Questions tagged [mortgage-qualification]
The mortgage-qualification tag has no usage guidance.
93
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165
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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.
...
- 1,361
29
votes
3
answers
6k
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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 ...
- 2,395
16
votes
5
answers
4k
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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-...
- 261
14
votes
1
answer
3k
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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 ...
- 141
12
votes
3
answers
7k
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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 ...
11
votes
2
answers
4k
views
Is 2 years of recent continuous employment required to get a mortgage?
I graduated from college and have been employed with a major company for half a year with a sufficiently high compensation (6-digit tech job). I am trying to buy a small apartment to live in.
I had ...
- 421
11
votes
3
answers
4k
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.
...
- 473
9
votes
2
answers
3k
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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 ...
- 153
9
votes
1
answer
3k
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% ...
- 91
8
votes
3
answers
573
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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 ...
- 854
6
votes
3
answers
333
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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 ...
- 20.2k
6
votes
4
answers
2k
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 ...
- 165
6
votes
2
answers
2k
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 ...
- 25.2k
5
votes
2
answers
351
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 ...
- 151
5
votes
2
answers
280
views
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.
...
- 1,281
5
votes
1
answer
341
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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 ...
- 165
4
votes
3
answers
2k
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 ...
- 742
4
votes
3
answers
6k
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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 ...
- 1,245
4
votes
2
answers
459
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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 ...
4
votes
3
answers
694
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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.
...
- 149
4
votes
2
answers
149
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 ...
- 171
4
votes
3
answers
1k
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 ...
- 69
4
votes
1
answer
96
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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 ...
- 61
4
votes
3
answers
284
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 ...
- 5,839
4
votes
1
answer
128
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 ...
- 217
4
votes
1
answer
392
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
1
answer
1k
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 ...
- 1,663
3
votes
4
answers
306
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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-...
- 207
3
votes
1
answer
810
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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 ...
- 191
3
votes
2
answers
4k
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 ...
- 1,823
3
votes
3
answers
443
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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 ...
- 133
3
votes
2
answers
409
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 ?...
- 395
3
votes
1
answer
131
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 ...
- 33
3
votes
2
answers
9k
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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 ...
- 181
3
votes
1
answer
648
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. ...
- 159
2
votes
1
answer
2k
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 ...
- 1,541
2
votes
2
answers
168
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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 ...
- 811
2
votes
1
answer
265
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 ...
- 21
2
votes
1
answer
124
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 ...
- 355
2
votes
2
answers
274
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 ...
- 121
2
votes
2
answers
178
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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 ...
- 175
2
votes
1
answer
405
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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 ...
- 123
2
votes
1
answer
2k
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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
1
answer
792
views
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 ...
- 111
2
votes
2
answers
7k
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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 ...
- 461
2
votes
2
answers
13k
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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 ...
- 129
2
votes
1
answer
518
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....
- 151
2
votes
1
answer
534
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. ...
2
votes
1
answer
156
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Getting a mortgage in Retirement
Imagine a hypothetical person who is 60 years old with the following assets:
1 million dollars in growth stocks
4 million dollars in low yielding stocks
0.6 million in municipal bonds
About 1 ...
- 1,773
2
votes
2
answers
136
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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 ...
