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Author
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Topic: Loan agent questions
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N8
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Member # 6048
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posted
 
 
I have asked on my end from the few people i know. But I know we have some mortgage brokers or loan officers here too, so I would like to ask here.
My brother is trying to buy a home but he owes back child support with is about 9k worth. Will he be able to buy a home with that hanging over him? His credit being polished up and makes about 100k. I know the best route would be to clear that up. But I dont think he will be able to in a timely manner.
Feel free to pm me advice or chime in here with input.
Posts: 11638 | Registered: Sep 2005
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turbo50
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Member # 6700
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posted
I would think making 100K and not owning a home, assuming, he could easily cut a check for the 9K or better yet, would not even owe back child support.
Id clear that up first, in this economy.
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Posts: 7606 | From: Discovery Bay, California | Registered: Apr 2006
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N8
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Member # 6048
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posted
quote:
Originally posted by turbo50:
I would think making 100K and not owning a home, assuming, he could easily cut a check for the 9K or better yet, would not even owe back child support.
Id clear that up first, in this economy.
Its not that cut and dry. But is a plausible solution.
Posts: 11638 | Registered: Sep 2005
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turbo50
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Member # 6700
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posted
quote:
Originally posted by N8:
quote:
Originally posted by turbo50:
I would think making 100K and not owning a home, assuming, he could easily cut a check for the 9K or better yet, would not even owe back child support.
Id clear that up first, in this economy.
Its not that cut and dry. But is a plausible solution.
It never is that cut and dry.
An expert will chime in here and maybe even an underwriter so you will know for sure but I say there is only one real way to find out.....have him apply for a home loan.
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.........when was the last time YOU built something with YOUR own hands?
I offer quality sidework at reasonable prices. PM ME
Posts: 7606 | From: Discovery Bay, California | Registered: Apr 2006
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N8
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Member # 6048
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posted
quote:
Originally posted by turbo50:
quote:
Originally posted by N8:
quote:
Originally posted by turbo50:
I would think making 100K and not owning a home, assuming, he could easily cut a check for the 9K or better yet, would not even owe back child support.
Id clear that up first, in this economy.
Its not that cut and dry. But is a plausible solution.
It never is that cut and dry.
An expert will chime in here and maybe even an underwriter so you will know for sure but I say there is only one real way to find out.....have him apply for a home loan.
Well naw...I learned the hard way with our first house. Some Loan officers are better than others, have more connections or are more knowledgeable. It is definitely better to get a multitude of POV's when doing something like this.
Posts: 11638 | Registered: Sep 2005
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DIRTY SALLY
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Member # 7845
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posted
just make sure u have him put as much down as possible.
do the fact that you have to pay like 10.000 in fees before you even start payin off the house ![[patriot]](graemlins/patriot.gif)
[ September 09, 2009, 02:50 PM: Message edited by: CALIFORNIAGT ]
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Posts: 9145 | Registered: Aug 2007
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venomous99
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Member # 1917
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posted
how much is he looking to borrow?
how much down payment?
what is the income to debt ratio?
sounds like it should be a slam dunk assuming the 9k is his only debt and he's not trying to overspend on a home.
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Posts: 4811 | From: dc | Registered: Oct 2002
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JohnB
Tech Moderator
Member # 969
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posted
Just had a similar convo with a good friend about this same subject about a month ago... He's a loan officer for the nation's largest lender and did my home loan last year.
It ultimately comes down to the type of rate he's pursuing and what loan he's going for (conventional, interest only, etc)...if he can even secure one. Going for a VA rate vs a fly-by-night lenders rate/short term Construction loan is a world of difference.
"Connections" in the lending world only will come back to haunt the lender, as fraudulent lending practices AKA "don't put it down and hope no one finds out" is how the housing mess started in the first place, with people obtaining loans they were either not qualified for or simply lied about to get one.
No decent lender is going to take the chance on a individual if it's gone to the point that it's impacted one's credit score. Why would they lend, knowing the individual has a history of defaulting? Maybe 5 yrs ago...but not now.
Best of luck to him. It will prove beneficial to take care of his personal obligations and clear it up prior to applying...and even then he will have to explain it to a lender if it is/was on his credit...
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Posts: 6523 | From: Orlando FL/Redding CA | Registered: Mar 2002
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N8
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Member # 6048
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posted
quote:
Originally posted by venomous99:
how much is he looking to borrow?
how much down payment?
what is the income to debt ratio?
sounds like it should be a slam dunk assuming the 9k is his only debt and he's not trying to overspend on a home.
maybe 150k-175k
10%+ down
debt is less than half his income (I think)
He does have other debt that he is paying off, but child support is the one that is likely to not be off by the time things come around for him.
Posts: 11638 | Registered: Sep 2005
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N8
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Member # 6048
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posted
Decent lender is subjective..lol. When I said connections I meant like a history with a bank or certain folks. Nothing under-handed. I am not big on the under handed stuff. My last loan officer was very knowledgeable and had a great repertoire with our lender and it helped tremendously.
We come from a very old-school southern upbringing. And we were taught if you don't have the cash don't buy it. Well he mixed that with some bad judgment and got by all his life with his spouses credit. But now it is time for him to stand up so I am trying to get him back on track.
Posts: 11638 | Registered: Sep 2005
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