Posts Tagged "1099"

Q&A: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.?

on Mar 8, 2013 in Stated Income Loans | 2 comments

by Vietnam Plants & America plants Question by Yvette W: What was your credit score when you recieved a home loan? I have a credit score of 618. Is this enough for me to apply for a home loan? Best answer: Answer by Katharine ????Mine is 820 – and I am doing a loan right now. Doesn’t hurt to apply – they will let you know if its enough or not – I went through wells fargo – the no closing cost deal! Give your answer to this question below! Question by pd39: Questions about a FHA loan, here Mortgages, order and first time buyers? I will be a first time home buyer, seek I am looking in NJ, now living in NY. I take home, after taxes about 8k a month, my wife also brings in a few thousand a month. We have great credit and no outstanding bills except a few student loans. To find something in the area we want, we will have to spent about 700k or so. I have read that with a FHA loan you have to put down 3.5 % as compared to 20% with a regular mortgage. If you take out a FHA mortgage and put down the 3.5 % do you still have to pay PMI with a FHA ? Also, where should I go for a mortgage, I hear many bad things about brokers, And, the last thing, what am I looking at in fees and closing costs for this range ? Best answer: Answer by maxmom56You pay PMI and you pay all closing costs. The banks are on the website – fha.gov. Know better? Leave your own answer in the comments! Question by REETA: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.? I am working with a company since January as sales rep and will receive a 1099. I am guaranteed 2000/month plus commission. Can I apply for mortgage loan (along with husband) or do I have to wait before my income will also be considered. Best answer: Answer by JudyYou generally need 2 years of stable work history. If you had another job right before that for about the same money, approved that would count. Give your answer to this question below! Q&A: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed...

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Q&A: Can a person be an employee and a 1099 contractor for the same company doing the same work?

on Feb 10, 2013 in FHA Information | 2 comments

Question by Jeff S: Can my mortgage broker foreclose on me? In march I did a FHA refi. the mortgage broker messed up big time on my escrow and put me in a big bind. FHA kicked the loan back and is not insuranable so the broker wants me to sign a modification agreement. I refused to sign it till they correct their mistake. They then told me that they can forelcose. Is this possible? Best answer: Answer by golferwhoworksnot the broker– FHA Know better? Leave your own answer in the comments! Question by Sana: What I need to do about my 2nd lender? I can qualify under Modification Program but I also need to lower my2nd? I can refinance my 1st loan but how I can refinance my 2nd loan? In this program is saying that you can do only 1st one? Best answer: Answer by debijs~~Contact the lender who owns your second. Tell them of your financial hardship. If it is through a bank, visit they are suppose to send you information for a loan modification also. Good luck~~ Know better? Leave your own answer in the comments! FHA Streamline Refinance Without Credit History Known as a quick and easy process, more about the FHA streamline refinance is available without the need of a credit history. The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to … For more informaiton please visit here… How do I handle a short sale and FHA loan? With FHA short sales, the usual process you must go through involves two levels of negotiators to get approval from the U.S. Department of Housing and Urban Development (HUD). From my experience, it always seems like each level of the negotiation phase … For more informaiton please visit here… Finance Committee Chair Suggests FHA Could be Next Countrywide In its current form FHA is clearly an impediment to such a system. " The Chairman said FHA had strayed far from its original purpose and no longer focuses on low and moderate income Americans but rather caters to a risky market with high loan limits … If you would like more informaiton please visit here… Question by sam: Does anyone know of any programs out there to save a home that has already been in foreclosure for a week? The type of the loan is FHA and I have few months left and unable to get help on any government programs out there. Your feedback is greately appreciated. Best answer: Answer by BeckyThere are all kinds of programs out there — but, approved you have to Qualify for the assistance. To do this there has to be a hardship but there also has to be an income. The investor is not going to modify the loan if there is no income or not enough income to support a monthly payment. The first thing you need to do is gather your general monthly expenses. List all of those on a sheet of paper. By *general* I mean utilities, groceries, cell phone/cable, credit card, tuition, personal loans, car payments, etc. Also add in your mortgage payment. Subtract all that expense from your monthly income.. Is there a deficit or surplus? If there is a deficit that is more than $ 100 what is it and what unnecessary expense can go away to bring you to a surplus situation? Is there a car payment somewhere? Are you paying high monthly payments for credit cards? Maybe BK is the way to go for those types of expenses, but...

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House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income?

on Dec 11, 2012 in FHA Information | Comments Off on House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income?

Question by mother of 3: What is the best type of construction loan/permanent financing? My husband and I are 30 and 31 and have 3 kids. We’ve owned our home for 7 yrs and owe 65K plus a 40K equity line. We have no other debt except our 2 car loans. Our house is now worth at least 130K as is. We are having plans drawn up to add a second floor with our own money but would like to know the best place to get a construction/permanent financing loan for the addition. Our credit scores are 787 and 740 and my husband makes 65K a year and I make about 30K working from home. I’ve heard some online banks have great rates or would it be better to go with our mortage co. (WAMU) or the credit union we have our 2 car loans and equity line from? **Plus, there buy more about my husband is a General Contractor and will be doing most of the work himself. Will that affect the payouts? Thanks! Best answer: Answer by ccccccccdddddgggggrrrrwwwsszcvbn………. What do you think? Answer below! Special Report: The music banker's big score Complicating Omidvar's business is a bitter rivalry with the financier who introduced the "Bowie Bond, advice " the 1997 deal in which rocker David Bowie raised $ 55 million by selling debt backed by his future royalties. Omidvar and that financier, stomach … After … If you would like more informaiton please visit here… Indiana Business Bancorp Reports Third Quarter Results Net income for 2011 does not reflect a similar credit because the period ended December 31, viagra 40mg 2011 was the first reporting period in which the company satisfied accounting rules for tax benefit recognition. Net income before the tax benefit was $ 116,367 … More informaiton please visit here… Question by TexasFlipper: House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income? We are in a Texas general partnership. Best loan requiered that only one of us be borrower. We want to split income AND bulid income history for the partnership (so it can get its own loans later), viagra so it needs to be the seller when we flip. 2 options I have found are deeding to the partnership pre-sale or puting the partnership on the closing statment to get 100% of proceeds and issuing a 1099 to it from me for all the proceeds. Deed seems cleaner but worried about due on sale clause in mortage. Thanks for any suggestions! Best answer: Answer by hithere2yaAnything you do thru the partnership builds the reputation of the partnership. Sometimes you may have to personally sign until such time as the partnership stands on its own. However in a general partnership everything flows thru to the general partners. If your lender is in agreement you can transfer the deed to the GP as you’d have had to personally sign anyway and that will not change. But if your partner wants some of the glory he also should sign the note with you. My partner and I sign all notes jointly. Anything one does thru the GP obligates both partners anyway. IF you are intent on “flipping” you need to know that there are rules on buying houses that have been sold that were held less than a certain time period to discourage such practices. FHA and VA loans (the majority of home sales) will not approve a mortgage on a home being flipped under 6 months. You run the risk of not selling in a...

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