Ok Guys, my homebuying Journey
Ok, last month Feb 24th, I finally worked up the nerve to go see a lender about purchasing a home, the lender pulled my scores and my scores passed. The only thing that is on my Experian credit report is an old phone bill,( have an arrangement PFD on March 15th, got in writing too). AND two payday loan accounts that are not mine, I have been fighting with the collection agency for almost 2 years. Anyway, with my income which is between 20,000 and 23,000, the lender told me I would qualify for at least 55,000 home, and a FHA loan and a program we have here with the city for a downpayment assistance program, and another program called Georgia Dream, with downpayment assistance and home renovation. She told me to sit tight and she will handle the two false accounts on my credit report and when I pay off my old phone bill collection let her know so she can update my report. In the meantime I did find a house, a foreclosed home 3 bedroom, 3 bathroom, double garage, huge back yard, etc and it's listed for 47,900. My question is, is it possible to shop for more than one lender or do I need to just stick with one to see what she can do for me. Really i'm the one who has to call her all the time and it really seems like she is dragging her feet, and will it affect my credit if more then one lender pulled my credit report. I am really ready to get the ball rolling on this.
Categories: mortgage Tags: bill-collection, city, collection, credit, credit-report, georgia, georgia-dream, handle-the-two, income, lender, scores, will-it-affect
USDA and income question
I am thinking of trying for a USDA loan.I have a question though.I took a second job last year for 12 weeks to help pay off bills (stopped it March)I had no second job the year before and do not have one this year.That job put over the income qualifying but if not used I qualify (even with overtime)Also last year I received a retention bonus from my 1st job and this year they I will not. Anyone any input on this ?
Categories: mortgage Tags: income, last-year, not-used, off-bills, over-the-income, retention-bonus, second-job, year
Trying to help a friend from pulling out her hair-long
She has an offer on a short sale and countered the banks offer. The mediator said 1 week for an answer- he said he would counter and her offer looks great-so she did it. It has been over 2 and no word yet. Her realtor hasn't returned any of her calls for an update. Yes she is going through a "slow" bank. Being so close has her frustrated. The process has taken 4 months longer- due to a second on the property and she has been paying $500/mo more in rent for a month-month than a lease, taking away from down$. I have read that a second approval is valid for a short time. Is this correct? She has done everything she can-LO ready and all that. One red flag I see is that the LO wont give a GFE until he has a final contract to go off of. He gave one before the new GFE law but not after(even with requests.) Last communication with realtor she said she had to watch her income. I know she is within guidelines of the USDA so dont know where that came from. Also with that program one needs minimal down right? Excess closing costs are rolled into APR of the loan correct? Thank you Members and Mods for a great site and TIA for advice.
Categories: mortgage Tags: before-the-new, closing-costs, correct, frustrated, income, mediator-said, needs-minimal, property, second-approval
FHA Loan
Went to start preapproval using FHA and wanted to do on my own not using my wife. My wife got the loan in her name on the home we live in now. Iam not on the loan so wanted to get another home due to spitting up and LO told me FHA mandates a spouse be on application then quick deed off after closing. Never heard such a thing always heard you can buy as a married person if the spouse signs off as no ownership in home and not using his or her income for repayment. So what Iam asking is it possible to apple for FHA loan just using my info. not using joint application. Message Edited by marsantay on 03-09-2010 01:14 AM
Categories: mortgage Tags: her-income, income, loan, married-person, message-edited, spouse, the-loan, the-spouse, wife
FHA and income question
My loan officer emailed me today and asked me to file my income tax for 2009.I hadn't planned on filing until after closing.She has my W2"s.She said I can't make as many deductions as I made last year because it drops my income and the FHA loan is based on my taxable income after all my deductions. I thought it was based on your gross income.I donate to charity,have children ,mortgage interest payments,work/education costs etc.I base my deductions every pay on these.If I don't take them I will have to end up paying taxes. Does this seem normal ?
