 Tax returns vs. W-2s mortgage question...? |
When applying for a home loan, do you need your tax returns or are your W-2s and bank statements enough to document your income?
Additional Details
Hmmm... I was hoping not to see ... |
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Additional Details
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 How do "normal" people with "normal" paying jobs ex: teachers, police, afford to buy a home in CA or the like? |
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 Can we afford a million dollar home? |
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jaceofbase | We got approved for our first home loan. can we use some of the loan to pay of our credit card bills? |
we don't need all the money that we were approved to borrow for the purchase price of the home, but if we use some of it to pay off debt then we can have one low monthly payment...have you ever heard of this type of arrangement? help me! |
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Jennifer W
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Don't do that. Roll the leftover money toward the premium of the home loan. If your lender needed you to pay off the credit card debt, they would have made you do that before lending you any more money. In fact, if you are closing at a title company, you probably will have to pay of any other loans to obtain clear title to the home, and it is doubtful that your lender will actually give you the money. It goes to the title company, or third party closing agent to pay for closing fees, the purchase price, lender fees, etc and you just sign the papers that say how much you owe, and when you will pay it back.
And don't spend the extra ahead of time. You may be approved now, but I have been in situations where borrower's are approved for $100,000, buy a $90,000 home, go out and buy $10,000 worth of furniture for their new home on credit, and cannot close because now their debt to income ratio is too low and the lender will no longer provide a loan at the previously agreed upon terms (and yes they can do that if there is a significant change in your credit score before closing). |
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libraryn71
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Banks won't allow that. I wanted to do the same thing when I bought my house. |
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michael_pro
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It depends on what type of loan you have been approved for. Just because you have been approved for a certain amount that does not mean you can have cash out. It usually means the price home you have been approved for. The loan will be based on the price of the home and the loan to value. You need to be more specific. |
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prabhash04
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You may negotiate with the lender:
a) To finance based on the total cost of the home, including closing cost.
b) For longer term loan, so you may pay back monthly mortgage difference to repay credit card debt.
c) Shop for credit card which charge lower interest rate.
Hope it helps |
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brainybusiness
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Generally the underwriter for your mortgage company frowns upon this, especially for your first loan. Let's face it, you havent proven yourself to them yet. The method to attempting this requires that you have equity built into your purchase (ex: your appraisial comes in $20k or more than the purchase price.) If you have this, then you can ask your mortgage broker or company if they would consider consolidating some of your bills into the loan. If the underwriter approves this than they would directly pay off the obligations to the company that you owe. Things to consider when you do this. Will you actually save money on your obligations? How long do you plan on living in this home? What is the market forecast to be in your neighborhood in the next several years? Will the underwriter require you to have a pre-payment penalty if you chose to refinance? If you pay off your bills and roll them into a longer term, staying in your home for ten years, chances are you will probably pay more in interest than you would have if you continued on your current payment plan. If the value of your home isnt projected to go up very much in the next few years, you will hurt the amount of tax free profit you would have made in the event of a sale after two years. Also consider that a pre-payment penalty will cost more out of your pocket than simply paying your normal bills now, in the event you want to refinance. Generally if you were approved for a higher amount than your purchase price, that doesnt mean that you can access that money. Your best bet would be to do 100% financing and reserve your current downpayment to pay off those bills. |
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hondacivicex92
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Won't you have to pay interest on the overflow of the home loan? If you are real deep in credit card debt then you need to reexamine your spending patterns. Using the home loan money to pay off credit card debt will be a short term fix. If you use that money and get closer to out of debt then you will most likely celebrate by putting yourself deeper in credit card debt by buying other junk.
Remember, if you take equity out of your home and cannot pay the loan back they will take your house. If you cannot pay your CC bills, then you will get a slap on the hand, poor credit rating, debt collectors knocking on your door but you will still have a roof over your head. Focus on retaining your "asset" (the house) not the credit card. |
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cjone782000
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ofcourse |
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MortgageGuy
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I HAVE DONE LOANS LIKE THESE IN THE PAST...READ BELOW>>>>
I hate when uneducated people put a response here just to gain points.....it makes no sense!!!!
Here is what you need to know...
A BANK WILL NOT ALLOW THAT TRANSACTION IF THEY KNOW ABOUT IT...
the bank is only going to loan you what the SELLER says the purchase price of the house is... They WILL NOT lend you more then that, it is IMPOSSIBLE!!!!
THE ONLY WAY TO GET AROUND IT IS TO WORK SOMETHING OUT OUTSIDE OF CLOSING!!!!!!
what i mean by that is you reason with the seller to increase the purchase price to whatever you need over what it currently is...
ex: price is $80k..you need an extra $10k....have the seller say the purchase price is $90k....
Here's the thing though...when your loan FUNDS the money is transferred to the SELLERS BANK ACCOUNT!!!
you will need to in writing (outside of closing) have the seller sign an agreement with you saying they will give you the extra $10k back after they receive their funds...
Again the bank will not allow it, but if they dont know about it... and they think the price is the $90k, then they will never know....
You have to have a pretty leniant seller, or one that is desperate to get rid of his house to make this happen...
Do you have a mortgage officer yet to assist you in the financing?
Im a licensed banker...I work with multiple investors that my company is partnered with...
I can help you with this process because I specifically will not be lending the money...the bank will, so i can help...
My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender... Feel free to call me at 312-264-6448, or email me at jasonf@providential.com
thanks,
Jason Fry
Senior Mortgage Specialist |
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Searchlight Crusade
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Properties are evaluated on the accounting principal of lower of cost or market. In other words, the cost of the property is the most they will loan you, plus closing costs of up to 3% in the case of things like a VA loan. But unless they're getting a government guarantee like a VA loan offers, lenders do not like lending more than the purchase price. They don't get it back if you default. Even if they will agree to it (without you committing fraud), they will charge you a higher interest rate on the entire loan to compensate.
There are other ways to do it, but most of them involve fraud of one sort or another.
The "low monthly payment" is a sucker's game unless you really need it, and even then be careful. Here's an article I wrote about refinances which are very analogous to what you want to do with your purchase.
http://www.searchlightcrusade.net/posts/1142494469.shtml |
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J Somethingorother
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Sorry, banks don't allow that. You have been approved to purchase a home up to XXXX amount of dollars...and purchase the home is all they will allow. |
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Mortgagegirl05
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No...it doesn't matter if you were per say apporved for $100,000 and your only purchasing a home for $80,000, the lender is only going to loan you the $80,000 and sometimes the closing costs which is usally another $3000 but that's it...
Now a year after you purchase your home, then you could refinance and get more money to pay off debt... |
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Kord
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if the interest is lower on the home loan |
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