SSS Overshoots Loan Limit – COA
Minority Small Business Loans Stat?d income mortgage loans are making ? slow comeback and it is ? good thing. The lending regulations ?n our opinion were over-tightened. Now, y?u have legitimate ?elf employed borrowers who cannot get ? loan. That ?s a problem which needs to be fixed. If ?ou are not ?oing to bring ?tated income loans back in full force, then the full documentation guidelines need to change for self employed borrowers. They should use the gross ?ncome (or somewhere ?bove the net) ?n the tax returns for qualification ?urposes. Salaried borrowers ?re showing gross ?ncome before tax ?eductions and so should self employed borr?wers. 100% LTV – r?duced documentation programs were designed by “profiling” borrower types. The t?pical profile of ? stated income a?plicant was a b?rrower with irregular income because he/she e?rned seasonal or c?mmission income, and was typically self-employed. Appl?cants were qualified u?ing their “stated “ annual income Stated Income Loans for the previous two years. Loans were underwritten and closed under this honor sy?tem, as lenders typ?cally did not verify a borrower’s st?ted earnings with the IRS. Stated in?ome was also ext?nded to wage earners at 100% LTV with FICO min?mums set as ?ow as 580. Primary, se?ond, and non-owner residence?. Who are stated income mortgage loans m?ant for? For the most part, this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, a stated income mortgage loan ?s great for ? person who e?rns some salary but also cash that is not docum?nted anywhere. An example would be ? waiter, bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r a stated in?ome mortgage loan ?s someone who coll?cts rental income but does not h?ve signed leases to verify that in?ome stream. Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, typically these borrowers are ?elf-employed or work for tips have s?asonal employment or work on commission. A stated income m?rtgage loan is ? good option ?f you would have difficulty proving ?our income The income that you state on the m?rtgage application must be average in ?our occupation and a?sets are generally verified. This means that if you ?re a waitress ?nd you say ?ou make $10,000 ? month it may raise some e?ebrows in underwriting. A problem presented it?elf because loan modifi?ation companies were charging homeowners upfront f?es to begin working on these modific?tions. The fact ?s that too m?ny consumers were ?n financial distress and requesting modifications and certain loan modification companies did n?t have enough personnel on staff to handle all ?f their clients. As a result, th?y were unable to complete as many modifications as there were requests f?r modifications. The governm?nt of California step?ed in and wrote new loan modification regulations that stat?d it would be unlawful to char?e upfront fees ?f anyone in foreclosure requesting to chan?e the terms ?f their...
Read MoreIs there any company that will give a person a home loan with good credit and student loans?
Examine out these mansion photos: Mansion Image by Xerones The mansion is still the private residence of Sir John Ropner, viagra sale clinic owner of the Thorp Perrow estate. It is not open to the public. For a lot more houses click here… Mansion on Lough Erne Image by jimmyharris Mansion on Lough Erne For more properties click here… Question by funoburgmom: Is there any company that will give a person a home loan with good credit and student loans? Iam trying to buy a house. I have good credit. The only problem on my credit is my student loans. I am getting them consolidated. I have the paper work that shows that, shop but no one want to give me a loan. (DTI is the problem) Is there anyway around this? I am tried of renting. Best answer: Answer by Steve DTry again after you have had your loans consolidated and you have your new payment schedule. Until the debts are officially consolidated, ailment nothing is final and if the DTI is over the 39 to 41% (depending on lender) with mortgage payment, you won’t have any luck. Know better? Leave your own answer in the...
Read MoreAre Stated Income Loans for Self Employed Buyers Still Available?
by eyewashdesign: A. Golden Question by goheels08: Are Stated Income Loans for Self Employed Buyers Still Available? My husband and I are trying to purchase a larger home and are having the hardest time. Our credit is good and we have 5% to put down. The problem is that I am self-employed and have made 3 times more money this year than the previous two years. Every bank that I have talked to says they can only go off of previous tax returns and they give no account to what I have made this year. I was advised that the lovely “foreclosure boom” have wiped out stated income loans all together. Has anyone had any luck finding a lender that still offers stated income or low doc loans to self-employed buyers? Best answer: Answer by sam kya its easy ma , order help ……… http://www.freewebs.com/getloans http://www.freewebs.com/quick-loans Give your answer to this question...
Read MoreHow do I get a home equity loan on secondary residence with no job?
Question by MT: What are some lenders with the lowest mortgage rates for Colorado? I am looking for a FHA 30 fixed loan and want some lenders with the lowest rates. It is usually around 6% but if you have a lender that can offer lower I want to know. Please only Colorado lenders because each state has different laws. Best answer: Answer by GeorgeUnless you have a fixed-rate mortgage, viagra order store the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender. Know better? Leave your own answer in the comments! Mortgage Rates : FHA Mortgage Rates Plunge Overnight Most mortgage-backed securities worsened Wednesday, side effects including Fannie Mae 30-year 3.0 coupon which lost 7/32 to close at 105.24. Ginnie Mae bonds, however, made big gains with the GNMA 30-year 3.0 coupon rising +12/32. FHA mortgage rates moved … For more informaiton please visit here… What Does "FHA" Stand For? When it comes to home mortgages, most people associate the acronym "FHA" with the Federal Home Administration. In the case of Daniel, as I suspect with millions of Americans with FHA-insured mortgages, the acronym would more appropriately stand for … More informaiton please visit here… Mortgage Rates: Low Mortgage Rates Stable As Residential Construction … Multiple mortgage programs are in place to fit a variety of loan scenarios and borrowers' needs. Having low down payment requirements and flexible credit qualifying guidelines has helped FHA become one of the most popular mortgage programs especially … For more informaiton please visit here… by bill barber Question by Carl W: How do I get a home equity loan on secondary residence with no job? I’m currently layed off work, there its only temporary, and I still have all my bills are paid, and good credit. I also have a vacation home with tons of equity. I want to get a small home equity loan, but have been having no luck. Every lender wants me to be either currently employed, and/or have the property be my primary residence. How can I find a way around that? I just need a small loan, and there is way more than enough equity to cover it. Best answer: Answer by GVDThere is no way around it. No job, no loan. No one is going to let you cash out on a second residence without income. There is nothing that would prevent you from taking the equity out and then defaulting. You don’t seriously believe you can get a mortgage without a job do you? Give your answer to this question...
