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FREEandCLEAR Mortgage Questions and Answers

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How long does it take to process and close a mortgage? What is the difference between recurring and non-recurring closing costs? When do you need an impound account? How do I determine the value of my home? How much money should I have in reserve after my mortgage closes? What are mortgage points? Why am I charged a partial month of interest when my mortgage closes? Why am I charged a full month of interest when my refinancing closes instead of a partial month of interest? Why do I need title insurance when I buy a home? I am selling my home, why do I need to purchase title insurance for the buyer? What is MERS and why am I charged a MERS fee? Why am I being charged a flood certification fee when the home I am getting a mortgage on is not located on a flood plain? What is the lender underwriting fee for a mortgage? What does "loss payee clause" mean? What are the front end and back end debt-to-income ratios for a mortgage? Why does a mortgage lender require so much information? What is an exception to title? What are prior to document requirements for a mortgage? Why would a lender use a lower property value than the property value contained in the appraisal? How does a short sale affect my ability to qualify for a mortgage? Can I qualify for a mortgage with a foreclosure? Can I qualify for a conventional mortgage with a 675 credit score and 75% LTV ratio? I am applying for a no cash out refinancing with a loan-to-value ratio of 85%. Do I have to pay Private Mortgage Insurance (PMI)? Can I do a cash out refinancing that consolidates my current debt? How long do you have to wait to qualify for a new owner occupied mortgage after buying a home or refinancing your current mortgage? Does a mortgage broker fund my loan? I am looking to make significant improvements to my existing home. Are there lenders that provide an 80% loan-to-value (LTV) ratio mortgage based on the post-renovation property value? How much should I spend on my mortgage payment? Should I mortgage my primary residence to pay off an underwater mortgage on a rental property? The current mortgage has 15 years left. I currently do not have a mortgage on my primary residence. I am almost two full years from my Chapter 13 bankruptcy discharge. The value of my home has recovered that I am looking to refinance. Can I qualify for a conventional mortgage or am I limited to an FHA mortgage? My boyfriend and I are first time home buyers. My credit score is 700 and his score is less than 550. Can we qualify for a mortgage? How does an MCC affect what size mortgage you qualify for? We are planning to build a new home on a lot that we recently purchased (100% paid for). What are my mortgage options for a construction loan? I own but no longer occupy a property with an interest only mortgage. Am I allowed to rent out my property considering that I have an interest only mortgage? Can you consolidate debt into your mortgage when you buy a home? I cannot qualify for a mortgage due to my high debt-to-income ratio but may be able to qualify if I can reduce my monthly debt payments. How do you buy an ownership stake in a property? I would like to buy 50% of a property owned by my husband and someone else. How likely is my lender to let me do a deed in lieu of foreclosure on a property I own? I’m several months behind on my mortgage payments. Can I qualify for a mortgage with charge offs on my credit report? How often can you check your credit score without hurting our score? We want to buy a home so we recently paid off our credit cards but our credit report still shows a balance. I applied to be pre-approved for a mortgage and submitted all of my information but the lender will not tell me if I have been approved. Why is the lender acting shady? Is private mortgage insurance (PMI) for a conventional loan higher than mortgage insurance premium (MIP) for an FHA loan? Can I use the FHA Mortgage Program to purchase an investment property? Can you buy an investment property with a low down payment? I have two credit card accounts in my name that my spouse is not aware of. Will this hurt our ability to qualify for a mortgage? Should I pay-off of the accounts before we apply for the mortgage? Does an FHA mortgage have a maximum down payment? Can monthly trailer park payments be used as rental history when you apply for a mortgage? Can you refinance a second property you own to pay for renovations to your primary residence? I am pre-qualified for a no down payment program with an APR of 5.25% and no PMI. I like making no down payment and not paying PMI but is the interest rate is too high? My fiancé and I want to buy a new house. I already own a house that is going into foreclosure. Is it better to have him get the mortgage by himself before we get married? My mom moved into a long term care facility and deeded her house to me with no consideration. The mortgage remains in her name. Is it possible for me to get an FHA streamline mortgage in my name to pay off her current mortgage? I am applying for a loan modification with Chase. Chase told us that buyer could purchase my home for the appraised value but I am not allowed to purchase it, which I think is unfair. Are there any principal reduction program that may apply to me? I was a day away from closing my mortgage when I learned that the title to the house was not clean. I found another house I want to buy. Is possible to transfer my mortgage from the first house to the second house? Before we were married my husband's parents purchased a home for him and put him on the title. We pay his parents money every month with cash or by doing work for them but they make the mortgage payments. My husband is applying for a mortgage and the lender wants 12 months of canceled checks showing rent payments. I do not have any proof of paying. What do we do? My mom is on the title to a property but the mortgage is in her friend’s name, who passed away. We continue to pay the mortgage but my mom wants to do a rent-to-own and move out. Would that cause any problems? If I send an extra $1,000 each month with my mortgage payment, how much will be removed from the overall principal balance? I received a new disclosure package from my mortgage lender via email. The email stated that federal law requires that closing cannot be less than three days from viewing the documents. I read elsewhere that there is a waiver of the three day waiting period -- is that true? Is the three day waiting period a stall tactic by the lender? My grandfather has a reverse mortgage on