ON Canada, Hello Narendra - I am just wondering why the bank would not allow you to renew. Unless you have had a lot of issues with them in the past and that they do not want to deal with you again. Email me the whole story and maybe I can help you get another reputable lender fitted to your current conditions. Victor Catalan - victor_catalan@centum.ca

Hello Branislav, When a bank denies a deal for the 5 year mortgage there is little chance that they will approve a 1 year term. The qualifying income needed for a 1 year term is actually higher than a 5 year term. 5 year mortgages are qualified on the 5 year rate any shorter term is qualified on the bank of Canada rate of 5.19%. If it is a matter of qualifying for the mortgage then the best bet is to look to another lender and ask for an exception to the qualifying ratios. As a Mortgage Agent I can check with the 25 lenders that I deal with to see which Lender will approve the deal if you like. Please let me know if I can help. Contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec." 01:20pm Feb 8, 2011

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Long story short, my husband and i are buying a house. my credit doesn't qualify, but his does. but because his income alone won't qualify, his parents agreed to give us more money toward the down. the day before we were supposed to close, the underwriter denied the loan because my husband was just promoted and his salary went to straight commission and it has only been 6 months. we are applying for an fha loan. no worries, rules are rules. now my mother and father in law have agreed to go on the loan. they have asked for literally everything except for blood. i am not kidding. i can't help but begin to think that if we were white and buying in a more suburban area, the loan would have been approved in a second. no, i don't think all lenders are racist, but in this case, i do. i am beginning to think the lender is just trying to "wait us out" to see if we will walk away from this just so they can't be accused of denying a loan for no other reason than race. just to give you an example of the kinds of things they are asking, that i am sure they aren't asking of "others" is: they want my mother in law to write a detailed letter as to why she received such a large income tax return. wtf? what lender would ask that? but she wants us to have this house, so she is writing it. i want to ask my husband to walk away from this, because i can't bear to see my mother and father in law go through this any longer. but at the same time, i know that is exactly what the lender wants us to do. i am already upset enough by this whole ordeal. so if you have any smart ass stupid comments, please keep them to yourself. if you have a serious opinion, or have gone through this, i would love to hear it. i was trying to keep this short, but i must address the first response: my husband, my mother in law and my father in law have all sent bank statements for the last 2 years, income tax returns for the last 4 years, a copy of the trust my mother in law is over, the last 3 years of all my husband's paycheck stubs (and he gets paid every week) you do the math, a gift letter from my in laws, the deposit slip from when we deposited the gift from them into our bank (clearly shows on the bank statements but that wasn't good enough, the tuition records from my daughter's private school she attends (don't know what that was supposed to show) and a slew of other unnecessary and repetitive documents. more info: we are using a mortgage broker and was pre-approved for the loan before even starting this process. when we were denied the first time using just my husband, the broker decided to add my in laws but instead of finding a new lender, he is using the same one that denied us. update: just got off the phone with the broker, voicing my frustrations and he said "i feel the exact same way, but trust e, it's not racist. i have 2 other loans out right now that they are dragging their feet on; one couple is armenian and one is hispanic. and they want to make sure the down payments are from terrorist or drug money." wtf?

