Posts Tagged ‘loan officer’
Saturday, May 1st, 2010
Found a house I fell in love with early december after already securing financing… or so I thought. The loan officer approved me and gave me a commitment to lend letter from the bank. The only conditions on that commitment were that it pass the appraisal inspection (it’s a VA home loan) and that any conditions for repairs in my offer be met. We were supposed to close Dec 30th, but didn’t because the sellers repairs were not acceptable and he hadn’t done the repairs the VA appraiser wanted. He says he will fix them and does them repairs properly this time. House is inspected again, my private inspector and the VA inspector are happy. The house even has ,000 in positive equity on the appraisal. Loan officer tells me the paperwork is essentially done, they just have to say the repairs were done and everything is good. We agree to close the 5th of January.
Monday the 4th, the loan officer calls me and says there is a problem with my residual income. I need to free up 0 more a month to qualify for the loan. The mortgage on my house will be 0 less per month than I pay in rent right now and I qualified for this apartment! I don’t have any debts except a student loan and a car payment. The student loan is only a month so the only way to free up enough income would be to pay my car off in full, which is impossible for me right now since I don’t have 11,000 in cash.
Now he is telling me if I don’t find someone to cosign and boost my income then he can’t close the loan. I’ve already given notice on my apartment, paid a lot of money to break my lease, and bought and paid for appliances for this house.
I think a complete disaster may be averted since my mother offered on her own accord to cosign on the loan with me yesterday, but he still has me in a really bad situation. Shouldn’t my income qualification issues have come up a long time ago? Why was I given a commitment letter from the bank? Had I known it wasn’t a sure thing, I would have never put in notice on my apartment and I would never have bought appliances. Now I am stuck paying 0 for a VA appraisal fee if I back out, I forfeit 00 in earnest money, and i’ll be homeless and forced to pull a couple more grand out of thin air to find another place to live since there are no open apartments and mine is already going to someone on the waiting list.
Is what the loan officer did legal? Even if this loan closes, I still want to know what recourse I have or if there is any way to report him. I don’t ever want this to happen to someone else.
I wasn’t asking if I had a "case," just if they could actually do that. A commitment letter from a bank would mean that not only had I been approved for the loan (they ran my credit, had my W-2’s, paystubs, verified income and my employment, everything) but also through underwriting. There is a huge difference between a pre-approval and a commitment to lend.
Tags: apartment, appliances, bad situation, car payment, commitment letter, debts, disaster, home loan, income qualification, loan officer, long time, love, money, mortgage, own accord, paperwork, residual income, student loan, sure thing
Posted in no equity home loan | 1 Comment »
Thursday, March 25th, 2010
I will not have enough for a down payment. Yes, I know it is better to have one, but I do not, and desperately need to purchase my home. I am responsible and pay my bills on time, my credit is good my middle score is 692, my debt to income ratio is 36%. I want to get a loan to try to take advantage of the 1st time home buyers credit.
Thank you in advance for your answers. 
Perhaps you didn’t hear my question… please read the first sentence and do not answer unless you can advise me of some lenders that do offer zero down home loans… that is why I posted the question.
In addition my debt to income ration IS NOT HIGH and you are ridiculous for saying so, my loan officer today told me that my debt to income was perfect and where it should be… upon further investigation this website will explain it to you so that you can understand:
http://www.investopedia.com/articles/07/debt_to_income.asp
In addition, you are borderline disrespectful by saying that my debt to income ration is "extremely" high, please educate yourself before shooting off at the mouth. I would be curious to now how great yours is then! Sorry to go on a tangent I just want to know WHAT LENDERS OFFER ZERO DOWN FINANCING.
You know what, I asked a simple f’n question. Seriously! I should’ve have never supplied additional information b/c it is the biggest f’n distraction from my actual question. I am not an idiot. I am perfectly capable. My bf and I purchased our first home with a worse credit score than I currently have and got a great rate in 07′, also we have no problems saving money… in fact I have money to put down and would rather have it for reserve. I am only purchasing a small investment property under 80K. You guys are so full of yourself that you would rather answer questions like a f’n telephone operator that hates her job and quotes policy to annoy people. I am not applying for a long with you! I came to yahoo answers to get a f’n answer not a CREDIT COUNSELING SUPPORT GROUP!!!!!!!!!!!!!!!! I already own a home!!!!!!!!!!! I have for 5 years, and everything in my bf’s name so that I can buy my first home. DON’T RESPOND UNLESS YOU CAN ANSER THE QUESTION!!!!!!!!!!!!!!!!!!
