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Getting a Mortgage


LawnSite Member
We're in the process of applying for a mortgage right now(my husband and I, but keep getting rejected. They say our adjusted gross income is too low. Well of course it's too low. We take tons of deductions. But we have to do that or we'll have to pay out big to Uncle Sam. <p>Have any of you gotten approved for a mortgage with a low adjusted gross income? Any tips? Who did you go to?<p>-Nicole


LawnSite Silver Member
Central CT
Well, I got a mortgage last Sept at market rate (8%) and my debt to income ratio was 75%! And the only money we put down was ten percent which we borrowed from a IRA. But you need good credit-our credit scores were both over 750 so the mortgage broker put the application thru some sort of electronic scoring system where they only look at the scores and the mortgage vs the rent your now paying, they didnt care how much you owed or not only that you pay your bills.<p>If you are 30 or more days late consistently on your bills you might as well forget about it, or expect to pay 12+ percent for a note.<p>E-mail me off-list if you want more info.<p>Bill


just a thought....ask your realitor for a list of asumable mortgages...there are plenty out there where you dont need a bank you just take over payments...the only prob it may take a bigger down payment to get you into the house.<p>GOOD LUCK


Moderator, Friend, Angel
South East
Try a 15 year loan. If you have excellent credit. Most of the time banks will just ask you for your gross income for these types of loans. But forget about trying for a 30 year loan with a low net income. Also it hurts your credit for banks to see that your credit has benn checked a few times within a month. 15 year loan is the best way to go. But the payments will be higher of course. But there is really no choice for you unless you get really lucky. Also on 15 year loans your interest rate will be a little lower than a 30 year. Price you have to pay of being self employed and running a lawn service business and deducting your expenses. You don't have to use a mortgage company. Just go to Nations Bank. Now I don't know if they just do mortgage refinance loans or buying home loans. Worth a try. Or the loan assumption is a way to go as said in a earlier post.<br>CHarles<br>