Attorney Connie
AttorneyForum Replies Created
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Certainly, you can use your wife’s revenue to apply for an FHA loan despite her negative credit ratings. However, here are some important points:
Non-Borrowing Spouse:
If your wife has a very poor credit history, you have the option of listing her as a non-borrowing spouse. This means that her income may be considered when qualifying for the loan. Her credit will not be considered during the approval process. Instead, her debts will be included in calculating the debt-to-income (DTI) ratio.
Joint Application:
If you opt to apply jointly, both your credit scores will be assessed. Usually, the lender considers the lower score between the two. This might affect whether you qualify or even the interest rate.
Community Property States:
In case you reside within a community property state, regardless of whether she has taken out any loans. They will still be factored into DTI calculation. This is because such places treat all debts incurred by one spouse as joint obligations potentially impacting qualification. But having said so, it’s worth mentioning that using her income could help improve your DTI ratio.
FHA Requirements:
These loans are known for being more lenient towards low credit ratings. Therefore, even if your partner does not have good scores, there is still a chance of eligibility, provided other compensating factors exist. For example, a larger down payment or higher earnings exist.
Strategies:
Here are a couple of strategies you can consider
Non-Borrowing Spouse: To avoid affecting the loan with their bad score, thus only benefiting from their income,
Credit Improvement: Try enhancing their ratings before applying to increase the chances of giving better terms.
To conclude, with an FHA loan. Even if my wife has terrible credits, I could use her money to apply. But I must decide whether she should become a borrower or act as a non-borrowing spouse. You should consult an authorized FHA lender for guidance based on your specific circumstances.
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Yes, in a Chapter 13 bankruptcy repayment plan, you can qualify for a mortgage and buy a house. However, certain requirements must be met:
Main Requirements:
Approval by Trustee and Court:
To incur new debts like a mortgage during bankruptcy, you need permission from the trustee of Chapter 13 and the court. To do this, you must file an application with the court explaining why such a loan is needed and how it fits into your payment plan.
Payment history:
For lenders to consider giving you a mortgage, they typically require between 12 and 24 months of on-time repayment towards a bankruptcy plan. It’s positive that you have made 2.5 years’ worth of payments on time.
Credit score:
With a credit score 655, certain loan programs may be available to you, including FHA loans. These loans have less strict policies regarding scores and are very popular among borrowers who have filed for Chapter thirteen bankruptcy.
Type of Loan:
FHA Loan: You will have better luck getting approved for this type since they’re more lenient with their rules about credit scores and past bankruptcy. The minimum requirement for an FHA loan is usually around 580, so even though yours could be better, at least it’s within range.
VA Loan: If you’re a veteran, VA Loans might work better because they don’t care too much about what happened before filing bankruptcy.
Conventional Loan: Most conventional lenders will only touch people two years after discharge, but if presented properly during Chapter 13 proceedings, some might consider extenuating circumstances.
W2 Income Only (No Tax Returns):
This is for individuals without tax returns but having W-2 income. Mortgage lenders could still pass, particularly if the loan is an FHA or VA, where income verification methods are more flexible.
Steps to Take:
Consult Your Bankruptcy Attorney: Before taking action to secure yourself housing through a mortgage, In contrast to chapter thirteen, consult with your lawyer first so that he or she can advise on how best to approach the court approval process.
Work With An Experienced Lender: Find a lender who has dealt with borrowers under Chapter 13 bankruptcies before because they will know what to do and push for at each stage. They should be able to help you through the whole thing and ensure all necessary papers are filed on time.
Get Ready For Documentation: Have everything ready, such as W2 forms and recent pay slips, among others, which show that even though one is still paying off debts, one can still afford mortgage payments.
Having paid consistently for two and half years, coupled with having a credit score of 655 plus being employed officially (W-2 income). It puts you in good stead when seeking mortgages during the repaying period under chapter thirteen. The most important thing is getting approvals from courts or trustees required by law while dealing with lenders having experience in these matters.
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Chad, do you think, in your opinion, the NAR lawsuit will affect homebuyers and sellers? Will it affect real estate agents in general?
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Great topic Chad Burns @chadbush . This NAR lawsuit and new rules is the talk of town. Nobody or better, yet, everyone seems to have their own opinion and interpresentation of the NAR lawsuit ruling and what is in compliance and what is not. So confusing. From my interpretation, the following is what I perceive it as and please correct me if I am wrong:
The National Association of REALTORS® (NAR) recently reached a settlement introducing new rules for homebuyers to make the process more transparent. The changes take on concerns regarding commissions, agent responsibilities, and how buyers navigate the market. Here’s what you need to know and how it could impact you:
Commissions become more transparent.
What’s different: Under the settlement, real estate commissions must be disclosed in a way that is more transparent to homebuyers. This means buyers will better understand how much their agent makes and what portion of the commission goes to the buyer’s agent versus the seller’s.
