The selling bank may not accept the liability of allowing work like that to be done to the home, prior to its sale. This is not uncommon with foreclosure sales.You may need to obtain a FHA 203k loan that will allow you to escrow for required repairs/improvements from another lender, if your bank does not offer that particular type of home loan. Ask your loan officer about a 203k loan, or a referral to another, local lender who specializes in those, if he or she does not.
The Deed of Trust would not prevent you from selling your home. If you intend on closing on the purchase of a new home, prior to completing the sale of your current home, be prepared to qualify for the new loan by also carrying the mortgage payment on your current home. It will be added to your debt-to-income ratio, unless and until it is sold.You can qualify to purchase and sell simultaneously. A reputable mortgage lender can discuss this further with you at the time that you pre-qualify for the new purchase mortgage.
A detailed payment history from your current mortgage lender may indicate that payments were posted after the due date, including any applicable late payment fees. Underwriting guidelines for your new loan approval will, among other things, require the determination of the number of late payments that were posted more than 30-days after the due date on your current loan. If you've paid slowly, but still within 30-days of the due date, you should be fine.Keep in mind that all lenders and all underwriters are not created equal. Just because one might not appreciate the slow payment history, there may be a reasonable explanation for your slow payments. You should obtain a payment history from your lender and write a detailed explanation for each payment that was posted after the due date and after the "grace period" (the date after which the late fee kicks in). Underwriters are human and honesty is always appreciated.Find a local, reputable, experienced mortgage broker to work with in your search for a new home loan. Only a mortgage broker can assist with searching for your best lender, based on multiple lenders' varying underwriting guidelines and required approval criteria for the best terms possible.
"Is it worth it to refinance?" is best answered by a professional who understands how to accurately calculate that answer, based on your specific circumstances. You should always compare rates and terms with at least a few, different lenders.This comparison is most easily accomplished by consulting with a reputable, experienced mortgage broker who is connected to multiple, wholesale lenders, offering a variety of terms and low-closing cost options, but you should also compare these terms with those that your current lender and other local banks might offer, at the same time.Questions you should be prepared to answer at the time you apply to refinance, or submit your detailed inquiry with your lender(s) of choice:1. How many more years do you intend on living in or retaining your current home?2. How willing & able are you to pay any or all closing costs (and any applicable discount points) out-of-pocket?VA IRRRL refinance quotes are fairly easy for the broker/lender to calculate. Saving you as little as one percent on your current mortgage interest rate may be "worth it", but only if you will maintain ownership of your home for a long enough period of time to truly realize your monthly payment savings, after absorbing the closing costs and any points associated with proposed, refinancing transaction.
Since providing a respectful, on-topic answer to your question directly is apparently considered 'spam' by Zillow, please feel free to let me know if you would like a qualified referral to someone other than myself, who is an expert, local to you and someone that can best assist you with your needs in a prompt and proper manner.
All self-employed loan applicants need a minimum of a 2-year documented history of stable, self-employment income, or commissioned and/or tip income (if receiving that type of income), in order to possibly be able to qualify for any type of traditional mortgage loan, regardless of the amount of your down payment or credit score. If your girlfriend's base salary (excluding commissions) is insufficient for her to qualify for a mortgage loan on her own, and you do not have two years' worth of tax returns that show a qualifying average of self-employment income, unfortunately you will have to wait until you do.Focus on building and improving your businesses, credit ratings and personal savings to apply towards your down payment and closing costs over the next year, while waiting and working for yourself for the minimum period of time for any lender to consider all of your income sources. There's no substitute for proper planning!
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