Posts Tagged "appraisals"

Do home appraisals come in lower and or higher the 2nd time, normally?

on Jan 20, 2013 in FHA Information | 3 comments

by Question by cheryl4785: How come my loan officer wants me to show my bank statements? I am doing a Stated Income loan. Why do I need to show bank statements if I have direct deposit from my employeer? That would be “showing my income” compared to “stating my income.” Do I have to show them? And, remedy this is there another way around it? Please help! Best answer: Answer by DethruhateThis way they can see if your wages are being garnished at the bank, pill or if you are way overdrawn on your bank account to the point that they might not be able to collect on your payday loan. Also, if you have a direct withdrawl at your bank for a loan at that same bank, they usually take out that payment from your paycheck before they put any other checks through. Therefore, they may want to check to see if theres any of those that might make the loan payment to them bounce. Give your answer to this question below! Question by Gi J: buying our first home in Texas? I know nothing about real estate, approved for please forgive my silly questions in advanced. We have been renting and at the same time saving hard for our downpayment….we so far have about $ 5000 in savings. We want an FHA loan BUT for a 15year mortgage, price the rent we pay now I think equivalates to that of a monthly mortgage for a 15 year loan. Would it be possible to put down the minimum FHA downpayment to qualify for a 15 year mortgage? Best answer: Answer by falsi fiableFHA requires a 3.5% down payment. Additional fees and closing costs will run another 2%. That will leave you cash starved on a $ 100, there 000 home. You should save a lot more money before buying and look at a 30-year conventional mortgage. Rule of thumb is that you can afford a house that is about 3 times your gross annual income. Some people qualify for more based on their individual situation (mine is 4x). Rule of thumb #2: Your mortgage payment (principle, interest, property taxes, and insurance) should not exceed 28% of your gross monthly income. If you have no other debts (no car loans and you don’t carry a revolving balance on your credit cards) you may have slightly higher limits. Your total debt load (mortgage plus auto and other minimum debt payments) may not exceed 38% of your gross monthly income. For best rates, you need 20% down and 740+ FICO. With less than 20% down you will have PMI (Private Mortgage Insurance). Learn more by reading “Home Buying for Dummies” available from your public library or independent bookseller. Give your answer to this question below! Question by MAMA: Do home appraisals come in lower and or higher the 2nd time, viagra approved normally? we are getting a FHA home loan and our first appraisal came in at 123,000 and now they want another appraisal done (3 days before closing)…? now we are worried it will come in lower and have to delay our closing date even longer? Best answer: Answer by John Sweeney RealtorThere are a lot of factors that could effect the second appraisal. If comparable homes have sold since the first appraisal and prices have been decreasing, your second appraisal might come in low. Also, if the area is considered a “declining market” the appraiser might come in with a lower appraisal. Best of luck! John Sweeney Century 21 Award Know better? Leave your own answer in the...

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