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Questions tagged [mortgage-qualification]

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0
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2answers
43 views

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,...
4
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2answers
133 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 ...
3
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1answer
102 views

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 ...
0
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2answers
134 views

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 ...
1
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2answers
115 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 ...
0
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1answer
90 views

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 ...
0
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2answers
93 views

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 ...
16
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5answers
3k 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-...
4
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2answers
195 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 ...
2
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1answer
38 views

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 ...
0
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1answer
61 views

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 ...
3
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1answer
111 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 ...
1
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1answer
236 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 ...
0
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3answers
274 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 ...
3
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1answer
734 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 ...
1
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1answer
68 views

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 ...
3
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2answers
162 views

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, ...
152
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10answers
36k 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. ...
3
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4answers
248 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-...
0
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1answer
80 views

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 ...
3
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2answers
179 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 ...
1
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1answer
240 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 ...
4
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4answers
2k views

Is USAA REALLY that scary for me to use for my mortgage? [closed]

I know responses may be heavily opinion-based, but I have trust in this community and I'm at my wits' end going back and forth on this. I just went under contract on my first house purchase, and I'm ...
3
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1answer
74 views

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 ...
2
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2answers
124 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 ...
2
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1answer
79 views

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 ...
4
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1answer
97 views

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 ...
1
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0answers
71 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 ...
1
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1answer
92 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
5k 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
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1answer
527 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
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1answer
84 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
121 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
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2answers
335 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
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0answers
42 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 ...
3
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2answers
5k 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 ...
5
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1answer
300 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
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1answer
162 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 ...
6
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4answers
1k 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
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3answers
585 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
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1answer
227 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
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2answers
2k 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
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1answer
118 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
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1answer
869 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 ...
9
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1answer
2k 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% ...
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1answer
1k 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
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1answer
174 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
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1answer
212 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 ...
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1answer
311 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
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2answers
355 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 ?...