Welcome to Great Content Authority (GCA) Forums

Is Home Inspection Recommended?

Is there really a 4th reporting credit agency?

Is it easy to qualify for lender credit and/or seller concession to pay for closing costs?

Is achieving a 700 PLUS FICO credit score possible one year after a bankruptcy discharge?

I will be quick to lay out my situation, and I am curious if there are any FHA Manual Underwriters who can do loans in Phoenix, AZ. I’m still working with my broker now but it’s been several months and

still no closing. I’ve refinanced FHA in the past with no issues, and this time, it almost feels like the banks are not approving these loans, even though they are advertising historically low rates.

1. I have had stable employment for two years, coming up in August. With my existing employer, my employment type changed from 1099 to a W2 in April 2019.

2. I have never missed a mortgage payment nor applied for COVID-related deferments.

3. My DTI isn’t the best, but my income has increased since the last time I did an FHA refinance several years ago. My FICO is over 680.

4. The purpose of the refinance is to merge my primary and secondary (HELOC) into a fixed low rate. I do not know what the max LTV ratios are but I’m pretty close to the max if it is 80%. However, I can bring cash to close if required.

5. Increase in income, stable employment, no missed payments on my mortgage EVER, and Quicken denied my refinance and would not tell me why a week before closing. I told them I’m never doing business with them again. I tried working with Northstar, Interactive, and now United Wholesale Mortgage, and it’s been literally three months and still no closing.

Is there something going on with FHA refinances right now that I’m not aware of? United said they are working on a manual underwritten FHA refinance but I have gotten absolutely no feedback in a week and am beginning to think the deal may be dead. If I don’t hear an update by the end of this

week, I’m going to pull it and place it somewhere else, unless there is a reason why this can’t be done that isn’t being disclosed to me.

Am I missing something here? Do I just have the worst luck in the world or is there a bigger problem brewing?

How long does a manually written FHA refinance typically take? If you feel you can do a manual FHA refinance, please contact me. DO NOT WASTE MY TIME WITH CONVENTIONAL AS I TRIED SEVERAL TIMES AND IT WON’T GET APPROVED.

IS 12 MONTHS CANCELED CHECKS REQUIRED TO QUALIFY FOR A MORTGAGE? Is there a faster way of getting rid of the record of debt settlement on your credit report? Is achieving a 700 PLUS FICO credit score possible one year after a bankruptcy discharge?

High Debt-to-Income Ratio but under refinance. Want to use all money to pay off debt. Would this work for approval of Bankruptcy w/Foreclosure 24 months ago?

Can I buy a new house in TN? With FHA, are the concessions paid by the owner tax deductible?

PROS AND CONS ON BUYING VERSUS RENTING A HOME

Impact Of Credit Card Balance On Credit Scores

When you are considering a remodel or renovation of your home then you must weigh the options. What will it cost ? How will you pay for it? How much will the remodel improve the property? What is the property value before you begin the remodel? What will the property value be after the renovation/remodel is completed? These are good questions to ask and know, in most situations

you don’t want to use your equity to remodel and then find the property is not worth any more than before, doing this you have just realized your equity position is gone. Before the project begins you must consider where the money is coming from, most people don’t have money just laying around so a new mortgage or another mortgage as a 2nd mortgage may be considered.

FHA streamline with credit score in the low 500’s, is it possible? I have an excellent mortgage payment history.

Are non-QM loans hard money loans? What is the difference between NON-QM Loans vs Hard Money Loans?

Am I potentially able to obtain a mortgage at this time while I am nearing the end of my Chapter 13 Bankruptcy repayment and will get discharged in six months? Or do I need to wait 2 years from the date of discharge of my Chapter 13?

Are you in a spot where you have to make some important financial decisions concerning your home? Is it better to do a big remodeling of your home before you put it on the market and increase the asking price or just leave it as is and ask for a lower price?

The price of houses in Miami has been increasing rapidly, some are priced higher than prehousing market crashes a few years back. Should a buyer wait a little longer to see where this trend is heading?

