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Everything posted by jop3

  1. Agreed - the last investment property appraisal I saw was $575. Totally normal fee. the other companies likely aren't quoting correctly.
  2. Lenders do their own fraud/audit reports on files that search specifically for other mortgages/real estate owne/foreclosures. it will be found.
  3. Because if they are still living in the home, then the bank hasn't taken back title. If you are on title to a home, the pay history matters, whether or not the debt is collectible isn't something the underwriter cares about.
  4. It's ok to take out a personal loan, but you have to disclose it to you loan officer and provide all the documents for it. Talk to your loan officer first, to make sure he will still qualify with the payment. If so, just document it.
  5. Yes, construction loans are difficult without perfect credit. Heck, they are just difficult. You are going to have a problem obtaining residential financing when you don't own the land. Is he planning to do some sort of leasehold? I know very little about that. I just never see it.
  6. It's both. It's standard to want 12 mos no late payments on housing, but you can often still get a loan with a single 30 day late. For post bankruptcy late payments, it becomes a problem. Underwriters take it very seriously. Luckily, yours isn't on the credit report, so you'll just have to show the minimum 12 month history and no one will know the difference.
  7. If you filed a quit claim deed removing her, then you shouldn't have a problem selling, even if she is on the mortgage.
  8. What do you mean? Do you mean you aren't going to tell your loan officer? Because that's a bad idea. The loan application asks for all your debts (even if not on the credit report) and it asks if you are delinquent on any federal debt. While you aren't behind on your payment plan, you are delinquent on those taxes and should have answered YES and described the payment plan. I highly recommend you tell your loan officer immediately, so it doesn't come back to bite you at the last minute. Unless your debt ratio is really high, you should still qualify with the payment plan.
  9. I've honestly never seen a charge for this. The worst I can imagine is a search fee from the title company, maybe $100, but it should be free.
  10. Definitely title company. Have the processor from this refi call the title company and have them pull it for you. They do it all the time.
  11. And to answer the question about the builder incentive and the GFE, NO the builder credit will not appear on the GFE, so that is normal.
  12. The reason the BK can't be listed as a condition is because of the automated approval. You won't get an automated approval while in BK, and many lenders don't do manual underwrites. That's not to say that you can't find someone to do this, because I think you can. You just need to shop around for someone without such strict guidelines. Might take you a some leg work, but you can do it
  13. Why do you need to do this? A refinance or purchase? You can probably get the title company to insure over it and still close.
  14. If he didn't say why it doesn't meet HUD minimum standards, then my guess is he checked the wrong box and it's an error. That's a big deal to not meet minimum standards, and if it were truly the case, there would a lot of detail as to why.
  15. You won't see an 800 section on a GFE any longer. Page 2, Your Adjusted Origination Charges is the section you are looking for. You're asking all the right questions, so just keep it up and see what she can offer you with other options - no credit, points, etc... With the negotiating, again, you're doing the right thing. Identify your buying point between the lenders you're shopping, then pick the one who's service you like the best and see if they can match that rate and fee set. You'll probably get it. Just pay close attention to service standard. Don't pick someone who's just a little less, only to find out they don't return calls, etc... That's worth a few bucks, for sure.
  16. Totally agree with Tom - the lates post BK are a killer to an UW.
  17. Price is always negotiable. Paying the closing costs won't necessarily get you a better rate than not. You can ask for a higher rate to get a credit to cover closing costs if you want.
  18. +1 to Brian. No, you can not do this. Let me re-word the question to help understand - "Can I get a loan on something I don't own?" That's basically what was just asked. So, the answer is no. If you aren't on title, you don't own it, and you can't mortgage it.
  19. While HUD doesn't restrict the points, there is a point where the loan becomes unclosable because the fees are too high. It depends on the size of the loan what that point is. Since the lower loan sizes still have the same standard fees (like processing fee, etc) that affect the total percent of fees at a higher rate. I've never seen anyone pay over 3 points personally. And honestly, I've very rarely seen anyone pay over 2 points, because it just doesn't make much sense.
  20. Assuming there's two years of history, right? Both. If you want to use it to qualify, then at least 2 years. If you don't need it to qualify, and it's less than 2 years and easily document-able (like 1099's and check stubs) then it's ok to show it on the statements and just explain it. If you it's truly "under the table" income, with no way to document it, the underwriter won't like that.
  21. If the lates remain, 12-24 months depending on the rest of the credit. At minimum July 2015.
  22. It it's 1099, then you are claiming it on taxes and it's OK to use.
  23. jop3

    HELC Help/Advice

    If you borrow money against the homes, you'll need to prove that you have the ability to repay it. They won't be paid for in full once you start borrowing money on them.
  24. Watch out including personal property in the sales contract. Underwriters do not like to see this and will back out the value of the property from the purchase price. It's one thing to include appliances, a house needs those, so it's standard. A gun safe will likely be a problem for an underwriter.
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