Community property state and mortgage question
I will just be applying for the loan in my name but since we are in AZ I understand that my wifes credit card debt will be considered into my ratio, what about any charge offs she has under her name or collections? What if the cc debt is on a card that she had since before we were married? Thank you!
Categories: mortgage Tags: card-debt, her-name, loan, ratio, since-before, the-loan, wifes, wifes-credit
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
applied for FHA loan; now waiting…
I finally decided to bite the bullet and apply for an FHA loan. I think I'm in pretty good shape except for one major hurdle (and quite possibly dealbreaker): a federal student loan that's in default. I've been rehabbing the loan for 20 months now and no lender has been found, so I'm just stuck. I explained the situation to the LO and they said they didn't know what would happen and suggested I apply and find out before deciding to consolidate (this is a definite option to get out of default, I was just hoping to avoid it). I guess they can possibly tell me to consolidate and make that a condition for approval? I'm hopeful that my almost two years of timely student loan payments will mean something to them... There are no negatives for student loans on my credit, but obviously I declared that in the loan app and provided an explanation. With this situation I'm sure a manual underwrite will be in order - how long does such a pre-approval generally take? Also, they sent me the loan app but didn't ask for documentation yet - think they may be trying to answer that question before asking for the documents (paystubs, bank statements, etc.)?
Categories: mortgage Tags: bank-statements, been-rehabbing, before-deciding, bite-the-bullet, definite-option, federal-student, finally-decided, generally-take, loan, loan-payments, question-before, student-loans, timely-student
Got My Pre Qualification approval What is next?
I submited my loan through MY local retalor for a modular home and got the initial OK pre qual. When I called the finance manager he said they got a Electronic Approval from Wells Fargo for a 30 year FHA loan. I fowarded the info they requested and spoke to the manager again and he said I should have a loan package together by weeks end and they will order a appraisal on the land. What does this mean?? Are we almost set to have the loan close? What is in the package they are preparing for us?? Please help New to all this process
Categories: mortgage Tags: finance, finance-manager, initial, loan, loan-package, loan-through, local-retalor, manager, modular-home, package, the-initial, the-package, wells-fargo
automated underwriting system
Hello All, I received an "accept" through Bank of America's automated underwriting system and then they ordered an appraisal and sent my file to the underwriters. I'm Nervous---what are the chances that my loan can be denied?
Categories: mortgage Tags: america, automated-underwriting, chances, file, loan, underwriters
yes another of my chances?
I just put a bid in for a house that need a FHA rehab loan. it is listed for 177000 i offered 100,000 was told that it needs about 40 grand in work. was pre approved about 6 months ago but have been told i have to go through the bank that has the forclosure for the pre-approval. I earn about 40,000 a year i have about 20,000 for the down payment about 5 years ago i had a couple charge offs but have 0 balance on all my cards now and have had them paid off for a couple of years, car and motorcycle paid off also current scores are as follows exp 711 equ 723 tran 711 if i understadn ohw hte loan would work if they take the bid at 100,000 the loan would be for 140,000 with 20 down? now the question is could i go up to 120 for the bid if they dont take the 100 the loan then would be for 140. that is if i am right about how the loan works. thanks for your help
Categories: mortgage Tags: cards, current-scores, forclosure, loan, motorcycle-paid, offered-100, take-the-100, take-the-bid
Renting out non-investment property
If I buy a multi-unit house with an FHA loan, is there a problem renting out one of the units right after closing on the house, especially with the PMI (paying less than 20% down)? Or do I have to declare the property as an investment property when I am applying for my loan to do that?
Categories: mortgage Tags: declare-the-property, investment-property, loan, paying-less, pmi, problem-renting, renting-out-one, the-house, units
Loan Modification and Recovery Process
Has anyone been able to get Wells Fargo (or any other firm) to remove a 30 or 60 day late pay status after perm modification? I would think getting the comments removed "paying partial payment as agreed" shouldn't be a problem after restructuring the loan but I am wondering what the trend has been with the late status reporting. .
Categories: mortgage Tags: after-perm, firm, late-status, loan, pay-status, paying-partial, the-loan, the-trend, trend, wells-fargo
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
Reduced Income is leading to Mortgage Problems
Hi out there. I'm facing an overwhelming situation and have been trying to work it out on my own but I discovered this great site and am hoping to get some advice/input/info etc about what options to take. Here's my situation: Live in Virginia and while I was younger (5 years ago) I got way in over my head with credit card debt. So to start fresh I filed a Ch. 7 bankruptcy and began to steadily work hard to rebuild my credit. Then about 2 years ago, when I was making very good money and had improved my FICO as much as I could with a Ch 7 I was able to buy my house. Things were going great, paid all my creditors on time, always paid more than owed etc. Then I lost my job with no warning in Sept 2008 and was unemployed for 5 months. I ate up all my savings trying to keep up with my mortgage payment (which when I bought the house was less than a third of my monthly income) but in January 2009 I fell behind. My mortgage company at that time stated they didn't participate in any "modification" options but did work out a forbearance with me. I have since found a job thankfully but my income has been slashed over 50% compared to what I had. Plus the "forbearance" to pay off the past due amount has increased my mortgage payment and said payment is 68% of my monthly income. I've tried everything I can to increase my income/reduce debt (2nd job, slicing all services to bare minimum etc) but I'm obviously still struggling. And since I fell behind on all my debt due to my unemployment my FICO has plummeted to 513(mid score), so all other financing options are a lost cause due to the credit crunch as well as the reality any financing I get will end up costing me more in the long run than my current situation. I've contacted my mortgage company to see if they would do an extension of the loan (40 years) to lower the payments but have to receive any type of response. So where I need the community...What options make sense?? Is Ch 13 an option since I filed Ch 7 just 5 years ago and if so would it really renegotiate my mortgage payments?? And since my score is already so low would it really affect it much more?? Is there anyway to force my mortgage company to modify my loan if they're not one of the banks mandated to do so?? Should I just walk away since it's been a year and I can't get my income up where it needs to be?? And if I walk away, what's the best way to do so?? Short sale (in this market?), deed in lieu or foreclosure (again with the same question about how it would affect my already nasty score). Can I still be held responsible for the mortgage if in forecloses in VA? If I do short sale/deed in lieu/foreclosure, how long do they usually take and do I have to keep up with the mortgage payments during any of those process's until i vacate the premise?? Update: Spoke to Mortgage lender who stated they can not modify my loan at all due to it being deliquent and therefore exceeds the orginal purchase cost(???). My roommate has a family illness and may have to move out therefore reducing my income even more. I know that I gave A LOT of information and asked A LOT of questions, but I'm lost and struggling with my decision so any help/info is so greatly appreciated. It's amazing how quickly life can turn around on you and while I know I'm not alone out there, it sure does feel like it sometimes. So thanks to all who respond to this.
Categories: mortgage Tags: affect-it-much, credit, credit-card, fico, house, income, loan, mortgage, virginia