Financing—questions & answers, advice and opinions page 124

we were told that a property which was asking 89,900 was appraised at 79 K by th appraiser & we were denied. Yet the new broker got a new 1 @
86? How I am wary...the new broker said we wer denied due to credit yet the scores were in the "low-good" range Then said it was due to being an investment property, but we put dwn. 25% &…
Can I use equity in another, fully-paid-off home to avoid PMI?
I am considering a new primary residence purchase (around $700k). Normally I would put 20% down and avoid PMI. However there will be some significant renovation expense for this new home (which I will…
One loan or two loans for tax saving and for future loan requests
have a rental condo at 5.5i remaining balance 73000 currently worth 260000 and the final inspection card on an owner occupied house construction loan of 170000 on a property worth 500000. take a 250000…
Can I get home equity on my 2 properties if i'm currently a full-time student?
Hi there, I'm currently a full-time student and I have two properties which I have fully paid up for, an agent assessed both to be valued at a total of about 750k. I currently live in one and rent…
Purchase contract states buyer has to go through a specific loan agent. Can that be enforced under the law?
i signed a purchase contract (buyer) designating that i have to go through a specific loan agent. However, i decided that I want to go through another agent instead. Seller insist that I should present…
Cash Out Refinance on Investment Condo
I am about to purchase an investment condo with cash, I am interested in doing a cash out refinance 6 months after purchasing the condo. What is the maximum amount of appraised value I would be able…
I need to know how to get my lender to allow me to do the refinance part of this loan. They are stating our investors are not participating.
I hope someone can help me out. I am a loan officer. I work with a direct lender. My borrower has gotten the approval from her lender to proceed with the shorter pay off. I contacted the secondary dept…
Rates have dropped since we began refi process. Can we get the lower rate?
We signed forms telling us what the predicted closing costs and loan parameters would be as well as forms allowing them to do the usual checks on our taxes, bank accounts, etc. WE had the appraisal done…
What are the new Condominium requirements for FHA loans in Kind County? Are Association Reserves part of the requirement?
I, like many of my neighbors in our condominium association, purchased a loan in which FHA backed the loan. I recognize FHA has changed their On-The-Spot Approval for condominium buyers. Now each association…
Is there an FHA loan option for house w/ acreage when land is worth more than house?
I have a buyer client under contract (due diligence period) on a property w/ 21 acres & land is valued twice as much as the home. They only have 3% to put down and every local lender says FHA won't…
I am single mom. I want to buy a small house for my children and me. Credit score is low. Had to foreclose on our home, husband's job closed.
Possib? I have bad credit due to my husband losing his job. We are separating. Is it possible to purchase a forclosed house with bad credit? Do you recommend a mortgage company? PA
Can I get a 203k loan on my existing DC home? I've had the home for 2.5 years.
If so, how much can I get? My home is values at $495,000 according to DC tax records and looking at comps, it seems that this about right. I brought the house 2,5 years ago for the same price, so not…
Does anyone know of a lender that will do a FHA loan on the property AND land for new construction?
I found a piece of property that I want in Los Angeles but it's $140,000. I think I can probably buy it for $100,000 but of course I don't have that kind of cash. My girlfriend and I both have…
Our mortgage rate was "locked" mid-July, but has since expired. Lender won't give us the current rate. Is this "right" or?
are they pulling a fast one? Our mortgage rate was locked by our lender mid-July at 4.75%. It has almost been 3 months, and rates have gone down. Are they telling us the truth when they say the rate has…
Expecting a $53k - $125k settlement. Lawyer/taxes will cut that in half. Can a married couple with no debt but bad credit get a loan w/ 20k cash???
I went to the hospital for a week or so with no health insurance and ended up owing $60k out of pocket. My wife also had some unexpected financial dilemmas as well. Almost 6 years later, everything…
My parents want me to sign over the deed to my house in order to get "equity" for taking out a mortgage. I don't understand what this
means. My parents helped me buy my current home, so now they expect me to help them out. They want to take out a mortgage for another property with 20% down. They say that they need to have my house…
Are there any mortgages available for non-resident foreigners looking for a townhouse or single family in Bay Area, CA?
