Financing—questions & answers, advice and opinions page 80

Can someone help me with some questions?
We have a new flip that allows us to flip upside down homes, eliminate the upside down portion, and actually give a 20% equity position to the home owner. What we do is negotiate to buy the note from…
We owe 334,000. on a 15yrloan that we refied in early 2008. We are renting our house and want to refi to reduce the payment
we have noticed houses in our area are selling for $340,000.-up with our 2760 sqft. We are worried if we try to get the house appraised it will be low. Our home is beautiful 2 story, screened in Salt…
leaving my job after closing
I am in the process of closing on a home. I am unhappy in my job, but I can't leave now because it will delay the closing. How long after closing could I switch jobs?
Pre-approved awaiting final approval. Agent submitted pkg to underwriter 4 days prior, now they say rules changed with Fannie Mae and now not approve
Credit approved, all documents submitted and pre-approved for VA loan. Further paperwork requested reflect items deleted from credit report years ago. In addition, all requested information was paid in…
Is there a magic number? What mortgage rate would move this market?
Rates are in the 4.6 percent range. If price and rates are not moving inventory. What will make homes too irresistible?
Is it possible to lease an apartment with bank statements?
My husband and I are self employed, technically. We're trying to get an apartment in Denver, CO by late December. We have the money to pay for rent but we don't have actual pay stubs to show…
Hello, I'm a mortgage banker. I have clients (husband and wife) with a 750 score, 10-15% down, relocating. Husband on commission ............
My company will not use the income since he's relocating and will be on a two month draw plus commission. His wife has been at her current job for 8 months before relocating and was working odd jobs…
FHA vs Conventional Loans
What the difference between FHA vs Conventional Loans
Know any lenders for physician loans in the State of Washington?
I've heard there are no more lenders for physician loans for the State of Washington. Is this true? If not, anyone have a contact for a bank that will do a physician loan in that state?
looking for lender that can get us approved FHA with a middle score of about 600. Combined income of about 104K - looking to put 3.5-5% down on 200K
My middle score is about 600 due to a judgment I had from early 2000 and a few late pays/collections from when I was younger and ignorant. We have a combined income of about 104,000 and are looking for…
Can Mortgage Brokers ( or Realtors for that matter ) help me to find what I'm looking for?
I'm looking for Home Owners who are UNDER WATER. We have a method that allows us to 1) eliminating the "under water" portion of the mortgage, with no tax ramifications to the Home Owner.…
I have bofA FHA loan. Payed Mip for 6 yrs. Can I pay down mortgage to 20%equity then streamline refi with no appraisal?
Home would not appraise well for conventional refinance. I'm at 88% loan balance based on initial purchase price. Trying to remove M.I.P. and streamlline refi with no appraisal.
do i put a large dn payment on a house or go with VA no dn (with higher mortgage)?
I know this may seem like a silly question but if you had a home loan for $350K and $100K saved, does prudence dictate a lower monthly payment (and lower savings); or higher monthly payments and money…
Buying a Home In Detroit
I am wondering if banks will let me buy a home in Detroit when I relocate there for a job. I have a down payment and good credit. Also, I have been steadily working for 6 years with no gaps.
Can foreign investors take a mortgage or take out equity on their property investment?
I'm from and living in North Europe, Norway. I would like to invest and buy a property in orange county (my friends live in orange county) , can I take a mortgage from any american lender before the…
closing costs
I have been quoted the following for a conventional renovation loan. Can anyone let me know if this is too high, because it seems pretty high to me, but this is my first home so I am not sure. Price…
Is it possible to find an agent or broker who would be interested in making $10,000 for finacing a home I want?
I am a disabled veteran, I have a co-signer/co-applicant (but they don't have that much better credit than me). I have paperwork showing that I have never been late or missed a payment on my last…
My credit is below the standard, I'm looking to lease with the opt to buy, are there any agent that provide that service?
My credit is not that great right now, I'm looking to lease with the opt to buy are there any agents that will help in this area, I do not want to live in an apartment anymore? How long will it take…
We are in a 45 day escrow and the bank has not approved our loan. My agent said the brokers did not update there NMLS license. I have turned everyth
I have did my part and turned in all document needed. Jan 26, is supposed to be our closing date. Should i be worried.
Does anyone understand the risks and rewards of filing 2011 taxes in person? Does this speed up the tax transcript process (IRS form 4506)?
I am self-employed and need my taxes completed for 2011 in order to qualify for a mortgage. Unfortunately, all lenders require a 4506 IRS form to retrieve a copy of the tax filing which significantly delays…
Im looking for lenders who can finance a non warrantable condo in MD.
Delinquency rate is higher than 15%, so FHA is out. I need a low downpayment alternative. Property is in excellent condition, and is not a foreclosure nor short sale. Potential buyers are owner occupants.
We're in the middle of escrow in Los Angeles & can't get loan due to student debt in forbearance. Any rec for physician loan programs?
other than BofA? Our agent isn't familiar with buyers in our situation. Husband is finishing residency in just over 6 months, but starting fellowship right away. His loan forbearance expires during…
I have been dealing with vanderbilt mortage 3 month I have fax them email them & they seem to lose the faxes & email I have made offer to
settle this they call & all they want is their payment I owe 24.000 it just go up each day they stall I offer 20,000 3month ago and they never got the offer or called to make a counter offer what can…
Can rental income be taken into consideration when purchasing a multi unit owner occupied home.?
Im looking at purchasing a single family home that also has a 2 unit duplex on the property. Will this income opportunity be taken into consideration in any way during the approval process? ie: max loan…
HELP! Underwriter denied my loan days before closing! Will I be able to apply with another company or will I be denied b/c of first denial?
