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Advise Please - joint mortgage
- Thread starter lvfnchs
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Hi again -
I didn't want to start another thread, but I have a question regarding the purchase of my new home. I hope it's okay to post it here.
I'm working with a mortgage broker. She is getting me a stated income, 100% loan. The reason I need this type of loan (if I haven't explained previously) is because I need to get another house before the current one sells. My income-debt ratio does not support this, so I can't get a full-doc loan.
Anyway, the broker sent off my whole package to the underwriter yesterday. The package includes the appraisal, my credit report, etc. without any documentation.
She called me today, saying that I may be able to get a full-doc loan since I'm doing the partition action. She says she might be able to get me a lower rate that way. She asked for my real income and I gave it to her, and she said she'd see what she could do. I stressed that the most important thing is to get the closing on Sept. 15, and if the full-doc would take longer than not to bother. She insists that it would not take longer and might get me a better rate.
Do you, or does anyone on the board, know about this at all? Does it sound legit? I would really appreciate some comments from knowledgable people if possible, because I am no expert when it comes to this stuff. Thanks very much.
I didn't want to start another thread, but I have a question regarding the purchase of my new home. I hope it's okay to post it here.
I'm working with a mortgage broker. She is getting me a stated income, 100% loan. The reason I need this type of loan (if I haven't explained previously) is because I need to get another house before the current one sells. My income-debt ratio does not support this, so I can't get a full-doc loan.
Anyway, the broker sent off my whole package to the underwriter yesterday. The package includes the appraisal, my credit report, etc. without any documentation.
She called me today, saying that I may be able to get a full-doc loan since I'm doing the partition action. She says she might be able to get me a lower rate that way. She asked for my real income and I gave it to her, and she said she'd see what she could do. I stressed that the most important thing is to get the closing on Sept. 15, and if the full-doc would take longer than not to bother. She insists that it would not take longer and might get me a better rate.
Do you, or does anyone on the board, know about this at all? Does it sound legit? I would really appreciate some comments from knowledgable people if possible, because I am no expert when it comes to this stuff. Thanks very much.
**A: two words- mortgage fraud.lvfnchs said:Hi again -
I didn't want to start another thread, but I have a question regarding the purchase of my new home. I hope it's okay to post it here.
I'm working with a mortgage broker. She is getting me a stated income, 100% loan. The reason I need this type of loan (if I haven't explained previously) is because I need to get another house before the current one sells. My income-debt ratio does not support this, so I can't get a full-doc loan.
Anyway, the broker sent off my whole package to the underwriter yesterday. The package includes the appraisal, my credit report, etc. without any documentation.
She called me today, saying that I may be able to get a full-doc loan since I'm doing the partition action. She says she might be able to get me a lower rate that way. She asked for my real income and I gave it to her, and she said she'd see what she could do. I stressed that the most important thing is to get the closing on Sept. 15, and if the full-doc would take longer than not to bother. She insists that it would not take longer and might get me a better rate.
Do you, or does anyone on the board, know about this at all? Does it sound legit? I would really appreciate some comments from knowledgable people if possible, because I am no expert when it comes to this stuff. Thanks very much.
**A: no, but when you find out, let us know.lvfnchs said:Do you know why the lender would want to see my signed HUD from the house I own now? This is a very last-minute request from the lender. Thank you.
Well, I never got a good answer as to why they wanted to see it, but I closed! Hooray! I moved out over the weekend and am in the new place now.
There is still a lot to do with the place that's being sold, and he is of course being a total jerk now that I'm out of there. I just hope these buyers get their loan and the house closes soon. I left the utilities on because my realtor convinced me to, and I know he won't reimburse me for the money. I'm not even in there and I'm still paying for the utilities. Ugg! He's also griping about the aviary cage in the house - wants me to go dismantle it. But that just probably is not going to happen. It's easier and makes more sense for him to just do it - he doesn't work so he's there all day anyway. So frustrating. If he wants me to pay for the water potability repairs, then he'll have to dismantle the aviary. He hasn't talked to me about it, I heard this from the realtor.
Anyway, thanks for your help. I guess the company just wanted to see what I had paid for this house. I can't wait until this is completely over and I never have to talk to him again!!
There is still a lot to do with the place that's being sold, and he is of course being a total jerk now that I'm out of there. I just hope these buyers get their loan and the house closes soon. I left the utilities on because my realtor convinced me to, and I know he won't reimburse me for the money. I'm not even in there and I'm still paying for the utilities. Ugg! He's also griping about the aviary cage in the house - wants me to go dismantle it. But that just probably is not going to happen. It's easier and makes more sense for him to just do it - he doesn't work so he's there all day anyway. So frustrating. If he wants me to pay for the water potability repairs, then he'll have to dismantle the aviary. He hasn't talked to me about it, I heard this from the realtor.
