Financing—questions & answers, advice and opinions page 130

Hi, We are in the process of buying a multi family house in Rutherford, NJ. We need links to reputable lenders or Mortgage brokers
Could any one please provide us with links to reputable mortgage brokers or lenders who have had a very good history in closing the loans on scheduled time and who are willing to work as a buyers associate…
Are any legitimate lenders still offering no doc or low doc construction loans?
I have an excellent credit score and history, but am self-employed with much of my income from international sources, so a no doc or low doc loan would seem to be the way to go. I am looking to build an…
Applying for a new mortgage immediately after a short sale.... see details below.
Immediately after a short sale whereby both mortgages we had were with the same bank- we will be able to paythe entire 1st mortgage and the remaining monies to apply to the second mortgage (13%) to the…
I keep hearing that I should get a 'good faith' estimate of closing costs? Is that right? The problem is I don't know what is fair and
unfair. This is my first home purchase and I don't know what is fair. Any help would be great. Thanks.
I bought my home in 2006 for $295K, put $160K down, and it is worth about 200K. Our income has gone down and our bank won't lower the principle.
Help! We have tried selling it over the past 3 years as we hate it here (like almost everyone we know), and have had no offers at all. We really want to get out of here, but all our money is in this house.…
Are there any Realtors and/or Mortgage Professionals out there who can tell me what experiences you have had?
with people wanting to reapply for credit after having a short sale? Do you also have any knowledge on the Lenders' take on people who short sale a 2nd home as it relates to the mortgage on their primary…
7 yr vs. 30yr
My brother-in-law is helping me with a home purchase. Within 5 years the agreement is that I need to have it re-financed out of his name, and into mine solely. We are being offered a 7yr @ 4.375% or a…
Credit score of 503
I live in CA and would like to purchase a condo but my middle score is 503. Is there anyone that would finance me with a score this low:
Prepared to buy?
..I am looking to buy a house in 6 months. Is there anything that I should be doing now to put me in a better position? I want it to go as smoothly as possible.
Is there a loan officer qualified in the 203k program out there that's thinking of a job change?
I've talked to a contact of mine who manages a BOA office who's asked me if I know anyone versed in construction and the 203k program who might want to join his team. They currently do their…
Want to buy new home but have a 2nd on first, can that be transfered?
We have very good credit with 25 to 30 K equity in home, we want to move to another house but we have a 2nd mortgage on current home, can the 2nd mortgage be transfered to a new home?
owner finance
I have filed a chapter 13 in oct , I am trying to find an investor for owner finace home does anyone know of any
What are the risks of cashing in your 401k for a down payment on your first home?
I have other index funds and a 401k that is matched by my employer. Is it a better idea to cash in the index funds (they have been invested for over 1 year)? I live and I am looking to buy my first home…
Still no signed sales agreement, Fannie Mae REO?
Offer accepted on Fannie Mae owned property. They called to notify me of my accepted offer and faxed my agent a sheet stating that my offer was accepted (there is a statement at the bottom of that document…
Need unbiased opinion on mortgage broker comments
I was denied a loan for a foreclosure in a 10-unit bldg bc the lender "will no longer perform spot approvals for condos". I was not FHA, my broker says she did NOT submit my loan as FHA and the…
I'm trying to purchase a townhome thru fha, but cannot find any townhomes accepting fha.
Looking for a 2bd, 2ba with at least a minimum of 1000sq.ft for under $150,000
I am a first time home buyer in california. For a down payment, I may have to cash in 50k in stocks that have been invested for over a year. I am in
the 28% tax bracket. I understand that capital gains come off the profit of the stocks, but is this 50k or 50k plus profit viewed as income and will I be taxed again?
Is anyone doing at least 70% ARV Hard Money loans in DC, MD and VA?
I found a property for $91k that needs $40k of repairs. I am looking for hard money lenders that provide at least 70% ARV, require no credit checks and provide a 6 month no payment loan for the DC metropolitan…
who will give me a mortgage with not great credit?
we have 4 children and went from 2 incomes to one. we make enough to afford a larger house but our credit history is not perfect due to going from 2 incomes to one. we have been given conflicting advice…
We are in need of a Short Refi ASAP. We are also in desparate need to qualify and get a certification of such by Friday April 16, 2010.
We are located in Ca. and currently owe 325,000.00. Current approx value based on Zillo is 255,000.00 and 229,000.00 with Eppraisals.com. Our mortgage has been sold twice within the past 4 months, most…
Husband makes over $100,000. I make around $30,000. We are under contract to buy a house for $277,000. I may lose my job.
There is a chance I may lose my job before the closing. Is there going to be an issue with closing? We have been pre-approved and both have decent credit scores.
What is the roof condition I can get finance?
The property I am buying is with very old roof. I heard most lender required 3-5 years roof.
Taking mortgage from same lender for new house.
