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1
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0answers
55 views

Bankruptcy discharged in 2004 and Consumer Proposal in Jan. 2015: Worthwhile to try to apply for a mortgage now?

I assume that mortgage lenders can no longer see my aunt's bankruptcy (that my aunt's credit reports do not show) because it is past 7 years. Now responsibly using 2 Credit Cards, my aunt accepts ...
0
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0answers
51 views

Acquiring a mortgage with asset and investment income

I am (65+ years old) and am looking to buy a retirement home (for $230,000 with a 20% deposit) but do not have sufficient income to support both mortgages – I was told by a banker. However, the home ...
4
votes
2answers
166 views

What is included in 43% debt to income ratio calculation for mortgages?

I'd like to know what items a bank will look at for their debt to income ratio calculation for an application. My only loan right now is a car lease. So I'm specifically wondering if any of these ...
3
votes
1answer
268 views

Lender asking why I'm moving to a new state

Question from my lender for a new primary residence I'm under contract on in another state (my personal data has been replaced with fake addresses): "BORROWER TO PROVIDE SATISFACTORY DOCUMENTATION ...
0
votes
1answer
49 views

How to get a mortgage loan with non-traditional employment

How to get a mortgage loan when working for a temp agency? Every place I've called has turned me down due to my job. Need advice on where to turn to get mortgage loan.
1
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1answer
83 views

Credit score impact of immediate card payments

Some background In an attempt to get out of the rental game, I'd like to get my score boosted to the point where I can get considered for first time homebuyer programs. I'm spending north of $1300/...
5
votes
2answers
160 views

Is it the right time to start the homebuying process?

Jan 2015 My wife and I were in the market to buy a home and we got preapproved. The credit pull revealed a negative mark on her credit report (sub-600 FICO score) which was for a student loan that ...
1
vote
0answers
31 views

Help to buy ISA (UK) eligability [duplicate]

We are currently saving for a mortgage deposit, I have already sent off my help to buy application as a first time buyer. We are unsure as to whether my girlfriend is eligable. She previously had a ...
2
votes
1answer
408 views

How are RSU's factored into Income during loan qualification?

I'm new to the tech industry and was wondering how RSU's factor into loan qualification. RSU's particularly at more established companies are essentially cash. They may change with the stock price ...
4
votes
1answer
257 views

Self employed applying for mortgage

I talked with a mortgage lender several months ago, but was dismissed because I did not have two years at my current self employed business. They said they needed taxes for the last two years. The ...
1
vote
1answer
119 views

Buying a house after graduating from college

I am 22 years old and I am a recent graduate from college and I have been offered a job that will start me off at $50,000 a year. My question is, can I afford a house and if it is a good idea to rent ...
4
votes
4answers
922 views

Buying a building with two flats, can I rent one out and still get a residential mortgage?

I'm looking to buy a house (first time buyer) and I've seen an interesting property that is currently a (empty) retail space on the ground floor, and the above space is a self-contained flat (which is ...
4
votes
3answers
476 views

First time mortgage - process & rates

I'm looking to buy a first home in the next few months. At this point I thought I would check out the mortgage options as in my mind I'd need to have a mortgage agreed before going to look at houses. ...
2
votes
1answer
176 views

How much house can I afford, waiting around 3 years or so

I'm trying to think ahead and save as much as I can so I can afford something nice. Here are my assets: 180,000 in mutual funds growing around 10-12% a year (hit 16% last year) Have zero debt and no ...
3
votes
2answers
691 views

Does a 401(k) contribution harm your Debt-to-Income ratio for a mortgage application?

If I contribute to a 401(k) at work, and thus have a lower W-2 income box 1 (Wages, tips, other compensation), will this hurt my debt-to-income (DTI) ratio on a mortgage application? I wouldn't think ...
0
votes
1answer
56 views

Rate used for approval on a 5/5 ARM?

When applying for a 5/5 ARM with a 2% cap each adjustment, a 6% lifetime cap, that starts out at 2.5%, what rate will the lenders generally use to qualify you for the loan when computing your debt to ...
1
vote
1answer
291 views

Selling stock for mortgage downpayment

I'm planning to buy a house, and the downpayment would come from the funds I'd get from selling some stock. Can I apply for the mortgage pre-approval and show the bank my stocks instead of cash? Or ...
8
votes
1answer
597 views

Can't sell my house because of HOA delinquency rate

Just found out a few days before settlement on the sale of my house that most lenders will not lend funds to a buyer if the property they are purchasing is part of an HOA community where more than 15% ...
1
vote
1answer
797 views

Can having a co-signer on a house loan reduce the down payment required?

I have worked as a freelance web designer for 3 years before taking a salary job at a company 6 months ago. I have enough money saved up and make enough at this job to own a house but I doubt I will ...
0
votes
1answer
136 views

Does settlement of second mortgage count as short sale?