How it affects buyers: Homebuyers can now see upfront information about different commission structures, which allows them to make smarter decisions. More transparency might also prompt additional negotiation around commission rates, ultimately saving money.
Agent’s duties are clearer.
What’s different: The new guidelines require agents to communicate with clients clearly and without ambiguity about what services they’re providing and at what cost. Agents should also provide an explicit explanation of their role.
How it affects buyers: When agents talk straight, homebuyers know exactly what they’re getting from whom. This can help avoid misunderstandings or conflicts when only some are on the same page! It also ensures buyers are fully informed about payment expectations and desired level-of-service delivery standards.
Buyer representation agreement tweaks possible
What’s different: The settlement, among other things, could change the structure of buyer representation agreements, which have traditionally taken handling commissions. This creates an opportunity for purchasers to negotiate if they want some portion paid sooner rather than later, among other options available under these revised arrangements.
How it affects buyers: Broadening flexibility within such types of contracts would enable consumers looking forward to purchasing homes to save money. This is done by reducing the costs associated with buying houses while still guaranteeing satisfaction derived from working with agents based on an individual’s financial capabilities.
More consumer education is required.
What’s different: The agreement highlights the need to educate buyers about purchasing real estate—especially financial matters. Expect NAR and its members to ramp up efforts to provide educational resources and tools.
How it affects buyers: With more information at their disposal, people planning on buying properties will be empowered with knowledge throughout the process, making them better equipped to make informed decisions regarding cost implications vis-à-vis benefits accrued from such investments, taking cognizance of risks involved, too!
The market could change.
What’s different: As brokerages and agents adjust to these fresh guidelines, there might be a shake-up in how they operate within the industry. This includes reduced commission rates offered by realtors competing against each other for clients’ attention or going above board in service delivery so as not to lose relevance among their peers, hence charging lower fees than competitors altogether.
How it affects buyers: Home seekers may pay less due to increased competitiveness between sellers. One must stay alert because some individuals might try to pass through hidden charges elsewhere. The constant vigilance can do this during transactions
The NAR’s recent agreement will make buying a house more transparent and easier by clarifying commission structures and agent duties. As the buyer, these changes can give you more power to negotiate with sellers and know what exactly you are paying for. It is necessary to stay updated about these changes while dealing with a real estate professional so that everything goes smoothly when purchasing a home.
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I appreciate your inquiry. This is a complicated problem involving estate planning and property law. If I may summarize what you have told me, here are some things to think about:
Joint Ownership: It matters what kind of joint ownership the house has with your brother and his ex-wife.
- Joint Tenancy with Rights of Survivorship—In this case, the surviving owner (usually the wife) takes over the whole thing automatically.
- Tenancy in Common – Your brother’s portion might pass to his children or other heirs here.
Divorce Agreement: The divorce settlement might include instructions on how properties will be handled if one party dies before another does.
Will or Estate Plan: If he has one, it’ll say who gets his share of that place.
State Laws: You didn’t mention where this happened. We need more details. Different states have different rules on inheritance rights and properties in their territories. Outside those owned by residents thereof, they shall be governed exclusively according to the law unless otherwise provided from now on after subsequent acts heretofore until recently.
Unless deemed necessary under current practice, albeit against public policy notwithstanding, any such provisions remain invalid. Remains invalid until always repealed except as authorized pursuant hereunto. Therefore, otherwise made known at present while still valid during future legislation without prejudice as to any existing laws enacted prior here forthwith upon ratification notwithstanding the fact.
Mortgage Responsibility: Just because kids inherit part doesn’t mean they don’t owe a mortgage, too!
Deed Details Matter: How a deed is written can change ownership rights quite a bit sometimes, so watch out for those words people use when signing stuff like this.
Please let me know if there is anything else you would like to know about estate planning or property ownership.
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The duties of a mortgage underwriter at a mortgage lender: The mortgage underwriter is an important part of the approval process. The main role of the mortgage underwriter is to assess the risk of lending money to borrowers. The underwriter is the person who determines whether the loan applicant meets the lender’s loan criteria. The underwriter acts as a gatekeeper between the application for credit and its acceptance or rejection.
What does a Mortgage Underwriter do? Commonly, mortgages are utilized by people who want to buy homes but need more time to afford them. A mortgage underwriter, therefore, plays an important role in approving these applications. Here is what mortgage underwriters do:
Review Credit Reports: A mortgage underwriter may review someone’s payment history, credit scores, or outstanding debts, among other things, to help measure their ability to handle debt well.
Go Over Financial Records: The mortgage underwriter will review income tax returns, bank statements, employment history, and income statements. An underwriter must check all these to verify whether one has enough stable earnings to repay loans.