I will be buying new house as primary residence. I already have loan on my current house. Same mortgage lender has approved me for new house. Whatare the pros and cons for going with same lender? Down…
I live in California and I want to buy my first house. If I cash in 50k in index funds that have been invested for over a year, how much will I pay
in capital gain taxes on that 50k. Is the tax amount calculated on the 50k the profit amount or just the profit?
Does an FHA appraisal still stay with the property if the sale doesn't go through? My buyers were doing an FHA loan, had my house appraised, then
later backed out of the agreement. My house is back on the market. Does that FHA appraisal stand?
My construction company bought a house on land contract and fixed it up spending $60,000 on repairs and upgrading. A FHA underwriter won't give
my buyer a loan because they say I don't hold title. I suppose that technically they are correct because the title won't pass to me until the land contract is payed off. It's hard to imagine…
lender using a 4 month old FHA appraisal, however. lender took it upon itself to order a 2nd appraisal, which came in lower,
consequently the loan applicant was denied by lender. Another Mtg broker convince applicant to go with him, stating his in house underwriter will use the higher FHA appraisal and not the lower ! We have…
How long does house have to be off market before I can refinance?
I want to cash out refinance and LTV is at 65%
I live in NW Indiana and the housing market is terrible. I owe $75k on a single mortgage loan of $90k after years, I can no longer afford the
monthly note due to unemployment. I've been struggling to avoid 90 day delinquency for over a year now. Does it make sense to list the house for sale although homes in my area have set for over a…
We are in desparate need of a SHORT REFINANCE immediately. It's crucial that we produce certification of qualification by Friday April 16, 2010.
I have ALL documents that are required ready to submit to any reputable Lending agency. Our Mortgage has been sold twice in 4 months Most recent took effect April 3, 2010 by a "Private Lender'…
How is the property tax calculated? by purchase price or county assessed value?
I am buying a property for $250k, but the title company use $300k to calculate the tax, why would that happened? The property on average worth $300k in the area which my property at, but my property is…
Does anyone in Colorado do Conventional loans anymore?
I understand that the FHA deals are great but if the property doesn’t t qualify for FHA and you have to go conventional, who are the good lenders for those deals? Also, in this market and all the…
Underwriter denied FHA loan at the last minute due to condo fees not being paid for a few months on a short sale. Will going to another lender work?
I was informed 3 days before closing! The property is a short sale and the fees have now been paid. I do not have much money for a down payment and my credit score is about 650. Thank you.
I will be earning about 50k this year. My credit scores are 650-660s across the board. How much of a loan can I get?
I get a combination of w-2 and 1099's with about 20k saved right now. I plan to have about 30k when I start to apply. I was aiming about 200,000 loan amt or so.
Need to know if I'm going to run into trouble financing this house. The house-we settled on a price of 114k with me paying nearly all closing
costs It is located in the Pittsburgh PA area (shaler) About me- I gross about 41000, have a 780 credit score and my only debt is student loans (no car, cc, etc) which make a payment of $320/mo. I…
Pre-approved for a rural development loan than less than 24 hours before closing get a call saying i was denied the laon. can they do this?
I got pre-approved for an rd loan from my bank. In my contract to purchase the house it said that loan company must send approval by march 26th. My bank did this. My closing was scheduled for April 9th.…
We have been renting ($750 per month) and we are wanting out of apartments before our next lease signing. Our problem is that I have little credit
at all and my husband doesn't have good credit at all. We ca afford a mortgage payment,but will we be able to get the loan?
I recently did a making home affordable loan through my mortgage company which requires only emplyment verification .We sign the closing documents on
march 26. the next week the mortgage company called me on my cell phone and said the loan could not go thru because my wife socil security number was wrong on our original mortgage documents,which we told…
What is the right way to calculate rental income? Here is a real life scenario where I am disagreeing with my lender. We will be using rental income
to qualify me for my new mortgage. My understanding is that you subtract 75% of the rental income from the mortgage and use the difference. If it’s positive, you add it to the overall income. If…
Does PMI terminate if my mortgage balance is paid down to less than 78% of my original balance?
Do I need an appraisal to remove PMI? I though that I read that when 22% of the original home value is paid off that PMI goes away?
What is considered a minimal increase in housing expenses for a home loan?
Our current housing payment is about $1000 and it will be increasing to $1300 a month when we get a home loan. Is this considered a minimal increase? If not, what is?
Can I get a house even though my savings aren't seasoned?
Me and my husband are under contract on a short sale house for $150K and we are doing FHA. Our down payment will consist of gift funds of about $2,000 and the rest of the money will be from our paychecks…
This is for lenders. Is a lender responsible for damages caused by not closing after loan commit. is issued?