Tags: 1st time home buyers, bf, credit counseling, credit score, debt to income ratio, debt to income ration, distraction, home loans, investment property, job, lenders, loan officer, saving money, tangent, telephone operator, time home buyers, yahoo, zero down
Posted in zero down home loans | 1 Comment »
Thursday, February 11th, 2010
How do I know how much equity I have in my home?How can I find out?If you have equity in your home and never use it for anything where does it go?If you have to pay it back how is it your money?how soon do you have to pay the money back if you take out a equity loan?someone said buying a home can help you with retirement how is that? If you never have home equity then you didn’t purchase a good house is that right?
Best answer to all my crazy questions get 10 points ………Thanks
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Tags: advices, basketball coaching, bill consolidation, blog archive, buying a home, crazy guy, crazy questions, egyptians, equity loan, home equity, Home Equity Loan, home improvement loan, homehome, homeless people, how to save money, internet work, iraqi leader, loan equity, loan officer, money, money supply, purchasing a new home, retirement, second mortgage, stupid mistakes
Posted in best home equity loans | No Comments »
Saturday, October 24th, 2009
First Ill have to give you some history. Over my career, I have frequently moved to different companies and I have moved my 401k several times. I now have 2 401k plans and a simple IRA plan. I have just started working in a new position but at none of the companies. I have approximately ,000 in one 401k, and ,000 in the other two. I don’t own a home and I am now looking to buy my first one. My girlfriend has a lot of equity from the sale of her house. We are both 40 years old.
I have only ,000 in available cash in the bank.
We have recently moved to a much more affordable region and I can now afford a mortgage but won’t have savings for deposit for another 6-10 months or so. I would like to go in equally with my girlfriend or figure a way where we can share in equity. So I have several questions:
1.What’s a good method that my girlfriend and I can work fairly with her greater equity?
Like most people I am not thrilled by my 401k returns lately. I would like to move them to a self-directed IRA where I have more choices on investments. I am reading that index funds are best to minimize fees but I’d also like to be able to choose individual stocks and funds.
2. Where can I do this? Will I lose out on 401k advantages?
I have also been thinking of taking a loan on my 401k or using moneys for first time buyer – I can’t do this since I no longer work for the companies.
3.Can I do this in an IRA? In other words can I transfer my money to an IRA and then take loan from there?
4.Will a loan officer give us a loan if I have ,000 from a 401k (IRA) first time buyer loan and only ,000 cash funds?
Thanks for your help
Tags: 10 months, 401k plans, choices, different companies, first time buyer, first time buyer loan, girlfriend, index funds, investments, ira plan, loan officer, money, moneys, mortgage, new position, self directed ira, several times, simple ira, stocks, thanks for your help
Posted in best home equity loans | No Comments »
Friday, October 16th, 2009
We are coming out of a deed in lieu of foreclosure and cannot get a home loan right now. Family members have offered to buy us a home then we assume the loan or buy from them later when our credit score gets better. The equity will be ours. I am not so sure this is a better idea than leasing to buy a home on our own. It sounds easier than it might really be. What would some potential pros & cons be?This will be done in FL.
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Tags: amp, bead necklaces, blog archive, blogger, card debt, corpses, credit score, credit scores, dac, deed in lieu, deed in lieu of foreclosure, family members, federal home loan, first time buyer, glass bead, headphone amp, home loan, leasing, les paul, loan modification, loan officer, pmi, secured home loans, wholesale floral vases
Posted in what is home equity loan | 1 Comment »
Monday, October 12th, 2009
My fiance and I have found the exact home in KY we want to buy: on two acres surrounded by state forest and only twenty minutes from downtown! All this for less than 0,000. The problem? The home definitely needs some cosmetic work. And it’s tiny. We are first time home buyers and have no equity. Is there any way we can buy this home and get say ,000 in home improvement loans? We’ve been approved for almost 0,000 for a home loan.
Yes, I realize it’s not a good idea to buy a house for more than you can afford, hence the housing situation we are in now. The house is ,000 and we want to take a separate home improvement loan for ,000. We both have very good jobs and are more than capable of making these payments. What I want to know is if there is any possible way to get the ,000 for home improvement. Our realtor doesn’t know and our loan officer doesn’t think so.
