Why can I not get a loan?

[ncounty4]

No need for everyone to assume the absolute worst.

No, we are not irresponsible people.
No, we are not planning on “walking away” from our current house and I’m offended by the assumption.
No, we are not planning to assume mortgage payments on two houses.
No, we are not buying a new house before we sell our existing house. But no need to sell our house if we can’t get a loan for another house.
No, we don’t think the government should bail us or anyone else out of this situation.
No, we don’t think that renting is a wise financial choice in our tax bracket.
No, we don’t want to buy a house that our family will outgrow in another 3-5 years. We’re buying for the long haul this time.
No, we don’t think that pouring absolutely every penny we owe into our home is smart. We value maintaining a substantial emergency fund, diversified portfolio, etc.

[DWCAP]

You can be offended all you want, it still doesnt change the fact that alot of people are doing it right now. You forgot to mention that you owned a house already in the OP, so asking the question shouldnt be a suprise. Seems like already owning a house shoulda been mentioned in the OP, as that is the most likey reason your great credit, Awsome incmome, and decient DP are not enough.

So sell the old house. Once you do, you can A) put a larger DP on the new one, and B) qualify for more in your loan. In the mean time get a rental. Your problem is that the bank wont qualify you for these payment with your past burdens. Get rid of the past burdens, and then it should be alot easier. I am not saying this moving twice thing wont suck. It will. But if you are in this for the long haul, itll be a short term pain for a long term gain. That is the reality you live with right now.

[DWCAP]

You can be offended all you want, it still doesnt change the fact that alot of people are doing it right now. You forgot to mention that you owned a house already in the OP, so asking the question shouldnt be a suprise. Seems like already owning a house shoulda been mentioned in the OP, as that is the most likey reason your great credit, Awsome incmome, and decient DP are not enough.

So sell the old house. Once you do, you can A) put a larger DP on the new one, and B) qualify for more in your loan. In the mean time get a rental. Your problem is that the bank wont qualify you for these payment with your past burdens. Get rid of the past burdens, and then it should be alot easier. I am not saying this moving twice thing wont suck. It will. But if you are in this for the long haul, itll be a short term pain for a long term gain. That is the reality you live with right now.

[DWCAP]

You can be offended all you want, it still doesnt change the fact that alot of people are doing it right now. You forgot to mention that you owned a house already in the OP, so asking the question shouldnt be a suprise. Seems like already owning a house shoulda been mentioned in the OP, as that is the most likey reason your great credit, Awsome incmome, and decient DP are not enough.

So sell the old house. Once you do, you can A) put a larger DP on the new one, and B) qualify for more in your loan. In the mean time get a rental. Your problem is that the bank wont qualify you for these payment with your past burdens. Get rid of the past burdens, and then it should be alot easier. I am not saying this moving twice thing wont suck. It will. But if you are in this for the long haul, itll be a short term pain for a long term gain. That is the reality you live with right now.

[DWCAP]

You can be offended all you want, it still doesnt change the fact that alot of people are doing it right now. You forgot to mention that you owned a house already in the OP, so asking the question shouldnt be a suprise. Seems like already owning a house shoulda been mentioned in the OP, as that is the most likey reason your great credit, Awsome incmome, and decient DP are not enough.

So sell the old house. Once you do, you can A) put a larger DP on the new one, and B) qualify for more in your loan. In the mean time get a rental. Your problem is that the bank wont qualify you for these payment with your past burdens. Get rid of the past burdens, and then it should be alot easier. I am not saying this moving twice thing wont suck. It will. But if you are in this for the long haul, itll be a short term pain for a long term gain. That is the reality you live with right now.

[DWCAP]

You can be offended all you want, it still doesnt change the fact that alot of people are doing it right now. You forgot to mention that you owned a house already in the OP, so asking the question shouldnt be a suprise. Seems like already owning a house shoulda been mentioned in the OP, as that is the most likey reason your great credit, Awsome incmome, and decient DP are not enough.

So sell the old house. Once you do, you can A) put a larger DP on the new one, and B) qualify for more in your loan. In the mean time get a rental. Your problem is that the bank wont qualify you for these payment with your past burdens. Get rid of the past burdens, and then it should be alot easier. I am not saying this moving twice thing wont suck. It will. But if you are in this for the long haul, itll be a short term pain for a long term gain. That is the reality you live with right now.

[Scarlett]

I agree with DWCAP,

The comments here were a little sharp, but in general correct. Most likely the fact you own a house right now is the reason. I am sure HLS will be able to me more specific.

Our situation is somewhat similar, though we don’t have your great income, and we only have 10% down (but we are looking at 500K houses). And probably much leass money aside. But the main difference is, we don’t have any debt. We owned a 3 bdr townhouse until Fall 2007 and we are renting a nice large 2 bdr apt since then, waiting for the air over the house market to clear. It’s a bit tight, but it’s worth the peace of mind. Anyhow, the point is, we would be able to get a 500K loan with 10% down. Of course with PMI. A 2nd loan apparently it was almost impossible to find. I am sure you could get easily a loan for under $546K (or whatever was the limit) with your income.

I think HLS would be a great help here. The only solutions are
1.sell your current place and rent at least for a short while until you can buy a new place.
2.if that’s too much trouble – wait until you have or are willing to put 20% down; the prices will decrease more by then too.
3.if it’s really urgent to move now, then put 20% down – you seem like you have other savings and you could do that. See if you can get a loan then. You should be able to, IMO.

[Scarlett]

I agree with DWCAP,

The comments here were a little sharp, but in general correct. Most likely the fact you own a house right now is the reason. I am sure HLS will be able to me more specific.

