We are in the process of obtaining a Homestyle loan to finish out our 3rd floor attic. I just received the estimate of fees etc and the rate seems high at 4.5%. We have okay credit scores 690. Just wondering if the rates for Homestyle mortgages are higher. Also the fees seem high, the broker is asking 1% origination and an application fee of $795. This all seems a bit high...any input appreciated.
We did have a bankruptcy but I am not sure if we reaffirmed or not. How would I know. The BK was discharged in 2008 but we remained in the house until 2009.
We purchased our home with an FHA loan in May of 2013 and would like to finish out our walk up attic. This will add about 800 sq ft. and a full bath. All finishes will be comparable to the rest of the house and the neighborhood. Total finished square feet will be about 3300 with 3 1/2 baths. Homes in the neighborhood are selling for $125-135 sq ft. We had a foreclosure that was complete in 2009 but rebuilt our credit and were able to purchase after the 3 year FHA wait period. Is it possible to get a Homestyle refinance loan even though we don't have 7 years on the foreclosure? The renovations will give us the ability to have at least 20% equity and eliminate PMI. Our Fico scores are around 670-680.If not a Homestyle, are there other options... I have looked at the signature loans, but not much luck there. An FHA 203K won't work are we are over the FHA loan limits (they dropped after we purchased).TIA
I am wondering how this scenario would play out. We are considering renovating our house that will add approximately $40-50K of value (500 additional square feet). The home currently appraises for about $305-310K. Is it possible to refinance after the renovation into a conventional so we can eliminate the MIP we are paying? How would it work? Thanks!
We want to convert our attic to a bonus room. We have a an FHA loan that is almost 1 year old. Is the max 203k loan amount the same amount as the "standard" FHA loan for our county? Currently we owe $297k on our home, has a value of approx $310-315K, renovations will cost about $45-50K making after reno value about $365-375K. Loan limits for our county for 203b is $280,500. Is that the max 203K loan. If so, what would be other options since we don't have 20% equity (besides saving $50K) Thanks in advance!
We are in the process of getting pre approved for a mortgage. We are 3+ years off of aforeclosure and have 680 scores. The problem is we are self employed accountants aand the mortgage broker needs a letter froma CPA verifying/auditing our books. CPA's are hesitant to provide these types of letters (we don't do it) as it sets them up for liability. Are there other ways to verify the income and profit from the business? Our tax returns show good profit over the last 3 years...Thank you!
We are ready to purchase a home again after a BK discharged in 2008 and aa foreclosure 3 years ago. Does it make sense to work with more than one broker in case one can't get our loan through underwriting. Our FICO scores are 675 and we have reestablished credit, no late pays. We aren't so concerned about how competitive the interest rates are but don't want to put all our eggs in one basket and find out in the end the broker we choose can't help us. We don't want to waste any broker's time either, but really want to be able to buy again...any opinions are greatly appreciated.o
Hi Steve,Thanks for your reply. We wouldn't convert the existing S corp to a C corp, but move one segment of the business to the new C Corp so medical expenses can be fully deducted and offer some tax savings. This is a tax & accounting business, so we could segment out the bookkeeping to one business and the tax consulting to the other. All would be documented and reported on tax returns and our income wouldn't drop.In regard to the business being the same, we actually relocated hence the foreclosure. This specific business was established in Aug 2009. Our prior business (same industry) was established in April 2007 but that was dissolved because of a failed partnership which lead to our relocation...it is very convoluted. We have pretty high income ($100K) and our ficos are in the 680 range so we have reestablished. We are just hoping we can purchase again this year.
We are self employed and have been in the same industry for over 5 years. We are currently an LLC sub S structure. For tax savings, we want to establish a C Corp and divert a segment of the income over to the C Corp. This would all be legitimate and reported on tax returns. If we set up the new C Corp will we need to wait 2 years before the income from that business can be considered. It would be just moving income from one business to the other to be able to deduct HSA and other medical expenses. Another issue is we had a foreclosure that closed in Dec 2009, so we are just hitting our 3 year anniversary, so we don't want to muddy the waters for the tax savings. We want to be able to buy a house as a number one priority.Any input appreciated.
We had a foreclosure that finalized in Dec 2009 so are coming up on our 3 year anniversary. We are self employed but make $110k in documented (tax return) income. I spoke to a lender and he said because we are in the same industry as when we had the foreclosure, it will be tough to get underwriting to approve a mortgage. We don't live in the same area and one of the reasons we moved were for some health reason, but we can't prove extenuating circumstances. Our FICO scores aare 680 and we were hoping to get an FHA loan. Are we doomed for 7 years or is it possible to get a mortgage?