a home that needs significant repairs. I want to buy the home but cannot get a mortgage due to my low credit score. My grandfather is moving out of the property but the reverse mortgage lender will not tell me how long I have to buy the home. How much time do I have and is it possible to have my uncle, who has good credit, co-sign the mortgage with me so I can buy the home? Can I use a down payment assistance grant with the NACA mortgage program? If I refinance the mortgage on my primary residence and decide to rent the property out later is there anything I should be concerned about? Can I get a jumbo mortgage with a down payment of less than 10%? My reverse mortgage refinancing was declined because my condo community is not FHA-approved. Is it possible for me to refinance or obtain a line of credit on my condo? My mother willed her house to me and my two sisters. I would like to keep it but I do not have the funds to buy them out. Can I get a mortgage that would pay them off so I could keep the house? I am renting a home and fixing it up with my own money and sweat equity. Is there a way I can use the equity I have contributed to get a mortgage to buy the property. My credit score is low but I do not want an FHA Mortgage because of the mortgage insurance premium. What is my best option? What are the borrower requirements to participate in FHA-2LP program and is Freddie Mac participating in the program? My fiance earns a good income but filed for bankruptcy in the past. Can we still use her income to qualify for a bigger mortgage? I need help with my mortgage closing costs. How do to I apply for a government grant? If I am approved for a mortgage in a particular state can I use it anywhere in the U.S. or do I have to use it in the state in which I am approved? Is there an entity or government agency that governs the way junior lien holders operate? I'm trying to find out if it is legal to act as both a junior lien holder and a third party debt collector? I am considering doing a "Subject To" mortgage with a friend. Is it possible that he signs the deed over to me and I become the new owner? What are the steps involved in doing a "Subject To" mortgage and what parties are involved? Can a property owner sign the deed over to another person and can a person have a percentage ownership of a home? Can I get mortgage on a house for my sister? My sister will be the “homeowner” and pay the mortgage. My company reimburses me for certain expenses, such as for my cell phone and personal computer. Can I include these these figures to my total annual income when I apply for a mortgage? I have a Simple Interest Mortgage. My payment is due on the 26th but I've been paying it around the 20th of the month. With a simple interest mortgage if I make my payment earlier in the month will I save more money? Is the HomeReady mortgage program only for buying a home, or can it be used to refinance a home? My son is in college. Could he use the HomeReady Mortgage Program to buy a home he and his roommates would live in and use the rental income from his roommates to qualify for the mortgage? Can I get a mortgage if I have unpaid collections on my credit report? What are my options for refinancing an underwater USDA mortgage? I do not qualify for HARP and my income exceeds the limits for a USDA refinance. Are there any other options for me to refinance besides contributing more equity? I had a foreclosure within the past seven years that no longer appears on my credit report. Can I apply for a conventional mortgage now or do I have to wait the full seven years from the date of my foreclosure? I have a stable career and good income but my credit is bad. Can we use my girlfriend’s credit score and my income to apply for a mortgage as co-borrowers? When calculating the debt-to-income ratio for a mortgage do you include the total amount of the car lease or only the monthly lease payment? Specifically, is the debt-to-income ratio different for a monthly car lease payment as compared to a car loan payment? I am self employed and earn little income. My spouse is the primary income earner but has a bankruptcy on his credit profile. Can I use his income to qualify for the HomeReady mortgage program? A significant amount of my annual income comes from deferred compensation. How is deferred compensation counted when calculating my income when I apply for a mortgage? I have a vacation home that my mother uses. She has offered to pay rent or pay the monthly property tax. I am applying for a mortgage for my primary residence. What is the best approach to lowering the monthly debt attributable to the vacation property so that I can qualify for a larger mortgage on my primary residence? Is there a list of lenders in my state that offer the Fannie Mae HomeReady program? We are applying for a mortgage and borrowed money from my Dad to pay off another loan before we could qualify. Our lender wants copies of my Dad’s bank statements even though he is not on the mortgage. Is this legal? I would like to buy the home I currently rent, fix it up and keep it as a rental property. If I finance the purchase of my current residence, will it be difficult to qualify for a mortgage when I want to buy my new primary home? What would I need to have in place in order for it to work (cash reserves, down payments, leases, etc.)? I am a military veteran that has over ten years of work experience in my current field. I experienced a nine month break in my employment last year. Will the break in my employment hurt my ability to qualify for a mortgage and do I need two years of continuous employment before I apply? How do I determine if I am I eligible for a mortgage closing cost program? I had short sale in two years ago and would like to buy a home a year from now. Are there mortgage programs that can help me? I’m applying for an FHA loan and checked my credit score. I have not used much credit so I have a low credit score with two of the credit bureaus and no score with the third bureau. How can I fix this and how does this affect my ability to get approved for a mortgage? If I transfer the mortgage on a house I own in Canada can I sign and notarize the agreement in California or do I physically have to be in Canada? Is this transfer considered a sale from a tax standpoint? What is a Mortgage Service Release Premium and Who Pays for It? How Do I Request the Removal of PMI from My Mortgage? I assumed the mortgage on a home I inherited. The lender said this will not affect my credit report -- is that true? Should I put "mattress money" I have saved to buy a home in the bank before applying for a mortgage? Can I get a mortgage with a 600 credit