My husband and I are trying to get a mortgage?

We were supposed to be approved for 100% financing and now (three days before closing) the mortgage company has told us we will have to put up a $3300 down payment. We can not use the money we have in the bank because a certain balance is required. We can't take out a loan because our debt-to-income would be too high. If we pawn the titles to our cars will it show up as debt on our credit report? What about payday advance loans, do they show up? Is there any way to get this money without it affecting our debt-to-income? We can easily make the payments, they are less than we pay in rent.

The mortgage company requires a 3,000 balance in our bank account. After the loan closes (supposedly as soon as we can come up with $3300) we can spend the money in the bank to pick up the car titles. We could have saved the downpayment if we had known it was required. The loan was supposed to be 100% so I have not been worried about it. I spent $2,000 on Xmas present which could have definitely waited if I had known about the down payment.

the reason any loan company wants a down payment on a home or car or any other big ticket item is so that you have a financial interest in the property also. this makes it less likely that you will abandon the property if times get tough leaving them holding the bag. if you don't have the money for the down payment, don't buy the house. more debt is not the answer. especially pay-day loans or title loans.

You do not want to take any kind of loan for the down payment that will show up on paper. You should ask a friend, relative, boss, etc. Anyone that trusts you. I am a loan broker and the underwriter never want to see any loan for a down payment.

yes . stop the process . walk away from the house.
keep renting , paying off bills, increasing ur incomes ablitities and SAVING money.

u need to have lots more cash flow .
ur on the edge now, it will not take to much more for u to be behind and in foreclosure.

visit daveramsey.com to learn ur hard lessons coming ur way from others mistakes.

Oh the rent vs mortgage is only part of the equation. don't forget taxes insurance transportation costs higher utlitities water gas oil electrics upkeep 'empty house syndromn'.
a house can b a blessing or anchor around ur neck.

Anything you do now won't impact your credit score for about 30 days. Write a check off one of your credit cards. If you don't have one, they can send it to you. Then the mortgage company will want to know where you got the money.....so use the money in the bank.

Who requires that specific balance in the bank....the bank or the mortgage company? If just the bank, switch to another product that doesn't require a certain balance. Don't pawn the titles to your car, see a loan shark, pawn your rings or go crazy. Take a certified check to the title company.

Are you sure the payments are really less than you pay in rent? You might be getting a teaser rate where your payments jump up after a few months. Check on that.

So it looks like you need $3300 for a down payment huh? Well there's only three ways you can get that money without it showing up on your credit report:

1. Wait a few weeks (or months) for you and your husband to save it up.

2. Borrow from family/friends.

3. Get the seller of the house/condo/property (or whatever you're buying) to finance it. Afterall, he is benefiting by you buying the property. If you can't buy it, he can't benefit.

Your loan is for 100% what you are paying is closing cost. You should not write a check from a credit card, you should tell your loan officer and realtor that you are backing out. They will either credit you from they money they are going to make or they will let the deal fall through. Either way it benefits you. Not knowing all the details of your transaction or them changing is reason to back out. You should have received a good faith estimate 3 days after you initial applied for your loan. Look back on that and see if it had you coming in with 3300.
The reason you need 3000 in your bank is because the lender is requiring reserves, this is an amount that they feel will help you if you get into trouble. They will want to know where your closing funds came from.
You really have to go back to the loan officer.