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liverichly

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    eppisgood

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  • Location
    Irvine, CA
  • Interests
    Mortgages, real estate, vacations, restaurants, wine, LA Lakers, SF Giants, NY Giants, deep sea fishing, movies.

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  1. liverichly

    Non-bank lender requirements

    One could only speculate, so to find out for sure you should contact that mortgage broker again and ask for additional specifics, as it appears you have enough credit history to meet nearly any lender's trade line requirements. I've never heard of MCAP though, a quick internet search brings up a mortgage company in Ontario, Canada. This section primarily discusses mortgages in the U.S.A., but not exclusively.
  2. liverichly

    How will a Garnishment affect getting a Mortgage

    It'll just impact the amount you can qualify for, not disqualify you completely. At most you'll have to explain what the garnishment was for and provide the garnishment terms (your employer likely has a copy they may be able to provide to you).
  3. liverichly

    Mortgage with 555 credit score

    With that credit score, unless you are a veteran, FHA and sub-prime loans will be your options. Sub-prime loans will require 30%+, do you have that? If not, then FHA (or VA) is going to be your other option. FHA (& VA) will require the last 12 months (and possibly even longer) to be free of any delinquencies as well as you'll need to have re-established credit (typically defined as 3 tradelines that have been around for the past 12 months without any late payments). How does the last 12 months of your credit history look? Edit: NACA may also be able to qualify you, but you'll need 4-6 months to go through their process, probably not a good fit if you need to buy "ASAP".
  4. liverichly

    self employed mortgage

    The truck & car payments are killing the debt ratio. Are those payments made by the business and do you also account for their expense on your tax return? If the business has been paying them for the past 12 months, from a business account (not a personal account), and you factor in the expense on your tax return, then they can be excluded from the debt ratio and your $25k/year of income should be enough to qualify. If the business isn't paying them for the past 12 months, or you haven't factored them in as an expense on your tax return, then for self-employed people there are loan programs that will use as 12 or 24 month average of bank statement deposits to calculate your income. Rates for those programs aren't as good, but it may allow you to refinance... and if you are talking about only financing a $56k loan amount then the difference in rate won't impact the payment very much.
  5. liverichly

    Restaurant Sever/Promotion/Mortgage

    As soon as your promotion and new salary kick in you can use it. There is even an exception that will allow you to use "projected income" to qualify within 60 days of it beginning, but that requires documentation of the upcoming promotion and pay raise.
  6. liverichly

    self employed mortgage

    If you only need to finance $53k then depending on how much your monthly debt payments are, $25k/year of income usually will be able to qualify. Do you have a lot of monthly debt payments? If so, how much are they? How much are the property taxes & homeowner's insurance on the home?
  7. liverichly

    FHA Appraisal

    The initial Closing Disclosure isn't sent out until the appraisal has been reviewed and accepted. Assuming that is the very last item the underwriter needs to issue the clear to close, then once the appraisal is completed it's submitted to underwriting, usually takes 1-2 days for review, and upon it being accepted then the initial Closing Disclosure is sent (emailed) to you. Assuming you sign it the day you receive it, then there is a 3-day wait (including the day you signed it) before the final loan docs can be signed. So, 7 days from the time it's submitted to underwriting until you can close sounds about right.
  8. The original terms of your loan will never change, but servicing related fees can. Mortgage servicing is now more regulated than it has in the past, but charging servicing fees for various features isn't one of the areas that is regulated and the costs will vary from one servicer to another, as long as the fees are reasonable. $5 to make a 1-time payment towards principal is a reasonable cost (they are processing an additional transaction). What is even worse is you have no control over who your servicer is, if you were properly disclosed during the application process your loan's servicing rights can be sold unlimited amount of times. You can view a couple servicers fee schedules here & here. The section of RESPA that covers mortgage servicing can be found at https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1024/.
  9. liverichly

    FHA Loan After BK7

    With precision timing, you'll be able to close around 2-3 weeks after your 2-year BK discharge date. Loan officer can gather up all documents and even check credit, the main thing is the FHA case # can't be pulled until the anniversary, which is needed for the appraisal to be ordered, and that may take a week or even longer just depends on the local appraisers. So the appraisal comes back and can close a week or so later.
  10. liverichly

    FHA mortgage caivrs with a credit card judgement

    With an FHA loan, judgments can remain unpaid if you are on a payment plan and at least 3 months of payments have been made with all payments made on time. Payment amount will be included in the DTI.
  11. liverichly

    Loan after chapter 7

    More details are needed, but if there was an injury that caused a disability and resulted in Ch 7 BK, then that could be considered an extenuating circumstance and then FHA (and VA) would be an option with 3.5% (or 0%) down. A detailed letter of explanation with a timeline of the events that lead up to the BK would be a great start.
  12. liverichly

    Refi taking for ever...

    Glad they agreed to refund you the appraisal fee. I don't think you can get inquiries removed because you didn't accept the terms. You legit inquired about applying for credit, so to me it seems like they should stick. I know there are ways to dispute inquiries as unauthorized, but that doesn't seem like it'd apply in your situation.
  13. liverichly

    Refinance after BK rate

    There is no difference in FHA interest rates that is based on if you have had a BK in the past or not. Assuming those are your mortgage scores, the rate seems high. I'd get a 2nd opinion.
  14. liverichly

    Would we qualify?

    For Fannie Mae/Freddie Mac loan programs, yes. There are no further breaks on the interest rate for a score above 740. You can see the different amount of points charged depending on FICO/LTV combination in the chart below. PMI's cheapest rates are for FICO scores of 760+, see chart below.

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