Financing—questions & answers, advice and opinions page 138

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…
why does the rate differ between lenders-is there any base rate? Where can I find lender's true rate?
Chase told me that after lock down they can renegotiate the rate before closing for no additional fee if the rate goes down. HOWEVER Chase doesn't even publish their rates online, so it is easy to…
Can anyone confirm that dates and status of the First Time Homebuyer Credit?
My agent tells me that as long as we're in contract by April 30 and close by June, we're ok. The homebuilders site says the following, but is this really synced up with the Feds and will they…
can i apply for a loan even if I'm still married?
My husband and I are not together and he is not working but going to school
We have an FHA loan and have been in our house 7 years. We are looking at doing a refi cashout to consolidate revolving debt. Problem is the
revolving debt has caused my credit score to be lower than 620, however, my husband's is 700. We were told we do not qualify. Is there any other options?
Need First Time Homebuyer's Credit clarified!
My understanding is that the First Time Homebuyer's credit is 10% of the purchase price up to $8000. On a purchase price of $112,900, would this not be $1129? I have real estate agents telling me…
Estimation of FHA Closing Costs
I have a buyer who wants to purchase my home at $112,900 and only wants to bring $4000 to the table (most of which would get eaten up by 3.5% downpayment requirement). I am offering $2000 closing costs.…
Old mortgage showing on title
I am selling a house in Philadelphia (bought on the sheriff sale). The title search now shows an old mortgage for $3500 dated 1987 that was more likely paid since there is a lot of activity afret that…
HomePath mortgage in IL - lender referral and current rates & fees?
I am looking for an approved HomePath mortgage (not renovation) lender in Chicago area. Also what are current rates for IL buyer, with 705 FICO and 3% down? Thank you.
Can I leave my name and my debts off of the mortgage application if I have no income to include anyway? Will that help us get a better rate? My
husband has a good credit score (around 760 last we looked) and he is the sole earner. My credit score is in the high 600s and I carry a lot of debt in student loans and some credit cards.
Been approved for 85k but having a hard time finding a condo/townhouse in the Los Angeles area (Inglewood, Hawthorne, Gardena, Lawndale, Paramount,
Compton, etc) that is FHA approved. Listings are showing up but everytime I contact the listing agent, I am advised they dont accept FHA loans. I dont qualify for more money because of my income. However…
Is the 'self-sufficiency' test frequently a limiting factor in closing a 3-unit FHA in SF? How does the FHA assessor determine the?
'market' rent? I'm looking at buying a 3-unit building in San Francisco with an FHA loan. I have 21% to dedicate to the down-payment, but not the 25% that would be required for a conforming…
Credit Acceleration
What are the guidelines or things to watch out for in building or improving ones credit? Is there any fast way to build a business credit?
I am a first time home buyer but my husband credit is 614 and mine is 580's our income is very good, can we get a laon?
we were not smart when were were younger (somethings on our credit is over 5 years old) most of the stuff on my credit is medical or student loans. we live in Florida and the housing market is amazing…
What does a lender require to finance an investment property given the following scenario?
I am self employed and net around 55K / yr. My credit score is 670 but have no debt except a 100K mortgage on my primary residence. If I can put 20% down then how much could I borrow from a lender for…
HI - I have found a Condo in Soho which is in an Artist in Residence (AIR) zoning..apparently with the new guidelines the big banks cannot lend on
such buildings...Any ideas who would be able to provide financing on an AIR building? this is super time sensitive so your input would be appreciated!! my credit profile is excellent...thanks!
What can we do? Potential unfair underwriting...
We are currently waiting on approval of our stipulations for our FHA loan, one of which is that my husband's employer write a letter stating that "BONUS/COMMISSION INCOME IS LIKELY TO CONTINUE".…
how does student loan debit (70K) influence the chances of getting a mortgage?
I pay my bills on time and do not have maxed out credit cards, although I do have credit cards with balances on them.. How will my student loan debit ($70K) influence the chances that I will be able to…
Home equity fixed second loans and the new GFE
I work in a very small Credit Union and we do first mortgages and home equity loans and lines. I have a couple questions regarding the new GFE. Is the new GFE required on fixed home equity loans? If so,…
Bought a home 5 months ago. Would lenders be ok to lend if I buy another one??
I'm being told that the transactions are too close to each other and the underwriter might not approve the loan. Bought a home in October and am planning to buy a bigger one, closer to work. Is there…
Fidelity bond (Employee Dishonesty) Insurance coverage for the coop is not enough, What can I do to get the mortgage
Hi, I am applying a Coop in Queens and applying the mortgage with Bank of America. The Bank told me last week that the Coop's fidelity bond coverage was not enough. the coop has $250,000. the bank's…
Appraiser requested improvements for refinancing
My parents just applied to refinance their home with cash out for renovations. They are looking to take out $100K and their house is estimated to be worth $140K. The appraiser came and told them they…
Will bad credit mortgage loans come back in 2010?
There are many people that fall into this category, they will have to be taken care of somehow, otherwise they will end up claiming housing benefit, which costs the government.
Is it still possible to get a No Income Verification Loan in Texas?
I am trying to buy a Home, but took a new job about 5 months ago, and am now being paid with 1099, rather than w-2. My bank says I can not qualify since I need 2 years worth of tax returns as a 1099 employee.…
Does $24,000 Closing Costs for a $350k FHA loan sound right?
I just received a GFE from my lender and the closing costs are $24,500. Can this be right or do I need to find a new lender?
Who has the best commercial hard money programs?
Trying to purchase a retail shopping center that may need to be finished as well
How to get financing with a recent BK Chap 7, due to illness and job loss.?
We filed Chapter 7 bankruptcy february 5th, discharged June 11th, 2009. The bankruptcy was brought about due to my husband suddenly loosing his job for 6 months. And then I was diagnosed with kidney cancer,…
-I'm been trying to buy land to build on just found out that he has a lend on the land. It's near a sick parent and I wanted to be close.
Is there anyway that I can get the land and pay of the lend and then pay him the difference after the lean have been cleared. Will going to esrow office get me the answers.
FHA Spot Approval - how difficult is it to get?
So after having two other deals fall through, we are now looking to buy in an already established townhouse community in Manalapan, NJ. Come to find, however, that the community is not FHA approved.…
My brother sold his house Owner finance.The person who bought it had no credit history (Pd cash) has pd. faithfully.He now wants to go to the bank
& get the person who bought the home to go get a better loan from the bank. What/how does he go about doing this.
Are there any home purchase assistance programs available in Prince George's or Charles County?
My husband and I would like to purchase a home and want to know about any assistance programs available. Also, we would like to know the lowest possible credit scores to get financing...
Co-Signer for FHA Loan - Positives and Negatives
I am currently paying over $1000 rent for an apartment and looking to buy a home where my mortgage payment and escrow would be at about $800. My parents are thinking about co-signing on an FHA loan with…
I purchased a home with 10% down and purchased PMI up front, in full. Now I want to refinance but am told
I'm not eligible for either the Fannie Mae or Freddie Mac programs because my PMI has been put into a pooled or SMC program. What are these products and how can the bank do that without notifying me in…
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer