Posts Tagged "business loans"

Stated Income Home Loans

on Jan 16, 2014 in Stated Income Loans | Comments Off on Stated Income Home Loans

Stated Income Mortgage Loans Stat?d income mortgage loans are making ? slow comeback and it is ? good thing. The lending regulations ?n our opinion were over-tightened. Now, advice y?u have legitimate ?elf employed borrowers who cannot get ? loan. That ?s a problem which needs to be fixed. If ?ou are not ?oing to bring ?tated income loans back in full force, health then the full documentation guidelines need to change for self employed borrowers. They should use the gross ?ncome (or somewhere ?bove the net) ?n the tax returns for qualification ?urposes. Salaried borrowers ?re showing gross ?ncome before tax ?eductions and so should self employed borr?wers. Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, for sale typically these borrowers are ?elf-employed or work for tips have s?asonal employment or work on commission. A stated income m?rtgage loan is ? good option ?f you would have difficulty proving ?our income The income that you state on the m?rtgage application must be average in ?our occupation and a?sets are generally verified. This means that if you ?re a waitress ?nd you say ?ou make $10,000 ? month it may raise some e?ebrows in underwriting. In Florida, you ne?d to find ju?t the right pers?n who knows h?w to get the best stated income self employed loans possible. If y?u are a self-empl?yed borrower in Flor?da then you wi?l have your own set of issu?s getting a mortg?ge that other peop?e may not have. One of ?ur professional Stated Income Loans Florida mortgage specialists can help you with ?our stated income ?oan and get ?ou the house that you have ?our eye on. Don’t let the fact that you ?on’t have a W2 job and that your loan will be paid ?ff using self ?mployment fund stop ?ou from getting ?nto the home ?f your dreams. 100% LTV – r?duced documentation programs were designed by “profiling” borrower types. The t?pical profile of ? stated income a?plicant was a b?rrower with irregular income because he/she e?rned seasonal or c?mmission income, and was typically self-employed. Appl?cants were qualified u?ing their “stated “ annual income for the previous two years. Loans were underwritten and closed under this honor sy?tem, as lenders typ?cally did not verify a borrower’s st?ted earnings with the IRS. Stated in?ome was also ext?nded to wage earners at 100% LTV with FICO min?mums set as ?ow as 580. Primary, se?ond, and non-owner residence?. Who are stated income mortgage loans m?ant for? For the most part, this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, a stated income mortgage loan ?s great for ? person who e?rns some salary but also cash that is not docum?nted anywhere. An example would be ? waiter, bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r a stated in?ome mortgage loan ?s someone who coll?cts rental income but does not h?ve signed leases to verify that in?ome stream. A problem presented it?elf because loan modifi?ation companies were charging homeowners upfront f?es to begin working on these modific?tions. The fact ?s that too m?ny consumers were ?n financial distress and requesting modifications and certain loan modification companies did n?t have enough personnel on staff to handle all ?f their clients. As a result, th?y were unable to complete as many modifications as there were requests f?r modifications. The governm?nt of California step?ed in and wrote new...

Read More

Home Affordable Refinance Program Extended

on Mar 13, 2012 in HARP Refinance | Comments Off on Home Affordable Refinance Program Extended

OneWest Bank – Wikipedia, ambulance malady The Free EncyclopediaBank, more about announced that it has implemented the Principal Reduction Alternative (PRA) loan modification program as outlined under the Home Affordable Modification Program Retrieved 2008-07-11. ^ "IndyMac stops new loans, to cut work force by half". … Read Article VA MAKING HOME AFFORDABLE PROGRAMVA has a longstanding policy of encouraging servicers to work with veteran borrowers to explore all reasonable options to help them Two main features are the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). … Doc Retrieval Hope For Homeowners (H4H) And Making Home Affordable (MHA …HUD strongly encourages borrowers to work with their current lender to determine if HOPE for Homeowners However, the lenders are not required to approve a “Making Home Affordable” refinance or modification unless you have documented that you meet all program guidelines and requirements. … Access Document Borrower FAQs – Making Home AffordableOn the Making Home Affordable Web site . Q8. If Fannie Mae owns my mortgage and I want to find out if I qualify for a refinance to lower my payment or get different terms, do I have to work with for certain loan refinance or modification options under President Obama's Making Home Affordable program. … Retrieve Here GAO-09-837 Troubled Asset Relief Program: Treasury Actions …For this work, GAO reviewed documentation from Treasury and its financial agents and met with officials from Treasury, its financial agents First, one of the efforts—the Home Affordable Refinance Program—would provide a refinancing vehicle for homeowners that had (1) Fannie Mae and Freddie Mac held or … Retrieve Here Making Home Affordable• Home Affordable Refinance Program (HARP) • Home Affordable Modification Program (HAMP) programs work together to help homeowners avoid foreclosure and … View Document BORROWER FREQUENTLY ASKED QUESTIONSWhat other alternatives to foreclosure exist within the Making Home Affordable Program? .. 18 69. How does the HAFA Short Sale work 5 Home Affordable Refinance Program (HARP) 4. I'm current on my mortgage. Will a refinance under the Home Affordable Refinance Program … Doc Viewer Breaking News…Making Home Affordable Update – YouTube2:03 Add to Home Affordable Refinance Program Does Not Work North Scottsdale Real Estate by ThePrecisionTeam 373 views; 2:58 Add to 2 Killer Negotiation Phrases That Work Like Magic by CashFlowInstitute1 23,789 views … View Video Refinance And Modification Program Execution And Risks•The Home Affordable Refinance Program will benefit homeowners who have a reliable payment history and are parties, companies working for a profit and/or requiring up front fees for no work performed … View Doc Agencies Issue Final Rule For Mortgage Loans Modified Under …This final rule does not apply to mortgage loans refinanced under the Home Affordable Refinance Program. 11 See 12 CFR Part 3, Appendix A, sections 3(a) (3) (iii) and 3(a) (4) (OCC) ; 12 CFR first-lien mortgage. 14 Borrowers whose back-end debt-to-income ratio exceeds 55 percent must agree to work … Access Document HARP II Refinance Program – YouTube36:23 Add to HARP 2.0 How does it work and what to expect by themortgagemoment 82 views; 0:58 Add to Home Affordable Refinance Program (HARP) by shortsalecircle 28 views … View Video MAKING HOME AFFORDABLE HOUSING COUNSELOR Q&ASAre all loan types eligible for the Home Affordable Refinance and Home Affordable Modification options? How does the modification work? Full details are provided in the Guidelines. One of the important components of the Making Home Affordable program is community stabilization. … Fetch This Document Hillary Rodham Clinton – Wikipedia, The Free EncyclopediaHe was then teaching law and running for a seat in the U.S. House of Representatives in his home...

Read More