score and no down payment? I had a short sale less than three years ago. Can I get a low down payment mortgage? Maybe from a private lender? We have a $30,000 student loan, two small loans that have been charged-off that we still pay and credit card debt. Is it better to pay off the student loan or the smaller loans when we apply for a mortgage? What FICO Scoring Models Do Lenders Use When You Apply for a Mortgage and What Credit Score Do They Use When You Have Different Scores from the Different Bureaus? How Do I Determine if a Mortgage Has a Prepayment Penalty? Can I Get a HELOC with an 85% - 90% Loan-to-Value (LTV) Ratio? Can I Do Cash-Out Refinance on a Rental Property? Should we use inheritance to pay down our current mortgage or buy a new home? We are about to retire and want to move into a smaller home. We have a first and second mortgage with the same bank. We are current on the first mortgage and delinquent on the second mortgage. Will the bank put us into foreclosure? What are our refinance options? Do lenders offer home equity loans on non-owner occupied properties? What are the drawbacks to not reporting income earned from side jobs on a mortgage application? How does a forex trading loss affect my ability to qualify for a mortgage? Does the loss count against my income for the mortgage application? Does the VA offer any closing cost assistance programs? I am pre-approved for a VA home loan and looking for programs to help pay for closing costs. Should I use money from a retirement account to pay down credit card debt before I apply for a mortgage? How does this affect my debt-to-income ratios? Does the lender use my current rent payment or future mortgage payment to determine my debt-to-income ratio when I apply for a mortgage? I am concerned my current high rent payment will count against me when I apply for a mortgage. Can we use the proceeds from a reverse mortgage to pay off debt and then refinance the reverse mortgage when our credit scores and debt-to-income ratios improve? We are having trouble qualifying for a traditional refinance due to low credit scores. I am thinking of refinancing a fixed rate mortgage with an interest only mortgage but continuing to make the same payment. Does overpaying an interest only mortgage reduce your required mortgage payment each month? I am refinancing the mortgage on my condo and the lender requires an HOA questionnaire. Am I required to pay a fee to both the third party company my lender uses to complete the questionnaire and to my building's HOA management company? Is the third party necessary? What are the subordination requirements for a loan? Can I use my mortgage pre-approval to buy multiple properties? The home I want to buy and live in is much less than the amount I was pre-approved for so I also want to buy a rental property. Does the MCC tax credit reduce my debt-to-income ratio? I am pre-approved for a mortgage with a 50% debt-to-income ratio and am concerned this is too high to qualify for the MCC Program. Am I required to include alimony income on my mortgage application if I do not report it on my tax returns? I am self-employed and have a high debt-to-income ratio. I have $20,000 for a down payment, excellent rent history and my business tax returns are better than my personal returns. I want to buy a $400,000 home but am worried about the payment. What are my mortgage options? Help me!!! I want to spend $1,500 on my mortgage payment plus taxes and insurance and have $10,000 saved for a down payment and fees. How much home can I afford? Do lenders offer interest only mortgages for a cash-out refinance based on an LTV ratio of 80% and borrower credit score of 625 - 650? I own a condo worth $90,000 with a $60,000 mortgage balance? Should I sell the condo and buy a new home or pay off the mortgage in two years, use it as a rental property and buy a new home then? Or should I take out a home equity loan on the condo and use that for the down payment on a new home? Based on current mortgage rates, what is the best option: a five year ARM with a 2.23% rate or a three year ARM with a 2.05% rate? I own a home worth $230,000 with a $90,000 mortgage balance. My father took out a $120,000 30 year home equity loan on the property in 2004 that I have been paying since 2005. What are my refinance options? What is the impact of a 30 or 60 day late mortgage payment when I apply for a new mortgage? Do I need to show 12 - 24 months of on-time payments? What rate of return do lenders use to calculate monthly income from assets for an asset depletion mortgage? I have seen 4% - 5%, which seems high considering the current low interest rates on treasuries. What is a life expectancy set aside for a reverse mortgage? I own a rental property free and clear worth approximately $175,000. I am looking for a $70,000 loan so I can renovate the property and then sell it in a year. I have contacted multiple lenders but they do not offer non-owner occupied loans. What are my financing options? Also, I am a veteran with a VA loan on my home if that is helpful. My wraparound mortgage expired before I could refinance it. Do I lose my down payment? What are my options? Can I use pension income to qualify for a mortgage? I receive several thousand dollars in monthly net income from a disability pension and have saved 25% for a down payment on a home I want to buy. My employer requires me to reside in the state where I work but I want to buy a home in a different state. Will my employer find out I am buying a home in a different state when I apply for the mortgage and the lender verifies my employment? A collection account recently appeared on my credit report and my credit score dropped from 725 to 640. How does the drop in my score affect my mortgage rate? I have a good job and this is the only issue on my credit report for the past two years. Does it create a problem if a relative pays off a $15,000 loan a month before I apply for a mortgage? My mortgage just closed and now my mortgage company is requesting a copy of my social security card so they can get my mortgage "off their books." What does this mean and should I be concerned? Can I a give relative money for a down payment to buy a home that I would live in and then assume the mortgage in three-to-six months? I had a short sale and delinquent payments two years ago and cannot qualify for a mortgage right now. Our mortgage was not reaffirmed when we declared bankruptcy and now the mortgage does not appear on our credit report. How does this impact our ability to qualify for a new mortgage? What is the interest rate for a mortgage on a rental property I own free and clear? I have a good