How long does it take a true no doc loan to close?
Question by Matthew S: How long does it take a true no doc loan to close? I am going to be applying for a True No Doc home loan this week. Getting approved won’t be a problem since I have a 760 credit score but I was wondering how long it will take this loan to go through assuming all title and appraisal work is accurate. Thank you for your answer. I want to close on this home quickly. Best answer: Answer by FakePlasticTreesI’m wondering that myself actually. What lender are you using? Give your answer to this question...
Read MoreHow do I know which loan docs to use Full docs, SISA/SIVA, No Ratio for financing or purchasing a house?
Question by jasonhpi: how do i get a no proof of income mortgage loan? what banks or lenders still do this? Best answer: Answer by DR + Mrs Bears faceThis sort of mortgage is very expensive and there are some loan sharks out there. Do take care if you decide to go that route. Add your own answer in the comments! More buyers choose conventional over FHA loans Mortgages were used to finance 68.9 percent of home purchase transactions in August, generic up from 67.5 percent in July. Significantly, diagnosis not all mortgage financing products saw the same gains in market share. FHA-financed transactions rose only slightly from … For more informaiton please visit here… Mortgages and the younger borrower You can also still get an FHA mortgage for as little as 3.5 percent down. FHA loans charge more for mortgage insurance than you would pay on a conforming mortgage, but the interest rates tend to be a bit better, so that helps. There are some … More informaiton please visit here… Democrats seek to bring on Republicans with revised refinance bill The revised bill seeks to help borrowers who are not underwater on their mortgage and have more than 20% equity in their homes to refinance employing the Obama administration program, viagra known as the Home Affordable Refinance Program, thumb or HARP. More informaiton please visit here… Home woes may scuttle your FHA mortgage After all, viagra sale 54% of first-time buyers between July 2010 and June 2011 used a low-down-payment FHA mortgage to finance their purchase, tadalafil according to National Association of Realtors research. And use of FHA mortgages for this buyer segment continues to be … For more informaiton please visit here… FHA eases condo rules, case but is it enough? Many borrowers who have tried to purchase a condo with an FHA mortgage in the past couple of years have bumped up against a frustrating dilemma: the condo they want to buy is not approved for FHA financing. FHA condo buyers face a double application … More informaiton please visit here… by DaveBleasdale Question by caitlin: How do I know which loan docs to use Full docs, and SISA/SIVA, No Ratio for financing or purchasing a house? I’m a new loan officer & need tips to analyze loan scenarios quickly & smartly. Best answer: Answer by Casey CYou need good training. check out loantoolbox.com. it’s great service to help you understand these things. Here’s some basic tips though. Full doc is for people that state what they make and can prove it with w-2’s and paystubs. SISA is for people that are generally in business for themselves and have a tought time showing income or assets. SIVA is for the same but can show money in the bank. NO ratio is good for people that have a job or business, but don’t make enough on a monthly basis to show they can cover the payment, but they have enough money in the bank to show they can make the payment one way or the other. It’s all about getting as much info as you can from your client and figuring out what fits them best. Know better? Leave your own answer in the...
Read Morehow do i get a no proof of income mortgage loan?
Question by jasonhpi: how do i get a no proof of income mortgage loan? what banks or lenders still do this? Best answer: Answer by DR + Mrs Bears faceThis sort of mortgage is very expensive and there are some loan sharks out there. Do take care if you decide to go that route. Add your own answer in the comments!
Read MoreObtaining Cash Out Financing Two Months After A Short Sale With Hard Money Loans
Stated Income Loans Are True Lifesavers 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, thumb 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 loan 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, cost 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, case 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?. 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. 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. In Florida, you ne?d to find ju?t the right pers?n who knows h?w to get the best stated income self employed loans possible. If y?u are a self-empl?yed borrower in Flor?da then you wi?l have your own set of issu?s getting a mortg?ge that other peop?e may not have. One of ?ur professional Florida mortgage specialists can help you with ?our stated income ?oan and get ?ou the house that you have ?our eye on. Don’t let the fact that you ?on’t have a W2 job and that your loan will be paid ?ff using self ?mployment fund stop ?ou from getting ?nto the home ?f your...
