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Author Topic: Financing questions  (Read 1369 times)

Offline yrush2000

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Financing questions
« on: May 17, 2009, 08:57:19 am »
Okay its been awhile since I bought a home with tradition financing as I been involved in some longterm projects and using HML.  I have since severed many ties with my brokers I used.  Now I am not looking for conventional loan but a friend is and I am looking for the new guidelines....

How long on current job?  In same field?  Is it still 2 yrs. 
Cash reserves?
Down payment needed and FICO?
Full doc, what are the requirements??  Is stated back yet???

He is looking for a condo probably.  His basics are on job 1yr and does not have continuence employment, he took off about 4 months due to personal issues from work in late 2007 to 2008.  Makes around 42K a yr and does not have much money in back.  His FICO is high 600's last check.  No lates but a few medical biills which is keeping score down.

Just looking for info on what how much he cna borrow.. His monthly bills are about $250 a month and he current pays about 700 a month in rent as he has a roommate.

 




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