credit score and the loan-to-value (LTV) ratio is less than 75%. Are there low down payment mortgage programs or closing cost grants for firefighters? I earn a good salary, which disqualifies me from many mortgage assistance programs, but I do not have much money saved and want to buy a home. My mortgage was sold and the new lender is not honoring the interest rate on my mortgage statement. Is this legal? My mortgage lender is requiring a 25% down payment. Can I qualify for a second mortgage or grant for my down payment? My wife and I lost our jobs last year but are working now and want to buy a home. Do we need to work for the same company for two years before we apply for a mortgage? I was pre-approved for a mortgage a month ago but received an offer for a new job. Does changing jobs affect my pre-approval and ability to qualify for a mortgage? I found a home I want to buy. Can I apply for a mortgage and buy a home in my name only if I am married? Can a relative give me a home as a gift and then I refinance the property to pay them for the home? The property has a small mortgage on it. We want to buy a rental property that a relative will live in. Should we use a cash-out refinance on our home that we own free and clear or a non-owner occupied mortgage? Is the property considered owner-occupied because a relative lives in it? Should I do a debt consolidation refinance if I can lower my interest rate by .625%? I would use the proceeds to pay off a HELOC and $10,000 in other debt. How do I determine how much money I can take out with a cash-out refinance on a property I own free and clear? Do lenders accept financial documents printed off of a bank's website when you apply to be pre-approved for a mortgage? I have paperless statements and billing for all my accounts. How does an offset mortgage work? Can I use an offset mortgage to reduce the length of my mortgage? Can a lender request information from a non-borrower spouse for a USDA home loan? My wife is applying for a USDA loan as sole borrower and the lender is requesting my financial documents. Does my income impact her application even if I am not on the loan? Can I use overtime income to qualify for a mortgage? I have worked at the same company for 10 years but most of my income is from overtime work. What are the mortgage qualification requirements for a jumbo refinance? I have a 700 credit score and 80% LTV ratio but the lender is using a 35% debt-to-income ratio which means I do not qualify. I want to refinance my first and second mortgages but I have a lot of debt which hurts my debt-to-income ratio. Do lenders use your gross income or taxable income from your W-2 for your mortgage application? My gross income is higher than my taxable income because I make pre-tax 401(k) and health insurance contributions. Can I use gambling winnings for a down payment on a home? What does it mean when a lender charges you .125 for a 3.75% mortgage rate and gives you .375 for a 3.875% rate. This is for a $180,000 30 year mortgage. Should I get a new car loan with a lower monthly payment to improve my debt-to-income ratio before I apply for a mortgage? I can save $250 a month with a new car loan. What are my options for refinancing a $100,000 VA loan? What would the interest rate, monthly payment and closing costs be for a 15 year mortgage? Can I get a mortgage or home equity loan to consolidate my student loans and make improvements on a property I own free and clear? I have a 600 credit score and am having trouble getting a loan. I currently do not live in or rent the property. Should I use a personal loan to pay for mortgage closing costs? We are getting a USDA home loan and the lender is telling us that our actual closing costs will be lower than the closing costs figure on the Loan Estimate. Why would the lender tell us our closing costs will be lower than the closing costs figure on the Loan Estimate? We want to be prepared if we actually have to pay the higher closing costs. I have no credit history and want to get a mortgage with my fiance. Can I have my fiance and parents co-sign for the mortgage and then remove my parents from the mortgage and add myself when I have a credit history? I do not want the mortgage to affect my parent's credit in the future. Should I refinance a 30 year mortgage into a 15 year mortgage if I am only going to keep the home for two more years? I am eight years into my current mortgage and the monthly payment on the new 15 year loan will be the same. I am helping my Dad get a VA mortgage. The lender is quoting mortgages with different interest rates and closing costs. How do I help my Dad select the right mortgage? He is tight on funds so I may help pay his closing costs. I am a joint account holder on a savings account with a relative. I would like to use money from the account for the down payment on a home. Does my relative need to provide a gift letter for me to use the money in the account? I am a self-employed business owner looking to apply for a mortgage to buy a home. My business made a good amount of money this year but little money two years ago. In this case, what income do lenders use to determine what size mortgage I can afford? What are my mortgage lender options for refinancing a condo in a building that is less than 50% owner occupied? I am currently renting out the condo I want to refinance. Can a spouse be a non-borrower household member on a HomeReady mortgage? My husband has a better credit score than me so I want to determine if should be a non-borrower household member instead of a co-borrower on the loan. We own our home free and clear and want to access our equity in the property. Our source of income is a little unusual so I am not sure if we qualify for a traditional loan. What are our options for taking cash out of our home? How do I determine what size mortgage I can qualify for in six months? I am trading in my car and want to know how my new car payment impacts what size mortgage I can afford in the future. I have significant equity in my home but poor credit due to high medical bills. What are my options for refinancing my mortgage? Should you refinance your mortgage if you can keep the same interest rate but lower your monthly payment? Are there mortgage programs for disabled borrowers? What property value and loan-to-value ratio do lenders use for a home improvement loan - the pre or post-renovation value? I want a loan for a significant home renovation project that is greater than my current home equity. My wife and I own a business that makes good money but we both have low credit scores and are making payments on tax debts. We want a mortgage to pay off a seller