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ttander32

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  1. Yes you need to be upfront about it You may run into issues if you dont They will likely find out regardless because they will look at the tax summary from the IRS and if you havent ben upfront an underwriter may be extremely tough on you Good Luck Brian Thanks for your reply.
  2. Thanks for your reply. Are you talking in terms of the expenses shown on the 2106? If so, how is this added to our DTI?
  3. My husband and I are under contract for a new home using a VA Loan. We received a pre-approval based on W-2s. We also have a LLC that hasn't made much money over the last 2 years. The online application did not ask whether or not we owned a business; however we received the loan application today via Fed-Ex and there's a question in the assets section about business income. As I stated earlier, the business has not made much in the last 2 years. We also have some business debt in the form of credit cards that we did not include in the online application. Do we need to include this business debt in our liabilities? Although they did not ask for tax returns, it's pretty standard practice nowadays to review tax returns. We have claimed a business interest tax deduction for this business debt over the last 2 years (under $5K). In addition, we've claimed a business loss over the last 2 years. How could this potentially impact our chances of this loan being successfully underwritten?
  4. Resale...I'm certain her and her broker worked something out.
  5. Woohoo...I closed on 2/24. Things were a little crazy, but everything worked out. Thanks CB. Now it's time to get those scores up to a mid 720 and hang out in the money management forum. Time to seriously invest in my financial portfolio. Thanks everyone.
  6. No you can't.....it was required by lender It was optional.
  7. Thanks CB. I closed on yesterday. Question....what's the importance of title insurance. My home is 2 years old and my title insurance came up to $800 on an 80/20 loan. If I don't want it, can I call today and get it back? Please help.
  8. You should try First Franklin...my situation seems similiar to yours and I close on my house tomorrow.
  9. I just made the smartest move for this entire transaction. I called my realtor's broker and fired her flowers. I talked to her the second time about a final walkthrough and she starts fussing and carrying on telling me that I said I didn't want a final walkthrough. You liar!! So, I fired her flowers. Someone else from the company will represent me at the walkthrough and closing. Wow...now I can finally smile and be happy about this transaction.
  10. Realtor states that the seller will try their best to accomodate me for a final walkthrough. If they can't, we can do an amendment at the closing table. Is she crazy as hell?
  11. Yes, that is correct. My broker went thru First Franklin. I know that the rates could be higher, but from 6.75 to 8.5 is a bit much. My broker is out of the office today, so I will have to wait until tomorrow. I close on Thursday. Everything worked out. My rate on the 1st was 6.75 and on the 2nd 10.25. My LO told me to ignore the generic disclosures from First Franklin. Time to continue cleaning up my credit. Next stop...720 middle score...I want to refi in the next 6-12 mos. Thanks CB.
  12. Wow...I close on the 24th and everything finally set to go. I can't wait to say" You're jingling baby", "Go ahead baby". Thanks CB. You have helped make my dreams come true. Thanks Mod Squad.
  13. I concur, I opted out, applied for the mortgage, and the CA's came running. I've gotten like 4 in the last month. Trying to keep them all at bay. Wow...
  14. Yes, that is correct. My broker went thru First Franklin. I know that the rates could be higher, but from 6.75 to 8.5 is a bit much. My broker is out of the office today, so I will have to wait until tomorrow. I close on Thursday.

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