Posts Tagged "ability"

Q&A: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them back?

on Nov 10, 2012 in Stated Income Loans | 4 comments

Question by ds: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them back? No doc loans? Home loans that do not include taxes or Insurance given to people who have NEVER held a job in their life? Why did they do it? Best answer: Answer by Michael MGreed. Add your own answer in the comments! Q&A: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them...

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Did financial institutions fail to verify income and the ability to pay before they approved Mortgages?

on Nov 9, 2012 in Stated Income Loans | 3 comments

Question by bbwg_hbic: Where can I get a loan for a home when I have filed bankruptsy? I need to get a home loan but I went through a divorce and filed bankruptsy. I make good money so I can pay a mortgage. Im in an apartment now and pay my bills fine. and my credit has been good before and after bankruptsy. Except for about 6 months before I filed. Ive tried to get a loan for a home and have been turned down because of my credit score caused by bankruptsy. Best answer: Answer by stevemorbitzerYou need to call a lender and ask for counseling. Ask a real estate agent in your area for a referral. The lender can tell you what to do to get your credit cleaned up or ever a loan. It may be higher interest. You can also look in the paper for “Money to Lend” in the classifieds. What state are you in? Feel free to e-mail me. Add your own answer in the comments! by maureen_sill Question by I just LOVE LOVE!: When you go to underwriting for home loan approval do you have to have the down payment funds? When you go to underwriting for home loan approval do you have to have the funds in your account for the down payment or can you get an approval contigent upon having the funds? Best answer: Answer by LandlordYou need prove of funds, visit this site including a paper trail of the funds for the last 3 months. Add your own answer in the comments! by Editor B Question by GustavoZ: Did financial institutions fail to verify income and the ability to pay before they approved Mortgages? Until recently, information pills borrowers could simply state their income. Mortgage brokers would often “fix” the necessary documents to obtain a no income loan. This led to an alarming number of homeowners in houses that never should have qualified for. Best answer: Answer by golferwhoworksso what is your point. Bill Clinton signed the bill into law and now we are all paying the price. It was all greed in the investment sector and since the loans were there many people bought more than they could afford and now are foreclosures. There are 3 C’s to lending and they need to be followed Add your own answer in the comments! Did financial institutions fail to verify income and the ability to pay before they approved...

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Will changing jobs affect my ability to attain a mortgage, under FHA?

on Aug 30, 2012 in FHA Information | 2 comments

the destruction of Wamu But the majority of Washington Mutual problem loans were prime mortgages and home equity loans. Grind reports that 70% of the options ARM mortgages and 90% of the home equity loans were taken on the basis of “stated income” instead of … For more informaiton please visit here … Question by vixxen: FHA loans do not allow default on a Federal Loan.What if I pay off the loan prior to applying for FHA mortgage? Will I get the loan? I have about 10% down… Best answer: Answer by Jay CFirst of all, decease if you have a previous foreclosure(does not matter if it is FHA/VA/Conventional), information pills you MUST wait 3 years before you are eligible to apply for another FHA loan. This is the critera from the FHA itself. So if it has not been 3 years, I’m afraid you are not eligible for an FHA. Secondly, if it has been 3 years since the foreclosure, and if you HAVE perfect credit since, you may be APPROVED for another FHA. HOWEVER, FHA will TYPICALLY REQUIRE that any outstanding collection accounts be paid BEFORE being able to close on the loan. So whatever amount is showing on any collection(including your foreclosure), must still be paid before you can close. I wish I had better news for you but unfortunately this is the criteria for an FHA Give your answer to this question below! Question by sakof90s: FHA inspections – how fast can they be done? How fast can an FHA inspection for approval be completed? We are selling our condo and buying a house. We are in escrow in both processes. Of course we need to sell to get the down payment for the purchase. Today, sickness our agent called to see if the condo we are selling has been inspected and approved by the FHA. I’m not sure but it sounds like the buyer’s lender wants FHA backing. To our knowledge, website the condo has not previously been approved. We are locked in at a decent mortgage rate, ambulance but there is an expiration date for that lock-in. I don’t want to lose the rate and wonder how long it will take to have the FHA do their inspection of the condo and approve the backing. We live in So. Calif. Any advice would be greatly appreciated. Thank you. Best answer: Answer by boo76Typically if his/her buyer is doing an FHA loan, then the loan company that is doing it for them needs to send their own inspector over. It’s not up to you…the only time you get an inspection is if you wanted to certify that your home is somehow a good buy or something…like a “for the record” type thing…. If the buyer is doing an FHA loan, then the lender should be sending an inspector over anywhere from 30 days before the closing and up until about 2 weeks from the closing. When is your closing date for the buyer? If it is w/in the next 30 days expect someone to come inspect the home in the next few days to couple weeks… Hope that helps…. Give your answer to this question below! by elycefeliz Question by John L: low mortgage rates, order how long will they last? Since the bailout of Freddie Mae and Freddie Mac, viagra mortgage rates fell, correct? 1. Why? 2. How long will this last? I’m looking to buy a house within the next two months, and I don’t want to miss the low rates. Best answer: Answer by Howard LMortgage rates have dropped a bit...

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