Read MoreQ&A: Finding A Low Income Personal Loan That Is Compatible In North Carolina?
Verify out these mansion photos: Mansion Perrier Dita Von Teese Image by cattias.images Mansion Perrier Dita Von Teese A lot more great homes click right here… Mansion Perrier Dita Von Teese Image by cattias.photos Mansion Perrier Dita Von Teese Much more excellent homes click here… by Chris Devers Question by Barry: Can I get approved for the new Obama loan modification program while my house is listed for sale? I will be applying for a wells fargo loan modification. I switched jobs about a year ago and make significantly less than when I purchased the home. Currently my monthly mortgage payment is much more than 31% of my gross income. Will I be denied because my house is listed for sale. The house is not in foreclosure. I know the question: “Is your house listed for sale or do you intend to sale your home?” is specifically asked in the wells fargo questionaire. What should I do? Best answer: Answer by sassy2You can’t lie. Your house is for sale. If you apply for the refi and a buyer comes along you are screwed. With a refi your principle, purchase property tax and homeowners insurance are not reduced. Just the interest and a longer term. You do not realize much savings. It only pays if the rate is 2 points. Know better? Leave your own answer in the comments! Question by : Finding A Low Income Personal Loan That Is Compatible In North Carolina? I’m looking for a 5, case 000 or 6, page 000 loan, but I only make grossly about $ 600 a month…I dont really have anyone to co-sign with me and my credit is fair…I got a credit card that I owe but cant pay back until the end of January (2007)….I dont own a home either, I stay with my mother…Anyone have anything to help me..No BS Please!!! Best answer: Answer by Sturzstrom HThe best place to go for low-interest loans if the Sturzstrom Funding Group on Prosper (my group). We can assist you with a loan in North Carolina from $ 1,000 to $ 25,000. The state maximum interest rate is 16%, so depending on your credit score, your interest rate will be anywhere from 7% to 16%. The Sturzstrom funding group can be found at http://www.ProsperFiveStar.com – click the Join link to begin. Once you’re signed up to Prosper, you’ll find our group page. Give your answer to this question...
Read MoreQ&A: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.?
Question by gregwhatshisname: Has Freddie Mac started to introduce any loan modification programs for banks? I have been unemployed for the last 60 days and my Credit Union has been telling me that Freddie Mac keeps delaying these “Webinars” that need to be held before any loan modifications can take place. The C.U. has told me for the last three weeks that they have not been told what the qualifications are in order to get a loan modification. Is this true? Do I have to wait for my credit union to have a “WEBINAR” with Freddie Mac before I can get a loan modification? Best answer: Answer by golferwhoworksso far they have done nothing What do you think? Answer below! Question by ewilliam: Questions about an FHA mortgage? My girlfriend and I are in the process of looking for our first place. We found the condo we’d love to purchase and are now looking to take the next step. The condo price has been reduced to $ 140, price 000 and we are located in Michigan. It seems we’d be looking into a FHA loan for 30 years, dosage but I have some general questions about getting a loan based on our credit and income. Hopefully someone can give me some insight so I know what to expect. Basically she is a 728 credit score and has always paid everything perfect. As for her income she makes around $ 40,000 per year. Myself am much lower with my credit score at a 587 and make around $ 45,000. With my credit, I have never really paid anything late, have never defaulted on anything but between three credit cards I hold with a combined limit of around $ 3500 the cards are maxed out which I know is hurting me right now. I am in a position where I can completely pay them off right now or at least pay them down almost all the way depending on what is more beneficial to my credit score. I can’t think of any other reason my score is where it’s at right now. If I do pay them off or down, will I even see much of a quick rebound in score, or enough to make any difference? I have two 30 days late on credit cards in the last 5 years showing on my credit report, and have never been late on an auto loan payment – payments ranging from $ 340-$ 650. My current highest minimum amount due on a credit card is $ 60 per month. Hopefully that helps give some background to my situation. So all in all if someone can offer me a little help or advice I would appreciate it. Also, do they use both scores on a joint mortgage and how do they take both incomes into account? Thanks in advance! Thanks for the responses so far. No, I have not been pre approved yet. That’s the next step. I was referred to someone, I emailed and called today, however their email response said they are out of the office until the 29th of this month for the holiday. Since this is all new territory for me I’m really not sure who I should take to other than the person I was referred to by the condo community. What exactly will I need to provide in order for a pre approval? Should I be shopping around, and if so, how do I go about doing so? Sorry for the ignorance on this subject, this is all unfamiliar. Best answer: Answer by src50If you are both...
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