted on 5/2/13 at 10:14 am to bwm14
Just occurred to me but kind of risky. If you have a lot of equity in the other property, you could take out a second against the other property, approach a private money lender for the the rest and refi out of that mess once you are showing a profit or your wife's situation stabilizes.
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