small banks who dont sell their loans offer these to protect themselves against rising interest rates.     ... View more

@Anonymous wrote: i was wrong.  My Transunion score is 617 and Equifax score is 596.  Better than I thought.  What if he decided to try to get loan on his own.  He has pretty good assets.  The loan would be 194,000.   How hard would it be for him to qualify on his own. if he has the income to support it... then ok   ... View more

Letter of Explanation (LOE)   1. What happened 2. How did you deal with it 3. What steps have you taken to ensure that it is unlikely to happen again?   Above is the format for the letter.   Typically, the uw just needs it addressed and it doesnt affect the approval.     ... View more

yeah, we scrutinize EVERYTHING these days. to the point that it stops being funny after a while.   as for the business income. the mortgage lender will calculate income the same way you did for the irs. you didnt make money? then how are you paying for the house?   ... View more

in 12 yrs i have seen one lender do this. it was a regional portfolio lender they almost went out of business and stopped. LOL   ... View more

@Anonymous wrote: I am so confused. For fha and/or usda which score model is used. Fico 8, or fico 2, 4, and 5? Just purchased my husbands scores and he qualifies for usda with fico 2, 4 and 5 scores which say older version most commonly used in mortgage lending, but his fico 8 scores, the 3 main scores that populate when you purchase the 3B monitoring, he doesn't qualify. So which ones are used by most lenders for a home loan?! the mortgage scores.   i know it is confusing.  ... View more

with the prior history stable... the 3 months shouldnt scare the uw   ... View more

@Anonymous wrote: They demanded it's deposited into my personal account, they didn't really specify from whom, just said to do it. They said to pull the money out of our business account, give it to someone else and "pretend" it's a gift, have them sign a gift letter and deposit it into my account. <= mortgage fraud My husband's father can help us and go through with it, thankfully, but this will delay closing because it's not instant. But I am curious what kind of shady practice this is... I literally have an email from the lender requesting we do this.   And I realize they need proof of source, we have provided every single document they've requested and more. They could've told us from the beginning that this is not acceptable and they only take fake gift letters as source and we could've done that a month ago. Instead they kept requesting more and more documents. It's not like we couldn't provide them with something so they asked for the gift letter, no, we provided everything, and then, with no explanation, they demanded we do a gift letter. As in the email came and all it said was to execute a gift letter right there and then.   As for his job, it's a contract-to-hire position, contract is good until 2/2018. First they claimed nobody would respond to them when they tried to verify the employment. I called BS on that immediately because I have supplied the name and contact info of the person to verify it (it was actually given to us when we requested it), so I know they respond. Then they weren't clear on how contract jobs work (seriously?), so I had to explain. I can see if the contract ends tomorrow, or a month from now, yeah, they got something to worry about. And not like full time jobs are any more guarantee, you can get fired or laid off tomorrow. Prior to that they made a stink that my husband has previously worked for a company that no longer exists so they couldn't verify that employment even though we provided all W2s, tax returns for 3 years that had those W2s as income, and every single pay stub. So the government thinks it's valid that he worked there but a lender doesn't? But as soon as they stopped arguing that, they brought up his current job situation and tried claiming they can't verify it. After 4.5 weeks, 4 days before closing, this came up... What were they doing for 4.5 weeks?   In addition, 1.5 weeks ago we received a letter from underwriting saying we are approved contigent on finished repairs (done), providing payment schedule for my student loans (done), and couple of other documents (done, done, done). All done. Then we received a request for more documentation, then the job situation was brought up. I cannot understand what is happening.   ... View more

you should start a new thread for that. but yes. can you tell us more details in the new thread?   ... View more

you should start a new thread for that. but yes. can you tell us more?   ... View more

