Does anyone know a solid source that lists the current chapter 7 income thresholds by state? ... View more

Im going through the construction-perm loan process.  I have no actual experience with this product, and there is very little information about them on the web.   In an effort to not look like such a novice in my dealings with the lender and builder, Im trying to find out if there any restrictions on what, or how, the funds from the construction loan can be used.   There are somethings I want to do with my build that my builder may not offer. For example, the lot is a lakefront lot and I would like to have a deck/pier built. The builder does not offer this service.  Am I allowed to find a contractor that does and use the funds from my construction loan to pay him? Or would it have to somehow go through the builder.   Thanks ... View more

I plan to apply for a mortgage in Feb 2016.  My wife will not be on the loan. We share a bank account. Her employer does direct deposit to this account.  My direct deposit is set up to a different account, in Chase bank.  CHase has my current mortgage and I mainly only use this account to transfer my mortgage payments and pay few small bills.  We both also have 1099 income from our side jobs. Checks from the side jobs are usually deposited in the joint account. I plan to use both my1099 income as qualifying income when I applly for mortgage.   My question is, how or will an UW divide our money?  What should I be doing now to make the process much smoother and clearer when its time for me to app in Feb 2016.     Thanks!       ..... ... View more

Trying to figure out which amount on W2 will be used by UW   My gross is the highest figure on the W2, but after 401k and medical deduction my that amount is lowered and is what is the number entered in box 1 on the W2.   Example, my true gross is 70K, after 401k and medical my net is 50K. 50K is the amount in line 1 on W2.    What would an underwriter  consider my annual income to be?   thanks! ... View more

I initially got my Costco membership in March 2009.  However I let it expire for a while.  I renewed my membership in Sept 2014.  My newCostco card still has my 3/2009 date.on it.   Last week I apped for the Amex Costco card. I got the 14 day message.  I took it I was denied.  Today in the mail I was quite surprised to find my new Amex.  The member since date is 15.  My question is, should I Member since date be 2009, since thats when I first became a Costco member.     Thanks! ... View more

Went on a mini app spree last week, as I wanted a card with a 0% promo.   Chase Freedom:  Denied.  Got the 14 day message online.  Decided to call the backdoor number the next day.  According to rep, I was auto denied due to 9.25yr old BK-13.  But because it was so old she placed me on hold and tried to get me approved, came back and said she couldn't do it becuase I had high (42%) util and balances on too many cards   Discover:  Denied. Didnt recon   US Bank Platinum:  Approved!  $5k Limit  0% for 12 months     So now I have a question about BT's as I have never done them.  I have about 4500 in balances I would like to move to this card.  My question is do CCs freak out when you quickly max out card via BTs.  Or do they only freak out when its done with new purchases.  Should I only transfer $3K or maybe less, or do CCC's treat BT's a little different than purchases.     Thanks!     ... View more

I plan to apply for a mortgage in Feb 2016. Wife will not be on loan. My wife & I are both employed (W2).  On the weekends we do some part time sub contract work (1099).  We do occupancy inspections for banks. Wife does all the admin work, and I do all the field work.  We are not incorporated or anything, as this work is only good for about $16k a year before expenses. We operate as sole propietors. The contracts we currently work under are all in her name.  The checks we get from this work all come in her name and are deposited in my checking account. The account also has her name on it.  I dont think its a joint account, I added her to an exiting account as the bank would not give her account at that time.   We have always filed serperate returns.  In the past, she would show 20% of the 1099 earnings on her return, and I would show 80%. We do this by having her show me as an expense on her schedule C.   My question is, will all this cause an issue when I begin to seek a mortgage.  I plan to use the 1099 income for mortgage qualifying.  Is there anything we can do in 2015 to better show that 80% of the income is mine, and we are not playing games.  Will past years tax returns be enough, or is there more that I can do.   Thanks! ... View more

I will soon be applying for an FHA Loan.  My DTI is heavily impacted by an installment loan I currently have.  Its a 36 month loan and I am in month 22. By the time I ready to apply, I will be  approx. in month 28. I have seen a few older articles that state installment loans with less than 10 months remaining are not counted towards the DTI calculations. Is this the case for all FHA lenders or does it vary from lender to lender?    Thanks ... View more

Wife and I are considering purchasing a 2nd home on a lake. The mortgage for our primary home is in my name only. Wife is only on the deed.   1. If wife apply by herself, would the new loan be considered,by the potential lenders, as a 2nd mortgage for her.    2. Would the property being her secondary vs primary home make any differnce in the qualifying process, if  only conventional loan products are beinf considered.     Thanks     ... View more

Hi All,   Im trying to determine which, if any, 0% 12-18 month intro rate card I should go for. Would love to hear from anyone who like me has less than perfect credit and have tried for 0% card recently. I'd be wanting a 3000 CL. . Here are the details of my CR. I know EQ & TU are my best chances.  For the most part Ive been waiting for old baddies to go away.But I am currently in a situation where I could benefit from having a 12-18 month,0% card. Here are my scores from myfico. I plan to app late March to early April.   TU Score 646   Hurting score: (1) 2 accounts 60 days late or worse and 4 collection. (2) 46% Util, (3) Short credit history. Oldest account 7yrs, AAoA 3yrs. (4) accounts with missed payments   Helping Score: (1) Recently paying bills on time. Most recent late payment happend 5 yrs ago. (2) Collection on CR happend long time ago. Most recent collection occured 4yrs 3months ago     EQ Score 632   Hurting score: (1)Serious delequincy 3 accounts 60 days or worse. 1 PR which is an (8.5 yr old dismissed BK-13). (2) 48% Util. (3) 7 accounts showing missed payments. (4) Short histry. Oldest account 9 years 2 months. AAoA 4yrs.   Helping score: (1)Recently paying bills on time. Most recent late 4.8 yrs ago. (2) Many accounts in good standing. 12 accounts showing paying as agreed.       Highest CL on bank CC is $2500 Choice Rewards 11 months old. Highest CL on a store card is $5700 2 yrs old. 2yr old mortgage. Oldest open CC is 6yrs old. One 11 month old inq on TU. 3 inqs on EQ, oldest is 10 months and yougest is 6 months.   Util will be be about 25% when I plan to app.  Pobably lower. In the past my TU has come close to 700 when util is under 30%. I think my TU score will be 695-705 at time of application. While my EQ score will get up to the 675-685 range. I know scores arent everything and some CC's have certain things that can cause you to be automatically denied, which is why Ive supplied as much infor as possible.   Is there a 0% intro card I would have a shot at? ... View more