Your Questions About Check My Mortgage Status

Charles asks…

need advaice for mortgage?

I checked my Credit score and is “Fair” status. i understand that is average score as other peoples. How likely i can ge Mortgage deal with 5% rate with 10% Deposit??? I like to borough 180K. Which the best bank will be??

admin answers:

Mortgage banks have gotten tougher on their requirements in the last 2 years because of all of the problems with the sub-prime mortgage markets.

My advice would be to find some local mortgage brokers or mortgage banks in your area. (You can find them on the internet or in the phone book) and make an appointment to discuss your situation. They can pre-qualify you for a mortgage and you will know what you will be able to get. It doesn’t hurt to do this and you can pre-qualify with several companies at the same time. Note, that pre-qualifying is different then applying for a mortgage.

David asks…

Getting a mortgage with less than 2 years history? New US resident from UK…?

i am a US citizen and my husband is a UK citizen who has permanent resident status here in the US. he just moved to the US 7 months ago.

we are looking to get a mortgage asap but my husband obviously doesn’t have a full 2 years history here in the US. is it possible to work around this?

he is also self employed but does work for the company he worked for in the UK, so he does have plenty of UK history. but unfortunately the credit scores and such in the UK do not transfer over to the US. He has only been here 7 months but already has a credit score (we checked) of above 700, just no history to go with it.

i have a credit score of 750, and together we make around 10k a month, we have at least 20% down saved (although we would ideally like a 100% mortgage)

are there any brokers out there with experience of this type of situation? can you help us? thanks alot!
thanks for the help so far..
but i just have to say to the first answerer, all the applications i have ever seen for a mortgage requires you to list 2 years of history. ???

admin answers:

There is no “2 year history” requirement to get a mortgage. If both borrowers have citizen/permanent resident status, good credit and income there should be no problem getting a loan.

Sharon asks…

IRS Amendment and Mortgage Lender Verification (4506-T, 4501)?

Hello all,

I am in a difficult situation and need your guidance and expertise. Please help. The following is my scenario:

I am currently in pending status for a home at this time and processing the loan.

I am a W2 income employee with gross income more than enough to quality for my home loan with good credit, 20% down payment, and absolutely no other issues as advised by the lender.

However, on my 2010 tax return (1040), I mistakenly filed for too much deductions including business/travel vehicle and job related expenses (that I did not incur) that brought my net taxable income down to less than half of my gross. This was an error/mistake on my part so please don’t judge. Because of this the lender would have to use my taxable income instead of the gross income that appears on my W2, and this amount is not sufficient to qualify for my loan.

I have already AMENDED the tax return and removed the job expenses, and doesn’t have any work related deductions, and express mailed to the IRS today 04/25/11, in which they should received it on 04/27/11. So my gross income would be used for the qualifications instead.

However, I have read that the IRS may take 8-12 weeks or even more to process an amendment to a tax return. But in my case, I am not expecting a refund, I am expecting to pay the tax I owe in installments to be set up with the IRS. I am also currently paying them on taxes for the previous years in installments. There is absolutely no tax liens on my file.

All I need is for the IRS to update my file and update the numbers in my amendment and not process any type of return so that my lender could verify the amendment and my income via the 4506-T or 4501 form that is generally used to do so.

MY QUESTIONS: will the IRS update my file in time in the next 2 weeks so that the lender could verify my return and income via the 4506-T or 4501? I am bound to close in 2 weeks.
Is there any lender that only used my physical paper tax amendment and do not check with the IRS?
Are there any other alternatives for my dilemma?

Thank you so much & I truly appreciate your reply.

admin answers:

No the IRS won’t have your file updated because that really is the time it takes to process. You have to remember your amended tax return has to go through verification twice and then be updated and filed, then you will be notified by mail.

A lender will use your paper tax amendment now but also will be checking with the IRS for verification as the process goes along. Banking Guidelines change every day so unless they have verification they won’t fund the loan.

Your Escrow Instructions or Purchase Contract states that you wil close on or before said date. Now not every transaction closes on time, and something can go wrong up until the day of closing. There are a lot of things that can happen but don’t panic as that may only cause further delays.

Do not call the bank because they won’t talk to you and they will put your file on the bottom of the pile. Don’t try to call the IRS because they will only tell you it takes the 8-12 weeks time that you already know.

There is no other alternative because if you try for a different lender you will have to start everything over and you will be past the deadline anyway.

Maria asks…

immigration question for President Obama?