Collateral Assessment: The mortgage underwriter determines the purchase property’s worthiness. The value of the subject property must be confirmed. Lenders will order the home appraisal on behalf of the borrower. The value of the appraisal needs to be at least the value of the purchase price. The home appraisal reports are based on comparable sales. Before awarding any given sum as a loan, the mortgage underwriter will analyze the appraisal report by reviewing its value-required amounts according to lenders’ guidelines.
Debt-to-Income Ratio (DTI) Analysis: The mortgage underwriter determines the borrower’s debt-to-income ratio. The underwriter determines the borrower’s ability to repay the mortgage loan. The ability to repay the mortgage is determined by analyzing what percentage of each month’s gross salary should go towards paying off debts when added to the proposed monthly house payment. It helps tell whether somebody will manage.
Compliance with Lending Guidelines: A loan officer ensures that applications conform to institutional and government regulations of HUD, VA, USDA, Fannie Mae, or Freddie Mac.
Risk Identification: All potential risks associated with lending are identified. Risk is analyzed to determine whether it can be avoided altogether or mitigated during execution. LargeLarge deposits without clear sources, inconsistent income streams, evidenced job gaps, and other layered risks will be considered in processing and underwriting the file will be considered in processing and underwriting the file
Conditional Approval/Denial Issuance: The borrower might receive conditional approval, meaning they still need to provide more documentation or clarify certain issues. Or it could just be outright rejection.
What Does A Mortgage Underwriter Do Exactly?
Here are some of the specific tasks performed by mortgage underwriters:
Initial Review: They review application forms and supporting documents to ensure everything is filled correctly before proceeding further with the evaluation process.
Use of Automated Systems: Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Product Advisor are just two examples of many other automated underwriting systems available on the market. These systems assist during preliminary stages when large volumes have been received for consideration within limited timeframes.
Manual Underwriting: When loans fail to fit into standard criteria or any of the automated systems mentioned above, manual underwriting becomes necessary, requiring more detailed scrutiny of individual borrower files.
Decision Making: This is where final decisions about approvals, denials, or conditional approvals should be made after carefully analyzing all relevant information provided, including credit reports, financial records, etcetera.
Communication: It involves frequent communication between loan officers and borrowers, as well as other parties involved in the transaction, such as real estate agents, appraisers, attorneys, etc.
How Long Does It Take For The Underwriter To Clear To Close (CTC)? The duration varies from one case to another. Still, it can take anywhere from a few days to several weeks. The following gives a breakdown.
Initial Underwriting Review: This typically takes 2-5 business days. The review includes the initial application, submitted documents, and verification results.
Conditional Approval: If an underwriter gives conditional approval, they require more time to collect and verify the necessary documents. Depending on how fast the borrower and other participants can submit the required information, this usually takes a few days to a week.
Final Underwriting Review: Once all conditions have been satisfied, the underwriter will do one last review before signing off. This process normally takes 1-2 business days.
Clear to Close (CTC): The mortgage loan underwriter who approves the borrower issues a clear-to-close when they have no further objections or concerns about the transaction. A clear-to-close means that the mortgage underwriter has given their final approval for the mortgage loan application on behalf of the lender.
In summary, the time from initial review to receiving CTC could range from one week to three weeks at maximum, depending on the complexity of loan factors and the responsiveness of the involved parties.
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Starting a vegetable garden as a beginner, especially in small urban spaces, is a great way to offset rising food costs and enjoy fresh produce. Here’s how you can do it step by step:
Choose your location:
- Find an area that gets at least 6 hours of direct sunlight daily.
- Make sure it is close to a water source.
- Consider raised beds or container gardening if space is limited.
Plan your garden:
- Measure the available space.
- Decide between raised beds, in-ground planting, or containers.
- Sketch out a basic layout.
- Select your vegetables.
For beginners with limited space, try:
- Tomatoes (cherry tomatoes are great for small spaces).
- Lettuce and other leafy greens.
- Herbs (basil, cilantro, parsley).
- Green beans.
- Peppers.
- Radishes.
- Zucchini (if you have a little more room).
Prepare the soil:
- Remove grass and weeds.
- Loosen the soil about 12 inches deep.
- Mix in compost or well-rotted manure to improve soil quality.
Build raised beds (if chosen):
- Use untreated wood, bricks, or concrete blocks.
- Make beds around 4 feet wide to reach the center from either side easily.
- Fill with a mixture of topsoil and compost.
Plant your vegetables:
- Follow spacing guidelines on seed packets or plant labels.
- Put taller vegetables towards the back and shorter ones in front for maximum sun exposure.
- Consider companion planting to maximize space and deter pests.
Water regularly:
- Keep soil consistently moist but not soggy.
- Water deeply and less frequently to encourage deep-root growth.
Maintain your garden:
- Weed regularly.