Does settlement of second mortgage count as short sale? Suppose you settle a second mortgage debt (perhaps because the house/home is seriously underwater). That will report to the credit bureaus as a ...
2
votes
1answer
132 views

Interpreting mortgage rates

today is November 2014 and this comes from the state of Illinois, US I have received a mortgage preapproval letter that contains the following clause: The type of loan chosen is FNMA Agency 30 Yr ...
1
vote
1answer
210 views

European vs. American mortgage underwriting with regards to the health of the borrower

Whenever I hear about a European mortgage application process, there are always health records involved. They want to know that the borrower is likely to outlive the mortgage (or most of it, I guess). ...
3
votes
2answers
242 views

Is credit history more important than amount of savings when applying for a mortgage?

I am currently in Australia and fixing to buy a house here. What is given more value when I apply for a mortgage to buy a unit in an apartment: a sound credit history, or a lot of savings in the bank ?...
1
vote
2answers
1k views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
4
votes
3answers
583 views

Does the back-end ratio for mortgage affordability include credit card debt if a balance isn't carried on the card?

In the calculation of the back-end ratio (total debt to income), you're supposed to include all debt obligations (e.g., credit card, car payments, student loans, alimony, etc.). However, I haven't ...
13
votes
1answer
553 views

If I repaid a monetary gift, is still considered a gift by the IRS?

My mother lent my husband & me $200K to close on our new house, but our mortgage broker made her sign a letter declaring the $200K a "gift," since he was concerned that our home loan wouldn't be ...
2
votes
1answer
995 views

Should I finance a car to build credit for a mortgage next year?

I'm hoping to purchase my first home next year, but I'm having trouble deciding on the best way to raise my credit score. Here is a summary of my current situation: Credit Score Estimates (via ...
3
votes
1answer
508 views

How do I qualify for a mortgage (refinancing) after I retire and no longer have a paycheck?

I've just retired and wish to refinance my mortgage. However, when I spoke with my bank, they said that since I no longer have a consistent paycheck I dont qualify under their rules for a refinance. ...
2
votes
1answer
2k views

How can I get a loan secured with free and clear land?

I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property. The land was last appraised at $980,000. I cannot pay a ...
2
votes
2answers
10k views

FHA Loan - Less than 2 years employment history

Background: I & the wife are looking to buy a house priced at $250k via an FHA loan. One of the requirements for the loan is that we have a 2 year continuous employment. I have a 1 year gap in ...
6
votes
2answers
1k views

Do banks accept a large gift to me as a valid down payment for a house?

When I bought my house at the height of the bubble seven years ago, I remember having a conversation with a loan officer about the source of down payment money. It was stated to me that if I was ...
3
votes
3answers
260 views

Is it worth trying to find a better minimum down payment for a first time home buyer?

I talked to the mortgage agent at my current bank, and they gave me a pre-approval with a particular interest rate and minimum down payment percentage. I am happy with the interest rate, but the ...
1
vote
1answer
428 views

Can a contractor (1099) with irregular monthly income hope to qualify for a mortgage?

My wife and I are looking at moving again and I'd like to buy if it's possible. I doubt it is, but I thought I'd give it a shot. My wife works a normal job and brings in a steady, consistent paycheck....
8
votes
3answers
347 views

Should I dip into an emergency fund to cover expenses for a rental property or only use it to make emergency repairs, improvements, etc.?

My wife and I are looking to purchase a home in the near future. With this in mind I am curious about how we should now look at our emergency fund situation. The general guideline you will see is ...
4
votes
1answer
249 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
4
votes
3answers
183 views

Financing a vehicle a few months before I expect to apply for a mortgage?

My wife and I are planning to buy our first home together sometime around June/July time this year so we're mainly in 'piling up cash' mode and are trying to avoid any unnecessary expenses and ...
10
votes
2answers
1k views

To buy a house, is a 20% down-payment required for a mortgage?

My wife and I want to buy a house. The price is well within our means. The mortgage payment would be less than 25% of our gross income and we have no other debt, so we're comfortable with the payment. ...
4
votes
3answers
200 views

Average Mortgage Rate vs What I would get

So average mortgage rates are lower and lower. I.e. X-year mortgage rates are 4%. Lets assume I have a greater than average credit score and credit history, greater than average net worth, greater ...
4
votes
1answer
629 views

Can a mortgage broker issue a mortgage commitment letter?

I have applied for a mortgage from a mortgage broker and he recently gave me a loan commitment letter. But there is no mention of the lender or the underwriter. I have some doubts regarding this are ...
1
vote
3answers
157 views

What happens to your ability to borrow money based on our joint finances?

We want to borrow money to buy our first home. We will be married soon, and want to know how the combination of incomes, expenses and debts will impact the ability to get a mortgage. There's the ...
7
votes
2answers
2k views

How to reduce mortgage rate with low income but high assets

I would like to achieve a lower mortgage interest rate than our current 5.75 percent 30 year fixed mortgage with Chase on our primary residence. Our situation is a little unusual, making it difficult ...
2
votes
1answer
149 views

What impact does the new mortgage rules have on CMHC policies? [Canada]

With reference to this question, how does this affect the Canadian Home and Mortgage Corporation (CMHC)? This organization made it possible to get a new home with as little as 5% downpayment, ...
2
votes
1answer
467 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules being introduced, vs. ...