 When "flipping" a house what are the tax consequences? |
| What can be written off and how does it affect personal income tax. Also is capital gains involved?... |
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 What do you think about REALTORS? |
| What has been your experience? The reason I'm posting this question is that I have seen some people on here speaking in not so kind words when it comes to Realtors. Some of it comes from so-... |
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 Homeowners: How much do you make, and what does your house cost? |
Please, renters and apartment owners, I am not requesting your answers at this time. I still love you, though. :-)
My husband and I will be making a NET income of $57,000 next year and we ... |
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 Is 7.625 a decent rate? Historically? |
I've been offered a mortgage for a 30 year fixed rate of 7.625 on a conforming level2 fannie mae loan with 20% down. Fico score is at 616.Looking at 120k home.
(Midwestern homes are still ... |
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 What do you think? |
| My friend, Emily, and her family are moving (somewhere else in the same town) and they are selling their house. My family are looking for a house and we are concidering on buying Emily's house. ... |
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 Mortgages & Bad Credit? |
| My fiance and I are not married yet, but are thinking of buying a house. We both have pretty bad credit. When I google "bad credit mortgages in Pittsburgh PA" a hundred links come up and I ... |
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 Can a mortgage company prevent me from leasing my house after I've lived there for 3 years? |
| It was my primary residence for over 3 years. Does anyone know anything about this? Does it always have to be owner occupied? Thank you!... |
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 Can maintenance be carried out in rented accommodation without 24 hours notice to enter property? |
I wrote to my letting agent about 6 weeks ago concerning a large crack in my window. The crack in my window was there before I moved in. However, now it's getting to winter i wanted it fixed.
... |
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 How can I find the history of my house? |
| I actually have since moved a block or so away from my old house. I'd still like to find the history of the house, though, just because it seemed so cold and dark. Several people in my family ... |
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 Is this a scam? (REAL ESTATE)? |
| Developer is looking for investors to buy lots of land. Developer is wanting to start an IPO and get $$$ to launch it. Investors buy lots and "cash out" $20 K -- then lease the lot back to ... |
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 How do i get on Section 8? |
| i just got kick out for my dads now i'm at my moms i cant work i get ssi and i dont have a home what can i do ? i wont have any for 6 days and i cant stay with my mom and i dont know anyone who ... |
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 I have a credit score of 640 my fiance has a score of 750. Can we buy a house what score would they use? |
Additional Details
We would only have about 5% to put down in order to pay for closing costs and have some emergency cash left over.... |
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 First time home buyer using a VA Loan...? |
| My Husband comes home from Iraq in a month, and we are going to buy a house as soon as he gets home. I've heard that a VA loan takes a while to process and what not. So my question is, how long ... |
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 Does a landlord have the right to call at the last second and say they are? |
Coming to go thru the house to check on it? The gave my boyfriend about 8 hours warning that they coming.... do they have the right to go thru the house like that?
Additional Details
Its ... |
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 Should we make our initial offer over the asking price? |
| My wife and I are going to make an offer on a bank owned (foreclosure) home. It is a nice 3 bedroom ranch with a full partially-finished basement, hardwood floors, pool, etc. It's in a ... |
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 Can someone tell me where i stand with my landlord going to court to get me evicted? |
| on mytenancy agreement it states who my landlord is but does not provide me with his address or phone number. my tenancy agreement ended on 7th january but i have not found anywhere else to stay as ... |
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 Going to view a house tomorrow bit of advice? |
| We have been renting a flat since last May. It was fine through the summer, but since winter has come we have found it to be very draughty and cold. We are wanting to get a mortgage on a house ... |
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 Does my landlady have the right to sell the house when we are only 3mnths into a 6mnth tenency? |
i have 2 small children and we have just moved into a rented house 3mnths ago, the landlady said she was not looking to sell in the near future and we signed a 6mnth tenency agreement.
a few ... |
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 The house i'm renting is in foreclosure if I stop paying rent can I appeal a eviction if he files one.florida? |
| I feel as a renter if the owner is not trying to resolve the debt owed he knowingly is breaking the rental agreement between us not allowing my family and self to stay for the duration of ... |
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denise530@sbcglobal.... | Preapproved for a home loan question??? |
My husband and I have been preapproved for a home loan and they just asked for out checking statements for the last 2 months but we have spent so much money in the last few months there is not much of a balance on the last 2 we have never overdrawn but are afraid this might hurt closing on the house Please help?? |
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reality
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Bank require 2-6 month reserve for your monthly mortgage pmt. If you getting FHA loan, then they will require only 2 month reserve. |
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xander
 |
You are "pre-approved," yes? Was this done before OR after revealing pertinent information (like bankstatements) to the loan officer approving you? If I were to guess by your question, I would say that these things have not yet been reviewed in which case you are not truely "pre-approved" anyway. Feel free to call me at 949-681-3763 (office #), I will consult you on how to proceed. |
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rlloydevans
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They aren't really looking for a lot of cash in there, they are looking for evidence that you are getting the deposits (income) that you stated. and if there are a pattern of payments that would suggest you have other loans that aren't showing up on your credit check.
The overdrawn shouldn't be a big problem either, unless it is a regular or constant thing.
Don't worry, just give the statements. It will be fine. |
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RealtorV
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No need to fear..most likely...they are looking for the deposits. They want to make sure you make as much as you said you did. And that's how they can verify that. Unless of course you told them you had $5000 in checking and were using that for closing? |
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dragongirl88
 |
They will approve you for more than you can afford. I will not worry about the approval, I would prepare to make your house payments on time and in full.
When I was single and made only $30,000.00 per year, I was pre-approved for $172,000.00 and 100% financing.
I borrowed only $141,000.00 and I put 10% down on the house. I wish I had put 20% down to avoid the PMI insurance. |
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Mark M
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There are 3 main reasons bank statements are required in a loan package:
1. Income
In "A Paper" loans this is only when there are automatic deposits needed to be proven (such as Social Security). In "Sub-Prime" loans, this could mean any and all deposits. THIS DOES NOT SOUND LIKE WHY YOU WERE ASKED!
2. Source and Seasoning
This is to prove you did not borrow and you had available to you liquid cash to use as your down payment and closing costs. If you transferred money or put money into escrow, you need a paper trail. THIS DOES NOT SOUND LIKE WHY YOU WERE ASKED because you would not spend your down payment money you know you need.
3. Reserves
THIS SOUNDS LIKE YOUR REASON! Reserves requirements are written into guidelines for the loss of income issues. Reserves are used in the approval process (mostly automated now). The way it works is "PITI months reserves." Most purchase products are fine with 3 months PITI reserves---meaning you need to have at least 3 months of your mortgage payments, Taxes and Insurance in liquid savings available to you. Some high LTV and/or Stated Income loans require 6 months reserves. A high credit score or other stability aspects in your loan application can outweigh and override the requirement for reserves.
To be less stressed, call your Loan Officer, give him/her a heads up and show them the bank statements. If your Loan Officer is good, they can tell you what to do----such as Smurf smurf from a family member or friend to be later smurfed smurf.
Maybe you can even get lucky enough to be preapproved for a product that doesn't require reserves. |
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lenderjayne
 |
Don't panic. Talk to your loan officer and see how much money you need to show. Sometimes they can take a 30 day printout from the bank which you can coordinate with your paycheck deposits. The loan officer will advise you.
CA Lender |
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