I'm seeing more and more lenders deciding not to close on the day before or on the day of closing after a written loan commitment is issued and the reason they do not close is something that the underwriter…
What is the right way to calculate rental income? Here is a real life scenario where I am disagreeing with my lender. We will be using rental income
to qualify me for my new mortgage. My understanding is that you subtract 75% of the rental income from the mortgage and use the difference. If it’s positive, you add it to the overall income. If…
I have a question in regards to a liability. My father is applying for a mortgage. He is self-employed (works for a Car Service Company as a Limo
Driver - he gets a weekly check with a paystub, and a 1099 at the end of the year). He currently has a personal loan with Bay Ridge Federal Credit Union, and the payments for this loan are deducted weekly…
I have a PHFA loan that requires me to be the primary resident of my condo. I'd like to move in with my boyfriend and rent out the condo but
can't do it under PHFA terms. Last year I tried to refinance for a lower rate but was denied b/c the appraisal was too low. What options do I now have? Can I refinance at the same rate just to be…
Is there any way to get an idea of what the closing costs will be on ab FHA loan? Ibam looking at a purchase amount of between $85,000 and $95,000
and would like to put about $10,000 down for a downpayment. I know I could actually meet with a lender for a more exact amount, but I am just looking for an estimate here. Thank you.
Refi w/cash out or wait?
I have 17 months left on a 7yr ARM. I am also looking to move to a larger home. Should I refi now with a $20,000 cash out or wait it out a few more months incase I find a new house? How will refinancing…
On a GFA 2010 sheet
the estimated settlement charges, is that the same as 'closing costs' (I am guessing yes)? Is this figure inclusive of any down payment or the latter is a separate amount on top of the settlement…
Can someone please explain FHA's mortgage insurance works? I am looking to by a house in the fall and am wondering how large a down payment I
would need so that I do not have to pay this insurance. I heard 20%, but am not sure that is the case. Also, would I only avoid the annual insurance fee, or would I be avoiding the initial mortgage insurance…
Condo not approved for FHA- are there other options for financing?
Property is not on the FHA approval list nor did it past spot check approval. any options that may help when FHA is not approved?
Can I get mortgage loan with my middle score being over a little over the 590 mark?
I was wondering if I get home loan with my middle score being a little over the 590 mark? I heard most loan companies will look at the middle score from your credit report. Is that true? Do loan companies…
As a 203k Consultant I was recently asked if I could approve a condo building for FHA. I've not heard of this. Can anyone tell me what the?
process is? I was contacted by a broker regarding my "approval" on entire condo developments so they could be sold using FHA guidelines. He told me a "consultant" could perform this…
I applied for a mortgage thru Wells Fargo and told that my application had to go to manual underwriting. What do they look for?
My scores are fair, but I have a collection account I have no idea of what it is. Thanks
Non occupying coborrower has more then 4 mortgages, any thing I can do?
I have good credit (739), 20% to put down, but lower income average then I need for the past 2 years. My father has offered to be a non occupying coborrower, has plenty of income, better credit, but has…
I am applying for a 30 yr FHA loan. My Loan officer is quoting me an outrageous price for the FHA appraisal - what recourse do I have?
Loan officer quotes $550. By doing some investigating I uncovered who she uses for the AMC and who the AMC uses to do the local appraiser. Indpendent quotes obtained from each were $475 and $375 respectively.…
My client, a Euopean Corp, wants to sell one of his residential properties to another European and has been told that a US agency will keep 30% of
his profit in an escrow account for up to a year. Does anyone understand this or know some way to avoid setting aside 30% like this? Thx
is 580 a good score to get an fha loan?
well heres is a little more info on it i'm getting married this October and i'm the only one working my fiancé is going to school. but i have been tryin to get my credit hire to 620 but the…
Loan options for high home equity, with high DTI?
I am self employed, business is tight. I have funded my working capital from credit cards. At the moment, business is on an upswing (slow) however normal expenses and credit card minimums are starting…
Can you switch title companies once you are under a ratified contract?
I did not shop around for settlement companies. I am under a ratified contract (7 days in). Now the title company has set me an estimation of settlement fees and they seem rather high compared to other…
we are currently purchasing a newly built home, in which we added some upgrades. This increased the cost of the home from 254k to 284k. we are
concerned if the home does not appraise for the larger amount that we will be upside down in the deal. Is this a sound deal to continue with.?
anyone can help,where can I purchase the flood insurance so I can close escrow soon?
I am in the process of financing the property in California. However the lender came and asked me to buy the insuracne since the property is in flood zone. I called a few insurance agents , they told…
I am looking at a house that is unfinished. I was told that i maybe possibly get it financed through a 203k fha loan. Anything on this type of loan?
Is the interest rate higher on a 203k loan? Is there a limit to how much you could borrow? etc...
Can I use a different appraiser than the one that my lender usually uses?
Can I use a different appraiser than the one that my lender usually uses to do an appraisal on a house I am trying to get a loan from. I am trying to save some money and the appraiser that my lender uses…
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