note on a home we acquired from our landlord. Is it possible for us to get a mortgage? Do lenders offer asset depletion HELOCs? Can I get an equity loan on a property I buy for cash to flip and use the loan proceeds for the down payment on a home I want to buy and live in? I sold my home a year ago for $50,000 more than my mortgage balance, paid off my loan in full and received an incentive check for paying off my loan early after I told the lender it was on the market. The lender is now saying it was a short sale. How can this be? Can I get a home equity line of credit on a home with no mortgage? We currently own a home with a mortgage but inherited another home free and clear and want to get a HELOC to fix it up and eventually move into it. I am a co-borrower on a mortgage with a relative. When I applied for another loan the lender included the payment for that mortgage in my debt-to-income ratio but does not factor in the income from my relative. Is that fair? How does a broken lease affect my ability to qualify for a mortgage? Do you offer resources for first-time home buyers? I want to rent out a property I bought as a second home a couple of years ago. When I get a landlord insurance policy does the insurance company notify my lender and will my lender require me to refinance into a non-owner occupied mortgage? What happens at the end of a 30 year HELOC? How do you legally take over the mortgage on a property you do not own? My spouse was given a home by her mother but her mother is still on the mortgage and we want to take over the loan. Do you have to disclose your retirement account information when you apply for a loan modification? Does your mortgage have to be current to refinance? We want to refinance and the mortgage payoff statement shows a higher amount than our mortgage balance due to late fees and other charges we have paid in the past. Does renting from a relative help you build your credit score for when you apply for a mortgage? Should you wait until you are employed to apply for a mortgage if you move to a new city? I have money for the down payment and someone who can co-sign the mortgage but I may not have a job initially when I move. Is it possible to buy a home in one state while living in another state? I intend to move to a new state in the near future and am interested in the VA home loan program and other low down payment programs. What is the best option to refinance a loan from a solar company? My solar panels were installed last year and I am interested in refinancing the loan from the solar company. Can you take cash out of a home when you buy it? Will my home equity loan show up when I refinance my mortgage if it does not appear on my credit report? What are the best financing options to take cash out of multiple investment properties? The properties are owned free and clear by myself and other co-borrowers. Can you use funds from a retirement account to pay off your mortgage? Can you qualify for a mortgage if your car was repossessed within the past year? My mortgage has two parts, a balloon payment loan and a regular loan that charges interest. I have a high interest rate and want to overpay my mortgage but need to decide what loan to pay down first. Should I pay off the balloon payment loan or the regular loan first? Should I overpay the mortgage on my home or on an investment property? The mortgage on the investment property has a higher interest rate. Should I refinance an adjustable rate mortgage (ARM) on an investment property? I am approximately 10 years into the loan and am worried mortgage rates are going up. My application for a VA loan was rejected because I have been self-employed for less than two years. The lender says I can qualify for a conventional mortgage if I make a 50% down payment. I am supposed to close my loan in two weeks. What should I do? I filed chapter 7 bankruptcy four years ago. Although I did not reaffirm my mortgage, I still make payments on the house. Can I still qualify for an FHA mortgage if I let the home go? The mortgage does not appear on my credit report. I am looking to do a $500,000 cash-out refinance to lower my interest rate and pay down credit card debt. The lender is quoting me $25,000 in points, which seems high. Should I still refinance? Can I qualify for a USDA home loan within a year of a Chapter 13 bankruptcy? One lender told me yes but multiple lenders said no. Can I qualify? What are the best options for refinancing a PACE loan? I tried to do a regular refinance and ran into some challenges due to loan-to-value ratio. Should I use a PACE loan or home equity loan to finance home improvements? The lender is quoting a higher interest rate on the PACE loan but the loan is attached to the property and not the borrower. Can you use income from child support to help qualify for a mortgage? I want to determine what size mortgage I qualify for and how much home I can afford and want to know if I can include monthly child support in my income figure. What kind of mortgage do you need to buy-out someone on a second home you own together (50/50)? Is that considered a refinance or a home purchase loan? I am nine years into a 30 year mortgage with a 5.125% interest rate. Should I refinance into a 20 year loan with a 4.125% interest rate and should I include closing costs in my loan amount? I am overpaying my current loan to reduce the loan balance faster but am thinking about refinancing. We took out a personal loan to buy some property to build a home on. We are using the property value as a credit toward the down payment to buy the home from the builder when it is built. Will the personal loan impact our ability to qualify for a mortgage? Our debt-to-income ratio is less than 35% even with the loan. Are there mortgage options for borrowers with low credit scores who have been self-employed for less than two years? I bought my home six months ago using a down payment assistance grant. Do I have to pay back the grant if I do a cash-out refinance? I have a small mortgage (less than $40,000) with a high interest rate (10%). Does it make sense to refinance my loan given the closing costs I would have to pay or should I overpay my mortgage instead? Should I apply for a mortgage as a sole borrower or with with my spouse? My spouse earns a good living but has a low credit score and had a foreclosure three years ago. My credit is good and my income is from a disability pension and I want to determine what size mortgage I can afford on my own. Also, do you think the HomeReady Program would work for us? I was pre-approved for a $115,000 mortgage but the contract for the home I want to buy is $120,000. Is the $5,000 difference closing costs and are there programs to help pay for the difference? What is the best way to review final closing costs for a mortgage to determine if you are being ripped off? My actual closing costs are much higher than the costs the lender quoted me. I bought a home a month ago and need to sell it now due to some personal matters. What are the consequences of selling my home so soon after I bought it? I heard I may have to pay a $10,000 fine to my mortgage lender? We are buying a home for our daughter to live in. Although we will not live in the property we are not going to rent it. From a mortgage standpoint, would the property be considered a second home or non-owner occupied property? My husband and I are considering buying a home or refinancing our mortgage. I make a good income but my husband is currently unemployed. How long would we have to wait after my husband gets a job before we can apply for a mortgage as co-borrowers? Are the employment rules different for a home purchase mortgage than for a refinance? I am looking to buy a home and there is a wide gap between the assessed value of the property and the asking price. Does that mean I’m paying to much if I buy the home? How much reserves are required for a cash-out refinance on an investment property and can I use the cash I am taking out for the reserve requirement? When applying for a mortgage can my income be attributed to my girlfriend if my paycheck has been deposited in her bank account? My credit score is low so I’m thinking maybe she can use my income and apply for the mortgage I want to apply for a mortgage in two years. I just started my own business and my credit score is relatively high. What should I do so that I can qualify for a mortgage in two years? What are my lender options for a small mortgage ($50,000)? I want to do a significant home renovation but I do not have a lot of equity in my home. What are my financing options? Are you required to disclose your marital status when you apply for a mortgage? I am co-signing a mortgage with my parents and I do not want them to know my marital status. What are my mortgage options to refinance a hard money loan on property that we flipped? The home is currently listed for sale. How do I determine if I am listed on a mortgage and own a property? Can you add someone to the mortgage and property title on a cash-out refinance? My relative wants to refinance but cannot qualify for the mortgage on their own. How do I determine how much money we need to make to qualify for a mortgage? My fiance and I want to apply for a mortgage but I cannot document my income so we want to know if we can qualify for the loan based on his income. I am halfway through my bi-weekly mortgage and am thinking about refinancing or overpaying my loan to pay it off faster. If I double the overpayment amount why does it not double the amount of time or money I save by overpaying. If I purchase a property for cash how long do I have to wait before I can do a cash-out refinance? I have a high credit score and strong monthly income. I am considering applying for a mortgage with a co-borrower who makes more money than me and has a higher credit score than me. My credit score is relatively low so how does that work when two people apply for a mortgage as co-borrowers? Are there regulations that require you to live in a state for a certain period of time before you apply for mortgage? My relative moved to a new state and his lender said he had to wait before he could apply for a mortgage. My boyfriend and I are thinking about applying for a mortgage but my credit score is low and I have some late payments. Should we apply for a mortgage now or wait? What are the reason your mortgage application could be rejected after you have been pre-approved and how long does the mortgage process take after you have submitted your application? Should you pay down your credit card or car loan before you apply for a mortgage? I only have four more payments left on my car loan. What is the employment history requirement for an FHA loan? I have been at my current job for sixteen months and my lender is not sure if I can qualify for an FHA loan. How is a rental property treated when you apply for a mortgage? I own a rental property that is break even. How long do I have to work at a part-time job for a lender to include that income in my mortgage application? How do I decide between a 7/1 ARM and a fixed rate mortgage? What is the best way to transfer a property with a mortgage to a child? Can I give it to them for $1 or as a gift? I I have a student loan in forbearance and am the co-signer on a car loan. How are those loans treated when you apply for a mortgage? My credit score is low and my fiance has a bankruptcy on his record but we would like to buy a home as soon as possible. What are our options for getting a mortgage? When you apply for a mortgage do lenders have access to both your tax returns and tax account transcripts? I make payments to the IRS for back taxes and I did not disclose the payments to my lender. I do not want this to prevent my mortgage from closing. Can I do a cash-out refinance with a low credit score (below 600)? Should I do a cash-out refinance of a 30 year loan into a 15 year loan? I will use the proceeds to pay off two loans on second home and my car loan. We received a loan from a relative to pay-off credit card debt to help us qualify for a mortgage. Will the monthly withdrawals from our bank account to pay off the loan hurt us when we apply for a mortgage? We are also living with the relative rent-free. Can I give my husband money from my 401(k) as a gift for a down payment on a home? I am not going to be a borrower on the loan because I have a low credit score. I took out a line of credit for my sister. The line is in my name but my sisters pays me monthly for the loan. When I apply for a mortgage is the money I receive from my sister counted as income that offsets the debt expense from the line of credit? Should I buy my own home first before I buy a rental property? I do not currently own a home. Are there home renovation mortgage programs that allow you to use sweat equity? Does overpaying an adjustable rate mortgage reduce your monthly mortgage payment? Do I pay a penalty if I sell my home within six months after I bought it? Do lenders check your credit again before your mortgage closes? We charged our credit card due an emergency and I am worried the lender could cancel our loan. We have paid off the debt but it still appears on our credit report. How much homeowners insurance do lenders require? I am I required to have insurance coverage for the mortgage