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Provider: MortgageFit
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Commitment Letter from Underwriter
My husband is self employed. We applied for a new home through USDA Farmers Loan (chase is the underwriter). We have gone through pure hell with it so far. We had to have our accountant do an amendment to our taxes to pull off 18,000 of our legitimate tax write offs to show more income on our returns. This is going to cause us to owe an extra $8500 in taxes. My husband thinks it's worth it because as long as he's self employed, we are going to have to pay it one way or another, and we really want this house. Accounting lady told us that we have three years to file the amendment. The mortgage broker submitted our amendment and the first return with the package to underwriting. It was in underwriting for a few weeks...they kept telling us they would know andquot;the next day.andquot; They REALLY checked us out.
We FINALLY got a commitment but they had a couple small conditions (obtaining a child support order from the court, etc). I did all that the next day.
yesterday at around 4 pm, the mortgage broker called and said that now my loan has gone into pre-closing quality control at the underwriting place and that I would have an answer by the 28th! What! Am I approved or not. She said she's never seen this before and does not know what this means. HER boss called in and asked broker lady to call me back and tell me he had some andquot;real concernsandquot; about my taxes and loan BUT he wouldn't call me back until mid day next Monday because he was out of town. Shouldn't this have been addressed A LONG time ago?
I told mortgage broker lady that if the concern is that the taxes haven't been filed, which they already knew, I am unwilling to file them until we are at the settlement table. I am afraid that they will then start messing with me about reducing my available income because of the taxes due and lost the loan anyway.
She said they told her to continue processing (appraisal and title work, etc). What is happening here? Does anyone have any clue if this is in any way normal?
07/20/2008 09:38 PM
Refinance Woes
Hi,
I am interested in finding out what my options are regarding refinance options for my wife and I.
We originally bought our house (8 years ago) as an investment. The price was very low ($116,000) and I knew that the area prices would rise.
We had planned to stay in the house for about 5 years the sell. The prices skyrocketed as we predicted. At the highest point (during better housing times) the house was appraised at $330,000. However, due to health reasons and employment gaps we were unable to sell when we wanted to. We refinanced once to consolidate all our bills. So our mortgage went up to about $213,000. Then I was laid off and we fell behind on our mortgage. Indymac reinstated the loan but charged us huge fees and penalties taking our mortgage up to $250K. Our mortgage payment went up to $2800.00. We really cant afford this payment, our credit has suffered and now we are below 600. Our income is abour $95K a yr but with our credit score we are finding it very difficult to find a lender that would approve us without a crazy 12-13% interest. The house is probably worth $290 - 300 now. We have the income and can afford a payment of about $2000 - 2200. With our situation can anyone provide me with any advice and/or opinons as to what to do.
Thank you
07/20/2008 09:38 PM
help!!!!!!!!
I own a house whose mortgage is $2000 a month, due to a job relocation I have tried to sell this house for the last 7 months with no luck. I'm becoming financially drained coz i have to keep up the mortgage payments as well as my current apt. what is the best option for me and renting it out is not working out either?
07/20/2008 09:38 PM
Va loan approval
If I have lived overseas as a Stay at home mom and return to the states this coming January and work for one year, if my credit is ok(low 600'S) could I be approved for a va Loan.My husband is not a citizen but will have his green card by that time but will not have any credit or a job here so i am going to have to do everything alone.Does having 40k in the bank help my chances?
07/20/2008 09:38 PM
VA certificate on 2nd home
I am currently trying to sell my home and purchase a second home as my primary dwelling. My current home is not selling as fast I expected. I have a VA certificate that I have not used and would like use towards my second purchase. Can I use my VA certificate on the 2nd home, prior to selling tthe home I am currently living in?
07/20/2008 09:38 PM
Can I qualify with old chargeoffs/collections on my credit?
Here's the situation;
My middle score is just over 600, I have charge offs and collections on my report that are over 6 yrs old... They should fall off about the middle of next year, However I want to buy a home right now, I did not file BK and have no judgments.
I was told by one mortgage broker, that lenders want all the derogatory marks removed or paid off before they would approve any loan.. This was for both conventional and FHA.
I currently have Lexington Law working to repair my credit, I'm confident my score will take a boost, but I doubt I'll be able to get all derogatory marks removed anytime soon.... My question is; Are their loans out available I can get into with these marks on my credit?... If I'm able to bump my middle score to 680-710, can I still get a decent interest rate?
The home I'm looking to buy is $250K and I can put 10% down + pay closing costs.
Please let me know... Thanks!
Nick
07/20/2008 09:38 PM
how do i get my name on a deed
How do I get my and my sisters name on a deed of my mothers?
07/20/2008 09:38 PM
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