 I want to walk out of my home, my bank bent rules to Fund my HOme Loan.? |
I bought a home in 2005, i put 20% down to acquire Loan, i did not qualify for the loan amount since it was 55% of my monthly income.
the bank still funded the loan and we moved into our home. <... |
|
 I need help getting out of buying a house? |
| My wife and i are first time buyers and kind of rushed in to things and made an offer on a house they rejected our offer and countered it then (24) hours later they accepted our offer. and we said ok.... |
|
 Can a landlord increase a security deposit once you have moved in? |
| We had to renew our lease and the business manager informed me and our neighbors that the original deposit would increase and we must pay it by the end of the month. I am curious if this is actually ... |
|
 What is the landlord responsible for and what do I have to do? |
| I came home to a flooded apartment yesterday due to the fact that they were cleaning the apt. above me since the lady moved out. The washer machine up there was broken and it flooded my whole apt ... |
|
 How do you get solicitors to hurry up!!!? |
| bought a house and just waiting for solicitors to do the search etc but it's taking forever. How can we get them to hurry up so we can get a moving in date?????... |
|
 When a developer sells a model home at the end of the sales, is it at a discount? |
| Once a new development is sold out and the developer is ready to sell the model homes, do they price them cheaper than homes with identical features/options? (I'm not talking about whatever ... |
|
 Can my landlord evict me, and only give me a week? |
Back in the beginning of August, My bedroom window broke.
Well, actually, my bed was kinda up against the window and my pillow applied some pressure to it, and it broke. Leaving my head dangling ... |
|
 I've heard a nasty rumor regarding existing fixed rate mortgages, Is it true? |
| I've heard that mortgage companies are trying to get new laws passed regarding 30 yr fixed mortgages. I've heard that they are trying to make it so that if any new company buys your ... |
|
 What's the smallest house you could possibly live in ?? |
Sometimes I think I would like to live in a 10 room ..... 3 bath mansion .....
Other times .... with energy costs .... taxes ..... upkeep ... etc.... I think I could just live in a small ... |
|
 Do i get my whole rent deposit back? |
| My rent comes out the 1st of every month, I gave my one month leave notice on the 10th. Do i get my whole deposit back?... |
|
 I have called my landlady 6 times, and sje doesnt answer! i wanna move out? |
i will move out, and i called the landlady and left a message saying that i want to give notice. but she didnt call me back!
what should i do? if i move out without contact her again, is this ... |
|
 As a landlord, should you be responsible for any appliances in the house that were left? |
| I am going to rent my house out soon and I am leaving the washer, dryer, stove, fridge, microwave and dishwasher in the house. If any of those items break without no sign of abuse would I be ... |
|
 What would happen if the landlord knew i had a cat? |
| I need written permission and if she does agree i think i have to pay a large deposit, also when it comes to inspections i would have to pretend i was looking after the cat which they may not believe.... |
|
 For anyone who really knows whats the deal with this down turn in real estate? |
| Im a loan officer who began this career 6mths ago. It seems I started when the housing market really started to go south. my predecessors where closing 10-12 loans a month with ease where im ... |
|
 When PURCHASING (not renting out) a property what should be standard regarding appliances included? |
| thanks to everyone who already answered this question. i'm not asking about renting it out, i have that covered - i'm asking about if i PURCHASE a property is it standard for the seller to ... |
|
 Questions about moving out? |
| I want to move out a year from now I am planning to save up at least $5000. Is that enough to get me started with deposits for everything I need to put a deposit on. Next I want to know what bills I ... |
|
|  |
Val | Is it better to be married when applying for a mortgage? |
My fiance and I are getting married in September but we have already been preapproved for a mortgage and have started searching for a home. However, we found out we weren't eligible for a specific program (I live in RI), though a few of our married friends were approved for the same one.
We have 'excellent' credit scores and everyone we have talked to has told us they don't know why we werent eligible since this particular program, almost everyone is eligible for.
Our mortage lender told us it has to do with our debt to income ratio, too many open accounts, student loans, etc. But all our friends have the same type of payments, even more. My fiance thinks that because, on our application, we put that we are 'single', and that is why we were'nt approved for it. Does anyone know if this makes sense at all? |
 |
 
rainyhippydaze@sbcglobal.net
 |
Sometimes it does, You just have to shop around with different companies stay away from brokers, and some of those on line companies they stick you with major closing cost, and our bank was very hard and didn't want to give us much. Ask about first time home buyer programs in the area. My husband has the job but I have better credit and they approved him for the loan without me on it so maybe one of you needs to do it and see. Try the Mortgage Center, www.MtgCtr.com, they worked with us. Granted we are in KS. Good luck and happy house hunting!! |
|
SCCRealEstateUNCENSORED.com
|
You are getting conflicting answers, some say yes some say no.