@Anonymous wrote: Hi, we are applying for a VA loan. Im a disabled veteran with 90% rating. VA is trying to push the loan through. No! Im not self employed. I am a truck driver. I took mileage, and depreciation. However, i received a compensation summary from my job last week which I didn't include on my taxes. I am not sure if I need to amend my return. It shows the amount that I have paid in health insurance and union dues which was 22k. I am paid by mileage so I m not sure if that counts as commission. I thought about contacting freddie mac to get their advice. the mileage deduction covers gas and oil/repairs. it is an expense. if you tell the irs you had expenses... you have to tell the lender the same.   we can add back the depreciation (un-deduct it from income) that might help   ... View more

do you have a realtor yet? can they refer you?   or just start calling   ... View more

@Anonymous wrote: All   Thanks for all the wonderful info in this forum. I'm almost at the finish line at least I thought. I am scheduled to close on May 19th. Underwriter just came back and asked if I filed 2016 taxes, I have filed an extension but I mailed it in and didn't make a copy of form. I can log in to the IRS website and it shows approved extension on file for 2016. My question is at this point can the underwriter make me file my taxes? I'm worried it might delay my closing. I am a W-2 wage earner.    What are my options, if he won't take that printout? Can I go to a local office to get something? If he makes me file, can I take my return to a local office?   I may be overthinking this, but this process is driving me nuts. I wish they would have brought this up earlier in the process. Appraisal is approved, just waiting on Title.    Thanks they cant make you file.   send the printout and see what else they might want.   this is no problem ... View more

@StartingOver10 wrote:   BTW, I have seen market rates down to 620 with no lender contribution toward your costs.  FHA interest rates aren't sensitive to credit scores like conventional interest rates. Having said that, individual lenders can, and do, have their own overlays.      they arent as sensitive as conventional.... but below 640 gets a rate adjust. and at 620 and 580 they adjust more.   but 5.25% seems high unless they are covering a lot of costs     ... View more

congrats!!  sounds like you EARNED IT!!!!   ... View more

congrats. you earned it   ... View more

you are not in a community property state   https://en.wikipedia.org/wiki/Community_property   ... View more

you can apply now. though not all lenders go below 640. many do   or   pay down some revolving to increase scores. you will see a little better rate   ... View more

if it gets added to credit it will show on the soft pull. and every lender i know will do a soft pull.     ... View more

50,000 / 12 = 4166 4166 * .45 = 1874   1874 minus 230 debt payments =  $1644 max mortgage payment   how much you qualify for will vary based on taxes and insurance where you live. ($1644 buys less house in high tax states)     ... View more

conv? fha? ... View more

that is the most outstanding article i have ever seen   ;-)     ... View more

never had a borrower close on a temp   and for the reasons stated above.... i wouldnt.   the builder wants YOU to pay interest on the incomplete transaction... instead of them.   i would say no   i also wouldnt get legal real estate advice from a forum. call an attorney   ... View more

@vinblastine wrote: Always ask for lender credits. My last 2 refinances only cost me about $800 at closing for a $240K loan. 30 yr fixed at 3%. I timed the market just right. you pay for lender credits in a higher rate over the life of the loan.   good short term strategy. bad long term strategy   ... View more

when you lock, you lock at market rates that day. not at the rate you were pre-approved on   ... View more

@Anonymous wrote: Yes. My residual income would be over the 120%. I'm really just concerned about the 30 day late in Feb of this year and the 60 day Fromm May/June of last year. I will be applying in July so that will leave me with one 30 day late. I've worked extremely hard and just need to close by October 1. if you get approved thru automated underwriting....the credit is deemed acceptable. and the 30 day late just needs to be acknowledged with a letter explaining.   ... View more

varies by lender.  they will know their turn times.   also. any condition sent can trigger a re-condition for more info. usually not.... but it can. i only mention this because it isnt something to fear       ... View more

what kind of loan?   ... View more

@Anonymous wrote: Maybe they are interested in your offer and want to make sure you can cover your end....speculation... or maybe they want to see how much money you have before they counter?   ... View more

@Anonymous wrote: Im not sure if she uses this program or not. She uses some kind of simulator I think. I guess I'm just wondering why two bureaus would update with so many points and experien will not i have seen it happen. and i will let credit experts explain that batter.   i am an expert on loans and an expert at the simulator as i have been using it for over 10yrs   ... View more