I think you answer your own question by questinioning his motives. Simply put if you lie on a loan application it is fraud. Investor loans are higher in interest to reflect the higher risk. Owner Occupied loans are for those who live in the property. I can not advise you one way or the other, that would be the job of an attorney. Good luck with working things out... more
No. Only the owner of the home can add names to title, even on a Benficiary Deed. After the death of the owners and the "ben deed" goes into effect, then you may quit claim the property to yourself and someone else.... more
You should be able to switch without a problem. If you haven't paid any money yet then you haven't lost anything. You will have to fill out another application and have your credit run again. You may want to get a GFE from each lender before you do your application. I always advise my buyers to tell the lender their credit score and to not let them run it until they know which one they want to use. However, the lender will tell you that they are only guessing based on the info you tell them which seems fair.
You can also just ask the lender to cut the fee. Sometimes they will do that. Do you get some incentive by going with this lender?
Hi Khoa. I would be happy to discuss your options with you and provide any assistance you may need in obtaining pre-approval. The fact that you have a solid amount of money to put down is very promising for you, as well as the potential option of purchasing with your fiance. I actually live in Arlington with my fiance too, and have a very good knowledge of the area. Please feel free to call me at 703-582-0960 or email at firstname.lastname@example.org. I look forward to providing you with any assistance you may need.... more
I've always been told that underwriting would require either a green card, H1 (3 year renewable visa), or an L1 (3 year renewable visa). This applies to conventional and FHA financing. I'm not faimiliar with an F1 visa.... more
Hey Creative you can already cut the banks out of a real estate transaction. I have a couple of clients that i deal with that do it all the time. They purchase properties with cash, closing costs are very low on a cash transaction also.... more
No. income received from boarded or roomates is not used in determining whether you'll qualify or a mortgage. You must either stand on your own income and credit. If you need help in qualifying for a mortgage, you can use the income and credit of one of your parents. FHA allows for non-occupant co-borrowers.... more
Hi. Lenders look at time on a job as a "compensating factor". This means if you have a low credit score, few assets, or a high debt-to-income ratio (DTI) then a long time on the job can offset one or more of those. However if you have good credit, assets, etc. I would take the new job. They will look favorably at the higher income (lower debt-to income ratio). Keep in mind the job should be in the same line of work. If you have any other questions you can contact me email@example.com. Hope this helps.... more
That is a question best answered by a mortgage professional and you will need to fill out some preliminary paperwork to get an accurate quote.
If you don't get in touch with anyone here on Trulia (or if you need a second opinion), let me know and I can provide you with the names of a few excellent, honest and competitive lenders in Northern VA.
If you would like assistance on the agent side of things, let me know and I'd be happy to have you interview me as a potential Buyer's Agent.... more