Buying & financing a house nowadays: HUGE pain in the ass.

[SSMAN]

I got news for you, it always has been a PITA.

[IHaveAMustang]

I hear you. Nate was awesome on my closing of my new house, but man I had to get a lot of documentation to my Title company.

Worth every minute of it though, I LOVE my house and I LOVE whiteville...er Keller

[Baron Von Crowder]

Here it is boys & girls

Why you can't get a mortgage

Standards are higher this year than last. Lenders are requiring credit scores too high for nearly 80% of the population, as well as hefty down payments.


http://realestate.msn.com/blogs/list...d-c76e3abedd4e

its like the 80's all over again.

[Vertnut]

its like the 80's all over again.

Except no 13% mortgages.

[Baron Von Crowder]

Except no 13% mortgages.

Shall I say "just wait" or is it too soon?

[Forever_frost]

Maybe that's the banks way of disapproving of you and your GF shacking up together. I'm sure they've seen thousands of people like yall split up and the house gets forclosed on. Like my daddy always said. Only buy what you can afford and not what yall can afford. Call me crazy, but I'd never buy a house with a GF. I don't care if the wedding was planned for the week after we close.

Best advice ever. My ex fiance asked me why I was buying a house based on my pay alone instead of ours. I told her "I've been married so I know good intentions don't have a guarantee." Sure enough, 4 months later, I was living in my new house, alone

[8mpg]

I hear you. Nate was awesome on my closing of my new house, but man I had to get a lot of documentation to my Title company.

Worth every minute of it though, I LOVE my house and I LOVE whiteville...er Keller

Keller taxes suck

[SVT Lurch]

You have to verify whatever you list on the application. If you are a w2 employee you really only need:

• Pay stubs covering 30 days
• Two months of bank statements to source down payment
• If an item is in dispute it MUST be cleared. This can happen in 7 days

If you got divorced, need a copy of the decree.
If commission or self employed then you need two years of tax returns.

Sounds like you listed too much which then had to be verified. The only new thing in the last 4 years is the dispute thing.

Nailed it. Only other reason would be if you had lots of large (non-payroll) deposits, but that's not a new requirement.

[fordracing19]

Nailed it. Only other reason would be if you had lots of large (non-payroll) deposits, but that's not a new requirement.

That's what gave me such a problem. I use my personal credit card for our restaurant and get reimbursed. Had to have every little receipt.

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