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I’ve been perusing these boards for the last few days and I was hoping someone would have advice for my situation.
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I have a bit of a scenario for you all. My husband and I are in the process of buying our first home. We both are entirely clueless about the process and are hoping we’re doing this the right way.
We both have excellent credit scores – my mid is 802, his mid is 795. We make over $100,000 per year. The thing is, we don’t have much money to put down. At the moment we have $8000 in our savings account and would like to hold onto as much of it as we can to use on the house itself when we get into it. We would hope for 100% financing incl. closing costs, or 80/20 ideally, if we can get it.
Right now we are pre-qualified for 100% financing through Foxtons and Countrywide. We’ve heard bad things about Foxtons, so we (thought) we decided to go with Countrywide. Right now we only qualify for the 100%, but not the 80/20 as my husband does not have enough lines of credit. I added him as a joint holder on one of my accounts and he’s applied for a CC of his own. Countrywide informed that once he gets his accounts for 30 days we’ll qualify for the 80/20.

We liked a townhouse and made an offer for $260,000. We’re not expecting an acceptance, we are hoping to get the house for $265,000. We close on October 31, so there is still some time.
Reading all the news lately has really scared me about using Countrywide for this. What are our options here? Do we cross our fingers and stick with Countrywide, or should we shop around some more? If so, who should we inquire with? (We tried calling GMAC and were entirely unhappy with the customer service we received, so they are out.) We’re afraid we won’t qualify for a mortgage because we won’t have much to put down. I also worry about too many times our credit gets hit – that will bring down our excellent scores.

What do you think? Ideas?

NEXA Mortgage LLC now offers 100% acquisition and renovation investment property loans. Needs to have a after improved value of 65% LTV.

• This discussion was modified 1 year, 2 months ago by  Gustan Cho.

Without the cost of land, do any of you know the cost of new construction on two-to-four unit multi-family buildings. It seems it is wiser to build a two-to-four unit multi-family home versus buying an existing two-to-four unit multi-family home.

Many real estate investors buy fixer uppers and renovate it. After renovation, investors will either flip it and try to sell it for a profit. Other investors want to keep it as a rental by AirBnB’d or long term rental. However, investors want to take cash out refinance to get the renovation cost back with a DSCR Cash-Out Refinance mortgage loan. The issue you run into is most non-qm wholesale mortgage lenders require a one year seasoning requirement on DSCR Cash-Out Refinance mortgage loans. GCA MORTGAGE Group can help Cash-Out Refinance on DSCR loans with six months seasoning of property ownership. Please contact us at contact@gustancho.com

Here’s an informative article about DSCR loans

http://www.gustancho.com/dscr-mortgage-loans

gustancho.com

DSCR Mortgage Loans: Debt Service Cover Ratio

DSCR Mortgage Loans is underwritten based on the cash flow of the property. Borrower does not have to provide income docs or tax returns

You should have chold lock if you have children

https://www.facebook.com/reel/364740839315325?mibextid=9drbnH

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#uromifinest | UROMI CONTENT | Burna Boy · City Boys

#uromifinest. Burna Boy · City Boys

Va loan with a 500 credit score, any way that has ever been done. Lady was married spouse passed and then she got cancer. Which she is cancer free now. So they have foreclosed on the home she is living in that was her husbands. She was not on loan. She is an RN, I know VA is not so much credit score. This below picture of info came from a Realtor friend. We would love to be able to help get some way, if possible purchase the home that foreclosed. She is still living in it still. She is an heir to property, so I was unsure how it would affect. As her name is on deed but not mortgage.

I was reviewing Google Search Console and StatCounter and looking at the number of unique visitors and the geographic clicks to my website. I noticed GoogleBot, Google Proxy, was clicking on my website. What does it mean when Google Bot, and Google Proxy clicks on your website on tons of URLs

Your answer is greatly appreciated.

Will a personal loan (unsecured loan) used to payoff cc’s improve my score?

