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Author Topic: Full Time Loan  (Read 534 times)

Rayman1

  • Posts: 2
Full Time Loan
« on: December 25, 2017, 08:19:05 PM »
I'm applying at Good Sam for a full time loan
My application is not summited yet because
1. I am paying off a couple credit cards to help my credit and
2. Since debt to income can be an issue and since I have a mortgage - do they know the loan is dependant on selling my house or is this something I should speak with them about first

Boonieman

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  • Posts: 240
Re: Full Time Loan
« Reply #1 on: December 25, 2017, 09:14:26 PM »
  I think it will depend on the financial institution. My brother and his wife bought 25 acres next to me this summer. They first tried Farm Credit Services and were denied due to debt to income ratio. They both have really good jobs and really good credit scores. They own 3 rental properties other than their main home and Farm Credit Services would not recognize the income from those properties, only the debt owed. They went to the local bank they do business with and they were approved within a day. So I do know that debt to income ratio is a big deal nowadays, I assume as a result of the big real estate bubble crash.
2016 Chevrolet Dually/Duramax
2011 Fuzion 322
2016 Harley Trike
3 cherished dogs, Moo, Molly, Mia the one eyed pup 😊
Originally from South Dakota, reside in Kentucky

Gary RV_Wizard

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  • Posts: 61419
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Re: Full Time Loan
« Reply #2 on: December 26, 2017, 09:56:39 AM »
They won't know you are selling your house unless you tell them. Whether having the mortgage makes a difference or not is dependent on your overall financial position and not something we could or should guess at here.

The info about the house sale may be hard to work around these days. A computer will evaluate your application and it will decide/recommend based on the info it has. Until the mortgage is actually gone, it appears as "debt" and definitely has an impact. There may be a way to tell the computer to ignore the info, but you would have to work that out in advance. You might call the GS loan agent ahead of time and ask how best to handle that.  Also, even a negative computer recommendation may get a human review - that's a matter of procedure at whatever lender GS is using. If there is a review and they contact you about it, you could them introduce the house sale info.

War story:  I ran into a computer processing glitch several years ago at BOA. I wanted to refinance my existing BOA RV loan and their procedure was for me to submit an RV loan app to start the process. I did that, but the computer rejected it because the RV was "too old" - they weren't giving loans for RV's over age 5 at the time. I called the BOA agent back but there was no application in his computer system for him to review or override. There was no way in their computerized application to tell it this was a re-finance of an existing loan rather than a new one, and no way for them to apply human judgement without an application in the computer system!  Bizarre!   The only way in their system to handle it was if I was trading in the current RV on a new one.   I gave up on them after a couple weeks of excuses because nobody at the working level in BOA's RV loan division knew a way around the processing procedure problem. 
Gary
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Gary Brinck
Summers: Black Mountain, NC
Home: Ocala National Forest, FL

Rayman1

  • Posts: 2
Re: Full Time Loan
« Reply #3 on: December 26, 2017, 10:33:55 AM »
I ran into that with my personal bank. I applied for a loan online then called them the next day to say it was dependant on selling my house but they said it was too late to change anything.
I thought maybe a place specializing in full time loans would be more familiar with the concept?
But maybe it's mostly retirees who go full time and don't have mortgages anymore?

kdbgoat

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  • Posts: 4391
Re: Full Time Loan
« Reply #4 on: December 26, 2017, 11:11:37 AM »
Have you tried your local credit union?
I know you believe you understand what you think I said,
But I am not sure you realize what you heard is not what I meant


2016 Leprechaun 319DS

Iowajohn

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  • Posts: 22
Re: Full Time Loan
« Reply #5 on: December 26, 2017, 11:25:05 AM »
Try State Farm Insurance they are now a bank for loans.  I helped a customer get a rv loan and he got a 20 year loan from them.
Have a good week,
John

kdbgoat

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  • Posts: 4391
Re: Full Time Loan
« Reply #6 on: December 26, 2017, 11:44:30 AM »
I have mine through State farm.
I know you believe you understand what you think I said,
But I am not sure you realize what you heard is not what I meant


2016 Leprechaun 319DS

Lou Schneider

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Re: Full Time Loan
« Reply #7 on: December 26, 2017, 04:15:05 PM »
Alliant Credit Union works closely with Escapees and is very familiar wtih making fulltimer loans.  Escapees members are elegible to join, so you may have to go that route first.
« Last Edit: December 26, 2017, 04:40:34 PM by Lou Schneider »

Gary RV_Wizard

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Re: Full Time Loan
« Reply #8 on: December 27, 2017, 09:58:47 AM »
The [potential] advantage of working with a local bank or credit union is that you can probably get to actually talk with somebody  who can adjust the procedure for your situation. The big outfits are so automated they are inflexible and their representatives have no way to influence the process.
Gary
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Gary Brinck
Summers: Black Mountain, NC
Home: Ocala National Forest, FL

 

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