The main question would be: Is it in a subdivision? If it is not, then there is more of an opening to having it zoned commercial. The trick is that it is my understanding that a property cannot be re-zoned unless there is a business that is planning to purchase the property and then would make the offer subject to being able to get the re-zoning done. There is more to it than simply a seller making a decision to sell a property as a commercial property.... more
If the appraisal was ordered by the lender to process a loan and everything is approved, then the closing process enters the end stages. Closing documents will be prepared, title insurance policies will be drawn up, loan documents will be finalized and any other offer contingencies must be met.
Once these are completed, you will receive a preliminary closing package showing the scheduled closing date and how much money you must bring to the closing.... more
The form the lender asked you to complete was the IRS 4506t to verify that the IRS transcripts match up to the tax returns you've provided.
If you filed 2011's & 2012's, and they can be verified by the IRS, you should be fine... however the IRS just started accepting them at the end of January, so they may be a couple weeks away from being able to verify you filed yours.
Lenders just need to see the most recent 2 years of tax returns, so I could see why they may have initially were requesting 2010 & 2011, because they thought 2012's were filed yet, but if you tell them that 2012's were filed then they should be able to provide a new one that only verifies 2011 & 2012's.
If you need the IRS to expedite the processing of your tax returns you can contact the IRS Taxpayer Advocacy Service (TAS) at http://www.irs.gov/uac/Taxpayer-Advocate-Service-6 and let them know you are in the middle of buying a home and you need the tax returns to be processed ASAP. I've had my clients use that in the past and it cuts down on the time it takes to process... usually to around 3 weeks (so I guess it's in line to what the IRS is already telling you).
Alternatively you could go to your local IRS office and ask them to stamp a copy of your tax returns as the ones you've filed, not all lenders will accept that, but some will... so ask your lender if they'll accept those before you take the time to go to the IRS office.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct... more
Your fears are not unfounded. In order for her to issue a valid pre approval letter to your builder, it has to be based on your CURRENT credit status, not on what she thinks it will be in a few months. Work on your credit FIRST, get your scores where they need to be, and you will eliminate any unwanted surprises at the end. Your mortgage approval is not based on score only. You must also have a certain number of you ESTABLISHED trade lines as well. As a former mortgage banker of 16 years, there are too many variables to list for your credit requirements because they also vary depending on which particular program you will be utilizing for your financing needs. I would strongly suggest that you use a different lender, one that can be factual with you, not suggestive. Or, get a second or even third opinion on the matter......until you are comfortable with the person guiding and assisting you with your purchase.... more
All traditional mortgages (i.e. FHA, VA, USDA and Fannie Mae/Freddie Mac for Conventional) are going to require a certain citizenship status. You must be either a US Citizen, a Permanent Resident Alien, or a Non-Resident Alien. A Non-Resident Alien will require only certain Visa statuses and additional requirements.
You must have a verified 24 month employment history with 2 years of US filed Federal Income tax returns. A US credit history is also required. Anyone not meeting these definitions would likely be considered a Foreign National.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing... more
Currently this is the only property I have where the seller would be willing to do a rental or lease-purchase.
242857 - Details: 5204 W AZALEA CIR, MOBILE, AL - $109,000 - http://mobmls.net/MobileReports/ListitLib/show_report.aspx?ID=INJ6909613... more
Such a sad situation. But, you cannot qualify for a new loan yet. Following a foreclosure most banks will not lend funds for a period of 3+ years. The type of loan that was foreclosed makes little difference. FHA loans will re-open to you after 3 years. All other credit references must be very good!... more