Mike Politzer's Advice

I believe that I should be able to assist you. We've done plenty of various visa types with FHA and O1 and H1B are both eligible. Please feel free to reach out to me through my profile. Cheers. Mike PolitzerRPM Mortgage

It is possible to get credit for the 1099 income with less than 2 years history (as documented on the tax returns) in certain situations. If the Automated Underwrite comes back with findings for less than 2 years, then it'll be up to the actual lender/investor that is going to review the package, and most have the "overlay" that requires the 2 years. But a few will take the findings as-is. As always, you'd want to go through the prequalification process - speak with a loan officer who might be able to do this and have your profile evaluated - but there may be some hope for you.Let me know if I can assist you with this.

First off let's clarify: Have you drawn on the HELOC since you opened it? The assumption is that you did, since you're looking to combine two. balances.  Assuming you did, I don't know of any lenders, jumbo or conventional, that will call the combining of a non-purchase second lien with a first into a new single loan into anything but a "cash-out". The good news is that as a "cash-out" and with the LTV you have, there is no add for being cash-out with many investors, including the ones available to us. Hence, no reason to wait and run the risk of increasing rates, as previously mentioned.

There are different approaches depending on the lender, but Paul is right that if the cost of rate changes - and that would occur if they charged you for the extension - and if the APR changed enough - again, amount of tolerance can be lender specific - that new disclosures would have to go out.However, many lenders I work with will not charge the borrower for extension costs once the docs have gone out, but rather extend at no (or their) cost. This may or may not apply to Guild, and if they want to charge, which I doubt, then that's something your LO and you should stand firm on. I agree that your LO should have been a little more on top of what the alternatives might be with Guild's specific policies to better educate and prepare you. I echo Paul's sentiment that it probably will work out OK.

this is very doable, and, as noted below, equity in the current property will be extremely important if you don't have enough income to cover the mortgage related debts for both properties combined. DTI limit, for conventional (not FHA) loans up to $625,000, can go as high as 50%, if you have an automated underwrite approval and a lender who will accept that finding. Otherwise, you should be fine at 45%If you'd like to discuss this in more detail and find out exactly where you stand I invite you to contact me at your convenience. Cheers

Regarding the part-time nature of your employment, conventional guidelines will allow the income if you have at least a 2 year history of part-time employment cumulatively - so if you have at least one more year of working part time - it would probably have to be similar type work - plus the one year you have now, you'd be OK. You'd still have to qualify from a debt-to-income standpoint. Feel free to contact me if you would like to discuss in more detail.

If you combine the first and second the new loan will be classified as a "cash-out" jumbo refinance, since you've drawn against the line in the last 12 months, so you'll want a lender that can do that up to $1.2 million on a 30 year fixed. If the new loan LTV truly is 60% (appraised value would have to be $2,000,000, I'm showing about 3.875 today for that particular scenario among the investors we work with. Feel free to contact me if you'd like to discuss further.

Make sure you consult with a good realtor that will do the research to make sure you're going to get a reasonable deal and that it will "comp", that the recent sales will support the purchase price.

We can do this. Feel free to contact if interested.

We could do the $417K 1st with TCF HELOC behind it to 90%. I've got a call in to the rep to see if 6 months seasoning would be sufficient for a new value. I'm not aware of any other options that will help you get out of the MI. Let me know if you're interested.