Qualifying for a Mortgage Q: My boyfriend and I were looking to buy a house and I talked to a friend of mine who is building new homes. He told us what mortgage company to deal with, and they stated that since I was on Disability they couldn't use me while applying for a mortgage. My question is, since I had to come up with $10,000 and so did he, when will my name be put on the title? I know he can add my name to the deed at closing but wasn't he supposed to have told the title company to put my name on the title? I don't want anything to go wrong and not get my name on title.
View Answer Q: I have heard that you need to be on your job for at least two years for your income to be considered for a mortgage. Is that true?
View Answer Q: My wife loaned her daughter and son-in-law $10,000 to put into their bank account so they would qualify for a loan to purchase a house they now live in. Is there a mortgage or other law that they are breaking? After all they obtained the loan falsely as they could not have qualified without the loan they had to return after closing.
View Answer Q: I recently went in to get prequalified for a mortgage to buy a house in my area. I have had roommates for a long time, and they were going to move in with me. I am counting on that income to make the payment, but the loan officer said I couldn't use it. Why not?
View Answer Q: Between my wife and myself, I am the one with the higher credit score and also the higher income. Would a mortgage person only use my scores? Also, could we apply for a mortgage without my wife as co-borrower and still use her income as additional in the application?
View Answer Q: We started the home buying process a few months ago and found the perfect home and got preapproved. We found out today my husband will be laid off in 4 months, and he will be getting severance pay for 8 months. What now? Do we go ahead with the house or wait until he gets another job?
View Answer Q: My husband and I are both receiving disability from Social Security. We both have debilitating and progressive diseases. We applied for a home equity loan. We have EXCELLENT credit ratings (790 for him, 730 for me, and 4 plus star rating) and we have a house (paid for) we are asking for 80 percent of appraised value. We have the income to qualify and look great according to the loan officer. We have endured a slow appraisal because it got put on the wrong desk at the appraisers, causing the rate
to go up as we passed the 30 day mark, and now the loan officer calls with this. He said the lender wants a letter from each of our doctors saying our disabilities are permanent and we will be receiving Social Security for
at least 3 years. This seems unethical if not illegal. Please let me know what you think, as I am thinking that I will call tomorrow and let them know we will not be borrowing from them.
View Answer Q: I am starting to look into buying my first home. I have been renting thru college and am now a graduate student; however, I just accepted an offer of full-time employment. I would like to know how much emphasis is placed on past job stability, and whether a co-signer would alleviate the problem (if there is one). Let me clarify my situation better, I have what seems to be a good credit score, around 750, but my fiancée has a foreclosure under her name. I have been out of work for about 5 - 6 months with two short temporary positions before this. I have no real problem with my credit, and I have never been late on any rent payment. I don't have any major debts (no car payments) other than 2 or 3 credit card payments, and my parents, who also have excellent credit, have offered in previous conversations to co-sign if needed. I realize that co-signing is a major commitment, and even though I would not want them to have to make that commitment, I currently feel that because I just started my job I will have no choice but to ask them for help. I will appreciate any help you are able to give me.
View Answer Q: I have an opportunity for a very good job, which my wife is encouraging me to take, partly because it is a step up for me but also because it is on the West Coast. However, she is a professional and would have to leave her good job and then search for another in our new area. I am not sure we could qualify without her income. Do you have any suggestions?
View Answer Q: In this market, how can we buy if we don’t have much down payment?
View Answer Q: I am currently in a home I can't afford and would like to sell it and move to a smaller, less expensive home. I have a good income but bad credit due to late payments. I have a good job history. Is it possible to get a new home loan when you have been late on the current home mortgage?
View Answer Q: We have not met yet but a close friend and a co-worker told me that The Mortgage House in general and you in particular are the people to talk to. I have a simple question and your response will determine if I waste any more time on this. I will briefly tell you where I am coming from so that you can advise me where to go.
My wife and I will be moving to the Paso Robles area soon because of my job transfer. We need a place to live of course and have been looking at the rental market, but I am tired of renting and want to have our own place. My problem is my credit is not good, and we have a pretty high debt to income ratio.
My question is: Is it possible, or likely, that a 10-year state employee, a veteran, and a first-time homebuyer married for 15 years, with high value life insurance policies, can get financed to buy into a short sale or foreclosure and also get a consolidation loan on top of that to clean up our credit report?
Last years W-2 said I made a little over $95k. We do not have any children, just pets. My most serious vice is Starbucks; my wife’s is our Yorkies. My pick-up is paid for and our car will be in November, I think. So what do you think with your experience in the business, do we have a chance or are we out of luck because of our debt?
View Answer Q: We have been grappling for a long time about whether to buy our first home or not. Is this a good time, what with the economic downturn and values seeming to drop in many areas?
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