Private lenders for a mortgage!

meus wrote: ↑ What you guys thoughts going to a private lender for 247k mortgage? Looking hard to get one. I already went to a mortgage broker without success since my wife's credit score is below 600.

Reason for this is I don't want to lose my down payment for the condo through Options for Home.

Thanks

It doesn't sound like you can afford to move forward with a home purchase with your current financial situation to be honest...

Why Options for Homes? Do you realize it's basically a scam..?

At that time I thought options for home was a good idea for low income families and they non profit organization. Never thought they are scams type...

meus wrote: ↑ What you guys thoughts going to a private lender for 247k mortgage? Looking hard to get one. I already went to a mortgage broker without success since my wife's credit score is below 600.

Reason for this is I don't want to lose my down payment for the condo through Options for Home.

Thanks

What do you mean lose your down payment through Options for Home?

meus wrote: ↑ At that time I thought options for home was a good idea for low income families and they non profit organization. Never thought they are scams type...

It's not exactly their fault if you can't get a mortgage because one of you has bad credit...

A private mortgage will likely cost you a lot more per month than an A lender. Did your broker investigate any other options for you two?

Have you crunched the numbers to see if you can actually AFFORD the condo, if you do take possession? And is there an interest rate that would make it not worthwhile to you?

C

NotRobot wrote: ↑ What do you mean lose your down payment through Options for Home?

The closing date is Feb 15, 2018 with approved mortgage. If no go I will lose everyday. What they said.

CNeufeld wrote: ↑ It's not exactly their fault if you can't get a mortgage because one of you has bad credit...

A private mortgage will likely cost you a lot more per month than an A lender. Did your broker investigate any other options for you two?

Have you crunched the numbers to see if you can actually AFFORD the condo, if you do take possession? And is there an interest rate that would make it not worthwhile to you?

C

I can afford the property with my wife, combine we make 85k per year and I will look for another job part time, plus my daughter will be helping as well. They did but something is off from my brokerage side.

meus wrote: ↑ The closing date is Feb 15, 2018 with approved mortgage. If no go I will lose everyday. What they said.

So you put a down payment on a condo and risk losing the down payment if you don't close by tomorrow?

Are you the primary applicant with higher income/credit?

When you mentioned "closing date is Feb 15 with approved mortgage" does that mean you're in the 10-day cooling off period? When did you sign the purchase agreement?

Going with a private lender may also be difficult if you don't have sufficient down payment. I would recommend you to talk to your broker.

247K mortgage with 85 income should be doable. Aside from bad credit are there any other factors, how much other outstanding debt do you have?

I thought options for home lent money out to help with the down payment? isn't that why some first time home owners avail of the projects?

So they don't want to loan money out to you?

https://www.optionsforhomes.ca/how_it_works/

BTW, from their FAQ...

WHO CAN GET THE OPTIONS DOWN PAYMENT LOAN?

The Options Down Payment Loan is available to anyone that wants it, regardless of income or whether they have previously owned a home. The only requirement is that you qualify for a mortgage from a primary lender (bank, credit union) , and that you make a down payment of at least 5% at the time you sign the Purchase Agreement.

Bold added for emphasis. Hate to be the bearer of sad tidings...

C

NotRobot wrote: ↑ So you put a down payment on a condo and risk losing the down payment if you don't close by tomorrow?

Hopefully conditional on financing, or this could spawn another thread.

OP's numbers look ok, minus daughter unofficially contributing, which is beyond irrelevant and demonstrates a complete lack of understanding of how money lending works. Upon reread, this thread should probably be wastelanded.

I know how money works of lending and this isn't a wasteland thread.

The deal is on my side all is good. Just my wife's credit score got hit with a few missing payments of credit cards. As for owning to credit cards not much 5k only and 2k left for car payments.

Now for me losing the 5% down I need to contact them tomorrow.

meus wrote: ↑ The deal is on my side all is good. [snip]

Now for me losing the 5% down I need to contact them tomorrow.

Losing 25% of your combined yearly net income is all good?

Please, stop the madness.

meus wrote: ↑ The deal is on my side all is good. Just my wife's credit score got hit with a few missing payments of credit cards. As for owning to credit cards not much 5k only and 2k left for car payments.

Now for me losing the 5% down I need to contact them tomorrow.

Has your broker suggested that you take the Down Payment Loan? Did your broker submit the mortgage application to TD, BMO or Meridan? (lenders that work with Options).

meus wrote: ↑ What you guys thoughts going to a private lender for 247k mortgage? Looking hard to get one. I already went to a mortgage broker without success since my wife's credit score is below 600.

Reason for this is I don't want to lose my down payment for the condo through Options for Home.

Thanks

You cannot go through a private lender....

Options for Homes requires that you quailfy with an A-lender... even a B-lender is not enough to qualify.

Sorry to say, with a beacon score <600, it's pretty much impossible to qualify with a bank or credit union regardless of your income.

Updated status of my application.

I would like to thank a few people that reach out to me trying to help me out. Those that reach out I am greatly thankful with the positive energy. I would like to thank one person very especial that is a member from RFDS that was able to get my mortgage with A lender bank at a great percentage . This gentlemen helped me out big time, out of the blue and build my case nicely and trusted my judgement and believed in me, when my other two Mortgage Brokers failed on me. This member who I never met was able to help me out graciously. Even my own family screw me over lol.

Anyways I was able to get my Mortgage at a great rate. Any future projects from now on I will being using this gentlemen services.

Thanks to those who tried to help me out.