Entries from Searchlight Crusade tagged with 'lender requirements'

Real Estate Sellers Giving A Buyer Cash Back is Defrauding the Lender

When we sold our home just over a year ago we were talked into selling for a bit more than the original offer so the person could get money back to do renovations... I objected based on percentages and...

You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close and Appraised Value)

As a seller, a purchase offer is not money in your pocket. As a matter of fact, accepting the wrong purchase offer can cost you tens of thousands of dollars if the buyers can't consummate. I recently dealt with...

Mortgage Fraud Is Still Happening - What To Do About It

You would think these nitwits would learn. You would think they'd all be out of the business. Sadly, that is not the case. It started innocently enough. It always starts innocently. This was an email I got (specifics redacted). Hi...

Buying Real Estate Without A Source of Income Or When You Are Changing Careers

I've found several of your mortgage articles very helpful, and wondered if you could help me find a way to solve the dilemma I've been presented with by a loan officer at my bank. My husband is Active Duty...

Adding Someone to An Existing Mortgage

Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to...

How Much Down Payment Do I Need and How Do I Get It?

With housing prices having crashed in most of the higher cost areas of the country, many people who were formerly priced completely out of the market have become interested once again in purchasing property. The drawback is that because...

With The Tightening of Loan Standards, Will You Qualify For The Loan To Buy Real Estate?

With a lot of people running around like Chicken Little screaming about the sky falling, a lot of folks who would like to buy property due to the much-lowered prices are wondering if there is any way they can...

When Loan Modification Will Not Help, or Is Not Appropriate

In talking about loan modification, I have said it is not a panacea. Let's look at why not, and situations where it just flat out is not going to work. Loan modification is a strategy for the lender to...

Mortgage Loan Modification

It is nice to have a tool that I can use to keep people in their homes, rather than going through foreclosure or short sales, and killing your credit and ability to qualify for a home loan for a minimum...

How to Build Credit So You Qualify for a Home Loan

My husband and I are completely debt free right now. However, we are wanting to buy a house in the future and I see that as quite probably requiring a loan. What should I do to make sure that...

Seller Carrybacks

A seller carryback is when the seller agrees to "carry back" at least part of the purchase price themselves. In other words, instead of getting the full sales price of the property (less outstanding liens), the seller accepts a...

Owner Occupied Loans Only Require A Year of Occupancy

I have a landlord, that is always harassing me every 2 weeks, for the past 2 years, on the upkeep of the property, and wants to have inspections. Also want me to mail them all their mail. Most of...

Personal Loans For A Real Estate Down Payment

With the down payment presenting the largest difficulty for most people want to buy right now, I am covering every base I can think of as a place to get a down payment. I have covered VA Loans, FHA loans...

What Do Loan Qualification Standards Accomplish?

If you don't know the answer to this, don't be embarrassed. Lots of alleged professionals forgot the answers to these questions for several years, if indeed, they ever knew. It seems like quite a few still don't know the answer...

Mortgage Closing Costs: What is Real and What is Junk?

The easy, general rule is that legitimate expenses all have easily understood explanations in plain english, they are all for specific services, and if they are performed by third parties, there are associated invoices or receipts that you can see....

Can They Force You To Pay Off Your Car or Other Debts In Order To Get A Loan?

The short answer is not only "yes" but "damned straight" I refinanced my house, and the lender put as one of my payoffs my Acura lease that I have 3 years left, whick equals about $19,000. I told him that...

Loan Qualification Standards: Qualifying Rate and Payment

Somebody asked me about a deferred payment mortgage for a purchase. The long and the short of the story is that they don't have any cash to put down, and they can't qualify for the payments under any kind of...

Can You Change Lenders After the Loan is Approved?

This question brought someone to the site Can I change lenders after the loan is approved? The answer is yes, but you need to start the loan process all over again. Actually, you can change lenders any time you want...

Rental History and Payment Shock in Applying for a Mortgage

First, I just got engaged, and my fiancee and I have been discussing what we want in a house after we get married. It will be the first house for both of us. She spent the last two years...

Signing Off Loan Conditions

what is a underwriter final "sign off" on the conditions First off, it needs to be mentioned that a good loan officer gathers information and puts a full package, with all of the information an underwriter should need, before...