Sorry George, No income verification loans don't exist any more because the federal government has made laws forcing lenders to verify a borrower's ability to repay the loan. Uncle Sam feels (rightly so) that a large reason the real estate market collapsed was because thousands of borrowers were given loans that they had no realistic hopes of affording long term.
With that being said, there are some specialized loans out there that will document your ability to pay based on:
-an asset depletion model where if you have a very large amount of assets they use this as proof you can afford to pay, OR
- a model where they review bank statements for 24 months for a self employed borrower, and if your regular deposits reflect a sufficient amount to qualify they can use that.
These programs are generally going to require a large down payment (check) and the rates are going to be higher than for a conventional loan.
Feel free to give me a shout and I can fill you in on how these work
Sr. Mortgage Loan Originator – NMLS #977416
Luxury Mortgage Corp
29200 Northwestern Highway, Suite 300
Southfield, MI 48034
Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522... more
If you accept the house with the fence as it currently exists, and if it truly is illegal as is, then the town could eventually hold you responsible to correct the issue. If your attorney cannot come up with a solution, and you really want THIS house, then you need to decide if youâ€™re willing to take the house with this blemish. If you want the house, but not the risk, hire a handy man to rip it down. That doesnâ€™t cost much at all.... more
This question is unclear. If the buyer has delayed the closing date, then different kinds of things need to be adjusted at closing. For example, there are extra days of property taxes now involved. Most lawyers I know would push that cost to the seller because they still had title up until the closing.... more
I wish I can explain all these things you over the phone. There's several things going on. First, rental history is always a plus. In your case it's a double plus because, even though it doesn't appear in your credit, it'll also serve as a trade line. Second, is it possible that your scores are low due to high balances? When your scores are where they are, it's usually not something that stands in the way of qualifying. DO NOT CLOSE ANY ACCOUNTS it will hurt you big time. Also don't open anything else. Third, only the income of those applying will be used as effective income to qualify you. If she is a part of your household income, it can be used solely as a compensating factor.
The best thing you can do is meet face-to-face with a loan officer and let him/her pull your credit and take a look at your paperwork and go from there. Will you qualify TODAY? Maybe not, but it doesn't mean that if you're willing to take the necessary steps to improve your credit that you'll be ready in just a couple weeks.
I encourage you to call me or any other loan officer and go over all these things in detail. You should have everything in order as far as financing and obtain a pre-approval letter before you start working with a Realtor, which I can also give you some names an numbers depending on where you're looking to buy.
Senior Loan Officer
Sterling National Bank
I'm not sure of your situation.. But if your buying the home and it hasn't closed yet and your commitment needs to be extended because the seller needs more time normally you would be responsible for the extension.... more