- Monitor for pests and diseases.
- Add support (stakes, cages) for climbing plants like tomatoes.
Harvest and enjoy:
- Pick vegetables when ripe to encourage continuous production.
- Harvest leafy greens from the outside, allowing the center to keep growing.
Extra tips:
- Start small and expand later.
- Use vertical gardening methods to save space.
- Try succession planting for longer harvests.
- Find out about your local growing season and plan accordingly.
- Remember that gardening is a process.
- Don’t get discouraged if things don’t work out perfectly the first time.
- Each season brings new knowledge and understanding.
I won’t comment on political matters, but I agree about inflation and food prices. Starting a garden can be a great way to counteract rising costs while giving you access to fresh, healthy produce. It’s also an enjoyable hobby for people to connect with their food and environment.
Attached is an informative video about starting a vegetable garden for beginners.
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The term “COs” can refer to different things, depending on the context. In real estate and mortgage matters, “CO” usually means Certificate of Occupancy.
What is a Certificate of Occupancy (CO)?
A Certificate of Occupancy (CO) is an official document issued by a local government agency or a building department confirming that a property or building has complied with all the relevant building codes and regulations and is safe to be inhabited. It should be obtained before anyone can legally live in or use any property.
When is a CO Required?
New Construction: A CO must be given before someone moves into newly built homes or commercial buildings.
Major Renovations: If a property has undergone considerable modifications, another CO might need to be issued.
Property Sale or Lease: Sometimes, when selling or leasing out properties, one may be required to obtain COs to ensure conformity with code requirements by structures used for such purposes.
How Do You Get One?
Inspection: The facility must pass various safety inspections conducted by local government officials who check if everything complies with existing laws on construction site safety standards, among others. This step also ensures that public welfare protection measures are strictly followed before issuing certificates authorizing usage for human habitation. Residential house inspections should include checking whether there are adequate fire exits. Commercial buildings’ assessments could involve verifying the presence/absence of proper ventilation systems within these premises, etcetera. More needs to be done here on Grammarly. But I am rushing. Sorry, folks, I got carried away.
Application: The owner of the building or their contractor submits the necessary paperwork. Included are the plans drawn up according to applicable regulations. Together with application forms filled out correctly and required fees paid at corresponding offices dealing mainly with those related activities that fall under jurisdictional control areas. Construction such as city halls, etcetera, needs more. I am rushing. Sorry, folks, I got carried away.
Approval: After successful completion of all inspections without any reservations expressed by inspectors during various stages, followed closely by making necessary corrections until no further objections are raised against granting such permission. Then, this should be done promptly after receiving word from relevant authorities indicating satisfaction levels attained hitherto. Regarding fulfillment, I assure them everything is okay according to plan before issuing certificates allowing people to live there legally, but I am rushing. Sorry folks, I got carried away.
Why Is It Important?
Legality: Failure to obtain COs may attract fines or even lead to court processes being initiated against offenders.
Safety: Having COs in place ensures that buildings are constructed for specific purposes only, hence meeting required standards that promote general welfare within communities; additionally, they also serve as indicators of whether structures are fit enough for human habitation or not based on their compliance with relevant laws enacted by governments at different levels across nations globally more needs doing here. But I am rushing. Sorry, folks, I got carried away.
Transactions: In most cases, when buying, selling, leasing, etc., one has to produce these permits. Without them, no bank can finance mortgage acquisition deals between seller-buyer, lessee, and lessor, respectively
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To enable her to run Google Ads, Vanessa must verify her Google My Business page. Here’s how she can do that:
If she hasn’t already done so, claim her Google My Business listing:
- Go to google.com/business.
- Log in using the Google account associated with the business.
- Look for the name and address of the business.
- Follow the instructions provided to claim your listing or create a new one.
Fill in all of the required fields:
- Business name, address, phone number.
- Category of business.
- URL for the website.
- Business hours.
- Add pictures of the business.
Choose a verification method:
Postcard: Google will mail a verification code to the business address through USPS.
Phone: Receive an automated call or text message with a verification code.
Email: Get a verification code via email (if eligible)
Instant verification: Available for some businesses already verified with Google Search Console.
Finish verifying her page:
- Enter the received verification code using the chosen method.
- This may take several days, especially when using the postcard option.
Once it has been verified:
- The Google My Business page should become fully active.
- A ‘verified’ badge will show on Vanessa’s listing.
- Vanessa should be able to run Google Ads through this verified account.
If there are still problems after verifying:
Reach out for help from within Google Ads support.
Check if the Google Ads account is properly linked against the verified Google My Business listing.
By following these steps, Vanessa can verify her Google My Business page and run ads on Google for her law firm. If any issues arise during these processes, it might be best if she talks with someone who works in digital marketing and knows about Google’s legal business platforms.