Yes, I realize it’s not a good idea to buy a house for more than you can afford, hence the housing situation our country is in now. The house is ,000 and we want to take a separate home improvement loan for ,000. We both have very good jobs and are more than capable of making these payments. What I want to know is if there is any possible way to get the ,000 for home improvement. Our realtor doesn’t know and our loan officer doesn’t think so.
Tags: cosmetic work, fiance, first time home, first time home buyers, home improvement loan, home improvement loans, home loan, jobs, loan officer, realtor, state forest, time home buyers, twenty minutes, two acres
Posted in no equity home loan | No Comments »
Tuesday, October 6th, 2009
I had a home equity payment loan that was two months past due. The bank sent me a notice saying I had to pay by the 30th of January or they would consider foreclosing, not a problem becaus I can now pay. The letter was recieved yesterday. Today I sent a check to pay the payments for the loan off. Which would have arrived and payed off the payments before the 30th of January. However when I checked my bank account the loan officer had telephone transfered the money to the account without my approval beforehand, after I had sent the check. No where on the notice I recieved yesterday said that wehn I had money in my account it would be taken out for the payments. I then had to cancel the check. My question is can this legally be done without notice even when I complied to pay by check? This happened in North Carolina if that makes a diffrence.
Tags: home equity, loan officer, money, north carolina, wehn, yesterday today
Posted in no equity home loan | 1 Comment »
Sunday, September 27th, 2009
I’m trying to be one of the "good guys" in this area of business as I have been for the last 10 yrs doing traditional mortgages. I’m looking for straight talk about how to best serve the senior citizens of the U.S.A. and how to find those people who could benefit from a HECM (home equity conversion mortgage…aka reverse mortgage) Sorry if asking business questions is not allowed – I was thinking more along the lines of market research. What do people know? How do they feel? What do they think they know? How can I be a better loan officer? What is the best way to market to you or educate you?
Thank you first three for posting as I’ve learned already the confusion surrounding this. (people can NEVER lose their home or be asked to leave. Our govt. insures these loans to ENSURE that lenders AND borrowers are protected and get all that they are supposed to.
It is a loan. A non-recourse loan…meaning the lender can NEVER be paid anything from the borrowers. Lender only receives payment when house is sold after persons pass away or permanently move out. Heirs may keep the home and do a regular refi to get it in their name if they wanted.
Tags: borrowers, business questions, confusion, equity conversion mortgage, good guys, heirs, home equity conversion, home equity conversion mortgage, lenders, loan officer, loans, market research, non recourse loan, refi, senior citizens, straight talk, traditional mortgages
Posted in best home equity loans | 1 Comment »
Sunday, September 20th, 2009
What type of loan should I be looking for, for a first time home buyer with zero money down?
We both have credit scores of over 750 and our combined income is over 120k. What type of programs could we qualify for to get the best deal?
We’re looking at a place at is going to be between 350-400k.
Other than the special types of programs out there, I’m looking at either a 80/20 or a 100% financing. Would a loan officer help us decipher the best deal between the two?
Thanks
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Tags: brady patriots, buying a new home, credit score, credit scores, day trading swing trading, fannie mae, fannie mae and freddie mac, fax payday loans, finance articles, first time buyers, first time home, first time home buyer, freddie mac, government loan, loan officer, money down, mortgage protection, no fax payday loans, realogy, senate bill, time home buyer, womens boots, york jets, zero money
Posted in zero down home loans | 1 Comment »
Related ‘loan officer’ sites :
 | Loan Officers
Loan officers facilitate this lending by finding potential clients and helping them to apply for loans. ... The loan officer may need to explain the different types of loans and ...
www.bls.gov/oco/ocos018.htm |
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 | Loan officer - Wikipedia, the free encyclopedia
A loan officer is a person who serves as an intermediary between lending institutions and borrowers. ... Loan officers work for banks and other financial institutions. ...
en.wikipedia.org/wiki/Loan_officer |
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 | Loan Officer
Mortgage loan officers work with people who want to buy houses or other real estate. Consumer loan officers work with people who want a loan for things like a car. ...
www.bls.gov/k12/money03.htm |
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 | Loan Officer - Career Information
Learn about working as a loan officer - Find out about the nature of the work, earnings and learn what training is needed - There are also additional ...
careerplanning.about.com/od/occupations/p/loan_officer.htm |
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