I discovered a website today http://www.prosper.com that offers personal loans for all sorts of reasons. It looks like the real deal. Somehow tied in such that it reports to your credit report though. So my question would be: If I have a personal loan for ~$14k on my report-pay back over 3 yrs., is that better for my score than the 7 different credit cards that total the same? I am just looking for chances to consolidate and strengthen my score.

I have never bought a car in my life, and now it’s happening. This website is where I discovered the FICO Auto Industry Option scores. Since I do not have an auto credit history, I would be assuming that it is pretty much as bad as bad auto history and will probably score low. Am I correct in assuming this?
I have enough cash at hand today for me to buy a decent used car without having to take out an auto loan. My FICO score is about 620. My question is, “Should I pay for the used car, in full with the cash that I have on hand or look for a new car (in the approximate $14,000 range) pay more than half of the cost of the new car as a down payment with the cash I was going to use for the used car and then take out an auto loan for the rest? Would it help with first of all my Auto FICO score, and do auto loans look good/help your regular FICO score?

I am waiting until I file my 2022 taxes to apply for an FHA loan; I hear lenders are a lot stricter due to COVID-19, especially with those who are self-employed. My question is, with a 630 average FiCO score (2,4,5) and my new taxes showing increasing income in the new year (2023), what other concerns should I have or try to prepare for when I apply for an FHA? DTI is low as well

I have a 705 credit score and zero late payments. I have a 16-year job history and make 80,000 per year. I also have a nine-year rental history. I have the opportunity to purchase the townhome that I’ve been renting, but I’m concerned because my DTI is 48.5%. Do you think I will still get an approval? If so, do you know if I will need mortgage reserves, and if so, approximately how much? I’m using a 401(k) loan for the down payment and closing costs.

I have a client who was approved for FHA with a different lender. She is in a Chapter 13 bankruptcy and has been paid on for 2.5 years. Approval must be obtained from the BK courts for the purchase. She has only W2s for 2019 and 2020 but doesn’t have tax returns. This lender is stating they need tax returns. Can you get this done without tax returns, w2s only? It’s not a self-employed situation.

I am trying to purchase a home in Wisconsin. The state of Wisconsin is a community property state. I want to exclude my wife from my FHA LOAN. However, she has a lot of debts. She has a full-time job. Can her debts not count if she makes a lot of income? Counting her debts and excluding her income disqualifies me due to going over the maximum debt-to-income ratios on an FHA LOAN. She cannot be on a loan due to a recent foreclosure reporting on a home that was surrendered 6 years ago but was taken out of her name.

I want to purchase a home. But I’m stuck with the Debt to Income Ratio. Not because I have debt. I don’t have debt ( I already paid it all). However, my income for W2 2020 is only $41,000, or around $3600/month. I have 150K in my bank, but I only want to use it for a downpayment of 3,5% because I want to use the rest of the money to build ADU, maybe about 2 or 3 bedrooms, so I can rent it to other people to make income. because rent average around here is for room rent about 800- 900 per month. I stuck with the DTI Ratio because of my recent income and high house prices around my city. I need a purchase price of 450k-500k with 3,5%. and my credit score is 700. So yeah, that’s the situation. I need advice or a solution.

Qualifying For Mortgage With Charge Off With Balances. I have multiple outstanding charge-off accounts with balances. Can I qualify for a mortgage?

Qualifying for a FHA with Gaps in Employment? What are the HUD guidelines on qualifying for an FHA loan with employment gaps?

Qualifying For FHA Loan After Chapter 13 Bankruptcy Discharge

How Can I Qualify For Home Loan With Late Payments After Chapter 13 Bankruptcy?

Will bank overdrafts disqualify me for a mortgage loan approval?

Would I be eligible for a cash out refi with 80% equity in my home and a 580 credit score?

Should I close out aged credit card accounts?

