Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…
A judgement, a court ordered nightmare that if not handled correctly can make getting a mortgage loan much more stringent than it otherwise needs to be. What you’re lender will want want… Quick Terms To Know Judgment-a court ordered debt that can arise from a number of factors, a lawsuit, a divorce, business dispute to name…
High priced loans by ‘industry-standard’ is any first mortgage loan that exceeds 1.5% in APR the weekly offered rate for a fixed rate or adjustable rate loan backed offered by Fannie Mae or Freddie Mac. Comparing mortgages? One lender’s fees and lower rates might trigger a higher priced loan even if it seems like a…
What Are Disputed Credit Accounts? *Credit Accounts (that report on the credit report) in which there is disagreement about any material item like balance, interest rate, payments are most common, any aspect of the agreement between a borrower (creditor) and lender (debtor). Includes: Disputed Charge-off Accounts (charge off shows a due debt, but no payment due)…
Pay Uncle Sam and qualify on paper, short Uncle Sam, risk your mortgage loan application. Gambling your financial future, by saving a few bucks isn’t worth the risk. Following Actions That Halt Your Loan Application If you are a W-2 employee… Then…. Taking expenses you incur in the course of your job as a write…
Planning to finance a house in 2014? Had a previous short sale? Pay very close attention to your credit report. There is a crediting report status that indicates foreclosure and if not handled correctly, will derail your loan attempt. Short Sale Or Foreclosure? Short sale-involves selling a house for less than what is owed. For…
Getting a mortgage after foreclosure, short sale, or bankruptcy, or even a combination of the two is absolutely doable. However depending on the credit circumstance different documents could be needed for properly documenting the previous derogatory credit item. Here’s how to properly document any one of the big three credit issues Foreclosure- can be documented…
If on your loan application you marked ‘single’, and you’ve been divorced in the past this could be a double-edged sword and here’s why: while you are presently single that doesn’t change the fact that the past is the past, in other words, if your previously divorced yet your presently single that creates a big…