Profile picture for Scott Wynn

Scott Wynn

Lender

Mortgage Loan Officers (13 years experience)

Specialties:
Purchase Loan,
Mortgage Planning,
FHA, VA, USDA

Advice

  • (79 Contributions,
  • 5 Best Answers,
  • 21 Helpful)

Contributions are sorted newest to oldest.

co-signer of mortgage filed chapter 7. Now I can't have access to my mortgage information?

Answer

The bank can't give you online access and they can't send you statements because that would be an attempt to collect the debt which they can't do.They can continue mailing you "statements" if it is their policy to do so, but they will be stamped with, "this is not a bill."Unfortunately, until you are able to refinance, you'll have to do things this way.  No concern on losing your home, however.  As long as you continue to make payments on time, you can pay off the remaining balance as agreed when you financed originally.I know it's frustrating, but it's the law.

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home loan after foreclosure

Answer

FHA requires you wait three years from the date the public trustees deed was recorded to purchase again.  If you had a prior FHA mortgage and there was a claim paid out on the mortgage insurance you must wait until three years has passed since the claim was paid out (CAIVRS).Conventional requires that seven years have passed except in very strict extenuating circumstances.  In the case that you have an extenuating circumstance you can get a new mortgage after only three years, but other limits apply.

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What is the time period from beginning to closing an FHA loan?

Answer

Your real estate agent should work with your lender to determine when a realistic closing date is.  A conservative estimate from contract to close is 6 weeks, but 4-5 weeks is probably more typical.If there are inspection resolution issues that delay ordering the appraisal it can potentially take a bit longer.The best advice I can give is to echo Chris Milker.  Ask your loan officer how long it will take to close your loan.  This should be a conversation your loan officer is having with your real estate agent, anyway.

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how long does bankruptcy affect ability to purchase a home

Answer

FHA allows you to close on a new home two years after a chapter 7 bankrupcty was discharged.  You must have re-established good credit since the time of the bankruptcy and would need to have good payment history since that time.If you are looking for a conventional mortgage the wait times are even longer.If you included a home in your bankruptcy you will need to wait until three years from the date the deed was recorded to close on a new home.  In addition, if you had an FHA mortgage that was included in the bankruptcy there may be a CAIVRS claim that was paid out on your mortgage.  If so, you will need to wait until three years from the date of the claim.  A lender can help you obtain this information if it applies to you.

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Can my husband get a home loan based on my income?

Answer

If your husband does not have an income, you will need to be on the loan.  Your credit and income will be used for qualifying.  Your liabilities alone (including any joint debt) will be included in the debt to income (DTI) ratio for qualifying.However, if your husband is also on the loan his individual liabilities will be included in the DTI.  With no income, this will only serve to reduce your purchasing power if he has any individual debt.I would recommend finding a loan officer who can help you determine what you can qualify for.  You won't know what price range you should be looking in unless you have this information first.Good luck!

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Why are they asking to see cash reserves?

Answer

There can be multiple reasons why the lender would want to see cash reserves.  I would check with your loan officer.It's a lender's job to explain things thoroughly to their borrowers.  If you still have questions after getting the explanation, ask again.

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If I'm going to do an FHA loan with more than 20 per cent down,

Answer

Conventional financing, in general has more strict guidelines in qualifying.  There may be a reason your loan officer set you up on an FHA loan.  However, all things being equal if you can qualify for a conventional mortgage, you should come out ahead.If your lender locked you in when rates were better, that certainly will affect your payment because switching today will mean you have to lock at today's interest rates.However, I doubt an increase in rate will be more expensive than paying monthly MI for 5 years plus the cost of up front mortgage insurance.I would definitely ask your lender why they went FHA instead of conventional and ask questions until you're satisfied.  Ask your lender to explain the advantages of one type of loan over another.  They should be equipped to answer those questions for you.

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If we have been through a short sale, how long do we need to wait to purchase a home?

Answer

To qualify for an FHA loan, you will need to wait three years from the date the deed was recorded from the sale of your home.  If you previously had an FHA mortgage, however, you may have a CAIVRS claim.  If that's the case, you will need to wait until three years after the claim was paid out to close on a new home.Conventional guidelines allow you to purchase after only two years, but allow only a maximum LTV of 80% on your new mortgage requiring a 20% down payment.  If you wait four years you can get into a home for 10% down.

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how nto get a loan after 23 month of bankrupcy

Answer

If you did not have a property included in the bankruptcy and you meet the minimum credit requirements for an FHA loan, you can close after you've met the two year minimum required waiting period.You can go through a lender to obtain a pre-approval contingent upon closing after the two year requirement has been met.  We've done this for borrowers in the past, not requiring they wait until the two year period has been met to begin the qualification process.  This may allow you to make an offer on the home you really want.Conventional mortgages require you wait four years unless you have extenuating circumstances that can be proven to an underwriter.I would contact a local lender you trust.  If you don't know anyone, ask people you trust for a referral.  Some lenders will not work with you until your bankruptcy has been discharged for 24 months.

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