Are there any mortgages available for non-resident foreigners looking for a townhouse or single family in Bay Area, CA? If so, what would be approximate rate, down payment, terms, etc.
Life after Ch 7
I have Ch 7 discharged over 2 years ago. My FICO is now 678 and income is $65k. Wife has FICO of 710 but not working. We have downpayment of $50k and would like to borrow $200k. Is this possible or am…
Can I buy a bank owned property and have a bank buy my property?
I am now living in CA (renting) because of a job move. I moved from Wisconsin and have a house for sale there, but I am unable to get it sold so I can buy a house here and I am throwing money to the wind.…
Hi , We are Australian residents and would like to purchase a property in Portland Oregan. What do we require to qualify for a Mortgage!?
Hi , We are Australian residents and would like to purchase a property in Portland Oregan. What do we require to qualify for a Mortgage! We would intially rent the property out untill we move to Portland. Please…
Down payment in bank accounts
At what time the down payment will be evaluated by mortgage? When is the ideal time to apply for mortgage? Is that something during the time of contract or after the inspection & attorney review…
I have been employed with same company for 16 years. I had a bankruptcy chpt 7 discharge 6 months ago. Would I have a chance at a mortgage?
i was a previous home owner many years ago but sold that house. No house was discharged in my bankruptcy
How much can I put down on a house & preserve some of my resources? Would anyone recommend a Conventional LPMI? For each 1k down how much does
the re In order to preserve a little cash, I would perfer not to place 20% down on my purchase. Can anyone offer a suggestion? Obviously I would like to keep my mortgage payment down as well. For each…
Can I get my appraisal fee back if the home inspection is not done yet?
The status of loan is that I have submitted all the required docuements to the lender through my broker and he also already sent me the request from the underwritter for more documents. I already paid…
Financing options: I have an option to finance with 0 points with a higher interest rate OR pay points and
get a lower interest rate (30 year fixed). I heard that the points paid is tax deductible. Should I pay points up front to have a lower interest rate? The banker is saying that it is not worth paying points…
Mortgage, points, and tax deduction
I've been playing with bankrate.com's calculators, and my impressions are that: 1) if I'm paying the points out of pocket, I would recoup the cost in 3-5 years in lower interest payments 2) if I finance…
Are lender paid points tax-deductible in a refinance?
We recently refinanced our mortgage and our lender paid a significant portion toward our points. Can we claim the tax deduction on the lender paid points?
NMLS National Test
How many of the loan officers out there are taking the SAFE Act course and national test? Are you all taking it, or using one person in your office to work under? Also, isn't it amazing that they…
Question for accountants, is the "origination fee" on the new GFE now completely deductible?
As I was answering someone's question about their charges, I realized one thing. Seeing as the new GFE now lumps everything together as an origination fee, is it now all deductible? I know it is all…
I want to refinance my house ? what are the best-types of programs so that i ca refinance with a fixed rate @ 15 yrs.?
I have an adjustable rate and its becoming very hard to keep up with my payments. for the last 6 months. @ 2,465.00 per month per 30 yrs.@ 9.3%
Under "Condition of Property" it states that the home I am purchasing is NOT HUD/FHA approved and does not warrant the condition. What does?
this mean? I am currently in the process of buying a home and within all the loan application and documents that were sent one of them stopped me in my tracks in signing. It is the "Important Notice…
we are postal workers relocating from sacramento ca to midland texas. we were victim to one of the income
inflated home loan scams. we were able to short sale the home but in trying to avoid this our credit . we were trying to afford the $2400 house payment but to do this we were forced to use the money meant…
How can I get a short refi when I'm getting a divorce from my wife, whose name is on the deed?
