Question by jellofosho: how likely would you be audited if you apply for a low doc loan?
in todays market (july 2008) what percentage of low doc loans are audited?
Best answer:
Answer by Bridget H
Audited by who?
I am assuming low doc means low loan amout also.
Regulators? Not very likely.
Internal audit? Probably just as likely as any other.
What do you think? Answer below!
Arkansas HARP Refinancing Specialist Uses New HARP 2.0 Program to Help …
North Little Rock, ambulance AR — (SBWIRE) — 12/05/2012 — In October 2011, case Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to …
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Another Asterisk for Asset Purchases
The federal government encourages mortgage companies to refinance borrowers whose debts exceed 80 percent of the value of their homes by instructing Fannie Mae and Freddie Mac to buy the new loans and to relax some of their usual conditions and …
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Foreclosure Assistance Ads Unveiled
Federal officials are launching a new ad campaign to raise awareness of the assistance that may be available to financially stressed homeowners through the Making Home Affordable Program (MHA). The Treasury … MHA has two major components, the Home …
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Question by Jackie N: Can I use a second mortgage to finance a new mortgage in California?
My husband and I are considering taking out a small second (approx $ 10, ambulance 000) on our condo to pay the 3% downpayment required for a second home. We plan on using the FHA loan. Are we able to do this? We live in California, and lending rules are becoming very strict. Thank you in advance.
Best answer:
Answer by Dale H
You cannot use the FHA programs to finance a 2nd home purchase. If what you meant is that you are taking a 2nd mortgage against a condo you own to buy a new home in California to use as your primary residence, that should be okay provided you don’t have an FHA loan on your condo.
Good luck and you are right. The whole landscape of lending has changed.
Let me know if you have any other questions.
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Question by logank1469: How low do you think mortgage rates will fall in the next 6 to 8 months?
I live in Raleigh, cure NC . I’m wanting to buy a house some time this summer. I have a FICO score of 700+. I’m looking for 170K to 200K house with a 5% downpayment. what kind of interest rate can I expect for a standard 30 year fixed mortgage?
Best answer:
Answer by Thomas H
The mortgage rates right now are 5.63% for a 30-year fixed and 5.08% for a 15-year fixed. There is really no way of knowing if the rates will continue to fall. They can change daily! However, viagra you may be able to get more for your money. Raleigh/Cary had an increase of 122% of foreclosures last year. There are going to be more people looking to sell quickly, which is good news to the buyer!
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Question by parker_sellers: Can I get a home loan with short-term W2 income from various companies?
My fiance and I are trying to get pre-approved for a home loan, dosage and the banker is saying the last 6 months of my income won’t count, because it is W2 from a job that will not continue much longer. I freelance between a few companies, most pay my s-corp (so I get credit for K1 income), but the recent job is longer term (6 months), and has me on W2.
Will some bankers honor this income and others won’t? Or is this type of income not compatible with getting loans?
Best answer:
Answer by OldJimmy
You can get a loan with this type of income, but it is just harder to document. And they do want to have an idea that, even though the income is coming from various places on and off, that it is likely to continue and you’ll be able to continue making the payments.
So, you just have to work harder at getting the paperwork together than most, but it can be done.
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