Questions tagged [mortgage-qualification]

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How to get a mortgage soon when self-employed in 1-person LLC that is <6 months old

In Jan 2022, I got hired to work (remotely, living in USA) as a senior software engineer for a non-US company that was unable to hire me as a W2 full-time employee; they required me to create an LLC (...
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New Home Developer wants Pre-Qualification

Recently I've reserved a home at a new community that has just barely begun construction. The developer wants all new buyers to go through a pre-qualification process with their internal mortgage team....
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2 answers
177 views

why would a mortgage lender be asking someone a year away from retirement about their pre-retirement income?

My 69yo mother is looking to buy a new house (and sell her current one). Based on what she's expecting to get for her current house, how much she still owes on her current house and how much a new ...
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-2 votes
2 answers
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How much will a bank loan for a mortgage in a high cost of living region?

I live in a high cost of living area and am thinking about buying a house. Affordability calculators get weird because taxes are a higher percent of my income, there isn't much on the market that ...
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1 vote
1 answer
111 views

Mortgage refinance with low net pay

I have an unusual situation. I started a new job with a good pay, but my paychecks are now very small because I'm aggressively catching up on my 401k contributions. This will continue until the end of ...
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0 votes
2 answers
170 views

Can you sue a mortgage bank for having drastic differences between pre-approval and actual loan offer?

I'm recently trying to acquire an investment property (a single family house) in the USA. I have self-employment income and payroll income from the same company, my wife as well, and I also have ...
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1 vote
3 answers
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First Time Home Buyer - How much will I be approved for on a loan for a house?

I am 23 years old and will graduate from college in the next few months. I have always lived in an apartment so it's been a dream to live in a home one day and a personal goal to own a home before I ...
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2 votes
2 answers
140 views

earnest money and security when buying a house in Vancouver

I am in Vancouver and planning to buy a townhouse. There is approximately a difference of 2 months from the day I make the deposit to the closing day (which I see as the funding day). I am starting my ...
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2 votes
1 answer
92 views

Can I take my prequalification letter anywhere in the state?

My family and I are about to apply for a pre-qualification letter with our credit union, but we honestly have not seen any houses in the city we live in that we like. Are we constrained, once we get ...
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2 votes
1 answer
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How do rental income/costs factor into a debt to income ratio for a home purchase?

If I own a house that I rent out, and I apply for a mortgage to purchase a new primary residence, how do the rental income and costs factor into a debt to income (DTI) ratio for that new mortgage? My ...
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1 vote
2 answers
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What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
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29 votes
3 answers
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Does Bank Manager's discretion still exist in Mortgage Lending

UK-Based Once upon a time, banks gave mortgages based on the branch manager having known Joe Bloggs for 20 years and making a judgement call about whether he was good for the money. These days ...
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2 votes
2 answers
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Does pre-qualification for a mortgage affect your credit score?

If submit a mortgage pre-qualification application, does my credit score go down? Does it trigger a hard credit check? Or do the hard credit checks only come when the mortgage process goes further ...
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12 votes
3 answers
7k views

Applying for FHA mortgage when living together but only one will be on the mortgage, no savings

Trying to get some info for a friend here. She's looking at getting a mortgage - her BF of many years can't join her on a joint so it'll just be her. Am I correct in assuming that all their monthly ...
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4 votes
2 answers
1k views

Does a 401(k) loan count as debt when calculating Debt-to-Income Ratio?

Does a regular 401(k) loan count as debt when calculating one's Debt-to-income ratio when applying for a mortgage? The loan is within the organization that manages the 401(k), and it does not show in ...
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-6 votes
1 answer
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Virtual landline to achieve better credit score - is that a worthy investment? [closed]

https://www.moneysavingexpert.com/mortgages/why-remortgage/ https://www.express.co.uk/life-style/life/732040/credit-score-free-card-history-file-martin-lewis-this-morning Put a landline number not ...
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1 vote
1 answer
446 views

Is it possible to get a mortgage without income verification in Canada?

For someone who has some sizeable savings but who reported very low income for the past year, is it possible to get approved for a mortgage with, say, 35% down? In a situation when one has to pay $...
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5 votes
2 answers
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Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
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4 votes
3 answers
3k views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
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1 vote
3 answers
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Should I avoid reporting expenses on my tax return in order to have a higher income for getting a mortgage?

I'm new to this sort of thing. I want to buy my first house soon (within a year?). As I am filing my taxes right now, should I file with my income but not report expenses, so that my taxable income ...
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2 answers
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When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...
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4 votes
2 answers
148 views

Qualify for mortgage with projected property income?

I’m qualified by my own income for a mortgage of X amount. But I want to qualify for a house of Z amount. The property I purchase will be subleased to other tenants. I know I’ll be able to afford ...
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  • 161
3 votes
1 answer
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Can previously low wages hurt my chances of an approved home loan?

Some quick stats about me. Received a pre-approval for $280,000 Credit Score: 808 Current Salary: $63,500 Job: Junior Software Engineer My main concern here is regarding the eventual income ...
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Monitoring of how the credit cards are paid off?

I'm in the process of getting a mortgage but my DTI ratio is like 40% and I am trying to just pay off the credit cards so it isn't so high (that way I will only have student loans and car payment with ...
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1 vote
2 answers
145 views

Am I Likely to Qualify for Home Loan?

I'd like to move to a new home and would like to finance it via a loan. My current home is worth ~$285,000 according to internet and my current home loan balance is ~$100K. My financial situation is ...
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0 votes
1 answer
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How to get the most mortgage from the bank?