Dear Mr. President,

Can you give us potential immigrants (ie people currently applying or people thinking about immigratin­g to the US) one single reason or give one single benefit to not come to the US ILLEGALLY? How would a person and his family benefit by following the American immigration law? Please realize I have a family as well, by circumventing the immigration law I will be able to: have an early start for my children in American schools, they would be able to learn English while still very young, American K -12 are free, and schools are not allowed to check for the immigration status of the students, 12 states in the US give in-state tuitions for illegal immigrants that my children will be able to enjoy later in life, I would have given my family better safety in the US, etc. By using Google Map, I have picked out a place that I want my family to live, and I have got up in the middle of the night, calling international long distance to 7 realtors, and all of the conversations end something like this: “Mr. Chow, I just wish you are in the US now instead of however long it will take you in the immigration process.” I relied “Ten to fifteen years.” “Mr. Chow, we are having historically low mortgage rates right now, but in ten or fifteen years it definitely would have gone up, and that’s $20,000 to $35,000 in savings in real money, but if you can’t physically be in the US, Mr. Chow, there just is not much I can do for you.” Mr. President, I am only a common person, $20,000-35,000 in real money savings would mean a lot to me. Mr. President, even though I come from a third world country, but I do have some financial sense, I know “money now is better than money later”. The key in talking about immigration is not when a person gets legalized, it is all about when that person’s physical self is in the US.

Mr. President, I guess I can speak for all people around the world who are going through the legal process of US immigration, we are not arguing against your reasons to support those people who are currently in the US illegally, we just want you to extend your support to us as well, because we want to have better lives for our families, we would pay taxes, we would improve the US economy, we have children who would become Pulitzer Prize winners, soldiers, lawyors, engineers, and doctors, and we have an American Dream as well.

And finally Mr. President, do you think it’s unconstitu­tional, specifical­ly a violation of the 14th Amendment when you subject a group of people under the existing immigratio­n law while letting others to circumvent it and push to pass new legislatio­n to justify this circumvent­ion?

admin answers:

Pearl is right. Obama is way too busy to sit on his computer at work and peruse Yahoo Answers like we do. Sending a letter to the White House won’t get you anywhere either. Some 20 year old intern will read it and, if you’re lucky, send you a form letter response. If you write a crazy enough letter, the intern may even write you a personalized response. He/she will even put the President’s signature on it using an auto-pen machine!

Nancy asks…

Serious help needed about green card status?

I am a US green card holder for 2 decades. Ever since I got the green card, I never managed to secure a job in US as I was too highly educated and I did not want to work for $7 per hour. Upto 2005, my brother supported me with food and accommodation. He fed me for 15 years and still wants to look after me food/accommodation wise. But he makes $40K per annum and pays mortgage and fees for daughter at University. As a result he lives on bread and water but fed me better.It is 2010 now and I have not been able to go back to US due to lack of funds (to get food stamps in US I have to have paid 40 quarters of taxes but I have never worked and never filed taxes. I did do 15 years of unpaid voluntary work to help five needy/disabled neighbours. In UK I get state benefits so I have no bills for my food or accommodation or medicines (I am seriously diabetic). I had a friend who overstayed out of US for 2.5 years but me managed to get into US via Toronto, canada because often if you flash your green card, they just let you pass. Another person I read about, he was out of US for 3 years but he said I only left 10 weeks ago and immigration officer let him in. This is because when you leave US, there is no immigration so if a green card holder leave USA, they do not know when you left (compared to tourist visa when they attach a slip in your passport which airline check in people remove so they know when you left the country). Yet another person I read about as follows. This person left US to go to France to attend a wedding. 10 days later when he was returning, he found out that he left his green card in a relatives home who is not contactable. There was no time to wait so he decided to enter US under visa waiver having electronically registered the same in US embassy at Paris. Then he came back to France within the time it said on the sticker stuck to his passport. He then collected his green card and entered US with his green card and there was no problem.

There are three scenarios above and I need to ask which I can get away with. This is the last time I will leave US, You guys will think I should not be allowed to enter US as I had no intyention of staying there. Not true. I could not stay due to lack of funds and was ill with diabetis and could nto pay doctor and even a dentist. I am now in touch with a person who says he will give me below minimum wage for 18 hours work per day for at least 15 months.

I do need to enter US and I am at my wits end. Please advise as I do not want to lose the green card. I wish I had done a few hours a week job when I was there upto 2005 or even applied for citizenship and then I could have been out of US even for decades.

Help from legally qua;ified people greatly appreciated.

PS: Does US now keep records for departure from USA (for green card holders) and how about me entering US via Toronto or may be under visa waiver and then return to UK within the expiry period and then enter US again but with green card.

admin answers:

Hate to bust your bubble, but the US DOES keep track of all who enter and LEAVE the US..including green card holders (my husband is a green card holder) IF (and this is a HUGE if) you managed to enter the US again….understand they will catch this. Either when you apply to have your green card renewed or when you apply for citizenship. During renewal of green cards, and citizenship processing..they have a lot more time to comb over your record, and will discover your extended absence from the US. At that time you will be placed in removal proceeding. Your green card has been dead for many, many years now. If you want to legally return, you need to start the process all over again.

Donna

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