I bought a house that is now $100,000 over what it is assessed at. I want to try to keep the house and get my wife's name off of it and get a short refi to the value. How can I do that? Is there…
Why do you think that the housing market is not performing as one would expect given the facts?
Rates are lower than in decades. Prices of homes have substantially lowered.
Here's my situation in a nutshell, our credit is not good. We have lived in our current home for over 22
years, however due to refinancing we probably owe more than it's worth--the neighborhood has also gotten pretty bad, which also has made our property value go down. We would like to move to a nicer area,…
Is there an accurate closing cost calculator somewhere? The Good Faith Estimate isn't nearly accurate enough,
especially for the pre-paids and what's called the Aggregate Escrow Adjustment. I asked my loan officer to run the numbers with the correct property tax, insurance premium, etc. He said they would get…
Will anyone do 90% LTV on new construction jumbo loan in Orlando? $600k.
Will be primary residence, custom home, planned neighborhood. Excellent credit and income. Already have a pre-qual from a bank willing to do 80%, but really want 90% so I don't have to pull from…
Seller does not have mortgage commitment and refuse to install septic until gets commitment? No mention in Purchase and sales of seller needing commit
Our purchase and sales agreement does not mention the seller needing a mortgage commitment only that the seller will be closing on own home same day. We did not even know did not have commitment until…
This should be ILLEGAL
Listing agents & banks often required pre-quals with certain banks to make offers on foreclosures. Every property is different... one wants you to pre-qual with Suntrust another Wachovia, a third…
I would like to refinance my secondary home but my primary went into foreclosure, is it still possible to refinance my secondary?
My primary home in CA just went into foreclosure 3 months ago.I have a secondary home in Texas with an interest onlyh loan. I would like to refinance to a fixed 30 year loan. My secondary has 40% LTV.…
can I remove the loan contingency before I lock rate and get a GFE from the loan agent?
can I remove the loan contingency before I lock the rate and get a GFE from the loan agent? My loan is with my buyer agent. She is pushing me to remove it. The loan is approved as she said but with conditions.…
How hard is it to get approved for a mortgage?
My husband and I would like to purchase a home - our rental lease is up in July and we would like to buy instead of resigning. I am a fulltime student, will graduate July 31st with a bachelors in nursing…
Want to cash out the investment property with the owner owned more than 4 properties? all properties are positive cash flow. will go with full docs.?
The owner have 8 investment properties all positive cash flow and one is Fee and clear. The owner want to CASH OUT this property. He will go with full doc, income is not a proplem. Some lender do not…
I need help applying for a grant to purchase a home.I would like to take advantage of the real estate situation.I should qualify im just not sure how
I am a disabled single mother starting school in October.My daughter is special needs and i will be working other than my own business soon so i will have 3 sources of income.I have my eye on a couple…
I am looking for programs that allow people with bad credit and no money down to purchase real estate in Missouri. Any suggestions appreciated.?
Client has $1,400/month income from federal disability. Bad credit due to defaulted student loans and unpaid medical bills. No savings...Looking to purchase something around $50K in Sunrise Beach, MO.
How long does it take to get a clear to close on a home loan after approval contengencies are met?
We have an approval with contengencies and all the contengies are just about done. Once my loan officer submits all the contengency requirements to the underwriter, how long does it usually take to get…
Can my rental history get me denied for this home loan?
I have an approval with conditions and they are requesting my rental history along with other things and my loan officer is trying to work around the rental history because I went over 30days late twice…
I have recently gotten a mortgage in just my name in sc, however the form signed said that I cannot put the deed in my husbands and my name, or they
could call the note on us, and make us get out of the house. Considering it a breach of contract. Is this standard for a 30 mortgage? They said this is a standard fannie mae form. What else can I do…
I need help with the Notice of Appraisal form that Fannie Mae wants me to sign.
