Profile picture for Michael  Clutts

Michael Clutts

Lender

Loan Officer (4 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Renovation Loans

Advice

  • (63 Contributions,
  • 0 Best Answers,
  • 10 Helpful)

Contributions are sorted newest to oldest.

how hard is it to qualify for a home, while current home has not sold yet

Answer

Your Debt To Income (DTI) ratio is a very important part of the approval process.  It represents the percentage of your income that goes toward paying your monthly liabilities (mortgages, installment loans, revolving loans).  Lenders have their own guidelines about how high this number can be depending which type of loan you are doing (FHA, VA, Conventional).  To answer your question, if you can support BOTH mortgage payments and still meet the lenders max DTI guidelines you can buy the house.  If you don't fit in to that box, you can't.

  (0)
can I get Mortgage without long employment history

Answer

If you are paid hourly and will receive a W2 than all you need is 30 days on your job.  However, you will need to prove 2 years history of employment.  If that work was in a different country than you may have trouble documenting the work history.  Typically, a small local bank will be able to approve you for financing but it will most likely not be a fixed rate loan. 

  (0)
selling a home but needing to get someone out

Answer

You should check out how your lease agreement reads.  If the lease does not address how you get the occupants out, you should be able to give the tenants 30 days notice.  However, you should consult with an attorney if it is unclear how to solve your problem.

  (0)
How much Equity would I have as of today for my house

Answer

Only a licensed appraiser can tell you what the value of your house is in the current market condition.  Subtracting what you owe from the current value of your house will give you a number called "equity"

  (0)
should I stay or should I go now?

Answer

It sounds like you already know what to do.  If you can't afford the house and it is full of bad memories than you should probably sell.  Putting yourself in a bad financial position is not a good idea.  You should contact a realtor in your area to find out what your options are.

  (0)
Ocwen is foreclosing on me*****Help!!!!

Answer

One place you can get some answers or advice from is the CFPB.  New servicing rules are now in effect that may give you some options or relief.

  (0)