I come from the other side of the table on this one. I am a loan originator(Mortgage Banker). Thanks to the new rules of RESPA, HERA, HVCC, and other fun acronyms, let's just say that home buying has become more difficult. It is mandatory that within 5 days of closing a loan (refi, purchase, anything), our U/W department must call a do a verbal VOE(verification of employment), it does not matter if your white, black, brown, purple - they do it to EVERYONE. We sell all of our loans after we fund them so we have a very strict adherence to each of these. If a condition changes, you will be forced in many cases to run parts of the entire process all over again - no matter who you are. Many of the people who I know and speak with care about one color - green. Its what feeds and motivates us. I like to make people happy and put them into a home, but I don't do this as a community service and I certainly don't do this for free. Things are getting ready to get more costly for many of the LO's, mortgage brokers and mortgage bankers when we have to pay to become Nationally Certified. Again, its all about the green and finding people who can qualify. I can say personally the only people who I have refused for a loan are those whose credit will not allow me to assist them in getting a loan or people who have no way to prove where those funds come from. All gift funds must be sourced and documented. What this means is if you are given a gift, there is an evidence trail which must show where these funds originated and there is additional paperwork which must be signed by the all parties in the transaction. (Investors - private or government) demand a trail of where it came from, an explanation of exactly what its for, it actually MUST STATE THIS IS A GIFT AND AT NO TIME THERE IS ANY EXPECTATION OF REPAYMENT. If you are uncomfortable with your lender, get a new one. Just be prepared to go through the same process all over again. If you chose to walk away from your first lender & are forced back to them be prepared for increased cost. Why you ask? If the loan has been locked, they are financially penalized for that. The appraisal on the property, count on having to get another appraisal, thank HVCC for that (<--blame the government), there are other cost associated - in the end, one color matters - GREEN. Update: You mention about your daughter's school loan, I have seen someone attempt this: They paid their child's college tuition through a student loan. After the school reflected payment received, the parents somehow convinced their child to drop out of college that semester and requested a refund on the tuition paid. They got it back, about 80%(I believe) and tried to use it as part of down payment for the house. Because these types of things have been attempted, EVERYONE moving forward will be under the same magnifying glass. Are banks freaking out - yes, because if they have a higher default rate, the government will come in and pull your license. Below is 15 lenders hit.

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A friend of mine has been staying with his parents rent-free to save up to buy a house. he got approved, but it is taking much longer than he expected to find a house he likes that the bank will loan on. he has a long distance girlfriend and they decided to get an apartment in the meantime so they could look at houses together. they found an apartment, and the day they were about to fill out the applications, his mom started to insist that the bank will un-approve his loan if he puts his name on an apartment. the bank made him pay off his car before they would approve the home loan, so her reasoning is an apartment is the same problem as the car, a large monthly expense. but it seems to me that the bank would want the car paid off because that is an expense that would continue after moving into a new house. wouldn't an apartment be different? wouldn't the bank normally expect people who are house-hunting to be renting while they look? surely lending institutions understand that rent will be replaced by the mortgage, and take that into account when making a lending decision? if anything, wouldn't the ability to pay rent actually establish a good record, and indicate to the lender that the person is probably capable of paying a mortgage each month as well? i would like to offer my friend some hope that if he just calls the bank and asks, he may find out it's fine to go ahead and get an apartment, because his girlfriend is understandably upset and he doesn't seem to know what his options are. anyone know how financially safe or unsafe it would be, as far as his home loan, for him to go ahead and rent the apartment while he looks? professional peon, i see what you mean- that while the rent itself is not a factor, the lease, as a legally binding financial obligation, would have to be taken into consideration when evaluating the borrower's savings. they did find a short-term lease but their plan only works if he has enough extra in the bank to complete the lease if they find a house before that short-term is up, and still cover the down payment on the loan. i'll pass this info along and they can check his savings, subtract the money needed to fulfill the lease, determine if there is still enough left for the down payment, and decide accordingly. i hope he has the extra savings, but if not i guess they really will have to keep making the long drive. my take on it- they did find a short term lease and as discussed above, the bank must take into account that he can pay the lease from his savings if he breaks it early. but i know his mother was talking about the debt to income ratio and my point is that, apart from buying out the lease as discussed above, the rent itself as a monthly expense would not be a factor in the same way a car would be, because the rent would no longer be a monthly expense once the lease was bought out and they moved into the house. how can they consider the rent itself as part of his debt to income ratio when that expense will no longer exist once the lease is bought out? they can only consider either that he can cover the lease from savings or that he can complete the lease monthly and still have a good debt to income ratio. they can't count it both ways because they would be counting the same expense twice. the loan officer above said they count it as a buyout from savings, so it's not debt to income. having had the phrase debt to income ratio introduced, i was able to successfully find out that it's true that you don't count your current rent or mortgage: this application says do not include current rent: http://www.mkemortgage.net/content/ debt_to_income_ratio_824.htm this page, in defining residual income, says "current rent or mortgage payment is replaced with future mortgage payment and should not be included." http://www.allmilitary.com/vahomelo ans/glossary.html#r so it's like professional peon said, the lease obligation is a factor, but the rent itself is replaced by the mortgage payment and is not counted as a factor. so as long as my friend has enough saved up to cover both his short term lease and his down payment, he should be able to rent the apartment and still keep his home loan approved for when they find a house. he can call his bank to double check whether his loan officer feels the change will hurt his chances, but it seems if his savings is tidy, it's ok.

