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Anyone know mortgages?

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Svartorm

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I'm trying to buy a house closer to my business, and have run into a snag getting a mortgage.

For one, I've only been in business for a year and a half, and according to the bank, I need two years worth of tax returns under my belt.

For two, my first tax return reflects a loss because I wrote off all my starting expenses. In reality, I did make money and continue to do so today, but the bank can't approve a loan because I posted a loss. Being as I'm a restaurant, I deal almost entirely in cash and that leaves a lot of questions for the bank as to where this money is coming from when I wrote it all off.

Anyone know how to get a non-FHA or Fanny Mae mortgage?

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Post #1   8/8/12 11:51:10AM   

george112

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I would try a credit union.

They are usually more lenient then banks and from my experiences interest is usually lower. Not by much but lower nonetheless

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Post #2   8/8/12 12:10:47PM   

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I second the Credit Union route. Although I'm not sure if it will be any different, at least you're doing your due diligence. I'm in the middle of getting my house refinanced through my credit union. So much easier than going through a bank

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Post #3   8/8/12 12:18:58PM   

Svartorm

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I'm not a member of a credit union, but I think conceptually they may be a bit easier for me. Its not the bank thats giving me a hassle, but the government, which is why I need to avoid FHA mortgages.

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Post #4   8/8/12 12:34:06PM   

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Posted by george112

I would try a credit union.

They are usually more lenient then banks and from my experiences interest is usually lower. Not by much but lower nonetheless



A Credit Union is worth a shot, although I don't necessarily agree that they are more lenient. In fact, I would say the opposite is true. It was the large banks that were giving people loans left and right prior to the mortgage crisis, while it was business as usual for Credit Unions. Much of that leniency has dissipated as a result, but it still exists to an extent. I would say that Credit Unions tend to be more consistent and fair, rather than lenient.

Last edited 8/8/12 12:44PM server time by grappler0000
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Post #5   8/8/12 12:43:38PM   

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Posted by grappler0000


Posted by george112

I would try a credit union.

They are usually more lenient then banks and from my experiences interest is usually lower. Not by much but lower nonetheless



A Credit Union is worth a shot, although I don't necessarily agree that they are more lenient. In fact, I would say the opposite is true. It was the large banks that were giving people loans left and right prior to the mortgage crisis, while it was business as usual for Credit Unions. Much of that leniency has dissipated as a result, but it still exists to an extent. I would say that Credit Unions tend to be more consistent and fair, rather than lenient.



Well said

however the banks were giving loans to people who couldnt pay them back. Credit Unions didn't take a hit because they don't operate the same way a bank does.

The large banks dug their own grave. I can only say from my experience that as long as you can prove you can consistently make your payments they will work with you for whatever you want.

My leniency comment only was tied to how they would work with you to a greater extent then imo a bank

Last edited 8/8/12 1:07PM server time by george112
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Post #6   8/8/12 1:03:02PM   

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I don't know if going to a credit union will be any different. After the mortgage crisis most banks, if not all, have been very strict on loan policy.

I don't know what the market is around your area but here in California, I believe (don't quote me on this) the market is still slightly dropping. Another year of waiting may not be a bad idea.

Post #7   8/8/12 1:27:35PM   

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Posted by KungFuMaster

I don't know if going to a credit union will be any different. After the mortgage crisis most banks, if not all, have been very strict on loan policy.

I don't know what the market is around your area but here in California, I believe (don't quote me on this) the market is still slightly dropping. Another year of waiting may not be a bad idea.



I say it's worth a shot. Banks are dirty. Always will be imo

credit unions however are different. That's his best shot at this point

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Post #8   8/8/12 1:36:14PM   

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Posted by grappler0000


Posted by george112

I would try a credit union.

They are usually more lenient then banks and from my experiences interest is usually lower. Not by much but lower nonetheless



A Credit Union is worth a shot, although I don't necessarily agree that they are more lenient. In fact, I would say the opposite is true. It was the large banks that were giving people loans left and right prior to the mortgage crisis, while it was business as usual for Credit Unions. Much of that leniency has dissipated as a result, but it still exists to an extent. I would say that Credit Unions tend to be more consistent and fair, rather than lenient.



Admittedly, I have no experience in trying to secure a mortgage. This is due to the fact that I don't want to be in this crappy town any longer than I absolutely have to be here, but I can attest to their leniency.

Like I said, I have no experience with a mortgage, but my credit union has been the best bank I've ever had. A couple of years ago I had a very rough summer where things just kept piling up. I went in the negative on my account and wasn't gonna get another check for 2 months. Now, I only owed them like $60, but I was in the negative for too long.

Unbeknownst to me, the bank closed my account. I found out that they do this if you're in the negative for more than 30 days. What I didn't know, was that my account closed 2 days before I received a check for $5,500. I thought I was completely screwed and would have to have the refund (the $5,500) sent back to the state and then reissued in a hard check format. The whole process would have taken about 2 1/2 weeks. I was fucked and would have been ever more fucked without that money.

However, I spoke with my bank manager who reactivated my account and deposited the check. I was told that once a bank account is closed, that's it. Especially if it closed on you because you owed money. You'd have to pay off the bank first and then open a new account. My credit union's manager went against regulations to help me out and I'lm 1,000% certain that a larger bank would not have done this. I've had a credit union ever since I have lived in Bakersfield & I can't ever see myself using a normal bank again. If given the option.

Last edited 8/8/12 1:51PM server time by blueskiesburn
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Post #9   8/8/12 1:49:55PM   

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Sounds good. I was very surprised that the bank, whom I use for my business banking and personal banking, didn't care about what was in my business account, only my personal checking. I don't use my personal checking though because I'm a sole proprietor and pay all my bills through the business account.

