I have a few questions about the mortgage - since I’m self-employed I really want to bring last 3 year tax returns instead of 2(I feel like that would increase my chances), can I? Will lender agree to take a look at the returns from the past 3 years? Also I’ll be out of my state for a few months, I wanted to apply online a month before I return, I think that should be good to go since most pre approval letters are fine for 60-90 days?

am i right with this reasoning?

A little backstory: my friend bought a $400k / 4 bedroom house 14months ago, his monthly net salary is $4200, his mortgage is $2800+. That would leave him with $1400 that he would use to pay for his grocery, utilities, etc. that will leave him with little to no savings.

2 of his friends including me are planning to leave the house and move out of state due to a job.

Now my friend who owns the house is scrambling to find renters to occupy the 2other rooms, he is basically begging us to stay for little but longer and find a replacement but we already gave him 6 months notice and now the notice period is almost up.

what should he do? We already told him he needs to sell it as he wont be able to afford it.

Hello, I am 18 years old and I am trying to buy my first house! I have called 4 banks and they have all said the same thing. It is basically impossible to qualify for a mortgage with only 4 months of having a credit card and length of employment history. I moved from Florida to Nebraska to start working on a farm 4 months ago aswell so as I previously stated my length of employment is not long. I make more than enough money to afford an 85,000 dollar house and I barely have any expenses besides truck insurance and weekly groceries. If anyone has advice I would greatly appreciate it.

Hello,

I’m being offered two options that I believe are good offers for today anyways…

Option 1 - 6.124% year 1 then 7.124% year 2-30 with $538 discount points

Option 2 is 6.874% year 1-30 with $597 discount points

The plan is to refinancing for “free” through the lender when rates hopefully go down for a rate that will be .125% higher for the own lender credit to make up for the $0 closing fees when that happens.

Which do you think is better? I would appreciate any input / advice on it

Edit: both options are offered by same lender

My girlfriend used to share a house with her ex-boyfriend. When they purchased it, he did not have enough job history to qualify for a mortgage so she put the mortgage in her name. They are both on the title of the house though. They broke up last July and she agreed to let him keep living in the house and have him make the payments with the understanding that they would eventually sell or refinance it. He still doesn't have the income or job history to qualify for a mortgage but she is worried about having this mortgage that she is just trusting someone will pay for. What are her options? Can she force a sale if both their names are on the title? Can she start charging him rent?

Does using rocket mortgages online estimator show up on your credit report?

Hello Everyone,

I know I’ve posted before, (Thank you everyone for the insights) but as I get deeper into this process, I find myself with more questions. I know loan officers will tell me whatever to get me to go with them, so I’m turning this over to Reddit. I’m going for a FHA 203k. My questions are who is least likely to sell my loan between Sebonic and New American? From people who have worked with either/or what are the pros and cons of each one. I’ve mostly been setting stuff up with a loan officer with New American, but in researching, it says to look at multiple lenders. So what I’m looking for besides interest rates? What are points? Do you apply with both and if so how does that not lower your credit? If you think neither of these are good FHA 203k lenders, who is? Thanks everyone in advance.

I'm in kind of a complicated situation. My husband owns a house with his sister. He moved into a house (that's just in my name) and she said she would refinance. That was in 2020. Her credit is now too damaged to refinance because she missed 6 payments last year and deferred that to the end of the mortgage. She refuses to sell and we don't want to go to court to force her to sell because she has kids and we don't want to be the reason they're homeless. After my husband signed the deferment papers she was good about paying the mortgage for 3 months. Now she hasn't paid April and May is almost due. The credit union has been calling for weeks. I'm not sure if foreclosure will start soon.

Does anyone know how missing a payment in deferment works?

Would it be possible for my husband and I to buy a house together in a couple years if the house goes into foreclosure?

This whole situation has been infuriating for the last 4 years. Any advice is appreciated.

TLDR: What is a Junior Lien on a property after an economic hardship forbearance when adding the payment to the end of the loan? Will it hurt my ability to get a HELOC or refinance in the future?

