[HLS]

TRY..
I’m a mortgage consultant and may be able to help.

Are both spouses on the condo loan ?
It doesn’t sound like both of your incomes were needed to qualify and you should NOT have both been on that loan. Credit profiles of spouses are separate, unless you have joint debt.
Spouses can still be on title/deed to a property without being on the loan. This is routinely done for various reasons. Consult an attorney for legal advice.

A foreclosure could whack your credit scores 100 to 200 points, and disqualify you for financing regardless of down payment for a few years.

Your broker committed fraud and you were complicit in buying a rental property as a 2nd home.
You can get the same rate as an owner occupied home by paying a pricing hit, and then you’re not committing fraud. That’s 4.875% today.

MOST people get irresponsible mortgage advice from friends, neighbors and Realtor referrals and end up paying too much for the wrong loan, especially when it’s free.

You can DEFINITELY rebuild a credit score, however,you will probably never recover the money that you are losing monthly to “protect” your credit score.

Another option is to try and find a qualified buyer who cannot qualify for a new loan, and give them an option to buy the condo from you for $1000 a month payment or $800 or $900 or whatever you are willing to cover. Many ppl have plenty of income but cannot qualify by today’a guidelines.
A bit of risk, but could help your situation.

When people shop for a mortgage, they truly don’t understand what they are actually shopping for.

Feel free to contact me privately for honest advice.,,, HLS

PS: I hardly ever recommmend that anybody buy a condo for rental purposes anywhere, and per your #2, things ARE turning around. They have turned to the direction of reality and will continue for some time, esp in AZ. My guess is that condo will never be worth $140K in today’s dollars. (Inflated dollars, maybe) I laugh everytime the experts talk about things turning around… they don’t want to admit that the turn around has occured because they don’t like the direction it’s headed.

[HLS]

TRY..
I’m a mortgage consultant and may be able to help.

Are both spouses on the condo loan ?
It doesn’t sound like both of your incomes were needed to qualify and you should NOT have both been on that loan. Credit profiles of spouses are separate, unless you have joint debt.
Spouses can still be on title/deed to a property without being on the loan. This is routinely done for various reasons. Consult an attorney for legal advice.

A foreclosure could whack your credit scores 100 to 200 points, and disqualify you for financing regardless of down payment for a few years.

Your broker committed fraud and you were complicit in buying a rental property as a 2nd home.
You can get the same rate as an owner occupied home by paying a pricing hit, and then you’re not committing fraud. That’s 4.875% today.

MOST people get irresponsible mortgage advice from friends, neighbors and Realtor referrals and end up paying too much for the wrong loan, especially when it’s free.

You can DEFINITELY rebuild a credit score, however,you will probably never recover the money that you are losing monthly to “protect” your credit score.

Another option is to try and find a qualified buyer who cannot qualify for a new loan, and give them an option to buy the condo from you for $1000 a month payment or $800 or $900 or whatever you are willing to cover. Many ppl have plenty of income but cannot qualify by today’a guidelines.
A bit of risk, but could help your situation.

When people shop for a mortgage, they truly don’t understand what they are actually shopping for.

Feel free to contact me privately for honest advice.,,, HLS

PS: I hardly ever recommmend that anybody buy a condo for rental purposes anywhere, and per your #2, things ARE turning around. They have turned to the direction of reality and will continue for some time, esp in AZ. My guess is that condo will never be worth $140K in today’s dollars. (Inflated dollars, maybe) I laugh everytime the experts talk about things turning around… they don’t want to admit that the turn around has occured because they don’t like the direction it’s headed.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

Was this a 3.50% down FHA buyer ???
Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

[HLS]

In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

Was this a 3.50% down FHA buyer ???
Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

[HLS]

In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

Was this a 3.50% down FHA buyer ???
Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

[HLS]

In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

Was this a 3.50% down FHA buyer ???
Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

[HLS]

In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

Was this a 3.50% down FHA buyer ???
Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

[HLS]

Because govt programs like FHA allow people to buy houses solely because they want to, and some people are afraid if they dont buy now they will be priced out forever.

Others are buying because they want to get $8000+ credit from the govt (before that bailout goes away) not realizing that they are overpaying for the house and it will probably be worth $10,000 less by the time they move in.

This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

Foolishness replaced common sense for many long ago. (Millions of NOD’s ago)

[HLS]

Because govt programs like FHA allow people to buy houses solely because they want to, and some people are afraid if they dont buy now they will be priced out forever.

Others are buying because they want to get $8000+ credit from the govt (before that bailout goes away) not realizing that they are overpaying for the house and it will probably be worth $10,000 less by the time they move in.

This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

Foolishness replaced common sense for many long ago. (Millions of NOD’s ago)

[HLS]

Because govt programs like FHA allow people to buy houses solely because they want to, and some people are afraid if they dont buy now they will be priced out forever.

Others are buying because they want to get $8000+ credit from the govt (before that bailout goes away) not realizing that they are overpaying for the house and it will probably be worth $10,000 less by the time they move in.

This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

Foolishness replaced common sense for many long ago. (Millions of NOD’s ago)

[Author]

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