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…
The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…
When buying a home, the seller typically makes an initial request to use a particular title company, however it is not mandatory to accept their choice. In some situations, if you work with the seller’s preferred title company they will discount the title fees. This is very common in bank owned property transactions, but there…
Lenders will classify you as a wage earner employee or self-employed. How file your taxes in accordance with your percentage of business ownership could classify you as self-employed even though you are an employee. Lending Income Buckets Bucket 1 Employee-individuals receive an annual W2 of their earning and receive paycheck throughout the year…
Depends on whether or not the fees can be recuperated in the amount of time you’ll be holding the mortgage for. Most folks keep their mortgage for release 5 to 7 years sometime sooner based upon interest rate changes, but at least 60 months. Closing costs are inevitable part of every mortgage refinance transaction. The…