Hi. I have a financial question that I need serious help with.I was laid off from my job last year and during that time I entered into a mortgage economic hardship forbearance program. I was told that I wouldn't be responsible for payments on my mortgage during this time and when I was employed again and ready to take it back over, the amount that was due would be moved to the end of the loan with no repercussions. Well my loan was transferred to a new servicer in January. I just found a new job and am ready to start taking over my mortgage payments again but the new servicer just informed me that the total amount due (close to 30k) can be paid one of 3 ways: a one lump sum (not possible for me), I could split the 30k over 12 months and pay that in addition to my mortgage payment (not possible for me, it's double my mortgage payment), or to move it to the end of the loan they can do a "partial claim". He said this would move it to the end of the loan but would put a junior lien on my property until my primary mortgage is paid off (in 28 years!).

He scared me by saying it could affect my ability to refinance or get a HELOC one day. The word lien scares me big time so I did some research and it seems like all HELOC's and second mortgages are considered junior liens and I already have a HELOC so would this just be the same thing? I don't understand why this would be detrimental to me in a way that would prevent me from refinancing some day or applying for another HELOC (ideally I'd like to refinance the one I have in a few months)? I need help as this is as moving it to the end of the loan is what I had been planning on but I don't want to make a big mistake.

Thanks for anyone who read this far!

Hello, I recently spoke with someone from Proponent regarding a pre-approval for a mortgage and they informed me that my co-signer and his spouse, my father and mother, will have to be on the deed with my wife and I. Everything I’ve read online so far has told me that the mortgage and deed were separate in terms of who would be on it. I was wondering if this is normal? My parents are giving me money towards the house but have it listed as a secure funds(apologies if I’m misremembering the term) instead of a gift to avoid the money being taxed.

Hello Reddit, i’m 20 in college as an accounting major and i’m planning on buying a condo after graduating. I live in Los Angeles where small houses are still near a million dollars and the only “affordable” small houses are in bad areas for 500k+. My plan after I graduate and have a steady income is to get a condo for 200-350k and when it’s paid off in 15 years, sell it and use that money for a down payment so I don’t spend 15 years throwing away money on rent. I’ve heard mixed results about FHA loans, however I’ve also read that they offer lower interest rates than a traditional loan. My credit is good and I take care of it well (paid off auto loan and one in good standing, multiple credit cards always paid on time and in full etc). However I’ll only have about 6 years of credit history so i’m worried a traditional loan might give me a high rate that will make it unaffordable. What do you guys suggest?

I am going on year four of owning my own business, with three employees currently. Gross income has grown each year, was north of $340K this last year.

I am taxed as an S-Corp and take an owner's draw (paycheck essentially) of $1,300 a week/$67,600... but there is more than $150K in the bank.

How should I go about getting a mortgage? My CPA had me at just over $90K net made last year, and this year... I thought that I should show as many expenses as I could, but I've been told recently that that may have been a bad idea, ugghh.

I was thinking we could put down $150k-$180k in the fall when it came time to purchase, then hopefully finance up to $500k more. But if my income only appears as $90k am I going to be screwed?

My credit score is 800+ and my only debt is on my 2022 Toyota Corolla hybrid which I pay extra on at $400 a month.

Any help is much appreciated. We are looking to buy this fall ideally in the Seattle, WA area. Thanks!

A builder accepted my offer for a townhome, but only if I use the lender that he also owns.

This seems like a conflict of interest to me. And I can imagine getting screwed in multiple ways.

Like, let’s say the asking price is $500k but it only appraises out to $490k. But since he owns both companies, he could just hire his friend to appraise it at $500k.

If the closing costs and interests rates were similar, would you choose his lending company?

We are Empty Nesters. Inheritance Money is currently in a Money Market Savings at 4% so we can decide on a move a little later.
Our Online account for our mortgage shows $68k balance (before calling for firm buyout from holder).

Monthly bills: Original Mortgage, 2 car payments. Some credit card debt. IRA and investments are in place. Student loans.

Taxes for 2023 were less than $2500 (Southeast USA).

I would like to try and settle the mortgage and payoff the higher debts with the extra income. I like the idea of financial peace of mind and flexibility after paying 1k+ every month for this place over the last 20 years…but is it justified?

Wife may be applying for better work in the next couple years and we aren’t scared to move if that happens.

Thanks for any input.

