this is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money
213642
Sometimes when a lender says one thing, it sounds scary to someone in your position.\n\nWhen he said he has to send the info to the lender for final approval, he maybe should have phrased it better.  It is the brokers job to look over the info and know if it fits the guidelines.  Then the file is sent to an underwriter to verify the facts and the file that the broker submits.  They put their final stamp of approval on it and all is good.\n\nBuying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic.  The more you worry, the worse you feel, so don't worry, be happy.  Look at the end result of living in your new home.
136345
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
671081
You can always negotiate mortgage terms.  Origination and interest rate are negotiable.  Remeber that the loan broker has a family and a job as well.  On that note if they wish to continue to do buisness it is in their best interest to take care of you.  Origination points are not the only area of concern.  Title companies overcharge at times as well and less shopping is done for them.  There are sometimes junk fees on the loan as well.  If you want me to look at it (licensed mortgage broker) I will.  I have nothing to lose if you are not in a state I do buisness and if I am I will walk through the shopping process.  Smart customers always shop but you need to know what to look for.  Let me know.
523495
I would suggest digging out all of your loan documents (as much as you have from the time you started working with the broker through closing) and consulting with a real estate attorney to see what their opinion is. Though the laws vary from state to state, there are federal truth-in-lending requirements that all lenders must fulfill. Below are a couple of quickie links for you, one for the FDIC's Consumer Protection Act (also know as the "Truth-In-Lending Act") and the second shows a quick chart as to current state laws regarding common predatory lending practices. \n\nI really hope this works out well for you. Good luck!
557380
Sure you can, as a foreigner. I can help. If you are working here and not having a SSN, you should have some tax id, do you? I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called "stated income") and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica
630915
Until you have the ability to pay off your debt or when you are out of the bankruptcy status. In any case, it doesn't hurt to see if you qualify for a home loan (I would stay away from companies that charges you a fee to get you preapproved).\n\nThings that mortgage companies look at:\nHow much assets you have?\nHow much income you make?\nHow much debt do you have?\nWhat is your debt to income ratio?\nand many more factors.
189541
WHAT IN THE NAME OF ALL THAT IS HOLY DID DIANAPEBBLE JUST SAY TO YOU?????????  REALLY...SHE SHOULD NOT BE ANSWERING QUESTIONS LIKE THESE.  SHE HAS NOT A CLUE.\n\nFirst of all, if the bank will not allow you on the mortgage, then you need to either deal with it and have just your dad purchase the property, or go to another company.  If you would like, you could contact me at timothy.kazee@americanhm .com and we can talk about that.\n\nIf your dad is the only one that is going on the mortgage though, you can still be on title.  Just tell the closing agent that you would like your name on title as well.  Also, your dad could put you into a land contract.  This is a great options because after living in the property for 12 months (sometimes 6 months) you will be able to refinance it, rather than doing an actual purchase on the home.  Refi's are a bit easier to do for those with bad credit.\n\nThese are just a couple ideas.  If you would like more, feel free to contact me.  Thanks!
656565
Call a local mortgage broker (check your local yellow pages) and ask for a consultation, they are usually free or may charge a small fee (< $25)  for pulling your credit report..  Do not call a bank.  Mortgage brokers have many more programs available than banks and are more experienced in dealing with folks with troubled credit.  Anyway, they can pull up your credit and see how it looks.  It may not be as bad as you think.  If it is, there are programs such as FHA that are not credit score driven.  It always helps to have money saved up for a down payment, and while 100% loans can be obtained, you will most likely need a minimum of 3% down.  If you do not have the 3%, it can be in the form of a gift from family or friends.  There are 3rd party non-profit companies that you can get the donwpayment from, although FHA has been looking down on them lately.  Mainly b/c the 3% gets financed back into the loan....sort of...but I can't say that...LOL\n\nA good mortgage broker will have all of this information.  He/she should also be able to direct you on what to do if your credit needs a little repair.  If you are not ready to buy now, they can coach on what to do to be ready in 6 months or so.  Good luck with your dream of owning a home.
537983
Tom Voli is close.  A short sale is indeed the lender agreeing to accept less than they are owed, and the lender will issue a 1099 at the end of the year because the difference is taxable income.\n\nYou are going to need to plead poverty in order to get them to accept it, and the listing agent is the central figure in getting the bank to believe it.  I've been involved in these from the buyer's end, and it doesn't matter how persuasive the buyer's agent (or the buyer) is,  it's how persuasive the listing agent is that makes it work.  That agent is going to have to convince the bank - via state of the market and state of your finances - that this is the best offer they are going to get.  Literally, there is no more money to be had and if they don't take this, they're going to end up with less, after their money sits for months or years in a non-performing loan.  Do NOT try this "For Sale By Owner", and probably not with a discounter either - the bank is going to want an expert on the case, with a motivation to get the highest possible amount, and that person is a full service listing agent.\n\nMore here\n\n http://www.danmelson.com/posts/1147462736.shtml
13804
Both of you have good credit, many lenders have multiple loan programs, I like dealing with lenders directly and this is an invidual choice as there are many professional loan brokers.\n\nYou may want to shop, however I suspect you will begin to see similiar programs.\n\n30 year fixed vs 15 year fixed etc.\n\nDo not allow each lender to run credit as this could hurt your FICO score.\n\nIf you already have a copy of your credit, share this with the lender.\n\nCountrywide Mortgage is in most states and I have seen a very professional level with this company.\n\nCall and ask for the branch manager.
