lbnc's Advice

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  • 12 Contributions
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  • 2 Helpful

lbnc wrote:

Is 203K Loan Possible
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!
March 03
(0)
CPA comfort letter
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!
January 23 2013
(2)
More than one mortgage broker
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
January 17 2013
(0)

Will this qualify for a mortgage?

Answer
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.
December 12 2012
(0)
Will this qualify for a mortgage?
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.
December 12 2012
(0)
Is a mortgage possible?
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?
September 28 2012
(0)
FHA Questions
Is there someplace where I can find out the actual foreclosure sale date.  We are coming up on our 3 year anniversary of a foreclosure and would like to try to purchase again.  Also, what else will we need?  A certain amount in savings, I know about the 3.5% down payment minimum.  Our FICO scores are around 630-640.  We are also self employed in the same industry for 5+ years with tax returns to document the income.  Will this be a  hindrance to getting a mortgage?  Thanks
April 07 2012
(0)

Hard Money Lender

Answer
Hi David,We are in North Carolina and this would be a new purchase on our primary home. Foreclusure in Nov 2009 so need something that will take us past the seasoning for that.  Thanks,
February 13 2012
(0)
Hard Money Lender
Are there any  hard money lenders in NC (or who will lend in NC) on a single family private residence
February 12 2012
(0)

Seller Carry Back with FHA Loan

Answer
Thank you for your replies.Norm, are you saying if we purchase a home with a sell prices of $350K and we put 3.5% down (12,500) the sellers could carry the rest (47,250) to bring the FHA mortgage down to $295K.  I am not being naive in thinking that any seller would actually do this, but just wondering if I understood what you said.  I also understand that we would need the ratios to cover both loans.  Thanks again!
February 12 2012
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