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Shawn Ryan Rosa


Licensed NJ Realtor (17 years experience)

Buyer's Agent,
Listing Agent,
Purchase Loan


  • (227 Contributions,
  • 0 Best Answers,
  • 41 Helpful)

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Killing the deal..


It wouldn't have any effect on a later application for a mortgage.

How do I consider a home purchase while drawing disability?


You can buy a home using disability income. It is illegal for lenders to discriminate based on the source of your income. The problem, however, is that disability income is usually very minimal...therefore, your borrowing capacity is very minimal. In fact, your income may not be sufficient to buy a home that is in good shape and located in a nice area. In that case, you may require a co-signer to help you qualify for a better home.

Can I rent a home that is going into forclosure?


Shanon Rose is incorrect. A bank cannot evict a person with a valid lease in effect under any conditions.Until the home is foreclosed, the borrower owns the home and can do with it as he pleases (including renting it out).If you were to rent the home before it is officially foreclosed on, you have a valid lease and cannot be removed from the home by the bank. This is why banks will often offer tenants of foreclosed properties money to voluntarily give up their lease and leave the property (this money is sometimes known as "relocation assistance."

pre- qualification for FHA loan- what exactly is needed?


You seem to be using "pre-qual" and "pre-approval" inappropriately.A pre-qualification letter requires only that you speak with a mortgage lender and verbally tell them your income and perhaps let them check your credit. Then they issue a short-letter stating the general amount of money your qualify for in terms of a loan to buy a home.A pre-approval requires a bit more - mostly tax documents and bank statements.You will need to have downpayment/closing costs/etc when you make an official application for a mortgage

Is there anyway of getting PMI off


Length of time paying your mortgage is irrelevant. You need to have 20% equity in your home to qualify to stop paying PMI.