Hey all I’m getting ready to purchase a home this year. Looks like rates are going to be the same or possibly higher through 2024.

How can I prepare myself best to quality for a really competitive rate when the time comes (~4-6 months)?

Credit scores are 740+ for both of us. Please let me know if more info would be helpful

Father in law recently passed away. Me + my partner have rented an apartment our whole life. Mother in law wants to move with us. She is willing to put the down payment down which is about $100,000 which she will get in excess from selling her home (which is too far for us to move into).

Me- make 49,000/year BUT 650ish credit score with nothing but years of positive history (except a bk from 2018). Also carrying $30,000 in debt.

Partner- makes $73,000 a year. Zero debt except car note and $300 student loan payment. 700 credit score

Mother in law- $2,000 a month retirement with $250 pension and roughly $80,000 in savings. 800 credit score. Zero debt.

Every house I see suitable for us in NJ is over $400,000. Would our mortgage be over $3,000 a month? Not sure how FHA loans work but we never owned a home before. Real estate agent we talked to wants to immediately show us properties but keeps putting aside our questions. Any advice? We’re looking to spend no more than $3,000 a month on a mortgage.

Thanks in advance!

Has anyone ever had any luck with courtesy late payment removals by talking to the mortgage company? Is it actually possible?

Hi - we are getting ready to buy a house. We are putting 20% down but like everyone the interest rate is painful. Is there a type of mortgage we can get that if the rates go down we can refi at a lower cost within a year? I’m not sure if I’ve ever ever heard of it but, wishful thinking.

Thanks

Hello,

I’m trying to make my monthly mortgage payment more affordable.

Right now I have an interest rate of 4.125%, my house was bought in 2015 for $394,000. There is $287,000 remaining on the property. Right now I pay 2,200$ monthly for my mortgage payment which is my biggest expense.

I’m wondering if I can recast my loan, keep the same interest rate and say contribute another 25,000$ to the mortgage balance. So the remaining balance would be $262,000. If this would be reasonable strategy if this is going to be my long term residence? Or is there something else I should consider.

Other options would be

1. just to save my $25,000.
2. wait for interest rates to go below the 4.1 and refinance
3. sell my property and downsize

Hi, my husband and I want to buy a home in a different state. When we move, I will be able to keep my job since I work remotely, but my husband will have to quit his current job and find a new one. A few questions:

1. Will the mortgage amount allowed be based on only my income, or will they consider my husband's potential income from his new job?

2. I receive RSUs that vest quarterly. Do lenders typically consider RSUs as part of income?

3. We are planning to sell our existing home, which has a decent amount of equity in it. If we bought before selling, would the lender count our exiting mortgage payment towards our DTI ratio, or would they leave that out since we are selling?

Thank You!

So I got my mortgage estimate from my lender. The principal and interest looks correct, but the mortgage insurance and taxes look like they are more than doubled for the estimate. Is this normal, or is there possibly something I am missing? Property taxes appear to be $900 year, estimate has them at $2500. Pmi is estimated at $2000, but my police has me paying $960 a year.

Hoping for some guidance here.

My husband and I are house hunting (have been on/off for a couple years). We have probably 10% cash saved for a down payment (we’d do a jumbo/conventional), but we actually want to fund the DP with the proceeds of our home sale and use our savings for updates/renovations (if needed). I have a few questions on this:

(1) We aren’t planning on listing our house until we find a new home and get an accepted offer. We are more than confident our current house will get multiple offers and sell quickly. But how does this work in terms of underwriting? Does this pose any issues if we disclose we’ll be using the sale funds but don’t currently have them as we begin the process?

(2) My husband will be on the mortgage alone. We are not a community property state. We have separate checking accounts, and one joint savings (the one with 10% noted above). If my name isn’t on the mortgage, that means the lender / underwriter won’t ask for any of my financial documents, correct? (I.e., bank statements, paystubs, etc).

So I own some land already. I plan to build a house on it. The financing options are mind boggling. So should I get just a construction loan and the just refinance it? What sort of expenses might that see?

Should I lock in an ARM from the start?

Should I go with a construction to perm program that locks in a higher rate at the beginning?

What options are there to get lower rate if rates cool during construction?

