Closing In A Week!!
Hi all, I have a contract on a beautiful property for $54k, appraised for $60k. My lender backed out because I decided to start my own business. I am closing in a week. Any one know lenders soft of hard in the Maryland area that will work with me? :-S
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I'd guess that your mortgage lender backed out not because you started your own business, but because you no longer qualify for the loan.
With that LTV (90%) it's not something that would interest a hard money lender.
Instead of changing horses in midstream, perhaps you should revisit this issue with your existing mortgage broker and seek another program, or, add a co-signer to the application.
I'd agree that this is a slim deal. Can you convince the Seller to accept less?
Seller is pretty firm due to the fact of the low price. My lender says that for self employed they need at least two years of returns. I showed him my income which is better than what my job was paying but he states that all he knows I could be out of business next month.
If seller carries back a 2nd and 1st is lower, will lender make loan?
Seller is just trying to sell and leave (retired) going down south wants no strings attached .
Retired seller going 'Down & Out' is perfect for carryback. Much better return than Bank, CDs, etc.
Also gets rid of property, now.