I thought it was a go and am due out of my current residence in 30 days! Each day closing is postponed will cost me $50 a day! The underwriter said that I was denied b/c of my credit score which is in…
Mortgage broker fees
I am a first time home buyer and I just got an estimate from a broker. The closing cost estimate includes both a 1K loan origination fees and an additional 4.5K broker fees on a 360K loan. I have good…
how many rentals can you buy in a year?
We are looking to start buying rentals in se michigan. We see many homes going for 40-50K with 1000-1200 in monthly income. We are starting with 300K in cash with 800/750 credit scores and over 300K a…
What kind of Mortgage Broker should I look for if I'm dealing with High End Homes $400K - $5M?
I'm looking for Mortgage Brokers who deal in High End Homes. I'm offered CMC, CRMS, CCMS and GMA. Which of these four would be the best certification to go after?
Pine State Mortgage in Atlanta
Does anyone know what happened to Pine State Mortgage in Atlanta, GA? I recently read that they were audited by HUD last year for some potential underwriting malpractices. The reason I ask is that my…
canceling refinance application, am i responsible for any fees?
I canceled my refinance application with a bank and I was charged with the cost of appraisal (400 dollars), but they did the appraisal on the computer and not actually sending someone out to my house,…
Buying a two or three family home with FHA loan.
I'm looking to buy a two or three family house to occupy and rent out the other units to help pay off the mortgage. I have a high 700 credit score no debt and make between 112,000 and 120,000 a year. Option…
Does home equity begin with original financing, or begin all over with each refinancing?
What are equity requirement for FHA loans in terms of amt paid, or amt on current loan; or years of ownerhship?
Has anyone actually received the down payment assistance from Michigan?
I wanted to see what kind of situation you were in and if it was easy for you. I could probably do without, but with additional $7500 for down payment/closing would be a great help (will spare me much…
I had to file Chapter 13 due to medical, it has been 3 years and now have to move to keep my job, i am selling the current house and due to that and
other things ill have 30K for a down payment. My Credit score is 650, can I still get a home loan? Thanks, Moving to Tx
Has anyone received a mortgage approved under the Fannie Mae/ Freddie Mac condo project guidelines for a home in Rebecca 's Landing in the
Pinehills ? I have been unable to get GMAC mortgage underwriters to approve my mortgage loan because the underwriters, because the underwriters apparently do not think Rebecca's Landing meets the…
I am a foreigner who bought a House in Missouri. I paid it full by cash.
I paid it full by cash. I have a section 8 tenant inside guaranteed for 3 years. Can I get a refinance or some kind of instant cash by the bank if I use my House as collateral? (I wan't to buy another…
Is it ever possible to do a lease purchase with a builder or foreclosure property?
There are two spec homes that I am interested in, one has sat empty for at least 2.5 years. There is also a home that was listed severalinyhs ago and is a Fannie Mae Homepath home. All home are in Kansas…
what does fha exp 0512 mean?
Does exp mean that the property is expected to be approved 0512 or does fha approved expire 0512?
My name is on a mortgage from my previous marriage. Would I still qualify for a new mortgage w/ new wife?
My previous marriage will be disolved in about 2 wks.. I will be married on 2-1-12
I need to find a mortage with not so good credit
I really want this house , have good credit work history just need to find a mortage company willing to work with me
NJ Residential property sales. Any one know how about the tax?
if i own a residential single family house and rent out couple years. i like to sell now. how to calculate the tax? do i have to pay more if i keep at certain years prior i put for sell ?
Thanks fot defining what equity is.Now,:How does equity affefct home mortgage amount demanded by FHA for loans?
Refinancing could be helpful in long run, even if in short run increased mortgage insurance results in no big monthly savings. How do we figure this out?
Looking for a Residential Mortgage Lender for a foreclosed home in Tobyhanna, PA.
I have a few questions. I have a combined monthly income of $3,210.00. Part of the income is from rent that I receive from tenants. My first question is would I be able to consider this rent as income…
Is it true that HARP 2.0 does not cover refinancing investment property?
I have a townhouse that I still owe $153K, but only worth $80-100K; interest is 7.%. I bought this property in 2007. Never missed a payment. I read somewhere i could use HARP, so long as i meet at 45%…
How can I acquire a loan with limited work experience.?
I'm planning to buy a home with a 20% down payment and am looking for a loan for the rest. I just graduated college last summer and began working this past january. I have heard that you need at least…
I am selling a recently purchased home (owner financing). I am confused on the interest rate I should charge.
I bought this house recently for $65000 from the bank (cash) and had to pay $5000 on commissions. So I paid a total of $70000 plus closing costs. I think I got a good deal (it didn't go on MLS). But…
VA - deposits aren't required but if you're eligible can you still put some some money down, esp if you don't have the 20% for an FHA?
Will VA let u? We'd like to keep our payments as low as possible, but one lender said if you want to do a down payment do FHA, we don't have enough deposit for FHA to avoid PMA, I've heard…
If a rental is breaking even on mortgage payments, 75% of that can be consider income when applying for a mortgage on what will be my primary home?
Basically the mortgage fees=$1450/mnth and that is what I'm charging in rent. So 75% of that Gross income of $1450 can added to my income when applying for another mortgage?
Is my landlord attempting fraud? I certainly don't mind obliging in this situation as he has been an excellent landlord however if there is a
clear cut law on the matter, I do not want to be an accomplice. He just advised me that he wishes to revise the rental contract to include a clause that basically states that he would have full access…
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