Here is a simple answer to your question. NO, it does not matter. Here is why.
When you apply for a mortgage loan, you are looked at ONLY and only as a number. If you are qualified or not qualified based on your marital status, race, ethnic background, marital status, religion, etc, etc, ITS AGAINST THE LAW. Look it up www.hud.gov/fairhousing
There you go, simply put, it does not matter.
You may think that your married friends have similarities to you situation but in reality everyone's scenario when applying for a mortgage loan is different. It's like trying to compare your finger print to your neighbor's finger print. It wont match.
Good luck. |
|
sampson
 |
No that doesn't make sense. It does not matter if the people applying for the note are single, married, or otherwise. You may think your situation is the same as your other friends, but unless you know exactly how much they make, exactly how much their debts are, and how much money they are trying to borrow you will not know how alike you actually are. I would call your loan officer and ask for a more direct answer as to why you were not qualified for that particular financing. If you are not sastified with the response then try another lender, possibly the same lender who has worked with your friends. Good Luck. |
|
Steve L
|
I am in the same boat as you, I will be married in 6 weeks and a year ago my fiance and I purchased a house. Getting the mortgage was not an issue. If both of you have good credit and a good job history you'll be approved. The issue with the DTI can be solved by paying off a few of the small balance accounts you have. Regardless of your balances whether it's $50 or $500 it will still show a monthly payment of $20 or whatever... Add a bunch of those together and they add up. Once you've gotten that taken care of I recommend getting a lawyer to draw up an antenuptial. All that does is recognize the interest in the property i.e. 50/50, 40/60. It's important if one of you puts a substantial amount of money down. Good Luck and Congrats on the Wedding! |
|
Amber J
 |
Being married has nothing to do with why you weren't approved. Getting married won't change anything. Something is different between your situation and your friends. No two mortgages are ever exactly the same. |
|
j c
|
If you are applying jointly, then your marital status is not that big of a deal- they will be looking at each of your credit histories just as if you were married. One thing you may look into is how many credit accounts you have. If you have several accounts (think department store cards) even if you don't use them, you have the potential for higher debt.
Another thing to remember is that your credit score is complicated. It can be low because of negative points, but also because of a lack of positive points. You may have "excellent credit" and still have a low score. If the only credit you have ever had is your student loan it doesn't help you that much.
Find a place on the web where you can obtain a free credit report and then take it to the loan officer and see what he has to say. |
|
mrsfoster
 |
In my experience, the only lender that has a problem using both incomes of single borrowers is the VA. So if you are applying for a VA loan that would possible that they cannot use both incomes to qualify. However, there might be something specific to your area.
Otherwise, it should not make a difference. All your income against all your debt plus the new home payment should be used in your qualifying as long as you are both going into title.
Get a second opinion if necessary |
|
iceman
|
No it should not make any differance. Your profile will not change married or single. |
|
Miss Emily1
|
Unfortunately, people can never compare themselves to others. No person or couple's credit report & income & finances are exactly the same.
Your friend's probably had some different types of debt, or better income.
If your lender is telling you that you have a debt to income ratio problem, It's because the lender has a specific percentage limit to what his program offers.
Say this specific program only allows up to a 43% debt to income ratio & your "debt ratio" is at 44% or higher, you will not qualify.
There is nothing personal about getting a loan. Don't think that because your friends got something & you didn't, that it's personal.
Check around with some other lenders & get a 2nd or 3rd opinion.
"almost everyone" is not qualified for this program you're talking about, the program has specific guidelines, if you don't meet the guidelines you don't get the loan.
get other opinion, maybe this lender just wasn't being "creative" enough with your "documented income".
good luck |
|
James S
|
A lot of these programs are very strict on how much you make. Most likely you make to much money to get the funding.
As to getting a better rate if you are married or single it is all the same.
you could also just have a lazy mortgage person who doesn't want to have to do all the paper work. |
|
golden rider
 |
You do get a better interst rate when you are married than you do as a single person and also the bank or loan company consider you a little more unstable when you are single. They won't tell you this, but the facts don't lie. |
|
Denise S
 |
Give another lender a call, there should be no obligation to talk to another lender, maybe your lender does not offer this program/ Just a thought.
Denise Stuart Coldwell Banker
The Real Estate People |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 34 minutes(s) ago
| | | |
12 | 2 hour(s) ago
| | | |
12 | 7 hour(s) ago
| | | |
12 | 10 hour(s) ago
| | | |
12 | 2 day(s) ago
| | | |
12 | 5 day(s) ago
| | | |
12 | 2 week(s) ago
| | | |
12 | 3 week(s) ago
| | | |
12 | 1 month(s) ago
| | | |
12 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