amount or the full replacement value of the property? Are student loans that are being deferred excluded when you apply for a mortgage? Someone told me I should go back to school so that my student loans will be deferred and not included when I apply for a mortgage. My husband has an inconsistent job history -- he took time off to care for our kids -- but he has a new job with overtime pay. He has little monthly debt but a low credit score. I make a good income but also have a low credit score. Should I include him as a co-borrower when we apply for a mortgage? We applied for a VA loan but the lender rejected us because my husband has a short term employment contract (179 days) with the National Guard. He intends to continue working with the Guard under a new contract after is current contract expires. Can we get approved for a mortgage? How can I obtain the documents included in a title report? What should I do if my lender goes quiet during my mortgage process? I feel like I am bothering my lender by asking for updates but they have stopped responding to me and I do not know what to do. I am looking to refinance my FHA loan. My credit score has improved and I have significant equity in my home now. Should I use an FHA Streamline Refinance or conventional mortgage? The free credit score sites show different credit scores for me. I am applying for a mortgage in the future and want to know what credit score lenders use. Does it hurt my ability to qualify for a mortgage if I apply for a new car loan before I apply for the mortgage? Why does a mortgage lender ask for a depreciation schedule? What happens if you have a credit issue, such as a late payment, during the three day rescission period for a mortgage refinance? How does a co-borrower for a mortgage work? Can having a co-borrower reduce your mortgage payment or only help you qualify for a larger mortgage? Do I need to refinance into a non-owner occupied mortgage if I decide to rent my home? I bought my home two months ago but I need to move for my job and I want to rent out my home instead of selling it. I am transferring cities for my job and I want to buy a home in the new city with a VA loan. My daughter is a student in the city where I am moving but she will have a job after graduating. Should I wait to apply for the VA mortgage after my job transfer is completed or can my daughter apply for the loan with me as a co-borrower before I move ? Are mortgage lenders allowed to ask lifestyle questions? A lender asked me when I am planning to retire. Why do mortgage lenders ask about your assets for a no cost mortgage? Why are my assets relevant to the mortgage application if I am not paying closing costs? I am applying for a HARP mortgage refinance and the lender says I need to pay discount points because my loan amount is less than $100,000. Then the appraisal came in higher than expected and the lender wants to charge me even more points. I am looking for a 20 year mortgage and the lender is quoting me a 4.300% rate. Am I getting ripped off? Is it possible to do a cash-out refinance with a low credit score? I own my home free and clear and am looking to do a cash-out refinance to pay off debt but my credit score is low. What are my mortgage options? How are mortgage payments applied if you stop paying your mortgage and then start making your payments again? Are they applied to the missed payments or the payment due for the current month? I was unable to make my payments for several months a couple of years ago. Is there a limit on the number of investment properties you can finance with a mortgage? Are there exceptions to the minimum loan amount when you use your tier two VA entitlement? How do you determine how much money you owe on your mortgage, including past due amounts and late fees? Should I buy a car before I get a mortgage or wait? If I buy a car now, should I pay cash or get a loan and how does that impact my ability to qualify for a mortgage in the future? Can you exclude alimony or child support payments from your debt when you apply for a mortgage if you are only paying it for a short period of time? Can your mortgage pre-approval be cancelled? I was pre-approved for a mortgage but I am required to pay student loans now and my credit score dropped. Can I do a cash-out refinance to payoff debt that was charged off? If I move out of a home does it impact my ability to refinance it in the future? I own two homes and am considering moving out of one and moving into the other. Should I refinance before I move out? Can you use income from a note or loan to qualify for a mortgage? My monthly mortgage payment including taxes and insurance increased significantly and I do not know why. Can you explain the reasons why your mortgage payment can increase? Are the payments on a loan from your retirement account included in your debt-to-income ratio when you apply for a mortgage? I am moving to a new state and want to buy a home. Should I apply for a mortgage before or after I move? Does the number of dependents you have affect your ability to qualify for a mortgage? Can you use your tax refund for the down payment on a home? Does what type of job you have affect your ability to qualify for a mortgage? I am deciding between a steady government job and a higher paying private sector job and want to understand if my job impacts my mortgage application. Do you have to renew a mortgage credit certificate (MCC) every year to receive the tax benefit? Can you qualify for an owner occupied mortgage if you live in one unit of a duplex? Are you required to wait a certain period of time before you can use social security income to qualify for a mortgage? Can you switch mortgage leners if they request too much information? We are already pre-approved for our mortgage but now our lender is asking for multiple documents to show where our down payment came from and it seems intrusive. How does a rent with an option to buy agreement affect your ability to get a mortgage when you decide to purchase the property? Can you use a home equity line on a rental property for the down payment to buy another home? Can you use the equity in your home to meet the reserve requirement for a mortgage on a rental property My spouse has a low credit score and is currently unemployed but starts a new job in a month. We are looking to buy a home. I want him on the property title and mortgage but does that hurt our ability to qualify for the mortgage? If your personal circumstances change after your mortgage closes can that invalidate your mortgage? I am applying for a USDA home loan. I am single now but may get married in the future. If my wife moves in