New job in new state - Will Bank Mortgage?
104932
If you have no debt, good credit rating, you make 18k a year and the house cost 55k.  I'm 99.9% sure you will get a mortgage.  \n\nYou may want to do 3% down mortgage, so try to get an FHA loan.  You will have to pay PMI but it will only be about an extra 30 bucks a month.\n\nYou can call your bank to get pre-approved right now!  Its free!  \n\nGood Luck!
667306
Why not actually move into one of the units.  Then you are completely above board (though the *wink*wink* will probably work ok too).  \n\nAs to how to do it, there is no best answer, it depends on your situation.  \n\nThe route I would follow is, find out first off how much money you will need.  Be sure to budget for closing costs, fixup, etc; and be sure to ask several banks/ brokers to get the best number.  \n\nNow, just figure out how you can get that money at the cheapest cost to you.  If you have the money, great.  If you can take out a 2nd cheaply and get it, do that.  If you need to refinance, do it.  I'd make sure I had the money (or at least a plan for how I would get it) before putting down a contract though thats not required.  Of course make sure the contract has a financing contingency, and a general contingency it the seller will allow it (a general contingency like "contract is contingent upon approval of spouse" - if you get this is there are decide later you don't want the place, shouldn't be to hard to have the spousal contingency fail).\n\nI guess the easiest way to put this is, figure out exactly what you want (a 2nd 2 family), exactly what you will need to get it (x dollars, plus y hours of time, etc) and then do whatever you need to do to reach your goal with the minimum cost and time loss to you.  I realize this is a general statement but without knowing more about you I can't make it more specific.\n\nAlso, I always hated even bending the law even in the really minor way you describe (though I did it a few times) fearing it would come back to haunt me someday.  I got lucky and it never really did hurt me much, and now I'm totally above board.  I'm not suggesting you not do the *wink*wink*, just that you avoid that as much as possible.\n\nBest luck.  Also, by the way, there was an extremely active foreclosure specialist in my area who just got caught with something like 120 properities in her name, all of which she had bought as an owner-occupant.  I guess if she can get away with it 119 times (plus the 100's she sold over the years), you can get away with it once.
48928
The short answer is you can't.  Unless your job is bringing in over 200K a year or so.  I used to live in San Diego and now work in the mortgage industry.  The median home price in San Diego is about 550K.  For example, if you have a 30 year fixed mortgage @ 6.5% on a 550K home, your mortgage payment is going to be $3,476.37 and that's not including taxes and insurance.  If you're bringing in 100K a year that's $8333 a month you're bringing in before taxes.  After  taxes there isn't much money left over for actual living (food, gas, credit cards, etc.)\n\nI would definitely look into foreclosures or talk to a bank about REO homes (They'll know what you're talking about)  Interest only is alright only if you're making a little more than the minimum payment, or if you expect your income to increase, or you expect your home to appreciate in value after the interest only period is over.  Good Luck!
779400
It's best to have two or three banks in which will give you a construction loans on each house your building.  The construction loan should cover the cost of the land and 80% of the value of the home.  I hope that you already have your sub-contractors set up and ready to go, each sub will have to sign lien-wavier forms and you will supply that to the bank.  It's a lot of work but can be rewarding.  Good luck to you.
615475
If you sell mortgages for a bank, you don't need to be licensed.  You will likely have to be licensed to work in a broker shop.  Most states have caps on what you can make on the loan.  In Ohio it was 7.99%, but it's changing to 5%.  Many lenders have their own caps on what they'll let you charge as well.  Really it comes down to the customer.  Good luck charging the cap unless you're their only hope, and you'd have to be pretty good to be the only one to come up with a program no other broker can do.  Also, broker shops have become very competitive with slowing sales.  If you can prove that you can meet a steady (and impressive) monthly goal, you're in a good bargaining position (over 50% of your fees).  Remember .. the broker has to make some money too, or there is no shop!  :)
213300
Do not sit and wait for something that is possibly only a figment of someone's imagination.  Plus the area that you are in may not apply.  Also, when this happens, it is very possible that interest rates on mortgage are going to start going up quite rapidly.  Buy now.  Most areas are experiencing a buyers market.  Now is the time!!!!\n\nIf you would like lending advice, go to www.americanhm.com/timothy.kaz ee and there is a ton of info on there.  Plus you can even apply online.
339953
Call a random mortgage company and ask them this question.