No if he wants to get an apartment he can do what I did. Find an apartment that allows for the condition to move out in the event that you purchase a house. That way the expense is not counted because the mortgage company doesn't have to account for it. They have to account for everything unless a contract states otherwise. If you are looking you buy a house and break a lease but you only have 10k as a down payment. Depending on how far into your lease then the 10k down payment could very quickly turn into a fee for breaking the lease early. If that is the case the down payment money is gone and where does that leave everyone? Remember mortgage companies and bank account for the WORST CASE SCENARIO'S not what makes sense or is the easiest to understand. It is about leveraging risk, and that's what they do.

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I've been trying to talk to someone for the longest time about my current situation, i hope you can please take the time to answer my questions. i have 3 flaws going into the police process. alot of people i've talked to say, i am "siking" myself out over this, but i'd like to ask people who either have experience or looking outside in on theses matters. first off i have never had any trouble with the law as far as mis-demeanors or a felony charge. lets get that out there right now. i'm not going to waste your time telling you i did this that and the other for my community and/or i have this and that going for me. some college, dropped out. have my highschool diploma, so on and so forth. in good shape, i meet all your basic qualifications for police work. now for the 3 things i feel will hinder my process... 1st i have credit issues. no i never filed bankruptcy nor do i have collections or any public records. it boils down to lots of credit inquires being denied loans, because you need perfect credit now a days to get a car loan, and i got behind on bills. yes i have all the reasons to explain. the loan was needed because i was going to buy my car after the lease ran out. hence needing perfect credit, didn't have a 700+ score, didn't get one. the debt and getting behind, well i got promoted in my retail job, moved to va. girlfriend was promised a job, never got it. no income for her. pay rent, utilities and then your credit cards/loans. what do i do? get my water shut off or pay my discover card? hence thats what happened. she got a job, then i was fired. (will discuss that later) so i was unemployed for 1 month, now were looking at 90 past due. i cashed out my 401k, only about 2k, pay rent, utilities. then found work and moved back to pa. now that in pa was still responceable for the rent in va cause landlord making me finish my rent for a yr, the utilities there, and now rent and utilities here. lots of money, basically living in 2 places. anyway, now that i am working 2 jobs, one is under the table, i called all my creditors, told them the story, they put my accounts as 120 days late, current. being i am paying and was late, now working towards current. i have 4 debts, with the amount of 30k. prior to this episode, i was paying ontime, paid my lease up with only 1 missed payment, that was during this spell, and another loan i paid in full with a bonus i had, the loan was 10k. i am currently looking at a 520 credit score. i see it as, i have a lot of debt right now to my income, but i am making almost as much as i was with the job i was fired, to what i am now, and lenders trust me to pay my bills, and have for years in the past, until this spell. i called baltimore police dept, gave them the short versions, and i talked actually to a bi and they said don't worry about it, your making an effort and thats what counts. i am still worried. my score is around 550. 2nd. i have speeding tickets. ya, your thinking who doesn't? pa has a 6 pt system. i used to drive a heavily motified 2004 yellow pontiac gto. i was caught several times speeding on highways. nothing like 45 in a 20. or something like that. more like 87 in a 65. or 76 in a 55. long story short, i went over my 6pts, you pay a fine first. 2nd time i went over, departmental test/hearing, pass you get 2 off. 3rd time i got caught, i had my licence suspended for 15 days. thats my driving record. 5 tickets dating back from 2003 to 13 months ago today for violations. on the day of the violation, a year from it, 3 pts are removed from record. either way thats my run in with the law, just speeding tickets and 1 suspension for it for 15days. i asked someone in bpd about this and they told me that "if its suspended now, don't even come down here." i told them it wasn't, and happened a yr ago, and they said you should be fine, and i might get asked about it. whats there to ask? heres my 10 yr driving history, were required to bring, i'll just be blunt and say i was stupid, speeding, and the car and color stands out. 3rd. i was fired from one job. long story short, i didn't want to move again. i was a store manager in retail, and i turned my 2nd store around now. it was pa promoted, to va, then they wanted me into md. i told them no basically. well, while i was cleaning the house there, firing people. i fired my asst mgr. she told my dm things i shouldn't have done while i was working there. basically i left a bad taste in my dm's mouth when i told them no on moving. so they uncovered afew things, found out that i never clocked in and out for work. even though i was salary paid, they wanted you to do that. i let a team member borrow their trailer on layaway not paid in full, to pick up a broken tractor, and deliver a new one. other wise if i didn't do that, then i would have had a $7000 return. i was always taugh with the company, to do whatever it takes, is exactly what it takes.

