Is there any lenders who do not go by the fannie freddie guidelines for home loans?
Question by deery13579@sbcglobal.net: Is there any lenders who do not go by the fannie freddie guidelines for home loans? Needing fha home loan. Need to find lender who will not go by fannie freddie guidelines because my pay is through tip income. I claim every bit of my tips so amount of income is not a problem just time with employer to be able to count tips. So does anybody know of any banks or credit unions who can help. Best answer: Answer by glennIf you want a non conforming loan you would need to put at least 20% down- probably more. Give your answer to this question...
Read MoreThinking Of Buying A Home In 2010 Or 2011?
An Overview On Commercial Real Estate Loans Who are stated income mortgage loans m?ant for? For the most part, website like this 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, erectile 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, viagra 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. 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 Stated Income Loans 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 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?. 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 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...
Read MoreHow can I get money out of my 401k for a home downpayment without child support taking it first?
Check out these mansion images: Mansion Facade Image by Steve Parker Searching along the front of the mansion, abortion buy more about previous the entrance with the new griffins in attendance. For far more houses click right here… Mansion & Boats Image by kahunapulej Mansion and boats in Rhode Island More excellent houses click here… Question by tvan: How can I get money out of my 401k for a home downpayment without child support taking it first? I need a down payment for a home loan due to a separation. The child support agency takes any money I am entitled to. Tax refunds, for sale severance pay, pilule etc. My 401k is all I have left to put a down payment on a home. Is there anyway to get around the child support nazis and get the money to a bank for a downpayment? Best answer: Answer by rtfmThe child support agency only takes the money your *CHILDREN* are entitled to. It might mean renting for a while instead of buying, ambulance while you get your legal obligations to your family taken care of. If that’s what it means, then that’s what you have to do. Taking money out of your 401(k) for *any* reason is a bad idea anyway. You’ll pay regular income tax rates on what you withdraw, *plus* another 10 percent penalty. And then you’ll wind up with no money to live on once you retire. It’s just a really poor choice. Add your own answer in the...
Read MoreStated Income Home Loans
How To Play The Mortgage Game If You’re Self 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, prostate 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 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?. 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 dreams. 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. 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...
Read MoreI have a va home loan certificate for the amount of 30,000. Does the certificate serve as a down payment?
by Jon Haynes Photography Question by bobieduval904: I have a va home loan certificate for the amount of 30, cheap more about 000. Does the certificate serve as a down payment? I am looking to purchase a home, cheap and i am unclear about the certificate i recieved from the Veterans office. Is the certificate for a down payment. How do i go about using the certificate. And what is the max on a VA home loan Best answer: Answer by Busy Lil BeeGo to the Veterans Affairs website and enter your information it will give you the maximum loan amount. You nromally do not need a down payment with a VA home loan. Are you currently working with a VA Rep. on this and if so what have they told you about your situation? What does the VA certificate say exactly? Sounds like from what you have said – that VA Certificate would be your eligibility certificate. So when you are ready you bring that with you to the Bank or Mortgage Co. to get started with buying a home. A word of warning – VA can be very picky when they send in their experts to inspect the home you are bidding for. Expect that the older the home is – the longer the entire process is and it can be a big pain for both buyer and seller. Meaning if their inspectors (electrical, plumbing, etc.) see any possible needed repairs expect VA to demand those repairs be fixed before the deal goes through! Good luck! What do you think? Answer...
Read MoreWhat does it mean when my lender says that my “loan package has not been released”?
A handful of nice condominium images I located: Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Business 100 Image by FOTOLOCO! Fotoloco photo booth images @ The Alexandra Condominium Halloween Party | Ortigas & Firm | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see far more houses click right here… by Vietnam Plants & America plants Question by Emiliana Sanjetti: What does it mean when my lender says that my “loan package has not been released”? I am scheduled to close on my home today, mind but the loan officer says that “there is not a problem with the loan but the pacakge has not been released”. I am getting a 100% financing disaster home loan through FHA. I am told that this is why it’s taking a little longer. He doesn’t do a great job explaing things so what does this mean? Best answer: Answer by JeanbugWhat he is saying is that the loan application is still sitting over at the underwriter’s office, more about for whatever reason. If you’ve done your part, then they are most likely waiting for some missing information from the government. What do you think? Answer...
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