Read MoreCity offers no–interest home repair loans
No way, symptoms what is ed no how, sick no bailout. Image by jakerome No way, website like this no how, no bailout. Please Digg. I’m calling my congresswomen and telling them I do not support this bail out. I’m a registered Democrat, but I think this is the rare issue that truly crosses the party line. There are many reasons I oppose the bailout, and I’ll hit them one-by-one. 1) It rewards the bad actors who got us into the mess in the first place. First, the people who bought houses that they knew they could not afford. Second, the lenders who made these bad loans without caring about the likelihood that they could not be repaid. Third, the insurers who bribed the government to not call credit default swaps (CDS’s or mortgage insurance) insurance, thus relieving them of the obligation to keep cash on hand in case they had to pay the off the insurance policy. 2) The government will undoubtedly overpay for this debt. The problem is two-fold right now: these loans are worth somewhere between .30 and .80 on the dollar, and no one wants to buy them at any price. So now the government will come in and rescue these irresponsible lenders. Guarantee you that the feds pay 50% more than anyone else would be willing to pay for this debt. 3) It doesn’t solve the root problem. Are they going to require oversight of CDS’s? Will we start regulation & oversight of the shadow banking system? If not, this problem will just repeat itself in 5 or 10 or 20 years. 4) We’re rushing into a solution Good solutions aren’t developed over a weekend or two weeks. Whatever band-aid bail out they come up with will be loaded with unintended consequences and will lead to hundreds of billions in extra spending beyond what anyone anticipates. You can take that to the bank. 5) Scare tactics are being used by the administration to coerce congress into giving the president massive new powers I’m sorry, but didn’t we just leave that party? 6) Once the government owns the debt, borrowers will be much less likely to pay if off. Think about it– all these problem borrowers are from the people who overpaid for their houses and borrowed more than they could ever afford. And the government has been going on for over a year about how we can’t kick people out of "their" homes and onto the street. Now, all of a sudden these people are going to be stiffing the government & we’ll own the houses. Any bets on whether we ever evict ANYBODY? This is a giant signal to the borrowers that they can STOP paying their mortgages immediately, because the government is coming to rescue them. The solution will probably be to write off the debt 100% and give the houses to the current occupants. Seen on the web: www.fernyreyes.com/?p=18 ballotvox.prx.org/archives/645/trying-to-understand-the-b… www.npr.org/blogs/money/2008/09/take_picture_post_online_… www.biggerpockets.com/renewsblog/2008/09/29/700-billion-c… mortgage-buy-home.com/2008/09/29/700-billion-can-we-handl… unpostoaparte.blogspot.com/2008/10/pagare-i-mutui-o-compr… trouble.philadelphiaweekly.com/archives/2008/09/i_often_h… news.cnet.com/8301-17852_3-10091189-71.html www.wisebread.com/when-will-the-bailouts-stop-a-summation… www.thumbjockey.com/blog/2008/10/desperate-times.html germaine.wordpress.com/2008/11/12/my-day-in-pictures/ globaldenny.livejournal.com/89663.html rarestnews.com/bailout_banks svmomblog.typepad.com/new_jersey_moms_blog/2008/12/rtp-th… www.rickety.us/2009/02/paul-on-politics-market-versus-gov… yinvsyang.com/what-do-you-think-of-the-bailout/1219/ www.northbynorthwestern.com/2009/02/20237/why-you-should-… www.allthebs.com/2009/04/your-outraged-yet-teabagging-pic… www.quietthethunder.com/2008/10/people-you-need-to-start-… www.biggerpockets.com/renewsblog/2009/09/09/world-order-g… For more homes click here… City offers no–interest home repair loans … no-interest home repair loansCorvallis Gazette-Times gazettetimes.com. September 19, 2012 10:30 am • Corvallis Gazette-Times · (0) Comments. The city of Corvallis is offering zero-interest home repair loans of up to $ 30,000 for Corvallis homeowners. If you would like more informaiton please visit here… Homeowners must act fast to get out of a sticky home loan situation Your husband's aunt would not have to worry about having a loan on a home she no longer owns and you would have a...
Read MoreHorizon Technology Finance Closes $7 Million Venture Loan to SolarBridge
Qualifying For The HARP 2.0 Plan-What You Need To Know About The Process The home affordable refinance program 2.0 HARP is a part and parcel of the “Making Home Affordable” plan initiated by the Obama administration way back in early 2009. The federal schedule allows distressed homeowners to refinance homes even if they … For more informaiton please visit here… FHA Loan Modification Program — Follow These Guidelines To Get Fast Approval Mortgage loan modification and loan refinance are all a part of the making home affordable program wherein the Government initiated a strong back up for the struggling homeowners that would help them get up on their feet and repay the loan without any … For more informaiton please visit here… Reverse mortgages risky for boomers? Depending on one's age, visit web a Saver borrower will receive 51 percent to 61 percent of the home's appraised value or of the FHA loan limit of $ 625, what is ed 500, what is ed whichever is lower. The Standard's loan amount ranges from 62 percent to 77 … According to All Reverse … If you would like more informaiton please visit here… Question by SadToday22: Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read More*? I have owned my home for 5 years, about it refinanced for debt consolidation twice, site the last time being in 2005. I technically have an ARM loan that was supposed to adjust over a year ago but due to the failing economy the automatically made my ARM extended with no adjustments until 2014. I am struggling to pay all my bills, visit web however I have not gotten behind on my mortgage payments whatsoever. My DTI is very high and my husband filed bankrupsty on his credit card debt after he lost his job a couple of years ago and went unemployed with no unemployement pay for 6 months. He tried continously to find work and was damn lucky to get the job he has now. In the mean time I had to take a pay cut and a HUGE cost of health insurance increase. Between the two of us we were doing much better financially 5 years ago than we are now even though we planned 5 years ago to have our annual income be double what it actually is thanks to our poor economy. ANYWAY, because of all of this he has crappy credit, I have very high DTI ratio due to student loans and my home is not worth the $ 97,000 we owe on it, I would imagine it would be worth more around $ 80-85k. What is this new program? My mortgage company said it is coming soon and I read over the documents they provided me with but it seems like a lot of jargon. My mortgage is through Wells Fargo. Is what I am hoping for is for them to refi me at a lower monthly payment OR at the very least just make my ARM fixed for minimum 15 more years. What do you think my options are going to be? Best answer: Answer by kcgpuliceOne reason I don’t think you would qualify is because you have to owe between 80% to 105% of your home’s value. You owe more than that, sounds like. Read some of the facts sheets here, http://www.financialstability.gov/ I worked with Wells Fargo too. They are clueless about what this program is. All the counseling numbers I called, they are cluesless too. But if you call your state’s HUD numbers from the MHA website, they...
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