No. You wouldn't be considered for a law enforcement job with your background. Also, your communications skills and spelling abilities need some work. Get into some security field or prison/jail corrections and get some experience. Get your credit issues turned around and quit getting citations. Give it some time... get your shitt together and apply again. Good Luck

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Even though unemployed it is not my intention nor desire to stay that way long. my intent/goal is to become paralegal upon graduation from washburn university (although not happen until pay spring 09 cost so can enroll in fall 09 and spring 10). have been searching for jobs as well as following unemployment rules to receive that money. they first denied me these benefits thus caused me to appeal with legal, justly, and rightfully grounds especially since not voluntarily quit or fired straight out (instead manager suspended me for false cause and unjust reasons). so that's why not even get that money and lost my car over summer to loanmax title loans in topeka, ks and why have not been able pay the college. now speak with judge about unemployment next wed at 2:30pm and when go will have the voice recorded which used during conversation with manager (same day he suspend me and grandmother died). my grandmothers death is main reason not return to work the following thur, fri, and sat but came in on sun to check schedule, and was not there nor contact info there as well. informed fellow co-workers, on 5/11/09, 5/13/09, 5/14./09, even 5/17/09 when returned from funeral week, that not be able to return due to situation but would at end of week. even though that not matter to them as they not inform manager or what he said to department of labor, "i think i heard his grandmother away but but i don't know what it has to do with his unemployment". hemp really so death come up during same day suspend me (5/9/09) and not see that not able to come back in 4/5 days because be there, wow anyone else see problem there. now all need is a cosigner or some loan that works with people with poor/bad credit not give list of lender which end up only being cash advance links but real loans. know there's some out there and can help as have heard about them from friends and other people here and other college i've attended. so that's just brief or perhaps detail of why need loand as well as how will use it, such as pay off the spring 09 semester remaining balance. would nto need the loan for next semester as would receive post 9/11 gi bill, fin aide loans and $4800.00 pell grants, and possible after finish documents with srs receive education help from them due to my auditory processing, attention deficit hyperactivity disorder, and bi-polar disorder. ok thanks for time and understanding have great day. sincerely james thompson bccc graduate 2007 washburn university student topeka, ks 66621 (785)670-3695

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So we know for a fact that obama did drugs at least according to his books...and this is cool, but the idea that bush might have done drugs makes him a druggie? i know that bush had an alcohol problem so i am not denying that i am just referring to illegal drug use bush was capable of flying the most advanced fighter jet of the time but he is an idiot while obama failed to do anything of value with his housing project that is still nothing but a bunch of burned out buildings that have been condemned even though all the contractors were paid in full and he is brilliant can someone explain the reasoning behind this? bush was not a great president but he was not the worst by any means he was against the forcing of lender to handout super high risk loans to deadbeats and the economy was doing fine until 2006 when...well we all know what happened to congress, also the entire sub prime mortgage mess started long before bush sr was even president and just so happened to collapse towards the end of w's term and that would have happened regardless who was in office but none of this has to do with the question of why obamas drug use is considered, at the very least, acceptable while people who hate bush make the claim that gw used drugs and that is a bad thing, why is one persons known drug use cool while another persons supposed drug use is bad?

and he uses coke and likes men you forgot that little detail