Mortgage question??

My wife and I are trying to get a home loan and were told we needed credit scores of at least 620..which we are above. Im self employed and our mortgage person told me that i needed to claim at least 50k..well i did that and now shes telling me I can claim 25-30k if i wanted since i have to pay the taxes on it in full before we can do that home loan. The taxes are around 6k...Also was told we needed to show 17k in our bank account!!! They wont use the whole amount maybe just 9k of it but want to see more money in out acct. why so much is my question? We have the credit scores and everything else taken care of..why do they need all this? Or do you think they are trying to rip us off?

Mortgage question??

They are not trying to rip you off. They are trying to prevent being ripped off. Mortgage lenders have ripped themselves off by making sub prime loans in huge amounts to people who could not afford the loan. Now they are having to foreclose on homes and they are losing money on the foreclosures and borrowers%26#039; bankruptcies. So they have tightened the requirements to make sure that the loans they make can be repaid without problems for the borrower.

If you feel the lender%26#039;s requests are unreasonable, find another mortgage broker and try to do better.

Mortgage question??

Find a new %26quot;mortgage person.%26quot; Avoid mortgage brokers and apply directly to the lender.

Mortgage question??

They want to make sure you have the money in the bank that if you lose your job you could still make payments. Lenders have finally wised up to the fact its a bad idea to give a loan to someone with little to no money.