Our situation is somewhat similar, though we don’t have your great income, and we only have 10% down (but we are looking at 500K houses). And probably much leass money aside. But the main difference is, we don’t have any debt. We owned a 3 bdr townhouse until Fall 2007 and we are renting a nice large 2 bdr apt since then, waiting for the air over the house market to clear. It’s a bit tight, but it’s worth the peace of mind. Anyhow, the point is, we would be able to get a 500K loan with 10% down. Of course with PMI. A 2nd loan apparently it was almost impossible to find. I am sure you could get easily a loan for under $546K (or whatever was the limit) with your income.

I think HLS would be a great help here. The only solutions are
1.sell your current place and rent at least for a short while until you can buy a new place.
2.if that’s too much trouble – wait until you have or are willing to put 20% down; the prices will decrease more by then too.
3.if it’s really urgent to move now, then put 20% down – you seem like you have other savings and you could do that. See if you can get a loan then. You should be able to, IMO.

[Scarlett]

I agree with DWCAP,

The comments here were a little sharp, but in general correct. Most likely the fact you own a house right now is the reason. I am sure HLS will be able to me more specific.

Our situation is somewhat similar, though we don’t have your great income, and we only have 10% down (but we are looking at 500K houses). And probably much leass money aside. But the main difference is, we don’t have any debt. We owned a 3 bdr townhouse until Fall 2007 and we are renting a nice large 2 bdr apt since then, waiting for the air over the house market to clear. It’s a bit tight, but it’s worth the peace of mind. Anyhow, the point is, we would be able to get a 500K loan with 10% down. Of course with PMI. A 2nd loan apparently it was almost impossible to find. I am sure you could get easily a loan for under $546K (or whatever was the limit) with your income.

I think HLS would be a great help here. The only solutions are
1.sell your current place and rent at least for a short while until you can buy a new place.
2.if that’s too much trouble – wait until you have or are willing to put 20% down; the prices will decrease more by then too.
3.if it’s really urgent to move now, then put 20% down – you seem like you have other savings and you could do that. See if you can get a loan then. You should be able to, IMO.

[Scarlett]

I agree with DWCAP,

The comments here were a little sharp, but in general correct. Most likely the fact you own a house right now is the reason. I am sure HLS will be able to me more specific.

Our situation is somewhat similar, though we don’t have your great income, and we only have 10% down (but we are looking at 500K houses). And probably much leass money aside. But the main difference is, we don’t have any debt. We owned a 3 bdr townhouse until Fall 2007 and we are renting a nice large 2 bdr apt since then, waiting for the air over the house market to clear. It’s a bit tight, but it’s worth the peace of mind. Anyhow, the point is, we would be able to get a 500K loan with 10% down. Of course with PMI. A 2nd loan apparently it was almost impossible to find. I am sure you could get easily a loan for under $546K (or whatever was the limit) with your income.

I think HLS would be a great help here. The only solutions are
1.sell your current place and rent at least for a short while until you can buy a new place.
2.if that’s too much trouble – wait until you have or are willing to put 20% down; the prices will decrease more by then too.
3.if it’s really urgent to move now, then put 20% down – you seem like you have other savings and you could do that. See if you can get a loan then. You should be able to, IMO.

[Scarlett]

I agree with DWCAP,

The comments here were a little sharp, but in general correct. Most likely the fact you own a house right now is the reason. I am sure HLS will be able to me more specific.

Our situation is somewhat similar, though we don’t have your great income, and we only have 10% down (but we are looking at 500K houses). And probably much leass money aside. But the main difference is, we don’t have any debt. We owned a 3 bdr townhouse until Fall 2007 and we are renting a nice large 2 bdr apt since then, waiting for the air over the house market to clear. It’s a bit tight, but it’s worth the peace of mind. Anyhow, the point is, we would be able to get a 500K loan with 10% down. Of course with PMI. A 2nd loan apparently it was almost impossible to find. I am sure you could get easily a loan for under $546K (or whatever was the limit) with your income.

I think HLS would be a great help here. The only solutions are
1.sell your current place and rent at least for a short while until you can buy a new place.
2.if that’s too much trouble – wait until you have or are willing to put 20% down; the prices will decrease more by then too.
3.if it’s really urgent to move now, then put 20% down – you seem like you have other savings and you could do that. See if you can get a loan then. You should be able to, IMO.

[waitingpatiently]

This is the reason we are in this disaster…instant gratification. It seems very plain and simple that you don’t have the cash to buy the house you want. Looks like you have 2 options. Buy a cheaper house or save more money. Am I missing something?

I get a sense of arrogance…”why do WE have to live in a townhouse when we make a quarter million dollars a year” are you really that special?

[waitingpatiently]

This is the reason we are in this disaster…instant gratification. It seems very plain and simple that you don’t have the cash to buy the house you want. Looks like you have 2 options. Buy a cheaper house or save more money. Am I missing something?

I get a sense of arrogance…”why do WE have to live in a townhouse when we make a quarter million dollars a year” are you really that special?

[waitingpatiently]

This is the reason we are in this disaster…instant gratification. It seems very plain and simple that you don’t have the cash to buy the house you want. Looks like you have 2 options. Buy a cheaper house or save more money. Am I missing something?

I get a sense of arrogance…”why do WE have to live in a townhouse when we make a quarter million dollars a year” are you really that special?

[waitingpatiently]

This is the reason we are in this disaster…instant gratification. It seems very plain and simple that you don’t have the cash to buy the house you want. Looks like you have 2 options. Buy a cheaper house or save more money. Am I missing something?

I get a sense of arrogance…”why do WE have to live in a townhouse when we make a quarter million dollars a year” are you really that special?

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