I am looking to buy a second house which is about $800K (A 1600-sqft, 3b3b condo in the suburb). I intend to live in this house as well as renting out two bedrooms for roughly $1200 per month each. I ...
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0 votes
2 answers
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Can we use our home for an asset based mortgage?

I purchased a home for my son for $166,000. Both of our names are on the deed. He would like to now mortgage the property to pay me back, but he has no real income to speak of. His home is now ...
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16 votes
5 answers
4k views

Credit advice in preparation for buying a house a year from now?

I plan on buying a home about a year from now. I'm 25, have never owned a home before, but I have a credit score that hovers around 780, so I've got that going for me. However, I do not plan on co-...
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4 votes
2 answers
218 views

Is it possible to find out how much of a mortgage I could be approved for without affecting credit report?

I'm casually exploring the option of selling my house and buying a condo. I bought my house 15 years ago, and it's been a money pit, so my credit score has gone down a bit. I'm not really ready to ...
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2 votes
1 answer
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How to find mortgage lender that will accept cost approach appraisal?

I was applying for a refinance loan with my local credit union, and all was going well, when the appraiser (who had appraised the house previously) brought up the fact that it would most likely end up ...
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0 votes
1 answer
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Will a mortgage lender look at my AGI or my gross income when considering lending to me?

Title says it all. Will a mortgage lender look at my AGI or my gross income when considering lending to me? I'm trying to get qualify for a mortgage next year and I'm wondering if I should be more ...
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  • 111
2 votes
1 answer
363 views

Maximum number of cosigners on a home loan?

Is there a "maximum" allowed number of cosigners on a home loan? I notice there are some areas with very nice homes large enough for even multiple families to comfortably live in, however as expected ...
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1 vote
1 answer
260 views

Can a high down-payment on a house offset the need for proof of income?

Say someone has a small business and is self-employed -- therefore, they don't have any proof of income in any way (assume such an example). This person, however, has 75% of the down-payment on a ...
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0 votes
3 answers
314 views

What are the pros and cons of buying in cash and remortgaging vs taking a mortgage right from the start?

I was wondering what are the best options. Of course if depends so I would like to know what are the pros and cons of each solution. One obvious that came to mind - buying in cash allows to act at a ...
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3 votes
1 answer
805 views

Pay or not pay charged-off accounts for mortgage qualification

Several years ago, due to unforeseen circumstances, payments were not made to any credit account and therefore, the accounts are now charged-off, thus ruining the credit score. Its about time that ...
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1 vote
1 answer
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How do I choose a bank for a mortgage on property overseas?

I'm looking for a bank that can offer me a mortgage for a flat overseas, Hong Kong, that one of my relative is trying to sell. Issue is I have no ideas on how to do that. My questions are the ...
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2 votes
2 answers
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Mortgage with No Credit but a Co-Signer making over 100k near perfect credit

I am in an awkward way. I have enough to put a down payment of 25-30% on a house. I have 70k in assets not counting things like my vehicle (stocks + bank accounts). I have a decent job (1 in 4 years, ...
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164 votes
10 answers
44k views

My friend wants to put my name down for a house he's buying. What risks would I be taking?

My good friend, who I have known since we were kids, asked me for a favor today. He originally intended to get a house with his now ex-girlfriend so that he could invest in one and later on, sell it. ...
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3 votes
4 answers
297 views

Would this inherited house have half-equity or simply a good deal?

The scenario: I have a cousin C who will be left (they've seen the will in advance) their parent's house jointly with their sibling S. The will has a provision for C to buy out S's share at a pre-...
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  • 207
0 votes
1 answer
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Mortgage requirements in the US for non-residents

What are the conditions for an alien/non-resident American to obtain a home loan? Say someone has worked in the US for a while, obtained an SSN and left the country for another one. They built ...
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2 votes
2 answers
244 views

Can I pay off a portion of my lease to increase mortgage approval amount

My girlfriend is applying for a mortgage, but is unable to get approved for enough because of high payments on her car lease. These numbers are rounded for convenience, but currently, the payments ...
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1 vote
1 answer
535 views

Credit limit increase unauthorized hard pull

I have a Fidelity Rewards credit card, which is managed by Elan Financial services. This is the only credit card that has not had its CLI increased by the provider. I filled out a request a couple of ...
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4 votes
1 answer
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Cost of appraisal/borrower rights

I understand the lender chooses who performs their appraisal and I cannot shop around for this, but I want to know that they aren't inflating the charge. Is this reasonable? How should I word the ...
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2 votes
2 answers
160 views

Disputing Items to Improve Credit Report

After declaring Chapter 13 bankruptcy about 14 months ago, I find myself in a position where my best option for finding a home is to purchase one (rather then rent an apartment, which is simply not an ...
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2 votes
1 answer
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Mortgage Brokers? Prequalified? Preapproved?

We want to buy a home and were told the first step was getting pre-approved. Then we were told no, we should get a pre-qualification letter because that won't ding our credit. We were also told to ...
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4 votes
1 answer
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How do personal retirement accounts factor into asset calculations for mortgage qualifications?

In applying for a mortgage, one important consideration is a list of your assets. I know this can vary a lot, but I'm curious about the particulars of how a retirement account would count towards your ...
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1 vote
0 answers
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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 ...
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1 vote
1 answer
96 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 ...
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3 votes
2 answers
9k 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 ...
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2 votes
1 answer
1k 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 ...
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