Am I eligible for Obama’s Home Affordable Refinance Plus Program?

Posted on Sep 20, 2012 in Unique Loan Programs

Question by yourtruckerfriend: what are the specific rules for truckers to get an fha loan?
Im a first time home buyer. I am a otr driver. I am out working 355 days a year. I take 1 week off to visit family back home.

The dept of transportation allows me to deduct from taxable income a flat rate of 45? dollars for everyday im out on the road..away from my home state.

I claimed about 37.00 a day..itemized on my return.
I also have other deductions to my taxable income.

The issue is.. my mortgage broker is stating that the underwriter is making me show my tax returns for 07 an 08 to see IF i qualify for a home loan.

I made 53k , pilule web i had 20 k in deductions. I couldve taken more but thats a gray area , more about recpts etc.. anyway..

i am NOT a self employed person.. i have w2s. I applied to the underwriter , find got approved for 72k.

I negotiated the purchase price, and such.. got my loan down to 56k & seller contribution of 2k, add in an 8k rehab loan, brings my tally to 64k, add in 12k closing etc.

bottom line. my mortgage guy locked me a rate at 5.5 fixed 30 etc. amaZing..its till the 1st of march..

Our closing goal is the 20th of feb.. as i said i had a preapproval.. i signed a contract , (theres alot more details about the contract).. paid for inspection, and appraisal. now mortgage guy TIM.says he put off ordering the survey as i may not qualify now..

I ask why am i being forced to show tax returns, just because my occupation is trucker?.. if i made 53k a year and say paid rent equal to my truck pmt.. 652 , and ,my util budget is 232 a month.

I make around 4144 a month. I gotta eat, like eveyone else..only i get a tax break on daily expenses.. meals etc.

My mortgager lied to me saying an appraisal had been ordered when it has not ..that was 9 days ago.. now i found out that the realtor.. MY realtor stated ..c.mort group has ordered the appraisal, then see hand writen
order but am told by morgage co. that it wasnt ordered.

everyone else whos not a *truck driver..gets to take w2s to fha and show bills etc, get a loan.

but for I .. i am required to show all my tax return even tho i am not self employed and i get most of my tax pmts back by itemizing.. well the house sits and i am left with 725 spent for inspection and appraisal and now even tho i had a prequal letter, a signed contract and 30 days into the process.. my mortger says i dont qualify..

is there a way around this. thru it..etc
The purpose of buying a home now is the market, my age and family needs.

I plan to be home more and my work is slowing down a bit.

Ive been a driver for 7 years. didnt want or need a home, stayed out on the road.
cheaper. independant

now.. my family has no housing.. i have the ability to have a full house again.
and yes..tax deductions.. equal amounts better investment..
the reason the underwriter is asking for
the returns…because i stated truck driver as job.

i also wonder..could it be also because im female?

if only my ahem.experienced mortgage broker listed me as

freight engineer
or relocation specialist
or professional commodity relocator..?

im just barely at the qualifying line. as Tim says.
hes asking if some of my *depreciation? can be added back.. like half my meal per diem deductions.

im 130 lbs 5.5 , healthy.. i do not eat 45 dollars of food a day. lol. but i am allowed to deduct it.

im wondering what would happen if i ammended my return , gave back the piddly 2k i got in refund pay taxes..lol

thanks for the support.. i really appreciate someone elses view of this
i am not self employed. thanks for the confirmations on the tax return question. as for being a tax evaider. ha. not.

i worked 355 days this year. worked holidays and also a team driver. yeah it cost me 20000 to make 53.

oh btw.. i redid what my taxes wouldve been if i claimed only 8000 in perdiem for the year.. i would only owe 350 over what i PAID..bummer.. guess i could ammend my return. NOT.

my net income is 29k after redoing the taxes. i would have to give back 2005.00 and another 350. this is being considered. i have time to get more capital. im actually 2 weeks ahead of schedule as per the contract. but..i would rather have the writer make the adjustment on thier end. less paperwork. and i dont want to give up 2k. i do have till april. spose i could sell my soul to irs and take the buyers credit. use the money to tidy up my ammended return? whatever..

Best answer:

Answer by estielmo
Tax returns are considered proof-positive of your net income.

My question would be why are you buying a house if you’ll never be there?

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A couple of nice chateau images I located:

Château de Boigne, dosage Chambéry
chateau
Image by alphajuliet
Château de Boigne, Chambéry. Employed for marriages, and a language school.

For far more homes click right here…
Question by nervousnewbie: Has anyone had any success with the federal Making Home Affordable program?
A friend and I have been waiting 3.5 to 5 months to have paperwork processed that we were told would only take 30 to 45 days. Was wondering if anyone had had any success getting all the way through the process and how long it actually took.

Best answer:

Answer by cherrytree
Any time our “wonderful” government is involved, healing you can look forward to a long and seemingly impossible fight to get it. However, information pills if you owe taxes, they will get right on it. (The collection that is,) good luck.

What do you think? Answer below!
Question by : Hi, drug does any one offer income stated mortgage loans now in OH?

Best answer:

Answer by Appraiser guy
No those days are gone forever in all states. Now days 2 years with of income tax returns, 2 years of employment with the same employer, and a good credit score.

Know better? Leave your own answer in the comments!

home affordable loan modification program
by watchingfrogsboil

Question by ashleys7786: Anyone had success with the making home affordable/loan modification program with chase.?
I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, viagra they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, and especially with Chase.

Best answer:

Answer by Hector
See the articles section of the resource I have listed, i found several articles about Chase there.

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Question by InvestorM: Am I eligible for Obama’s Home Affordable Refinance Plus Program?
Here are the facts. I live in a 1 bedroom condo in a complex with about 100 units. My mortgage is around $ 185k. The value of my home has been cut in half since I refinanced about 3 years ago to about $ 120k (I am underwater on mortgage now by about 50% due to price value drop). I have never missed a mortgage payment and should have much trouble making the payments in the future. I am unemployed..forced into early retirement about 8 years ago due to layoff and was unable to find another suitable position, sildenafil probably due to my age and the bad market. I am now about 58 years old. My current mortgage rate is about 5.7%.

My mortgage is with PHH Mortgage, which I got through Merrill Lynch before they were bought by Bank of America. I think PHH is affiliated with Fannie Mae, but not sure.

Am I eligible? Can I lower my mortgage? And…will there be any fees to do this if I am?..I read that I wouldn’t have to get another appraisal, but am not sure.

Someone in the know…please advise. Thanks.

Best answer:

Answer by Kerry
you should be able to google the proram and bring it up/read it/see if you fit the specifics

of it…….Know a realtor or whomever has the note now also has the info on the program

and can tell you since they’ll more than likely be the ones dong the note re work if you’re

ok for it. You need to get with them ; they have questions and only you can answer

them…pick up the phone/get started

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2 Comments

  1. I am surprised more people haven't commented here because this is excellent work.

  2. However, unique loan programs could be explained better.