1
vote
1answer
100 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). ...
13
votes
1answer
178 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
416 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 ...
2
votes
2answers
3k 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
852 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 ...
1
vote
1answer
281 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 ...
4
votes
1answer
156 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
2answers
91 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 ...
8
votes
2answers
626 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
146 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 ...
3
votes
1answer
431 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 ...