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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More Wash. homeowners tap federal refinance program
The program allowed homeowners to forgo the need for new property appraisals, shop and eliminated certain refinancing fees. Most significantly, viagra buy HARP lifted the 125 percent loan-to-value ceiling, view which meant that more homeowners who were severely underwater …
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FHA Streamline Refinance Program Enables North Carolina & South Carolina …
Until the release of the FHA Streamline Refinance program, North Carolina & South Carolina homeowners with FHA home loans have had limited opportunities to receive mortgage assistance. In addition to incredibly low interest rates and massive savings …
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Question by victor: What are the chances of being approved to cosign for a student loan if I’ve modified a home loan?
Say my credit is otherwise perfect and I meet the income requirement.
Best answer:
Answer by Rob
Sorry do u like being homeless?
u just go a home loan modified because
u can not afford it.
Now u want to take on some one else DEBT.
never EVER cosign for any one unless u
want to throw the money away.
do them and u a financial favor do not sign.
seen your nightmares b4 we bought their houses.
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Know better? Leave your own answer in the comments!
Question by atl_ace1: Is there a mortgage insurance premium charge at closing for conventional loans?
I know there is a mortgage insurance premium around 1.5% when you close on a FHA loan, ed but I was wondering if the same charge apply when you close on a conventional loan
Best answer:
Answer by chatsplas
SURE, information pills UNLESS you put down 20%, you have to pay PMI because you’re a poorer risk.
Give your answer to this question below!
Question by ghost2010: Will housing sector rebound with Fed decision to provide assistance to subprime borrowers?
With the Fed’s announcment recently that they will have a new program that will provide help in refinancing loans to potentially millions of mortgage borrowers that are facing the possibility of foreclosures.
Do you think this will be the relief the housing sector needs to rebound?
Best answer:
Answer by I_Love_McRedneck
I think this is the dumbest idea I’ve ever heard of. People BEG for loans on houses they can’t afford AND they have lousy credit, tadalafil showing a history of irresponsibility.
They don’t listen when the lender says they have to fix their credit and refinance before they start to pay through the nose.
It’s their own freaking fault they’re in this mess. They made their beds, store now ALL of them need to lie in it.
What makes us think we can just be irresponsible and people are going to fix the mistakes we make? STUPIDITY KILLS
What makes you think lenders will suddenly start giving out loans again if the government forces them to lower their rates? If I were a bank, I’d be even MORE reluctant to give out mortgages.
EVERYTHING our governemnt does ALWAYS has the opposite impact of what it’s intended to have. We should know this by now…. it’s not rocket science
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Question by t247267: What if your mortgage broker lied about your income and you were not aware?
It’s me again. I did not know that my mortgage broker lied about my income until he told me after the fact. Yes he admitted it to me.He actually used it to tell me how hard he worked for me to get the loan. The original application was filled out in my home with one of his associates and I did not lie. I have requested copies of my file and applkication from him and he threatened me with an attorney. At one point he offered to get me out of this mess and blamed GMAC for putting me in the wrong loan. (they had my social wrong and he tried to tell me that i got someone elses terms). All he did was lie. I am not to blame. How can I get my file?
Best answer:
Answer by DakB
One good attorney threat deserves another! but, prostate make sure that it’s a real estate attorney! There is one at every title company! Good luck
Give your answer to this question below!
Wow! First, you are legally obligated to recieve copies of your loan paperwork: unless there is some crazy law in your state, he HAS to disclose everything he has on you. Applications, TILs, GFEs, terms, etc. Even your appraisal – you get a copy of that too.
On the unfortunate side of this mess, you DID sign the final docs and they DID have the application that your broker sent to the lender. You have GOT to get yourself a lawyer. There is too much going on here (and the broker sounds like he’s trying to hide stuff) to try to do this yourself. I’m sorry to say, but you need legal help!
What? What stage of the loan are you at? If you haven’t gone to closing, what you do, is go to this guys office and get your originals and go somewhere else. You don’t have to complete the loan with them. Then you would report them to the Real Estate Commission. He is offering you to get your out of what mess? Please e-mail me with more details.
Believe me, I am sympathetic to your situation but the bottom line is that you signed the final application at closing that had the income as stated on it. This is why it is so important to read what you are signing.
That said, you are entitled to a copy of your original application. He can threaten all he wants, there is nothing wrong with giving you a copy of that application. He’s just trying to cover his loan fraud.
Call the Finance Division in your state and find out who regulates brokers. File a formal complain with them.
If he works for a brokerage, call and ask to speak to the manager/owner. Get that person’s name and send them a letter explaining what happened and what he told you. Demand a copy of the original application and compensation.
Once you have that application copy you have some evidence of his wrong doing.
The one good thing about the recent upheaval in this industry is that rats like this one won’t survive.
Good luck.
How are you gonna prove that the mortgage broker lied about your application? You signed it, now wheather you signed it later or after or you signed an application that was incomplete.
Now here is about how this will go. Mr Broker who put this income in the income block. The borrower because he signed the loan application. It is a policy in my company that we don’t take incomplete applications.
Could it have been possible that someone changed the income, yes but not likely since I am the only one that have access to the file other than the processor and my manager that I discussed this loan package with.
Mr Borrower did you sign the loan application? Yes I did sign the loan application but that was not the income that I put in when I signed it.
The best thing to do is write a letter to the manager of the mortgage broker, tell him you are withdrawing your application because you no longer have faith in the loan officer assigned you.
If there are personal items in your file the are obligated to give it back to you, such as Social Security Cards, Drivers license, pay stubs, W-2 forms stuff like that.
If you want a copy of your loan application you may request it, they might provide you with a copy of all the information you submitted to them as well as a copy of your 1003 loan application.
If you go to another mortgage broker they are not interested in the other broker’s paper work and will complete their own application on their own forms.
I hope this has been of some use to you, good luck.
‘FIGHT ON”
You might win. The courts are sympathetic to home owners. The loan officer will go to jail and, if his company is still in business, you may get some money. However, It’ll be a long hard-fought battle. The title company that closed your loan may have a copy of your docs.
I had people in the past beg me for a loan. They said that they didn’t care what I did and that they would sign anything. They wanted that house! I am glad that I turned them away. I imagined this would be the result.
This is illegal..report him.