Ok hopefully I don't make this sound confusing.

We bought a new build in 2022. That year our property taxes were $720. We were aware that # would obviously increase for the new assessment in 2023. Our property taxes are now $4500/ year and so obviously our mortgage went up which isn't an issue.

Our loan was bought by Mr Cooper in Jan 2022. Our previous mortgage service had us overpaying on escrow so the sticker shock when our house was reassessed wouldn't be so bad. Mr Cooper lowered our mortgage down to the $720/year property taxes which we understood was temporary. They then gave us a refund check of over $3k because we were initially overpaying.

They are now saying we are in the hole for that $3k because there is a deficit for 2022. But here's the thing, there isn't a deficit. We called the county and our taxes were indeed only $720 and was paid in full. They want money for property taxes that we do not owe.

Has this happened to anyone else?

Currently I had a decrease in income. I was wondering if it is possible to lower my interest rate/payment? Perhaps through mortgage assistance program. I don't want the lender to look too deep into my finances I've been paying my mortgage with cash I have saved over the years which I then deposit to the bank. But at this rate the savings will diminish. My current rate is % 5.49 and the lender is sps. Thank you

Going on TDY orders from SC to TX. I plan on renting out my property in SC.

How do I protect my asset against savvy tenants? The VA doesn’t recognize an LLC as a veteran entity.

TIA.

Hello all.

I recently helped my parents co sign a house. The closing hasn’t happened yet and is expected to occur on May 8th.

I am looking to move out of my parents home and apply to rent an apartment with my girlfriend.

Would the mortgage company deny my family if I am actively applying for apartments to rent? Or would the mortgage company never find out?

Thanks all.

Looking to buy within the next 3 months.

Target zip code 91387. Santa Clarita, California.

Income 15K per month.

Have 2 years of bank statements, averaging 15K per month.

Total monthly debt - car loan 670 per month.

Down payment 80K

Target house price 800K

Credit scores :

Vantage Equifax 775

Vantage TransUnion 784

Vantage Chase Experian 775

Fico Citi Bank 774

Looking for a 30 year fixed with the option to refinance when rates go down.

Single family house, will be primary residence. First time home buyer.

What are the current available options and rates?

Thank you.

Im self employed (10+ years now- health insurnace broker/Blue Cross) and live in FL. I need to get out of this rental market before it bankrupts me and Im living with the other homeless in the woods behind my house! Im in the Tampa area and my rent alone has gone from about $800/mo to almost $2k since 2020 with no end in sight to the crazy increases. I work remotely and want to move to a much more affordable area. Im from PA originally and can find plenty of nice $50-$75k homes, which should be a payment of only a few hundred a month. I could pay the mortgage off within a few years TOPS and have no housing worries ever again. However, it's wild to me I can't get a loan that would reduce my monthly housing expense by easily $1500+! Im told I need to find a non-qm lender for a bank statement/1099 loan because of my write offs, but so far all the people I've spoken to say I need to spend $150k minimum. I definitely don't want to do that. I have good credit (740-ish), always paid my rent on time, and have 100% on time payment history. No outstanding debt. I also lived in my last house for 11 years, so I'm beyond stable and should be a low risk candidate by any reasonable observer. Do any of you know of a lender or option that could help me buy my first home and get out of the volatile rental market here?

Hi everyone! 38M first time home buyer here buying our forever home for my family in New Jersey. The house is our 1.5MN dream house and I am putting 20% down. Our mortgage broker has suggested we go for a five year interest only loan since we have some extra monthly income that could be used to pay down the principal early on. I am worried that we are getting too fancy and should just go for the normal 5 year ARM since we are getting the same 7.25 rate in both situations. I am assuming I should ignore the 8 point 30 year fixed because the market should get better within the next 5 years at which point I would refinance.
The interest only loan would be $7300 a month, the normal 5 year ARM would be $8300 a month, and the 30 year fixed is $8900 a month.
I am new to all of this so trying to understand which one I should go for. It seems like the interest only loan makes sense if we are able to put in additional payments often in the first five years that go right into paying the principle before we refinance. Any advice is greatly appreciated! Should I game it out with the interest only loan, do the 5 year ARM, or play it very conservative and do the 30 year fixed?