 Where does a single mother with decent, steady income, yet no so perfect credit begin to get a mortgage loan.? |
I have been trying to repair my credit for the past few months so I may purchase a home with no money down. How can I go to a closing with no money down?
Additional Details
I have been ... |
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 Landlords, apt mgrs, please read. move out question.? |
| Lived in the apartment 2 years. Originally had a roommate. He left a couple months ago, just picked up and left one day. I found out I was moving 1400 miles away. It was a very quick decision. I gave ... |
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 Urgent Renting Question? |
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| How can I stop paying rent without getting evictied until the landlord makes repairs? |
| We have repaired most things for th past 10 years but now we cant afford to do it anymore. and the outside wall of the house is collapsing, I have sent pictures for years and she just tells us to me ... |
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 Do landlords have a right to walk up in your apartment without your knowledge or prior notice? |
I was out yesterday & today, & I come back, & the landlord left a message on my door, saying, "Clean this place up! It stinks."
I had an altercation 2 weeks ago with ... |
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 On a short-sale, can a bank make a counter-offer higher than the listing price? |
Two months ago, we put in an offer on a house. Details (using made-up numbers):
Last sale price: $300,000
Listing price: $200,000
Our offer: $210,000 (there were other offers)
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 How can a landlord take your rent money and not pay off the 8 liens on the property he hasn't paid one dime.? |
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 Do you have to be married to buy a house together? |
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 Country Wide/ Bank of America? |
| We have our home loan through Country Wide and just found out that they selling out to Bank of America. I am just wondering what this means to us. Can Bank of America change our contract and ... |
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 Can A Landlord Force Me To Sign An Addendum To My Lease? |
| I signed an apartment rental lease 2 years ago and it stated I would be responsible for all utilities EXCEPT the water and garbage. There are not any submeters for water for the four units here. He ... |
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 If I move in, what is the security deposit for? |
| If I pay the security deposit and the first month rent does that mean the landlord get to keep the security for free? Is it refundable? Is it for the rent if I paid late? I'm planning to move ... |
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 How can i get out of a rental contract? |
| My rental contract does not end until another 9 mths. I am in a process of buying a house right now. Is there anyway I can get out early of the leasing contract, since I am buying a house?... |
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 Why do real estate agents get a bad rap for being conniving cunning and liers? |
| I have a hard time understanding where the agent's interest is when they will essentially make more based on how much you buy. Are they looking for a house for you or for their pocket. Also do ... |
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 Neighbors recently sold a house by owner? |
| A couple with 2 kids just recently sold their house by owner and did not go through a real estate broker. They keep coming back to that house every now and then. What's going on? Why they keep ... |
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 My husband and I are closing on our 1st home at the end of the month. Need a little help? |
| When should I begin to transfer services such as phone, cable, security system, lights, gas, water, etc? We close on a Tuesday, and I know we will move our big items that weekend, but when should I ... |
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Ms Em | Mortgage company asking for copy of 401-K statement? |
I've been approved for a loan, but the lender wants a copy of my 401-K statement. I've never had a lender ask for this before and I don't believe this is any of their business. They said they want to make sure I've created "stability".....they can see on my pay stub the amount of money that is taken our for this account. Has anyone come across this before? Can I deny them a copy? Help!!! |
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NONAME
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None of their business? Of course it is. I never have been able to understand why people try to hide assets from their loan officers. Assets help you get loans, as your ability to save money is a good credit sign.
Cash reserves, after closing, are vital to many programs and products available in mortgage banking. No one wants to lend to you, and have you sitting with zero money in the bank after closing. Having at least 2 months of your new mortgage payment in the bank after closing enhances your credit profile. The more the better. With 6 or 12 months reserves, you can often get exceptions to high debt-to-income ratios or credit issues, that wouldn't be available to you with no reserves.
The amount taken off your paystub doesn't really tell you anything, except that you put that much in that period, and maybe a year-to-date. It does NOT tell you the total amount, whether you've lost or gained on your investments, NOR how much of your employer match is there and is actually vested to you.
Quit being a pain in your loan officer's behind and provide what you're asked for. They are only trying to help you get the best loan you qualify for. You are NOT entitled to a loan. You are granted a loan.
And FYI, 99% of the time they can only use 70% of your vested balance as "reserves", since you'd likely lose 30% to taxes and penalties if you had to liquidate in an emergency. |
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gtofinancial.tomvoli
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This is to establish reserves available. The lender wants to see what is left in reserves after the transaction This is absolutely required if you are getting any decent credit programs. Nothing out of the ordinary here. This is one of the 4 basic requirements for financing.
1) Credit Score
2) Debt Ratio
3) Employment History
4) Assets
Here is some additional info. Hope this helps. |
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Drew
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I bet they are going to try and suck this money out of you I hope you are ready to walk at any time. |
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ALEGNA
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Mazziaplay is dead on! I was an underwriter for 6 years....before I owned my company! |
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tabithap
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I worked breifly in the mortgage business, and it is a common thing for them to ask for. Basically, getting a mortgage is laying your entire financial situation out in the open. Of course you have the option to deny it to them, but they may decide to not give you the loan. |
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teran_realtor
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Be realistic. You're asking someone to lend you a whole bunch of money based on your ability to repay, but you don't really want to give them an accurate picture of your ability to repay.......
There are loans where you won't be asked for much documentation at all. Stated income and "No-Doc" are the types of names for them. They're for people who, for whatever reason, either cannot or will not disclose certain things about their finances. For this privilege, you will pay a higher interest rate. The choice is yours.
The way I look at it, they've already pulled your credit. THAT tells alot about a person's personal habits. Letting them see your 401k statement should not bring up any horrible secrets...... unless you've been withdrawing it to spend on your mistress, and you fear your wife may find out. (mistress could be a woman, a fishing boat, or a gambling habit...) |
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bianca
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if you listed your 401-k on your loan application- your lender will ask for the copy of your statement. this work not against you, only in your favor. this money are calculated like your cash reserves available any time you need them. |
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ravensgirl
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i work at a mortgage company and the only reason the lender would ask to see your 401K is if the loan officer listed that as your assets, then they need to prove the amount. there is no reason they would ask for it to prove "stability." if it is not for asset verification then i wouldn't give it to them because they do not need it. |
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mazziatplay
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Giving your lender a copy of your 401K statement is no different than giving them a copy of your bank statement.
Investors require a "cash reserve" (emergency funds sufficient to make loan payments) of from anywhere from 2 months to 6 months worth, depending on the loan program, be documented in the file. A 401K is an excellent way of documenting this requirement as 65%-70%of those funds would be available to you in case of an emergency.
The lender may need your 401K statement to document sufficient reserves. This is not an uncommon practice.
If you do not show sufficient reserves after payment of closing costs in the bank accounts you have provided documentations for, the loan may be declined for insufficient reserves.
Your lender isn't being nosy, they are just trying to sufficiently document your loan to ensure the clearing of all closing conditions so that you can close on your loan. |
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bostonianinmo
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You can deny them a copy but then they can deny you the loan. It's entirely proper for a mortgage lender to have a complete picture of your financial situation before making a final decision on your application.
Bonus: Funds in a 401k are generally considered "available" for down payment and closing costs even if you would never use them for such. This will improve the chances of a favorable decision on your mortgate application.
The last several mortgages I've had all requested copies of my retirement fund accounts. I provided them and had no trouble at all with being approved. |
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