1178741
Let me break this down for you.\n\nWhen you refinance the loan, the finance company needs to find someone to buy the loan.  However, they also want the money that you bring at closing to pay their own bills  ==> so what some businesses do is that they close you first at the agreed-upon rates and then they gamble that they can sell the mortgage at a profit to another mortgage company in a relatively short time frame (Fannie Mae, SunTrust, Bank of America, Countrywide,  Wells Fargo, etc.).\n\nI want to be clear.  Once you sign documents at closing, it is your obligation to make the mortgage payment ONLY -- even in instances where the refinance company can't sell the loan.  \n\nYou are NOT responsible for correcting their poor business judgment. If you closed on the home, both YOU and THE FINANCE COMPANY signed a legally binding document.  \n\nYou must make the mortgage payments . . . \n\nIn turn, the refinance company is responsible for servicing the loan until they can find a suitable buyer of your mortgage.  Then, when they sell your mortgage successfully, they are legally required to inform you of your new mortgagor\n\nIf the refinance company is NOT in the administrative business of servicing loans, that is THEIR problem -- not yours.  It only becomes YOUR problem when you relieve them of their obligation by signing NEW documents for a new refinance!!\n\nDon't do that . . . \n\nOnce the refinance company fails to pay your property taxes and insurance as documented in the papers you signed at closing, they have violated their duties as fiduciary of the money that you are paying in escrow on a monthly basis.  \n\nThey are also in breach of contract!  And this is a material breach of contract!  They probably are also in breach of several Truth-in-Lending laws as well.\n\nYour mortgage payment should include (principal, interest, taxes, and insurance).  The taxes and insurance portion of the mortgage payment is the amount that should be placed in the escrow amount on a monthly basis and paid to the appropriate parties when due. \n\nYou have to take care of business now, because they are in big trouble:\n\nFirst, make copies of:\n\n(1) the settlement statement you received at closing and/or Good Faith Estimate (hopefully, you should have both).\n(2) the insurance cancellation letters and deliquency notices, if any, from the county tax assessor's office.\n(3) any checks or money orders you made to the refinance company when you brought money to closing. (front and back copies)\n(4) any checks or money orders you paid for property taxes and insurance (front and back copies).\n(5) The truth-in-lending disclosure that shows the annual percentage rate (APR) of the mortgage and your payment schedule.  \n\nNext, contact the Attorney General of the state in which the refinance company is domiciled and report this immediately. \n\nPlease be sure to send a copy of this letter to the refinance company putting them on notice that you are on the case like Magnum P.I.  \n\nBe sure to send the letter to the refinance company CERTIFIED (no-need for return receipt) and keep copies of the receipts from post office.\n\nThe Attorney General will assign a case worker who will review all of the above-mentioned documents you sent them.  The Attorney General will contact the refinance company on your behalf and demand that they will respond to you and him usually within 30 days.\n\nNow, if this company is a big bank, like Wachovia, N.A., SunTrust, N.A., or Bank of America, N.A. or a federal savings bank, you can also send a letter to the COMPTROLLER OF CURRENCY for the state in which the refinance company is domiciled.   Google to get the address.\n\nThey will assign an investigator, who will get down to the truth of the matter.\n\nAnd lastly, do NOT sign any more documents.  They have screwed up big time and they want you to sign more documents to cover up their errors.  \n\nAnd worse come to worse, make a copy of this e-mail and take it
456101
Often that means that they have to change their title deed to reflect the new mortgage company.  These records are often public records that you can request at your county recorder. They might even have an online system.  Our county does... personally I find it kind of scary what people could find out this way.
1074132
it depends what state you are going to work in. I am a mortgage broler and we are always hiring. we are in 27 states. you can email me if you like
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
148202
1- You are looking at a rate of 6.25% in IL. I ran it through Provident Funding as a 30yr fixed, full doc, 80% LTV/CLTV, second home, $288,000 loan amount, with a 21 day lock period. This assumes all the information you supplied is accurate, and that your DTI (debt to income) does not go above 50%.\n\nThat is a rate that the mortgage company would be ok with selling you. If you are being quoted higher than that, then feel free to talk to me and I will let you know if you are getting a fair deal or not.\n\n2- Your Mortgage company can usually get you at least as good of rates as your local bank, unles you typically carry a very high ballance with them. You would be surprised ... you Mortgage Company is propbably signed up with your bank to do loan through their wholesale side, as opposed to your retail rates they would offer you direct.\n\n3- When a good time to go through with it is completely up to you. If you are in a situation where you can offord it, and are comfortable with it, then do it now. No one can make that decision but you.
990102
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
394328
I would be comfortable with being able to make the payment out of the lowest wage I can earn should I lose my job. If there are two people working, then whatever one wage can handle (comfortably). As individuals we all have our version of comfortable. When you are buying something a big as a house, then sometimes, it may make sense to make short term sacrifices for the long term gain - where the long term gain is a roof over your head you can call your own - not the 'possible' selling of the home for a significant profit.\n\nSo, I don't do percentage, I do what makes sense for me and my family at the time. What do I do if I can't afford it? Don't buy it, smaller house, apartment, etc., or I get a second/third job.\n\nI'm very conservative, as NO ONE knows what is in store for them the next day. So I would rather be safe, and have a smaller house I can afford, rather than a bigger one I MIGHT be able to keep IF all goes well.\n\nGood luck!\n\nPS: I have a link to the mortgage professor on my website, as well as bankrate - calculators.
1128083
You are now into an industry where you need to work, work, work and work. Really, Mortgage business are getting more harder day by day as the Interest rate are rising like anything.\nBasically mortgage business is a referal business but most of the Loan officers do not get refrences in the beginings. So they left demotivates.\nAccording to a survey 80% of the loans are closed by 20% of the Loan officers and the rest 20% of the Loans are closed by the other lest 80% loan officers.\nSo to get a good start there are thousands of ways all you need to be is hard working and of course smart worker.\nI can get you couple of ways where you can start closing loans in just a small span of time.\n1) Start mailing your flyers, this is one of the way you can use in the begining. Target around 3000 homes in your area and hire few kids to distribute some flyers there and let everyone know that you are a new LO in this area. Also you can mail these flyers and do remember to leave your Name and phone number here. This way can really help you but it takes alot of time, because you get a call back from just 1-2 out of 100 that you just to say HI and if they need something they will contact you.\n2) The Second and the best way you can use for the beginers. Buying leads- You can buy leads from good telemarketing companies who generate leads for different Loan officers. The biggest problem with this is they sell the same leads to several loan officers and when you call the customer they already got numerous calls from other companies. But there are some reliable companies who can provedi you quality leads and ofcouse these will be give to you and only you.\nSo find out some one who can get you virgin leads and you can start closing loans soon.\nGood Luck
106740
I believe you can.  I work for a mortgage company.  Perhaps we can help you.
1149842
See a professional mortgage consultant, there are Lenders that will do five times salary, self cert etc, but your personal circumstances have to be considered.  I wouldn't get involved with teling lenders about lodgers, seek professional advice sweet or you could fall at the start.  K