Mortages

[plumber_greg]

I recently retired, leased my cattle on a 60 40 split, he pays all expenses, and bought a second home in Florida.
First time ever getting a mortgage. What a pain.
They didn't even know what a 1099 was for. Wanted me to prove that the 640k that I reported on my taxes was real.
Why would anyone pay 26k in taxes if they didn't have to.
Closing this morning but issue was in doubt until about 4pm yesterday.
Couldn't prove we were in business, because I had no advertising budget and no website. They said no one could have ran a business like that and been successful. Wrong.
Oh, well new experience for the old guy. Is this the standard for borrowing money now days. I've always just called the local bank and said I need an x amount dollars and they say come in and sign when I got a chance. Gs

 

[Caustic Burno]

Heck I couldn’t get a construction loan in 04. Said I was building too much home for the area. This is with me putting 70k of my own money in.
Fast forward today my 250k house is the cheapest on the road.

 

[TexasBred]

I recently retired, leased my cattle on a 60 40 split, he pays all expenses, and bought a second home in Florida.
First time ever getting a mortgage. What a pain.
They didn't even know what a 1099 was for. Wanted me to prove that the 640k that I reported on my taxes was real.
Why would anyone pay 26k in taxes if they didn't have to.
Closing this morning but issue was in doubt until about 4pm yesterday.
Couldn't prove we were in business, because I had no advertising budget and no website. They said no one could have ran a business like that and been successful. Wrong.
Oh, well new experience for the old guy. Is this the standard for borrowing money now days. I've always just called the local bank and said I need an x amount dollars and they say come in and sign when I got a chance. Gs

It should be a simple process, however, be ready to prove every figure you give them. They are lending someone elses money to someone they have never seen before so it just makes sense they verify things. Sorry it was a hassle. make a payment a month and you'll never hear from them again. 640K and borrowing money might make my eyebrows raise for a second as well.

 

[TexasBred]

Heck I couldn’t get a construction loan in 04. Said I was building too much home for the area. This is with me putting 70k of my own money in.
Fast forward today my 250k house is the cheapest on the road.

Bet it pis sed you off royally too so you said "to he// with them". They don't deal in "what will it be worth in 15 years" but "what is it worth now".

 

[Brute 23]

The problem is the bank you are dealing with not mortgages as a whole. What bank are you talking to? Sounds like a mega-bank.

I bought my house with nothing but self-employed income. I just provided tax returns for the past 3 years.

Also, if you put enough cash down they will give you what ever you want.

 

[Caustic Burno]

Heck I couldn’t get a construction loan in 04. Said I was building too much home for the area. This is with me putting 70k of my own money in.
Fast forward today my 250k house is the cheapest on the road.

Bet it pis sed you off royally too so you said "to he// with them". They don't deal in "what will it be worth in 15 years" but "what is it worth now".

It did so I just paid cash
I actually think it was an excuse because it was a steel home.
Today there are several here.
I don’t see how the could loose either 70k down on a 150k house.

 

[J&D Cattle]

Definitely not the way I loan money. We see lots of self employment income around here. Most of the time I don't even ask for more than 1 years worth of tax returns.

 

[Brute 23]

Heck I couldn’t get a construction loan in 04. Said I was building too much home for the area. This is with me putting 70k of my own money in.
Fast forward today my 250k house is the cheapest on the road.

Bet it pis sed you off royally too so you said "to he// with them". They don't deal in "what will it be worth in 15 years" but "what is it worth now".

It did so I just paid cash
I actually think it was an excuse because it was a steel home.
Today there are several here.
I don’t see how the could loose either 70k down on a 150k house.

That is the real problem. Your loan was not re-sell-able so it did not fit in their cookie cutter system (there was not box for the "banker" to click on :lol: ) so they would rather just turn you away.

 

[Brute 23]

Definitely not the way I loan money. We see lots of self employment income around here. Most of the time I don't even ask for more than 1 years worth of tax returns.

Do yall keep your mortgage loans in house or resell them?

 

[J&D Cattle]

Definitely not the way I loan money. We see lots of self employment income around here. Most of the time I don't even ask for more than 1 years worth of tax returns.

Do yall keep your mortgage loans in house or resell them?

We keep our conventional loans in house. We do have a market for USDA, VA, and FHA type loans as well and those are sold.

 

[Bestoutwest]

I recently retired, leased my cattle on a 60 40 split, he pays all expenses, and bought a second home in Florida.
First time ever getting a mortgage. What a pain.
They didn't even know what a 1099 was for. Wanted me to prove that the 640k that I reported on my taxes was real.
Why would anyone pay 26k in taxes if they didn't have to.
Closing this morning but issue was in doubt until about 4pm yesterday.
Couldn't prove we were in business, because I had no advertising budget and no website. They said no one could have ran a business like that and been successful. Wrong.
Oh, well new experience for the old guy. Is this the standard for borrowing money now days. I've always just called the local bank and said I need an x amount dollars and they say come in and sign when I got a chance. Gs

It's this way b/c before 2008 all someone had to say was "I made $200K last year" and the bank would give them a $500K loan. I know this b/c I knew a guy that did it that way. It's a pain, but another giant market collapse will be an even bigger pain.