I’m thinking about buying a house, I wanna check my credit score online. What is a reliable place to check it? Do you guys have any free tools online?

Most all potential home buyers are familiar with looking for homes online and scheduling a visit to view interesting properties with their realtor. Once you pick the home that is right for you, your agent will guide you through completing and submitting a purchase contract.

But what happens after the contract is accepted?

The National Association of Realtors (NAR) just published an excellent summary of the activities that happen between signing the contract and closing on your home.

Agents, please share this Consumer Guide with your clients!

https://www.nar.realtor/the-facts/consumer-guide-steps-between-signing-and-closing-on-a-home?grp=residential&narmail=(STO)%20EdgeUp-DataFeedTemplate&date=11-21-2024&user=3294294&itid=11726886

nar.realtor

Consumer Guide: Steps Between Signing and Closing on a Home

Once you sign a purchase agreement on your new home, there are still several steps to complete before you can finalize—or “close”—the transaction.

Can I get an MLO licensed in TEXAS if I have a collection in my credit report and a letter saying well Fargo is suing me?

We live in NC and filed a Chapter 7 bankruptcy on our business, and a Chapter 11 on the personal side after COVID closed our business. Both my husband and I had upper 700’s for credit before. Ch11 was confirmed on Feb ’21, and the final decree was issued on 11/12/21. We have a home mortgage

and HELOC, as well as our SBA loan debt repayment, which we’d like to roll into one mortgage with a refi. The SBA loan repayment will be repaid by the end of 2022, but there is no penalty to repay early if we could refinance. Are we just out of luck with a refi and have to wait 2 years or is there any option to do a refinance now with a decent rate?

On 4 UNIT Owner Occupied FHA loan. Can rental income of this 4 unit be used to reduce the Mortgage Payment.

• This discussion was modified 6 months, 2 weeks ago by  Allan Kim.

Renting a home for two years, the owner decided to sell to me via notice to vacate. I have bad credit, owe taxes and zero for a down payment. What are my options in Michigan.

Live in Missouri and if my bankruptcy is dismissed how long do I have to wait to get a cash out refinance?

What rates should I expect and how long will it take to close and what do I need to show for getting approved for Non-QM loan for a house (Sale Price $680 K)

* My Mortgage Scores are 720+

* Last year gross business income $853K

* Business Checking has over $150K

* Self Employed since 2007 running the same company.

Stats: 1.5 months having the new car 9.24% Is the rate from my bank 680 was when I got my car. 693 is now my current score. FICO states I could go 8.3%

I have a client wondering whether it makes more sense to just allow her house to foreclose or try to do a short sale.
Her financial advisor advised her she should let it go to foreclosure because if she opts for a short sale, she’ll get a 1099 for the difference between what she owes and what the bank ends up selling the property for. AND of course, she’ll have to pay taxes on that 1099 income.
I’m a Realtor and my thoughts are she should do a short pay because if she goes to foreclosure, she’ll be responsible for that difference PLUS costs which will amount to much more than paying taxes (Plus you can always strike a deal with the IRS for a payment plan without it affecting your credit). The bank that has the deed to her property isn’t going to let her get away free if she forecloses. They’ll come after her for that money with those fees for years, years.
And, with a short pay, the account comes up “settled” in her credit report.

My question: How does one’s credit score differ between a short pay and a foreclosure? Is there a big difference?

Should 2 late payments on a time share stop my refinance from going? Should I wait out filing bankruptcy if debt collectors are leaving me alone?

Should I postpone buying a new car until after you close on your home loan? Should I wait to buy a home when my student loans are in in-school deferment status?

Should I enter into a monthly payment agreement with a creditor $100 a month on a 8k debt so my DTI stays low?

If I have older outstanding collection accounts and charge-off accounts, should I contact the collection agency in the hope that they did not place a lien on me or I have a judgment? And if I do have a lien, can I ask the collection agency or creditor that the lien has not been renewed?