Waiting on one or even two potential houses in your neighborhood to sell just for the sole benefit of trying to get a higher appraised value to complete a refinance is a losing proposition. This is because of the fact appraisals are not based on just the house next door or down the street, selling,…
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This depends on when you took out your FHA Mortgage. If the FHA Loan you’re thinking about refinancing was taken out June 1, 2009 or before, you have a substantial benefit to refinance with much lower monthly mortgage insurance payment coupled with significantly lower rates, providing a dramatic monthly savings. On the other hand if…
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If you can find a cosigner for your mortgage, come programs include FHA loans and conventional mortgages, you could potentially qualify for a larger purchase price by taking on larger payment on a monthly basis. The other person has to provide a letter of explanation to the lender explaining specifically why they are willing to…
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Yes, if the lender is requiring tax returns, then most likely the reason this is coming up is because there’s some link between your business tax return and your personal 1040s. In other words for every business you own, that files a corporate tax return then yes mortgage lenders underwriter is going to require each…
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This depends on whether or not the cash taken out is to pay off debts for the purposes of qualifying for the mortgage. Since paying off debt to qualify for the mortgage is not permitted, lender will most likely require you to pay off the account through the close of escrow and close the account…
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The answer is no. This is because the property has to be specifically zoned as a multiunit property in order for the income to be used for the purposes of qualifying for a mortgage. In order for the income to be counted the property must be a duplex, triplex or four plex and it must…
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90% loan to value with 10% down or 10% equity whether that be a purchase loan or refinance mortgage, is the requirement for a second home or vacation property. The property will have to located in a resort area and because it’s less than 20% equity, a monthly escrow/impound account will be required for principal…
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Because one of the big benefits of working for yourself again to write off expenses you incur in the operation of your business. Because of this, this counts against income or rather the income is reduced to offset the liability. In order to qualify for a mortgage there have to be enough income to offset…
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