I understand that the home I am purchasing will not be appraised. The form also highly recommends that I get a home inspection. However, in the middle of the form it states that Fannie Mae will issue a…
Is a low (50%)LVR cash out refi possible without personal income in San Diego? Property has rental income of 21,600 K per year for a new loan of 160 K
I have little reportable income. I recently purchased another home and will be soon be renting out my current residence. GSI will be 21,600 when rented. I want a new cash out refi of 160,000 to replace…
I am relocating to the triangle and have a VA loan on my current home in AZ. Can I rent that home and get a second VA mortgage?
At 10 months of occupancy during the year I will be able to rent the home and cover my current mortgage payment and property management fees.
I've been pre-approved for a home loan and I'm considering switching jobs prior to closing. How will this affect my loan status?
I was pre-approved for a conventional loan not that long ago and now I will have a signed purchase agreement in hand within the next few days. My question is that I am potentially switching jobs within…
Debt to Income Ratio Question
Working with lender on USDA mortgage. Everything I have read about DTI ratios uses income versus debt. Mortgage processor is factoring in 2009 & 2008 unreimbursed expenses from my tax returns which…
Can anyone help me with FHA 203k loan questions?
I live in Montana. I am under contract on a house, and I am approved for a FHA loan. Per the home inspection, several issues - roof, decks, paint - need repaired prior to closing because we have the…
My home in 2002 appraised at 131,000 but in a recent appraisal, it appraised at 31,000 because the appraiser did not consider the house as lakefront.
There is a road between the house and the lake. I am trying to refinance but the appraiser sent the appraisal to the lender. Is it worth doing another appraisal and disputing the current appraisal?
Where can I get piggyback loans nowadays? I'm interested in putting down 10% and getting two loans - 80 and 10 for the mortgage.
My husband and I are both expected our salaries to go up significantly in the next few years (I'm in a training program- at the end of which I will get a salary bump, and my husband just got word…
My question is related to the FHA vs. Conventional loan.
I am a first-time buyer (28 y/o) with enough cash to put 10% down on a $350k house in Washington. I'm trying to decide whether to go with Conventional 10%, Conventional 5%, or FHA (anywhere from 3.5%…
I would like to refi into a 3/1 ARM and take about $30k cash out. LTV would be about 50% and DTI ratios are good ($100k income, mortgage and one car
loan for about $15k, pay off credit card balances in full monthly, married couple with middle FICOs over 800 and about $50k in reserves). Bought the house a year ago with a good mortgage broker but he…
Are there any FHA loan backed owners who just want to stop paying for it anymore, if so me & my fiance would love to assume all responsability.?
I totally understand that NO loans are "legally" assumable perse anymore, but am also well aware that they(FHA) would most likely not call in the due on sale clause if the mortgage payments were…
What options do I have? High DTI, realtor says house won't qualify due to condition, I really love the place!!
I found a new home that i really want to move to. It was amish owned for 11 years so although water, sewer, and electric systems are there and were previously used, their current condition is a question…
How much is too much on a 234K loan?
I am applying for a 20%-down, fixed rate mortgage. The lender in his GoodFaithEstimate wants to charge me $4,230 for title services and lender's title insurance. Should I bargain with him on this?…
With a 574 score do I qualify for any mortgages?
A month ago I had a score of 508. I opened a new card and my score improved to a 574 with Experian, 565 with Equifax and 562 with Trans Union. I had four student loans that were in default that I got rolled…
International student F-1 Visa. Can I get a mortgage in WA if I am an F-1 visa holder with 25-40% down payment?
I am a PhD student on a non-immigrant F-1 visa and have been living in Seattle for 1 year. I will be here for at least the next 5 years and am fully funded by the university for this time. My savings (and…
When getting a loan for a house is possible to wrap up prior debt into the loan?
I am desiring to buy a foreclosure home make some improvements, pay off a few loans so as only have one loan payment monthly.
Physician on J1 visa, is it possible to get a mortgage?
I am a doctor doing residency in Radiology, and I am here on J1 visa. My residency program is for 4 years and I intend to settle in US after that. I have a SS no. and have a good credit history-740. Is…
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