how can a business owner get approved for a mortgage?(please read bellow)?
me and my husband are business owners (50-50 of the business) however the business is only 1 year old and is really going great .we don’t have the popular w-2 forms but we have proof of all deposit checks from the bank and profit /loss statement from the accounting office .how can we get approved for a mortgage ?
how big of a down payment ?
It will be almost impossible to get a mortgage before you have three years’ income tax returns, though the third year could be just P&L statements from your accountant.
You will need at least 20% down unless you go with FHA.
Owner financing would be a good option for you if available.
Will my FHA mortgage be turned down for overdrawn checking account?
I have been approved for an FHA mortgage loan and have been asked for 2 months of bank statements. My concern is that my account was overdrawn a few weeks ago. It was the first time in at least a year and a half it has been overdrawn and was an honest mistake. Can they reverse my approval for this reason? Thank you.
Usually they will take an explanation. If there are no other overdrafts, and if you keep good balances, then you should be ok.
Anybody else like me desperately checking their bank statements like mad in the hope they can save money?
My mortgage has gone up so much I will have to borrow more to stay in my house or are you lucky enough not to be affected by the very sudden extreme rise in the cost of living? I doubt I can trim very much, so will have to work another job. But I am healthy and haven’t lost my sense of humour and don’t intend to lose sleep over it as my friends are in the same boat. xx Love to hear your opinion and have you panicked yet!!
I have been through this once before in the early 90’s when my mortgage rate increased from 7% to 15% almost overnight! I got a second job and worked 7 days a week for four years. We will all get through it but for people under 30, they have never experienced a credit crunch so it will be a shock to them. I have just sold my big car and with the money have bought a smaller one – I have gone down from a 2ltr gas guzzler to a 1.2! I love it and can’t want to see my petrol costs slashed. My car tax has halved as has my insurance to I have made an immediate saving. I make my sarnies for work saving around £15 per week too. I have also stopped buying so many prepared meals and now cook from scratch – it’s amazing how long you can make half a pound of mince last!!
If my mortgage company sold my FHA fixed 30-year loan to Bank of America, can this hurt me in any way?
I just bought my first house. I found my mortgage company, Westar, online through Lendingtree.com. I was pretty happy with them. My first mortgage payment was due 1/1/10, but just to be on the safe side, I set up online bill pay through Bank of America to go out last week, and it cleared my checking account. When I logged into my Bank of America online account today, there was my mortgage showing up with my Bank of America accounts like checking, saving, and credit cards. My statement was on there and it didn’t show the payment I had made to Westar. I chatted with a representative, who said yes, the check cleared, but Bank of America is my servicer, not Westar. I called Westar and they confirmed that they sold my loan to Bank of America. This is the first I heard of it. Westar says they sent me a transfer letter, but I never received it. My rate seems to be the same based on what it says on the Bank of America web site, but I am blocked from accessing my loan documents while they do “research.” I am wondering if there’s anything I need to look out for. I have heard horror stories of people’s loans being sold, but usually those are ARM, not FHA 30 year fixed. Thanks!
David Z: I did not receive a letter from Westar or Bank of America. That’s the problem. I did not know about this until I logged into my Bank of America account this morning. Not the best way to find out.
Your loan is a commodity that is sold like anything else of value. There should be no substantive changes in your mortgage agreement. There may be minor changes that have to do with administration and the way that Bank of America handles these accounts. Keep on top of things to be sure that you are credited for that first payment.
This is very common and normal.
Is this normal when applying for a home mortgage?
I am in the process of buying my first home and the mortgage company wanted all this info:
1. ’06 and ’07 W2 forms
2. My last 2 pay stubs
3. My last 2 bank statements
4. Copy of my driver’s license
5. Copy of my social security card
6. Copy of my last 401K statement
7. Copy of the 401K check that I’m using for a down payment
8. Copy of my bank statement showing the 401K deposit.
9. Copy of my earnest money check AFTER it cleared the bank
10. Proof that one of my credit cards has a zero balance on it
Is it normal for them to want all this info? Or are they being extra cautious with me since I’m single and this is my first time buying a house. They said I have great credit so I don’t know what to think.
Forgot to mention: I am already approved for the loan. That’s why they keep on asking me for more stuff. As far as the 401K repay, it really isn’t that bad. They told me how much interest it’s going to be to repay it back, but that is fine with me, because I desperately need to get out of my current living conditions…desperately!
All of the above sound like perfectly normal requests from a mortgage lender. It doesn’t matter if it’s your 1st or 10th time, you’ll still probably be getting the same request because you must be reunderwritten each time you apply.
In fact, don’t be surprised if they later come back to you and ask for even *more* documentation.
Additionally, some of the info given by boilerette72 is incorrect. The request for #4 is likely to prevent mortgage fraud, which has been rampant recently. It is perfectly reasonable for the lender to have you identify yourself. In fact, if the lender is affiliated with a regulated financial institution (such as a bank or credit union), they are *required* under the Patriot Act to get your identification.
As far as #10, they may be able to qualify you for the loan only under the assumption that you have no debt on this card. Therefore, it is perfectly reasonable to have you document this fact.
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