47042
This really does depend on the state and the what's in the contract...but...\n\nI am NOT in Florida, but here there IS language in the standard real estate contract for a financing contingency.  There is shows how many days a buyer has to make application and then how many days until a buyer must have full loan approval.  Usually a buyer has to provide a loan commitment letter from his lender showing he got the financing before this contingency is removed.\n\nIn the states near me, IF the financing terms are filled out on the contract and IF the buyer can not get the terms stated or better, than YES he can void his contract with the financing contingency. The only exception is if he waited too long to get the loan rate locked.\n\nIF there is NOT a financing contingency (none in the contract, the buyer waived it, or the contingency was removed with the letter you have), then the buyer would be defaulting if he does not settle and its possible you would be able to go after his earnest money deposit.\n\nThe best advice would be for you to consult a real estate lawyer with your contract and all the facts.  It's the only way to be sure.\n\nP.S. -- I would not always blame the buyer -- many lenders out there give "pre-approvals" with great rates and then the buyer finds out AFTER full application that the rate they qualify for is much different OR that there are hefty closing cost fees associated with it.
414560
you will qualify for some thing, the interest rate might be high\n\nwhen the lender gives you the news, you have a right to review the credit report they pull (cannot take it with you) as you look it over ask him/her what you can do to get a better rate.  It might be as easy as wait a month and pay down a debt.\n\nif the lender cannot help you with ideas, get a new lender.  lenders are in the business to lend so a good one will help you however they can to make the deal work
572226
I think your broker is on the right track with this.  You've got two avenues to attack here: the letter and the mortgage.  To me, it looks like your better avenue would be to get this letter.  You'll have this problem with any mortgage company.\n\nIt seems silly to me that you are getting a stone wall at work.  Write up a soppy letter that explains how you need this loan and one piece of paper from them is all that is keeping you away from your dream.  \n\nAlso, the letter you show the lender doesn't necessarily need to be from the president of the company.  They're usually just looking for something on their letterhead with a signature of someone in some kind of supervisory position to you.  \n\nBest of luck!
361601
I assume you have done a financial review of your situation to ensure you can afford the payments on this? It's important not only to look at the specifics of the mortgage itself (rate, term, etc) but, also how it works within the framework of your overall situation.\n\nIt's ALWAYS a good idea to shop around with different mortage providers including reputable mortage brokers and try and get the best deal on a mortgage you can. Keep in mind, not all providers and mortgages are created equal. Make sure of what is expected of you when taking out the mortgage and what you will be provided in the way of service and features. Make sure the mortgage is right for you.\n\nAfter having said all this, your purchase is 100% financed by a third-party institution with no down payment of your own. This means you are going to pay more interest in the long run. If it is possible, try and make a down payment to shrink the mortgage somewhat. Yes, rates are traditionally low however, no need to take out more mortgage than is required.\n\nFrom a credit perspective, make sure you make your payments on time and you will establish a good credit rating (or improve the rating you currently have).\n\nCongratulations on the purchase! I hope all works out well for you.
368156
Talk to your Realtor about this.  He should know a mortgage company that can help you.  As golfer said, not all companies are FHA approved, and so they don't have that option for you.  FHA is a bit easier on your credit score as well as medical bills.  Do get pre-approved prior to shopping for homes.  You don't want to be paying for inspections or appraisals, only to find out you don't qualify for that much house...\n\nFHA is also more lenient as to where your down payment and closing expense money comes from.  You can have the seller pay part of your costs.  FHA does want for you to have a minimum of 3% invested in the house.  This comes out to 2.25% minimum down payment and 0.75% towards closing expenses.  Even this 3% could come from relatives or non-profits or government grant programs.  A knowledgeable loan officer (versed in FHA) can help you with that.
540577
Only through experience.  I am a mortgage professional too, with another company.  I'm still pretty new at it;  a lot of it is plain dumb luck.  The other half is getting the borrower to qualify under all the terms of the loan (income, credit, appraisal, w-2, DTI, etc).  It is extremely hard sometimes, and you get a lot of "fallout".   And, it depends on your compensation as well.  But as far as terminology and correspondent lenders, qualifying and amortization, those "complicated" things get easier over time.
186204
several things could be happening here\n\nyour lender could be including private mortage insurance if you don't have 20% down and the lender requires it\n\nalso, the lender may be including fees and closing costs into the loan, which could run into thousands of dollars\n\nbe very wary of any loan where all costs are not disclosed to you in a truth-in lending statement, and if a lender or broker makes promises to you or tells you to disregard any truth-in -lending statement you do get