I am looking to purchase a house via FHA. I have a total of $1996.4 I (including my student loans) monthly payments and make approx. $7600/month. What are the guidelines for getting student loans and applying for a first-time buyer loan for an FHA? Is there an alternative way to qualify when I have high student loans?

I have been in Chapter 13 for over two years with no missed payments. I would like to seek a voluntary discharge and pay off my remaining debt. Would a voluntary discharge prevent me from securing an FHA home loan?

I have been self-employed for 8+yrs, and my wife is W-2, My question is I want to qualify for a mortgage loan only using 1 year of tax returns, What would be the best solution for us, I have read that Freddie mac, if allowed, would accept 1 year of tax returns but is there any other options available for us, Thank you!

I am Looking for 2nd Home financing for Rental Income. Have good credit score (760+). Have a good income of 65K for me and 75K wife (combined $140K/yr gross), we own a home (owe 245K and pay $1,850 per month + $370 HOA and have 30K in bank for down, I own 2 cars that are financed (owe 19K on 1 and 17K on the other – for $800/mo payments). I need help with financing.

Former President Barack Obama used to be a rising star. However, Barack Obama is pretty much a nobody. Obama has a huge ego and thinks his endorsement of Kamala Harris would guarantee Kamala Harris a victorious landslide 2024 Presidential win. Unfortunately, Obama made his endorsement and presence worse than better. Obama had the nerve to say that black brothers needs to vote for Kamala Harris or they ain’t black. The arrogance of Barack Obama backfired on him

Barack Obama thinks he is more important than he is and many Americans have zero respect for this arrogant incompetent former President. Here’s a video about Barack Obama.

https://youtu.be/lHt2MRm3InQ?si=f-wUO30QeT9tZqbi

Vice President Kamala Harris has spent $1 billion and is $20 million in debt. She has also paid celebrities and high-profile people money from her campaign for their endorsement. Kamala Harris has paid Oprah Winfrey $1 million for her endorsement. Harris paid Beyonce $10 million and Reverend Al Sharpton $500,00 for her support. The list goes on and on. Has Kamara Harris committed a money laundering scheme? Did Kamala Harris commit a crime? Who is behind this payment for the sponsorship scheme? The Democrat Party? Barack Obama? Joe Biden? Mark Cuban?

https://www.youtube.com/watch?v=fBlnmptY3dA

I have a payment plan with both the state of Kansas and the IRS for under payment on taxes. We know what the problem was with my wifes withholding at her employer. IRS doesn’t ask for the debt to be paid in a year, but Kansas does. Both debts will be paid off in a year or earlier. (Due to the them taking next years tax return if money is still owed) will these pay arrangements effect approval, dti, etc? No tax liens btw

I am an independent mortgage loan officer and get paid 1099. I do very well but have a lot of write-offs (unreimbursed business expenses), so I declare very little or negative adjusted gross income on my federal income taxes. Due to the low or negative adjusted gross income, I have had a difficult time getting finance on a 2015 45-foot Catamarans Yacht, which is priced at $525,000. It is 45 feet long by 26 feet wide. I think I need to change paths and get a commercial or business loan on this yacht and tell the lender that I am using this Yacht for business purchases only. Can you write off a yacht as a business expense? Can I get a purchase price expense deduction on a yacht? Can I make the yacht a mobile mortgage office? Can my business write off a yacht? Can you get a 30-year fixed rate loan on a yacht? What is the oldest yacht a bank will finance?

Can you buy a yacht as a business expense? What are the tax benefits of owning a yacht? How long of a loan can you get on a yacht? How hard is it to finance a yacht? Can you deduct mortgage interest on a yacht?

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My husband and I are in the market for a used car and my Credit Union turned me down. We already have a loan with Roadloans, so that is not an option for now.
Has anyone received any suggestions for sub-prime auto lenders.

ActualCredit scores are :

Mine: EX – 573 EQ- 593 TU – 569
Husbands: EX- 611 EQ- 611 TU- 582