Anyway, thanks for your help. I guess the company just wanted to see what I had paid for this house. I can't wait until this is completely over and I never have to talk to him again!!
Hi there- just thought I'd post another update. The house appraised for the right amount and they've done their inspections. We are crediting them $600 for the oil tank, paying for the septic to be cleaned (out of the price of the sale) and shocking the water (which needs to be done before closing). There is still the issue of the aviary cage, I'm still paying his friggin utilities.
The buyers are getting a VA loan, so they have many new strict rules to follow. Would someone mind filling me in on any 'extra' stuff they might need since it is a 100% VA loan (veteran's assoc)? Thank you! I just want to have an idea what to expect - my realtor does not have experience with this kind of loan.
The buyers are getting a VA loan, so they have many new strict rules to follow. Would someone mind filling me in on any 'extra' stuff they might need since it is a 100% VA loan (veteran's assoc)? Thank you! I just want to have an idea what to expect - my realtor does not have experience with this kind of loan.
**A: then what is your Realtor doing about it?lvfnchs said:Hi there- just thought I'd post another update. The house appraised for the right amount and they've done their inspections. We are crediting them $600 for the oil tank, paying for the septic to be cleaned (out of the price of the sale) and shocking the water (which needs to be done before closing). There is still the issue of the aviary cage, I'm still paying his friggin utilities.
The buyers are getting a VA loan, so they have many new strict rules to follow. Would someone mind filling me in on any 'extra' stuff they might need since it is a 100% VA loan (veteran's assoc)? Thank you! I just want to have an idea what to expect - my realtor does not have experience with this kind of loan.
My realtor is getting the extra paperwork for us to sign, and talking with the buyer's realtor about the repairs we need to make. She has asked them about the contract (which has not been signed yet - their lawyer was on vacation) earlier in the week, and we are expected to get it any day now. She's stopping by the house tomorrow to see the jerk and give him some paperwork that she already faxed to me.
I'm really just wondering what to expect from a VA loan. I'll do a search at lunch and see what I can find. Thank you!
I'm really just wondering what to expect from a VA loan. I'll do a search at lunch and see what I can find. Thank you!
**A: I meant, why is your Realtor not educating herself on the aspects of VA financing. If your Realtor requested that you sign the contract specifying the Buyer's financing as VA, did this Realtor tell you that there may be fees to pay such as repair costs, points etc.?lvfnchs said:My realtor is getting the extra paperwork for us to sign, and talking with the buyer's realtor about the repairs we need to make. She has asked them about the contract (which has not been signed yet - their lawyer was on vacation) earlier in the week, and we are expected to get it any day now. She's stopping by the house tomorrow to see the jerk and give him some paperwork that she already faxed to me.
I'm really just wondering what to expect from a VA loan. I'll do a search at lunch and see what I can find. Thank you!
Sorry for misunderstanding, and thank you for clearing that up.
We knew that we'd have to pay some repair costs associated with the inspections, but we were not told that there would be more than normal...so far they have not asked for anything out of the ordinary, or for us to repair more than we thought was necessary. Are you saying that there will be more still? They have had lots of inspections already.
Regarding points, no I haven't heard anything like that. Usually the buyer pays any mortgage points, right? I know I paid 2 points on the loan I just closed on; the sellers paying my points was never mentioned as a possibility.
Are there other associated fees, too that haven't been mentioned yet?
My realtor is fairly new to this profession, but I like her very much. She was our realtor when we bought this house that we're selling now, and I was one of her first customers. She also helped me with the house I just bought. She is going to pay for the septic cleaning as a gift to us. I believe she is using this as a learning experience. That's mostly why I decided to ask you!
Thank you for the information!
We knew that we'd have to pay some repair costs associated with the inspections, but we were not told that there would be more than normal...so far they have not asked for anything out of the ordinary, or for us to repair more than we thought was necessary. Are you saying that there will be more still? They have had lots of inspections already.
Regarding points, no I haven't heard anything like that. Usually the buyer pays any mortgage points, right? I know I paid 2 points on the loan I just closed on; the sellers paying my points was never mentioned as a possibility.
Are there other associated fees, too that haven't been mentioned yet?
My realtor is fairly new to this profession, but I like her very much. She was our realtor when we bought this house that we're selling now, and I was one of her first customers. She also helped me with the house I just bought. She is going to pay for the septic cleaning as a gift to us. I believe she is using this as a learning experience. That's mostly why I decided to ask you!
Thank you for the information!
www.hud.gov search VA financing and also call your local office and talk with the helpful staff there.
Read your sales contract, especially the financing contingencies. Talk to your real esatet agent's broker if you need to.
Aslo ask for the name of the loan officer so you have a point of contact with respect to the VA financing.
Read your sales contract, especially the financing contingencies. Talk to your real esatet agent's broker if you need to.
Aslo ask for the name of the loan officer so you have a point of contact with respect to the VA financing.
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