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  • Location
    Kansas City, MO (Lend in all 50 states)
  • Interests
    NMLS # 861917
    Can do Manual Underwrite on Conventional, FHA, VA
    620 FICO needed for all loan types except USDA which requires 640

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  1. I would keep doing what you are doing the cost to refinance isn't worth it. You could take the cost to refinance & apply as principle payment & payoff even faster
  2. Income doesn't exist if it isn't reflected on the tax returns as others have stated 2yrs tax returns is the standard. Don't be surprised if underwriter ask for a 3rd year. When you are self employed we use the taxable income claimed + any non cash write offs like mileage, depreciation etc.. The underwriter will use the following form or something similar to determine income. https://new-content.mortgageinsurance.genworth.com/documents/calculators/9113811.SAM.form.052219.WEB.pdf You can qualify for a FHA loan based on current scores I would work to get scores highe
  3. FHA PMI is paid a minimum of 11 years your PMI is costing you $1356 a year over 11yrs would total $14,916 The higher rate also increases the amount can claim on taxes in interest paid on your mortgage get rid of the PMI you will have the house paid of in 15yrs or less
  4. Can't get pre-qual without the letter from trustee & 12mo BK payment history
  5. There is a question of the loan application that ask are you party to a lawsuit. When answered yes most underwriters will not approve the loan until the lawsuit is finalized.
  6. I have been doing mortgages for over 15yrs I have never heard of such a thing. If it is truly the title company requesting the data I would find another title company.
  7. If you can qualify for the small mortgage amount using your income only I would go that route. If you both need to be on the loan because you need both incomes FHA is going to be your best option. Exception would be if you find a bank that has a program that has a proprietary product geared towards 1st time buyers or low-moderate income. I don't know of any lenders that can do a conventional loan with a score under 620 Big negatives on FHA loans are upfront PMI of 1.75% & monthly PMI that you must pay even if down is 20% or more.
  8. Trended Credit Data Fannie Mae Update Experian finally started to report trended credit data to Fannie and Freddie this month. Over the last year and a half, Equifax and TransUnion were reporting trended credit data. That data was being used by Fannie and Freddie to make a determination on mortgage applications. Experian finally got their act together and they’re reporting it as well. Now all three repositories are reporting the trended credit data which is a much more in-depth look at every credit account. Trended data looks at things like; When did the consumer pay? How much did they owe?
  9. Scores are strong enough to qualify with most lenders on a conventional, FHA & VA loan. Most lenders will require 640 for USDA loans DTI can be as high 50% on conventional loans & possibly higher on FHA & VA loans depending on if automated approval system will approve the loan. FHA - Student Loans (II.A.4.b.iv.(H) (TOTAL) and II.A.5.a.iv.(G) (Manual)) (1) Definition Student Loan refers to liabilities incurred for educational purposes. (2) Standard The Mortgagee must include all Student Loans in the Borrower’s liabilities, regardless of the payment type or stat
  10. This is what the FHA guidelines indicate. https://www.hud.gov/sites/documents/4155-1_4_SECC.PDF A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that  one year of the pay-out period under the bankruptcy has elapsed  the borrower’s payment performance has been satisfactory and all required payments have been made on time, and  the borrower has received written permission from bankruptcy court to enter into the mortgage transaction. TOTAL Scorecard Accept/Approve Recommendation Lender documentation must show tw
  11. Low loan amount + home needing repairs would make it impossible to get a normal mortgage. Only option might be for your sister to get a rehab loan thru a lender that specializes in these types of loans she can borrower 70-80% of the money need to purchase the home & fix it up. These are considered "hard money" loans so the interest rate & fees will be high & the are normally short term loans of 6-mo to 1yr term with a balloon payment. These types of loans normally don't fall under the "high-cost" rule the others were advising you of. Once the rehab work is complete on th
  12. It would be considered a 2nd home. The property you own now thru the s-corp is your primary residence. I would not discuss the property possibly being used for rental income when you are not using it with your lender. The rate for 2nd home would be much better than the rate on a vacation rental click the link below for Fannie Mae definitions of occupancy types. https://www.fanniemae.com/content/guide/selling/b2/1/01.html Even if you technically don't own the home you live in now if you live there full time so, it is your primary residence. I have had clients that purchased a
  13. Fannie Mae wait is 4yrs https://www.fanniemae.com/content/guide/selling/b3/5.3/09.html(scroll to bottom for chart) FHA wait is 2yrs https://www.hud.gov/sites/documents/40001HSGH.PDF (pg 49)
  14. Scores are solid for home purchase You don't mention the amounts or type of collections which is important. VA/FHA doesn't have a cap on medical collections. if non medical the aggregate is $2,000.00 https://hudgov.prod.parature.com/link/portal/57345/57355/Article/8380/Does-FHA-require-collections-to-be-paid-off-for-a-borrower-to-be-eligible-for-FHA-financing Your loan will be ran thru automated approval system & the system will tell the LO what debts must be paid for approval. It is not unusual for an underwriter to demand you pay something off even though the automated approva
  15. They will normally do a a "soft pull" 10 days before closing. The soft pull doesn't show scores it only shows any new credit pulls & if any new debts have popped up or if balances or min monthly payments on existing debts have decreased. If a new derog pop up the underwriter will ask that new scores be pulled. Don't have anyone pull your credit or apply for anything until you get the keys to your home. Normally there will be pulls for cable, and utility companies & they lender may ask you to write a letter explaining reason for pulls.
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