Lastest No Doc Home Loan News
Deals are just harder, order mind but why? It would be easy and cheap (and not very popular with me) to blame the lawyers for this, but there is something more, and very tangible, going on here. Commercial real estate was never graced to the “No Doc. Loans” that made the housing market the … For more informaiton please visit...
Read MoreHi, does any one offer income stated mortgage loans now in OH?
Question by yourtruckerfriend: what are the specific rules for truckers to get an fha loan? Im a first time home buyer. I am a otr driver. I am out working 355 days a year. I take 1 week off to visit family back home. The dept of transportation allows me to deduct from taxable income a flat rate of 45? dollars for everyday im out on the road..away from my home state. I claimed about 37.00 a day..itemized on my return. I also have other deductions to my taxable income. The issue is.. my mortgage broker is stating that the underwriter is making me show my tax returns for 07 an 08 to see IF i qualify for a home loan. I made 53k , pilule web i had 20 k in deductions. I couldve taken more but thats a gray area , more about recpts etc.. anyway.. i am NOT a self employed person.. i have w2s. I applied to the underwriter , find got approved for 72k. I negotiated the purchase price, and such.. got my loan down to 56k & seller contribution of 2k, add in an 8k rehab loan, brings my tally to 64k, add in 12k closing etc. bottom line. my mortgage guy locked me a rate at 5.5 fixed 30 etc. amaZing..its till the 1st of march.. Our closing goal is the 20th of feb.. as i said i had a preapproval.. i signed a contract , (theres alot more details about the contract).. paid for inspection, and appraisal. now mortgage guy TIM.says he put off ordering the survey as i may not qualify now.. I ask why am i being forced to show tax returns, just because my occupation is trucker?.. if i made 53k a year and say paid rent equal to my truck pmt.. 652 , and ,my util budget is 232 a month. I make around 4144 a month. I gotta eat, like eveyone else..only i get a tax break on daily expenses.. meals etc. My mortgager lied to me saying an appraisal had been ordered when it has not ..that was 9 days ago.. now i found out that the realtor.. MY realtor stated ..c.mort group has ordered the appraisal, then see hand writen order but am told by morgage co. that it wasnt ordered. everyone else whos not a *truck driver..gets to take w2s to fha and show bills etc, get a loan. but for I .. i am required to show all my tax return even tho i am not self employed and i get most of my tax pmts back by itemizing.. well the house sits and i am left with 725 spent for inspection and appraisal and now even tho i had a prequal letter, a signed contract and 30 days into the process.. my mortger says i dont qualify.. is there a way around this. thru it..etc The purpose of buying a home now is the market, my age and family needs. I plan to be home more and my work is slowing down a bit. Ive been a driver for 7 years. didnt want or need a home, stayed out on the road. cheaper. independant now.. my family has no housing.. i have the ability to have a full house again. and yes..tax deductions.. equal amounts better investment.. the reason the underwriter is asking for the returns…because i stated truck driver as job. i also wonder..could it be also because im female? if only my ahem.experienced mortgage broker listed me as freight engineer or relocation specialist or professional commodity relocator..? im just...
Read MoreIf You Can’t Pay Off Your Student Loans, Your College May Sue You
The Stated Income Loan Program Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, buy 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, purchase 000 ? month it may raise some e?ebrows in underwriting. 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, visit this site and was typically self-employed. Appl?cants were qualified u?ing their “stated “ annual income 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?. 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 Stated Income Loans 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 dreams. 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. 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 loan 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...
Read Moreis there such a thing as a “no down payment home loan”?
by Renegade98 Question by Tinactin: is there such a thing as a “no down payment home loan”? Sometimes there is way too much info on the internet – lol – has anyone out there ever actually received a “no down payment” home loan? Best answer: Answer by bud68Very rare now except for VA loans. Add your own answer in the...
Read More[F1 News:]The Best Equity Home Loans to the Rescue
by sillydog The Best Equity Home Loans to the Rescue Article by Adam Hefner For more informaiton please visit here…
Read MoreWhat is the best Personal Loan Income with no credit check?
Some cool massive residence images: Beach and Huge Residence Image by Linda N. Perched up on the cliff is the "Big Residence" where we had our workshop. If you would like to see far more homes click here… Question by RAJAN s: How to refinance a HARP Loan? My mortgage is underwater by 15%. I refinanced my mortgage (30yr conventional) from 6.5 to 5% through HARP loan process (Wells Fargo/ Freddie loan). I know that HARP loans cannot be refinanced under HARP. Is there any new government program that lets me refinance to lower interest value? I pay my mortgage on time and cannot demonstrate hardship. Best answer: Answer by STEVEN FWhat you ‘know’ is FALSE. HARP was a SPEECH given by President Obama. There was NEVER an actual program. Each bank made up their own ‘rules’ to deal with people that THOUGHT there was an actual government program. There is a new SPEECH, approved but unless Congress passed something I missed, there STILL is not an actual program to begin with. What do you think? Answer below! by eyewashdesign: A. Golden Question by Jeffrey M: What is the best Personal Loan Income with no credit check? Best answer: Answer by bigappleCredit so something that is a value of your integrity to pay back. When you mess up and we all have done it in the past we have to straighten up what is wrong and correct it. I had bad credit for ten years and then I boucned back alive and fresh and clean history and bought a house. I will never go back to the way it was, rx but keep in mind that being financially responsible also means that you must look ahead for tomorrow and what it may bring and be prepared for anything that may arise. I keep Health Insurance on me and my wife with 80% coverage and a suppliment policy to cover the 20%. health issues is the number one killer that will haunt you when you get sick or even need surgery and when you immaculate credit, more about hospital bill will be your #1 KILLER and put you in the poor house quick and it destroys your credit. Be wise and always look ahead and expect the unexpected and this way I can assure that my savings in the bank will not be harmed and it’s there for the family not to pay pay huge hospital bills. Get back on the horse guy and walk that straight line or your forever doomed with bad credit and a history that will always haunt you no matter where you go in life. Good Luck! I speak to you from personal experience that nearly crushed me to death and lost my business I had to sale because I wasn’t mature enough at that time to see it coming. Now I have learned and spread my word to you. Be very careful how you choose to live with credit. Make sure you have all your bases covered to protect you and your family if your married or ever willbe in the future./ Know better? Leave your own answer in the...
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