Categories: mortgage Tags: deductions, education-costs, gross, income, income-tax, loan-officer, mortgage, taxable, taxable-income, year-because, your-gross
home loan with bad and good credit
my score is 530 no credit cards only student loans and collection on my history but my wife's credit is good with 700 fico she got few cards but she have no income , my income is 50,000$ a yr and we looking to buy a house worth 100,000$ i have 10,000$ for down payment now i want to know if we can use my income and her credit to get approve for loan ... and if any one know a lender who is willing to help out plz let me know thanks
Categories: mortgage Tags: credit, credit-cards, few-cards, get-approve, help-out-plz, her-credit, history, income, payment-now, score
IRS Tax Lein On Current Payment Arrangements
My wife is the only one applying for a mortage loan through NACA as I am not working currently ( unemployment ). She does qualify on her own with her income and her credit score is fair. My name also will not be on the Title. Although, she is the only one applying for the mortgage both our credit and debt were included. To make it short I have a IRS Tax Lein (which is only under my name before re-married) that shows on my credit but it has been on a monthly payment arrangment for over 1 year now. It is over $9k My question is, will we get NACA approval if its on a current payment arrangement ? Another issue is: Under my current wifes name she has a Wage Garnishment and we planned on paying that off before we close escrow. Do we need to pay this off before NACA approves us or is it possible to get approval but just pay it off before close of escrow ? What are NACA mortgage policies on these issues as presented above. I would appreciate anyones response
Categories: mortgage Tags: approval-if-its, current, current-payment, does-qualify, income, monthly-payment, mortgage, off-before
Non tax breaks U/s. 80IA for telecom companies offering 3G …
The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. Benefits under Section 80 IA are extended to companies involved in infrastructure ...
Categories: Telecom Tags: breaks-under, claim-tax, companies-involved, companies-offering, government, income, section, Telecom
Do you think we will qualify?
**Sorry my original message was blank, I mistakenly hit enter or something and it posted my message without any text** OOPS! My finance and I will be applying for a loan this coming Monday. We are looking to finance about $350k with a purchase price of $375k. The home is new construction and recently appraised for $430k. Here is our financial picture... My FICO scores are: 740 TU and 749 EQ. I recently paid off (or down to very small balances) all credit cards and paid off my school loan...those payments don't show up on report I ran last night though. My only monthly expense now is a car loan at $365 a month. I had income of $42,300 in 2009 and now will make $43,000 this year. My finance's scores are: 688 TV and 704 EQ His scores are typically higher than mine, but in November he went to Jared's and bought a very expensive engagement ring (getting married in June!). So, having a very high revolving credit balance really hurt his scores I guess. The good news is that he paid it off about a week ago, along with all credit card debt. Now, his only monthly debt is a school loan at $480 a month. One other potential problem is that he is a self-employed attorney. In 2009, his income was a little over $80k and this was his first year self-employed. However, in 2008, he had some medical problems and only had income of $32,500, which was not from self-employment. In 2007, he had a salary job and also worked out of the home and ended up with income over $125k. I guess my question is...1) will his scores hurt us? 2) how long would we have to wait for his score to be updated to show that his revolving credit balance is very low now? and 3) will his 2008 income hurt us? He is having a good 2010 already with income so far of $25k. Oh by the way, if we do qualify we can also qualify for a 3-2-1 buy down program offered in our State. My understanding is if we can get a 5.15% rate, the first year it will be 2.15%, the second year 3.15%, the third year 4.15% and 5.15% thereafter. I can't want to hear your thoughts!! Message Edited by wvgirl on 02-26-2010 06:38 AM Message Edited by wvgirl on 02-26-2010 06:40 AM Message Edited by wvgirl on 02-26-2010 08:12 AM
Categories: mortgage Tags: edited, financial, getting-married, income, message-edited, other-potential, revolving, school, scores, thoughts
Not married….can my income be used for the FHA loan?
My boyfriend and I are about to apply for an FHA loan. Problem is, I'm not sure if my scores will be high enough. My Transunion is 622, Equifax is 619 and who knows what Experian is. All of his scores are good. We would both like to be on the loan, but if my scores aren't good enough and the loan is only in his name, can we still use my income to qualify for a higher purchase price? Also, if my income can't be used; can money from my saving account be used to help with the down payment. We have kids together and most of our money is used together, but we have each saved about $9000 in separate savings accounts for our down payment. Message Edited by AMMMYDALLAS on 02-24-2010 05:37 AM
Categories: mortgage Tags: higher-purchase, income, loan, message-edited, money, purchase, saving-account, scores, transunion, used-together