If credit unions are more reasonable (i.e actually look at my credit history and income, rather than a tax form I fudged a year and a half ago), I don't think I'd have a problem.

_______________________________________
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Post #10   8/8/12 1:50:08PM   

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Posted by Svartorm

Sounds good. I was very surprised that the bank, whom I use for my business banking and personal banking, didn't care about what was in my business account, only my personal checking. I don't use my personal checking though because I'm a sole proprietor and pay all my bills through the business account.

If credit unions are more reasonable (i.e actually look at my credit history and income, rather than a tax form I fudged a year and a half ago), I don't think I'd have a problem.



I find that my credit union ALWAYS takes into account my personal situation after I explain it. They still operate like a bank. I mean, if you're a bad customer they will shut down your account and such if you keep them in the dark and don't try to make them aware of your situation. But every time I have gone to them and explained my situation, I've found that they treat me like a person. Not a product.

That I said, I feel it would be prudent of me to also state that I use a Credit Union that only exists in this particular area of California. My experience is my experience. haha

Post #11   8/8/12 1:59:24PM   

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Posted by BlueSkiesBurn


Posted by Svartorm

Sounds good. I was very surprised that the bank, whom I use for my business banking and personal banking, didn't care about what was in my business account, only my personal checking. I don't use my personal checking though because I'm a sole proprietor and pay all my bills through the business account.

If credit unions are more reasonable (i.e actually look at my credit history and income, rather than a tax form I fudged a year and a half ago), I don't think I'd have a problem.





I find that my credit union ALWAYS takes into account my personal situation after I explain it. They still operate like a bank[\B]. I mean, if you're a bad customer they will shut down your account and such if you keep them in the dark and don't try to make them aware of your situation. But every time I have gone to them and explained my situation, I've found that they treat me like a person. Not a product.

That I said, I feel it would be prudent of me to also state that I use a Credit Union that only exists in this particular area of California. My experience is my experience. haha

that is a misconception. They offer the same services as a bank but do not in fact operate the same


accounting/economics major

sorry for all the bold

Last edited 8/8/12 2:24PM server time by george112
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Post #12   8/8/12 2:17:33PM   

Svartorm

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Right, I think I just need to have a human listen to me.

Part of the back story: I'm trying to get a $125,000 mortgage to buy a duplex. The duplex has a family living in half that pays $800. It's ten minutes from my business, where as I currently commute an hour each way to work. We spend $350 a month in gas. The combined mortgage, taxes and insurance on this property are $936.

$800 rent + $300 gas money saved = $1,100, or more than enough to cover a mortgage. Even if that family moved out, I could afford to float the place for awhile, and I have an easy way of filling the space as my cafe is right nearby, and I could advertise it freely. The bank doesn't believe I make money because I claimed a loss on my last tax return because I wrote off $24,000 worth of building expenses and lied through my teeth about my income anyways. Common sense says to look at my credit and that I've never bounced a check in my life. FHA regs say I can't possibly make any money because it's not all in the bank at once.

_______________________________________
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Post #13   8/8/12 2:37:02PM   

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Posted by BlueSkiesBurn


Posted by grappler0000


Posted by george112

I would try a credit union.

They are usually more lenient then banks and from my experiences interest is usually lower. Not by much but lower nonetheless



A Credit Union is worth a shot, although I don't necessarily agree that they are more lenient. In fact, I would say the opposite is true. It was the large banks that were giving people loans left and right prior to the mortgage crisis, while it was business as usual for Credit Unions. Much of that leniency has dissipated as a result, but it still exists to an extent. I would say that Credit Unions tend to be more consistent and fair, rather than lenient.



Admittedly, I have no experience in trying to secure a mortgage. This is due to the fact that I don't want to be in this crappy town any longer than I absolutely have to be here, but I can attest to their leniency.

Like I said, I have no experience with a mortgage, but my credit union has been the best bank I've ever had. A couple of years ago I had a very rough summer where things just kept piling up. I went in the negative on my account and wasn't gonna get another check for 2 months. Now, I only owed them like $60, but I was in the negative for too long.

Unbeknownst to me, the bank closed my account. I found out that they do this if you're in the negative for more than 30 days. What I didn't know, was that my account closed 2 days before I received a check for $5,500. I thought I was completely screwed and would have to have the refund (the $5,500) sent back to the state and then reissued in a hard check format. The whole process would have taken about 2 1/2 weeks. I was fucked and would have been ever more fucked without that money.

However, I spoke with my bank manager who reactivated my account and deposited the check. I was told that once a bank account is closed, that's it. Especially if it closed on you because you owed money. You'd have to pay off the bank first and then open a new account. My credit union's manager went against regulations to help me out and I'lm 1,000% certain that a larger bank would not have done this. I've had a credit union ever since I have lived in Bakersfield & I can't ever see myself using a normal bank again. If given the option.



Credit Unions are more likely to treat you like a human being. That is not the same as leniency. Leniency doesn't require humanitarian reasoning. The numbers speak for themselves.

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Post #14   8/8/12 2:38:53PM   

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Posted by george112

that is a misconception. They offer the same services as a bank but do not in fact operate the same


accounting/economics major

sorry for all the bold



I'm not talking about actual operations. I'm talking about de-personalized service. They are a financial institution. If you don't tell them what's going on when you're in trouble, they won't assume you need special help. They will shut your shit down and turn you in to a collection agency. That's what I meant by the still "operate" like a bank.

I really meant that, like a bank, if you owe them money, they will come after you. But, with a credit union, they're more receptive to individual problems.

I realize that this isn't the only difference and the entire structures of banks vs. credit unions are much different, but that's not what I was talking about back there.

Post #15   8/8/12 3:00:33PM   
 
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