 

[TexasBred]

Bet it pis sed you off royally too so you said "to he// with them". They don't deal in "what will it be worth in 15 years" but "what is it worth now".

It did so I just paid cash
I actually think it was an excuse because it was a steel home.
Today there are several here.
I don’t see how the could loose either 70k down on a 150k house.

That is the real problem. Your loan was not re-sell-able so it did not fit in their cookie cutter system (there was not box for the "banker" to click on :lol: ) so they would rather just turn you away.

Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.

 

[Brute 23]

It did so I just paid cash
I actually think it was an excuse because it was a steel home.
Today there are several here.
I don’t see how the could loose either 70k down on a 150k house.

That is the real problem. Your loan was not re-sell-able so it did not fit in their cookie cutter system (there was not box for the "banker" to click on :lol: ) so they would rather just turn you away.

Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.

Actually I exaggerated to make a point and a joke. :roll:

Yes you are correct TB. (Every one give him a round of applause) Any thing can be bought and sold but some are a lot more marketable than others. Metal homes are not near as marketable as cookie cutter houses in the burbs.

Mine actually can't be sold. It's in the contract.

 

[Caustic Burno]

TB I applied for a 80k construction loan for one year with me putting 70k in.
The local bank turned me down said I was building a house that was some percentage over the market. I don’t remember what that number was.

 

[ddd75]

anything not 'standard' throws them for a loop. I hate going to new banks because its such a pain. It's hard for them to understand when you are not average. Multiple incomes / business incomes / etc..

Thats why I only deal with the main loan officer.. ie president or vice president usually.

 

[plumber_greg]

640k was a gross on plumbing.
Reason you sometimes can't go local is interest rates offered. Bank we used gave 30 year fixed at 3.90 rate. No pre pay pentaly.
Local bank was 6 for 15 years.
Every thing done. Spent last night at new house.
Can now officially retire. Will still work here with my son and at home, but try to hold down hours and enjoy life a little more. Gs

 

[TexasBred]

That is the real problem. Your loan was not re-sell-able so it did not fit in their cookie cutter system (there was not box for the "banker" to click on :lol: ) so they would rather just turn you away.

Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.

Actually I exaggerated to make a point and a joke. :roll:

Yes you are correct TB. (Every one give him a round of applause) Any thing can be bought and sold but some are a lot more marketable than others. Metal homes are not near as marketable as cookie cutter houses in the burbs.

Mine actually can't be sold. It's in the contract.

Considering where CB's house is located the metal frame and the wind rating should have made it even more valuable and desirable. No way in he// you can look at CB's home from the outside and even think about a metal frame so that shouldn't be a hindrance to selling it if he ever decides to sell it and the lender should have no concern either. As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.

 

[TexasBred]

640k was a gross on plumbing.
Reason you sometimes can't go local is interest rates offered. Bank we used gave 30 year fixed at 3.90 rate. No pre pay pentaly.
Local bank was 6 for 15 years.
Every thing done. Spent last night at new house.
Can now officially retire. Will still work here with my son and at home, but try to hold down hours and enjoy life a little more. Gs

Congrats greg. Enjoy your new place. Send pics when you get them. ;-)

 

[Caustic Burno]

Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.

Actually I exaggerated to make a point and a joke. :roll:

Yes you are correct TB. (Every one give him a round of applause) Any thing can be bought and sold but some are a lot more marketable than others. Metal homes are not near as marketable as cookie cutter houses in the burbs.

Mine actually can't be sold. It's in the contract.

Considering where CB's house is located the metal frame and the wind rating should have made it even more valuable and desirable. No way in he// you can look at CB's home from the outside and even think about a metal frame so that shouldn't be a hindrance to selling it if he ever decides to sell it and the lender should have no concern either. As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.

Got that right I’m in the burbs feels like. The county road I live on is about five miles long had one house besides mine on the last three miles when I built.
Today the timber companies have completely sold off holdings on the south side of the road. The tracts range from fifty to four hundred acres.

 

[Jeanne - Simme Valley]

Definitely not the way I loan money. We see lots of self employment income around here. Most of the time I don't even ask for more than 1 years worth of tax returns.

Do yall keep your mortgage loans in house or resell them?

We keep our conventional loans in house. We do have a market for USDA, VA, and FHA type loans as well and those are sold.

I worked for a mortgage company like that in Kansas when I met my husband (back in 1965). I was a disbursal loan officer. Made sure all the "t"'s were crossed & "i"'s dotted and all the VA & FHA requirements were done, and balanced all the money. It was a great job.
Greg - congratulations on "retiring". Will you split your time in Florida & keep your farm?