No Income Verification Mortgage Rates
Question: Mortgage FAQs?
Having done mortgages for 18 years, here are some basics to be aware of:
a) Do not borrow more than you want just because your loan officer tells you “you qualify for it no problem”. Remember, you are making the payment not him/her
b) No income verification is NOT a substitute for getting a loan when you do not show enough income to qualify. If you have to lie, you should not be buying a house
c) Your house is an investment; thus, your mortgage should reflect responsibility toward current and future income, potential debts (i.e. car, personal loans, student loans, etc)
d) PayOption ARMS are NOT loans that you pay back at 1.25% — if the true rate were that low then fixed rate loans in the high 5’s / low 6’s would not exist — think about it for a second.
e) Be honest with your loan officer — the more forthcoming you are the more he/she can truly help you.
Helping people buy homes is a great job -contributing to their financial demise is something I cannot do.
Answer: This wasn’t a question. But I bet that you work or have worked for a subprime lender and are feeling a little guilty about some of their policies, right?
Legal Notices in the January 28th Edition of the St. James Plaindealer.
January 28th Legals
No Income Verification Mortgages
Question: What kind of bank account verification is done for Food Stamps (FL)?
Here’s the story: My In laws (both at retirement age) are living in seperate households, but STILL SHARE the checking & savings bank accounts, my mother-in-law is SUPER struggling to pay the mortgage, bills, & basically make ends meet (including food), we tried helping her with food expenses, but we ourselves aren’t exactly “loaded” & our last food “donation” at the supermarket left my checking account at a measly $17 for a few days…the last straw…so bottom line, we just submitted an app ONLY for Food Stamp assistance 2 days ago, we only put her account information & SS income, etc, but the only thing is my FATHER-IN-LAW’s check is also deposited in the same account…they still “work it out” that she hasn’t foreclosed on her house yet, but that might be forthcoming. Will this affect her approval of JUST food stamps..because its come to the point if we have to open her OWN account we will.
Thanks for any incite.
Answer: it is a new kind of bank account.
Column: no consequences for lying mortgage borrowers
The federally funded Home Affordable Modification Program isn’t working like it’s supposed to and the government is letting homeowners who fudge their income numbers off the hook with little more than a wink and a nod.
FHA Streamline Refinance with No Appraisal – Quicken Loans
No Income Verification Refinance
VA homeowners seeking to lower monthly mortgage payments and/or looking to switch from an unstable variable interest rate mortgage should benefit from refinancing with the VA streamline refinance program.
The VA streamline refinance program or IRRRL (Interest Rate Reduction Refinancing Loan) is available to current VA loan mortgage holders who are active duty military, veterans, reservists or surviving spouses.
Since interest rates have lowered, now is the perfect time to begin refinancing; and even with less than perfect credit, and no available cash for closing costs, your still eligible! This is the difference between the VA streamline refinance and conventional mortgage programs; perfect credit is not needed in order to qualify. One can still qualify for a VA streamline refinance loan even with poor credit, if the previous 12 payments of the current VA loan have been made on time.
Key Features of the VA Streamline refinance program:
Because the VA streamline refinance loan is strictly for paying off existing FHA or VA loans, generally you will not receive cash back upon closing, but there are exceptions. If there is an escrow on the existing VA loan, a refund of this balance can be received. Also VA streamline loans allow a reimbursement for cost of qualified energy efficient improvements made to the home within 90 days following the closing of the new loan.
Additional qualifications for a VA Streamline refinance loan will require providing your certificate of eligibility. No investment properties are allowed for this refinance program. The veteran or surviving spouse must still own the property and certify this is their primary residence.
A VA streamline refinance mortgage can be approved without an appraisal if the loan meets certain conditions. The new VA loan must be lower than the original mortgage amount, the new payment must not be higher than 20% of an increase of the old loan payment amount and the new mortgage term must be the lesser of 30 years or the outstanding term on the old loan amount plus 12 years.
VA streamline refinance loans have a minimum loan amount of $50,000 and maximum of $417,000. Veterans may also qualify for refinance with the VA streamline program up to a $1,094,625 cap depending on the location and if the existing mortgage closed between the period of January 1, 2009 and December 31, 2011.
Foreclosures fall in Fresno County
Real estate agents expected a jump in foreclosures heading into summer, but the opposite is happening in Fresno County: Home foreclosures are down.
Black Eyed Peas inside The Ice Cream Parlor Show Episode 1
Income Verification Companies
Question: Question for college students – Chase or Citibank, which is easier?
Do you think I can get a $5,000 loan with either company with a 537 FICO score but with a cosigner who has a great FICO score?
Do they require actual documents of income verification?
Answer: Citibank is probably going to be easier for you to get the loan quickly. Your fico score is way lower than the minimum and if you’re not working full time, you probably won’t qualify by yourself. If your co-signer has a “great” FICO score, you’re more likely to get a better rate. Banks prefer you have a co-signer because you’ll be less likely to default on your student loan.
And yes, they’ll ask you for actual docs. You will be asked for enrollment verification, income verification for your cosigner (paystubs, tax returns, w-2’s). Since loans are risky, lenders will need you to supply as much documentation as possible to prove you are who you say you are, and your cosigner is actually who they are.
Good luck and watch the interest rate and origination fees. You might be better off getting a p2p loan from a place like fynanz.com or some other place where you can borrow the money from a person instead of a bank and letting them compete to give you lower rates. prosper.com is the other site you can look into.
PS- don’t defer your payments if you get the loan. You’re better off paying the interest while you can.
2010 offers challenges and opportunities
BANGALORE, INDIA: While the global economy is heading towards a recovery after the worst of recession that the world has witnessed in the recent times, 2010 offers greater challenges and opportunities for the semiconductor and EDA industries, said Jaswinder Ahuja, corporate vice president and managing director, Cadence Design Systems (I) Pvt. Ltd.
9. The Income Statement