Having Trouble Financing A Home Due To A Seasoned Title
I found a beautiful 2 family home in Brooklyn that I desperately want to move into. It is selling for $430,000. I have $43000 for down payment. The problem I'm having with the financing is that the title on the home is seasoned, which is making it harder to qualify for any loans. That is what my mortgage broker tells me. My credit score is 605. I currently own a 2 family with a rental income of $9600 and my income is $49000/yr. Does anyone have any advice? The house is large and beautiful and will not be around for long. I'm trying to land this deal immediately. I'm keeping the 2 family that I currently own and I have already pulled equity from it for the down payment.[ Edited by angiemcp on Date 11/23/2003 ]
How flexible is the seller?
You may be able to do a deferred settlement or a seller carry for 12-24 months to season the title and give you time to refi.
Hi angiemcp,
It may benefit you to work with a different mortgage broker. A different broker may push a different kind of loan, perhaps one that will not enforce the seasoning issue.
Before you go and let all of these brokers pull credit on you, tell them the situation first, and let them what your position is. When you find one that is confident that they can fund the loan for you, then you should go ahead and let them pull your credit.
If too many lenders are pulling your credit in a similar time span, it will bring down your credit scores.
Best of Success!
BAMZ
Angie -
Correct me if I'm wrong, but don't you mean you're having a problem purchasing because the Seller's title is "not" seasoned? I've ran into this problem before. What you really need to do is find a lender that will be able to finance you. Some lenders are less stringent about seasoning than others. Interview some lenders...ask what their criteria is on seasoning. There are plenty of lenders out there fighting for you business! Good Luck!!! v/r Eric