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Everything posted by DBleynis

  1. Iedited to remove solicitation Please read the rules at the top of the forum before posting again thank you
  2. If you filed a Chapter 13 BK, you can secure FHA or VA financing 24 months after filing assuming you meet all other criteria necessary to secure financing. Best Regards, Dmitriy Bleynis
  3. DBleynis

    VA and Things

    The condo building would have to be approved by the VA prior to closing and there are a few hoops to jump through to get the building approved. If the building is already approved, it will save you dome effort. To signify that your departing residence will be a rental, you will have to provide a lease, copy of security deposit check and first month payment from your tenant as well as your bank statement showing funds were deposited. Its tricky but not impossible, EDITED TO REMOVE SOLICITATION Best Regards, Dmitriy Bleynis
  4. DBleynis


    Is anyone a Veteran?
  6. I am also rough on reverse mortgages. But I am agree with Brian. She must reside there, although theoretically with the $ you can take with the cash out you can probably get her assisted living in that residence so she doesn't have to live in the nursing home. Once again my knowledge of reverse mortgages is very minimal.
  7. You can also get a reverse mortgage. You do not need any income to qualify and that should allow you to hold out until you sell your primary residence. Then you can refinance that reverse mortgage to a regular mortgage.
  8. Banks allowing you to have a trailing co borrower is slightly more likely than a bank allowing you to take your property as a primary residence with a husband that works in india. Brian; When a couple is married and one of the spouses doesn't want to be on title to protect the home whether its due to their occupation or numerous other reasons. It is a verry common instance to have a trailing co borrower not on title but on the loan and most banks do allow it these days. Best Regards; It might be allowed with some banks however it would be foolish to be held accountable for a loan that is not for something you own. I would never advise anyone of doing this and not all banks will allow it.
  9. Anialw; A 650 credit score alone should not be enough to have your loan denied. Chances are that you have an underlying issue which is preventing you from qualifying. I would recommend investigating a little further.
  10. Mercymygft; This would be a doable loan but there are a couple of variables. In order to take out a loan or an equity line of credit, your MIL's debt to income ratio would have to support the loan. As a rule of thumb it would have to be 45% with some lending institutions allowing you to go to 50% with a case by case exception. The good news is you and your husband can co-sign for her. You would need to consult an experinced lending institution to determine whether this scenario works and the correct way to structure it. Best Regards;
  11. Not Necessarily, You can have a co borrower on a loan and not on title and they do not have to be added at closing. I am 100% sure of this.
  12. Midnight Ember; This will not cause your loan to be denied. Simply you will need to have your transcripts available. Being that this isn't tax season it should happen fairly quick. Your best bet is to call the IRS at 1-800-829-1040 once a week and as if the transcripts are available. It should take 2-4 weeks. Usually your lender won't care as this is a common problem and will just wait with you for the Transcripts to become available. Best Regards;
  13. I agree they can foreclose but not after one missed payment. Usually you have to be 120 days late for them to initiate foreclosure proceedings and you will still have the option of caching up.
  14. KFisher; The answer is yes. As long as your Husband's credit meets the requirement, he can be on the loan with no employment income with you as a co borrower. Best Regards;
  15. I agree with Shane. You will be able to qualify for more $ with your 2010 returns so you should plan accordingly. Best Regards;
  16. Hey Everyone; The answers that have been posted are correct. With an FHA loan, you can qualify for a mortgage on the 37th month from the day that foreclosure proceedings were completed and this information will be confirmed with your old bank. Usually its when the Sheriff sale is finished or if you do a deed in lieu. However you also have a CH 7 which needs to be discharged for 2 years before you qualify. One thing to keep in mind is that once this time period passes, you are not guaranteed a loan. You have the worst 2 things on your credit which is a FC and a BK and any lender would be very skeptical about approving you for financing for years to come unless you can make the lender feel that this was a one time occurrence and you are able to keep up with your expenses without a problem. Here are some helpful ideas; 1. Rebuild your credit. Open cards, keep small balances on them that you can manage and don't use them unless its an emergency. You should not be late on anything after a BK and a FC. This is very important. 2. Save your money! The more assets you have, the more comfortable a lender will be in granting you financing as savings shows financial responsibility and a cushion in case you run into a problem. I hope this helps!
  17. Hey Everyone; Regarding your IRS questions, in order to get financing these days you need at least 1 year worth of Tax Transcripts from the IRS for your last years files tax returns. If you are not in good standing with the IRS, they may not release your transcripts at all which means you will not be eligible for financing for a Fannie, Freddy or an FHA loan. If you filed an extension for your 2010 taxes, your 2009 taxes would be acceptable. If you aren't sure where you stand with the IRS, you may call them at 1-800-829-1040 and request a copy of your transcript which they will fax to you immediately. You can then submit this transcript to your lender for an immediate answer. The IRS will ask that you confirm that you are standing by the fax machine in order for them to fax you the transcripts to make sure your personal documentation will not end up in someone else's hands. If you are not standing by the fax machine, they will not fax and will only send by mail. If you recently filed your past due taxes, your transcripts may not be available right away. Another way to see if your transcripts are available is to go to www.irs.gov and click the "where is my refund" button which is located towards the middle right. Type in your refund or how much you owe and if the data populates then the transcripts are available but if this does not work for you then you can call them as previously mentioned. Paying back bad taxes will not impact negatively on your ability to finance a mortgage. The only issue you may have is that if you are on a payment plan, the payments may be taken into your debt to income ratio and if you have a past due amount, the lender may want to see that you have sufficient assets to pay back your balance in full. Best Regards;
  18. If you have enough assets in the bank which are sourced and seasoned to show that you can pay off the taxes if you had to you would be fine. The other issue is if you have past due taxes, the IRS has been known not to release your tax transcripts. Your best bet is to order the IRS transcripts yourself by calling the main number on the IRS website. They will fax it to you immediately and you can fax that to your Mortgage Broker/Direct lender so they can have their Underwriter review. This will give you a 100% answer on where you stand within 48-72 hrs.
  19. You should get pre-approved as soon as possible. In today's changing market, there are times when a normally credit worthy borrower would get denied for a loan so its always smart to have all of your ducks in a row ahead of time. Best case scenario everything is fine and you qualify for a loan and you can cross this step off the list. However, should there be a problem that you are not aware of, you will know ahead of time and be able to take steps to remedy the issue.
  20. Being that a CU is a smaller institution, their guidelines are more strict as they are looking for "cream of the crop" files .
  21. To add to my previous responce. Underwriters do approve these type of loans on a case by case basis. edited to remove solicitation This will not guarantee you a closing but significantly increase your chances. Best Regards;
  22. Battles4610; The responces you received in this thread are correct. Most lenders will frown on late payments after a BK no matter what the reason. Edited to remove solicitation - Please read the terms of service for the board
  23. Juniper; Rule of thumb is 9 or less payments on an installment loan whether it is a car loan or any other installment loan. This does not apply with a lease unless you can prove that you will not be leasing another car. Leases can be removed from the DTI on a case by case exception basis.

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