Who wants to lend me $240k @5% interest... or buy my house :)
 

If there was ever an event in my life that went smoothly, I would be shocked!

I've been in the process of trying to buy a house now for the past two months, and this mortgage brokerage has done everything they can possibly do WRONG... and then some. This is probably the most frustrating thing I have ever been through in my entire life to the point I wish I would of never even begin looking at a house.

The last and final blow was on Friday evening when I got word that I would be unable to get an FHA loan because of a denial. Why?? Because some dumb ass processor "accidentally" submitted the wrong tax transcripts to the lending bank and was denied because of negative income. What had happened was using TurboTax for my 2009 return, it somehow created a schedule A and C... you only need 1, not both. Long story short, after they were filed, I found the error a couple of days later, hired an accountant and he fixed the taxes; amended return was filed, everything was all good... at least I thought :mad:

Remember this? I'm freaking the fuck out! :1orglaugh

Anyway now I am in a really tough spot. Conventional loans are pretty much out of the question because I do not have 20% to put down and my DTI is to high. My apartment lease is up at the end of the month and things are not looking good for this house... so I need to gamble on signing a new lease at a new place or pray the loan goes through.

In any case, if anyone has an extra $240k laying around and wants to make a 5% return on a 12 month investment hit me up. Thats more any any bank will pay and I will guarantee it... or you can have my girlfriend :winkwink:

I have some collateral to put up in the form of my SEM business plus you get the deed to the house and a hug from me... which by itself is worth at least a few million

jesus christ dude when will you ever learn. What you are asking for here (if you are even remotely serious) is just going to lead to several more problems for you.

Your DTI ratio is too high, you don't have 10% to put down on a house muchless 20% (<- which is how much you should have). then you simply can't afford to buy a house right now. Go sign a year lease and rent. save yourself headaches.

The reason you are having problems is because 1. you can't afford to do what you are trying to do, 2. you never plan this shit out ahead and instead you jump into stuff with out any guidence from other people. You postings here are like someone who just got hit by a train cross the railroad tracts and you asking us what you should do now. If you would have posted sooner, people could have advised you to not try to cross railroad tracks while the arm was down, lights flashing and the train was coming.

People that wonder "why does nothing ever go smooth for me" need to really sit down and figure out why... the answer is because of the way they handle things not because they just have incredibly bad luck. Bad luck might happen once, maybe twice but beyond that it isn't luck, its a pattarn and there is a problem that needs to be fixed.

Stay in your apartment. No reason to rush into buying anything right now.

sell and buy 1/2$ house, use rest to make something

What's the total price of the house?

.

that is pennies i carries 3 million US at all times

tell me friend where nearest airstrips and I take my g6 jet and lend you monies at 4.2 percents

argh, your right... and I dont like being wrong :Oh crap

Honestly, the problem is Ive already put so much time, money and effort into trying to save this deal with the house, this was a last ditch effort to save face. I get what your saying, but its hard changing your own mind especially when you have your heart set on something.

My DTI is to high because of the 1099 income and writing off expenses. Using my current W2 it is extremely low, but they will not count that since I didn't start earning as W2 until mid way through.

In all honestly, if I would of known this from the start, I would of not even begun this process. I would of waited until next year so I have one solid year of W2 income, not just a few months.

If I wouldnt of had to spend all this money between selling a car, paying off debts (cards at 0% interest), etc., to lower my DTI even more I would of easily had 10% to put down, but thanks to the guidance of this broker, I believed what she had said and now I am out thousands which I wouldn't of had to be.

Lesson learned, maybe its time to cut my losses and stop the bleeding.

Truthfully tho, even if someone was to lend me $240k repaying them a mere $12k return would be cheaper than the interest on a mortgage for the first year.

Anyway...

Learning to go slow, think things through is the first step. Don't jump into stuff, seek advice from others before you get involved in something.

The hardest thing to do, even more so than that is to learn when to cut your loses. It is also the smartest business decission that people can make in most cases. You can continue to chase a buck by spending two, and never get what you want or just cut your loses and still keep some of your money, not to mention your time.

Cut your loses. Sign a 1 year lease on an apartment, get out of the deal you are in before you do more damage. I believe you are what, in your mid twenties? It wont kill you to save up and wait another year to buy a house. Next time plan ahead, get the bank all of your documents, get 100% approval, have your 20% to put down, then start looking for something to buy.

btw, no one with 240K cash on hand is going to lend it to you at 5%. You don't realize a lot of things. What if you trash the house, what if the house needs lots of repairs in the next year and you bail and they have to repo it from you. They could lose tons of money. They would want a huge deposit from you, down payment something... and the interest rate would be up around 20% likely. And you still not going to find anyone around here with 240K cash on hand to loan it someone that they don't know.

pictures of the gf?

just in case that is

$240K is bit of an expensive date.

I don't know your situation but it is sounding a bit like someone stood at a fruit machine chasing the money they have already put in as they can't face walking away even if it is the most sensible thing to do.

Your Twitter is hilarious! :1orglaugh:1orglaugh:1orglaugh

"Fuckkkkk mee!!!!! 400 grenades in trunk. Maqmood forget to paint to look like baseballs!!!! ugggghhhh."

will76 is right on the money.

Not only that, chances are better than good that the house will cost you %15-%20 less next year. The housing market is set to drop again.

I agree with Will. Some places are still dropping in prices, but even if yours is not, there really is no reason to rush into buying a house. Buying a house is a big time commitment. If you aren't financially ready, wait another year or two until you are ready, then you will have so much less hassle to deal with.

Set a financial goal of 20%. So with a $240,000 price point, you need to save about $50,000. Let's say your goal is to do that in three years... save about $1500 a month until you have your 20%. Meanwhile, work on clearing up any other debts you may have, get your credit in good shape, etc. etc.

Don't know what your debt is like... but when you have a new house, you are going to have enough financial things to worry about. Get your car payments, credit card payments, etc. out of the way so you have less to worry about and can focus all of your attention on your house.

i can vouch for the girlfriend! Very pleasant

I think I saw a thread where fatfoo was loaning money

dude why buy? u cant afford it.. rent my man.. rent. it aint so bad..

pics ??:winkwink:

Will76 is right.
Do use his well meant honest advise and thank Will76 later.

As Will76 said:
"JUST WALK AWAY" that's right JUST WALK AWAY ! ! !

buy a trailer.