Profile picture for Joe Tow

Joe Tow

Lender

Mortgage Executive (26 years experience)

Specialties:
Purchase Loan,
Refinancing

Advice

  • (40 Contributions,
  • 2 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

Can I get refund of appraisal fee?

Answer

If the appraisal has been completed, you are out of luck. You can try with the lenders supervisor to get a refund, but the appraiser is an independent contractor, not a lender employee.

  (0)
What about cash I deposited with my paycheck? Will it affect our mortgage approval?

Answer

The underwritier will look at the amount as a percentage of your monthly income. If the percentage is low, they may not ask for any documentation other than a letter of explanantion where the money came from, i.e. "we keep money at home for emergencies,". They may not count that cash in your cash to close calculation, or you may need a gift from a family member. Wouldn't get worried about a small amount like that.

  (0)
add tradelines to my credit report

Answer

If they don't report to the bureaus, doubt there is anything you can do. Call and ask them to report the history, but more likely they won't. If you are working with a lender, their credit reporting company that they use for credit reports could call and get the trade reference, but that won't add to your scores or show up on the main 3 credit bureaus the next time credit is pulled.

  (0)
I have qualified for an FHA 30 yr fixed rate loan, but found property I would like to build on. Doe

Answer

Becky, the date used will be the date that the house title was taken out of your name, i.e. in Oklahoma that would be the date of the Sheriff sale. BofA apparently bought the house at auction as no one bid enough to cover the mortgage owed. In that case, if there was no deficiency judgement filed against you, I THINK that FHA guidelines state 3 years from the date that the title was transferred from your name to be eligible for another FHA loan, unless there were extenuating circumstances that caused the loss.

  (0)
Going FHA SETTLE OR PAY IN FULL PAST DEBT

Answer

FHA is saying, on hold for now, that you can only have up to a total of $1000 in collections, any above that collective total must be paid. Most judgements can stay if you have a payment arrangement in place and have been paying on them at least 3 months.

  (0)
2 year work history

Answer

Your situation is somewhat unique as it appears you are self employed and getting a W-2 from your own business? In that case, the lender will not only want to see a 2 year history on your company and that it is the same line of work as your previous company which you sold.

  (0)