Zillow Advice: Costs and Fees - IS this ok for closing costs? $9500 on a #300k house with $100k down so loan ammount is $200k, loan

sandstormli, I was trying ...

Thu, 05 Mar 2009 12:45:00 GMT

sandstormli, I was trying to figure out if you are getting a stated income loan or if the loan officer was using an asset conversion to arrive at the income. If you showed him $70k in assets, then it looks like it's stated. That rate and on a 30 year is excellent. The fees are high because he/she thinks you cant get this anywhere else, except the title insurance fees are paid to the closing agent ( maybe a kickback here?). I asked about the 4506-T because most lenders will now execute this form before funding the loan. It gives the lender access to your tax returns to see what you actually filed and compare to the income stated on the application. How far along are you in the process, just submitted or like a week from closing? 1 more thing, are you dealing with a mortgage broker or a lender/bank who is funding the loan? Thanks

Well, hope you are comfortable signing ...

Thu, 05 Mar 2009 05:49:00 GMT

Well, hope you are comfortable signing that 4506T.

WE MAKE ENOUGH MONEY TO BUY ...

Thu, 05 Mar 2009 02:04:00 GMT

WE MAKE ENOUGH MONEY TO BUY A $800K HOUSE WITH $20K IN TAXES A YEAR BUT I WANT TO BUY A CHEAPER HOUSE $300K WITH $12K IN TAXES - THIS WAY I SHOULD NEVER HAVE FINANCIAL PROBLEMS AS I WILL HAVE PLENTY OF SAVINGS - WILL HAVE A NICE LIFE AND STILL BE ABLE TO SAVE AND SEND MY KIDS TO BEST SCHOOLS THEY CAN GET IN TO.(NEIGHBORHOOD I AM BUYING IN IS STILL A VERY NICE ONE WITH VERY GOOD SCHOOL). WE HAVE ALL CASH BUSINESS, THE DAY STATED INCOME LOANS ARE ALL COMPLETELY DEAD WILL BE THE DAY HOUSE PRICES ON LONG ISLAND NY WILL CRASH COMPLETELY

Former associate of mine ...

Thu, 05 Mar 2009 00:45:00 GMT

Former associate of mine somehow got a stated-income loan last September. He was ok with higher rate (6.875% fixed 30yr) at the time, as he bought a house with 30% down that peaked at $1.2M less than 18 months prior... only $417K financed with 780 fico, strong assets, and two businesses he owned, but he couldn't make it work full doc.

I wouldn't do the loan for him.

You have to draw the line somewhere.

MIssed that part about claiming ...

Thu, 05 Mar 2009 00:28:00 GMT

MIssed that part about claiming what you weren't making.

There are still one or two out there that do those types of loans.

You don't think its scary ...

Thu, 05 Mar 2009 00:22:00 GMT

You don't think its scary to claim you make one figure on the application to qualify for a loan, but you claim another figure on your taxes?

I am with Gregario. I thought these loans were dead.

Why is it scary stuff?

Thu, 05 Mar 2009 00:19:00 GMT

Why is it scary stuff?

Its an IRS form. They ...

Thu, 05 Mar 2009 00:18:00 GMT

Its an IRS form. They can send it in to the IRS to verify what you have filed on your taxes with the IRS... Scary stuff if you ever go deliquent or are pulled for a random audit.

It's a form that allows the ...

Thu, 05 Mar 2009 00:17:00 GMT

It's a form that allows the lender to request a copy of your tax returns.

what is 4506-T ? thank you ...

Thu, 05 Mar 2009 00:12:00 GMT

what is 4506-T ? thank you guys , thanks Clay