with me in the future does that cause an issue with my mortgage? We own a rental property that we are selling to the tenant. We hold the mortgage but the tenant makes the mortgage payments directly to the lender. The tenant has missed several payments. How do the missed payments impact me when I apply for a mortgage? Can a non-sufficient funds issue on your bank statements prevent you from qualifying for a mortgage? I had an NSF issue last month but I have plenty of funds in my account now. Can you qualify for a mortgage if you work contract jobs but you are currently in between jobs and unemployed? I make a good living doing multiple-month contract work and also receive unemployment income when I am in between jobs. I have a high credit score and savings for a 20% down payment but can I qualify for a mortgage if I'm currently unemployed? Can you refinance your mortgage with a delinquent HELOC? I want refinance my mortgage and pay-off the HELOC but lenders are telling me I cannot qualify for the refinance because I have not made the HELOC payments in several years. How do student loans affect your ability to qualify for a mortgage if you are still in college and not making payments on the loans? My spouse and I are planning on applying for a mortgage but I have three years of college left and I do not start paying my student loans until six months after I graduate. How can you increase the mortgage amount you qualify for? My lender is telling me I qualify for a certain mortgage amount but I cannot afford to buy a home where I live with that size loan. How does quitting your job for a national guard deployment affect your ability to qualify for a mortgage? I quit my job before I was deployed but I am returning to my old job now and I want to apply for a mortgage. I have a good credit score and am making a 20% down payment. Can you qualify for a USDA home loan without a credit score? Should you have a parent co-sign on a mortgage if they are not working? I have a low credit score and my Dad has a high credit score but he is retired and not working so I am not sure if he would help me qualify for the mortgage. My child support shows up as a late account on my credit report because of a high balance in arrears even though I have made the payments on time for several years as they have been deducted from my paycheck. Is it possible for me to qualify for a mortgage with this issue on my credit report? My credit score is high (above 700) and I make a decent living. Can you use funds from multiple accounts for the down payment on a home? I have funds in a savings account, checking account and investment brokerage account that I want to use for my down payment. My lender is telling me I cannot have PMI removed from my mortgage and I am required to pay PMI for my entire loan. The lender is saying the only way for me to remove PMI is to refinance my mortgage. Is this true? I believe I have a conventional mortgage. I made an extra payment on my mortgage that my lender is not giving me credit for. The lender is now saying I owe money on my escrow account. What should I do? Is it better to make one or two mortgage payments per month? I am divorced but still on the mortgage for the house that my ex-wife lives in, even though I no longer live in the home. Can I get a new mortgage to buy a home even if I am already on another mortgage? I would like to get a mortgage but I have three accounts in collection. By how much and how long would it take for my credit score to increase if I pay off the accounts. I would like to buy a home but I am not sure if I qualify for a mortgage. I would like to payoff my mortgage but my lender told me they need to evaluate my property to determine how much money I owe. Does this make sense? Does my current property value affect how much I owe on my mortgage? Is my lender charging me twice for FHA MIP? MIP is added to my mortgage amount but my loan documents also show that I am paying for it at closing. Are you required to file your tax return for the prior year before you apply for a mortgage? Can you qualify for a USDA home loan with a charge off on your credit report? Should you work with your current lender when you get a new mortgage? We have been with our current lender for over a decade and are looking to get a mortgage to buy a new home. We would like to understand if the advantages and disadvantages of using our existing lender for the mortgage. Can you get an owner occupied mortgage if you have a mortgage on another home? We would like to move out of our home, rent it out and buy another home to live in. Are you required to provide statements for all of your bank accounts when you apply for a mortgage? I have multiple bank and investment accounts and am not sure what information lenders require. Can you use income from flipping homes to qualify for a mortgage? I flipped a couple of homes last year and want to understand if that income helps me get a mortgage. Should you refinance to remove mortgage insurance even if you cannot lower your mortgage rate? I am considering refinancing to eliminate my mortgage insurance but my interest rate and loan balance may increase. Can you have two FHA loans at the same time? What is a rider for a mortgage and when is it required? Does it affect your ability to qualify for a mortgage if you withdraw money from a retirement account? I am going to use funds from my retirement account to pay a large bill and want to understand if this will hurt me when I apply for a mortgage. Can each spouse get a mortgage for a primary residence if they are on both mortgages for the two properties? What are your options if the lender does not allow the down payment on a rent-to-own agreement? My lender is saying my down payment is not valid because I pay below market rent and now I need to come up with thousands of dollars to buy the home. We were in foreclosure and agreed to a loan modification. We made the monthly payment on the modification even though we could not afford them. Now the lender wants us to continue making the same payments. What can we do? Is it easier to qualify for a new mortgage if it is smaller than your current mortgage? What are the best mortgage options to buy a home that needs major repairs? I am looking to buy a home and I do not think it will pass inspection. What is the best mortgage program for a self-employed borrower with increasing monthly income? Do I need to wait until the higher income is reflected on my tax returns or are there other programs that would enable me to qualify for a higher loan amount sooner. Can you use land as the down payment on a construction loan? We bought a plot of land with cash and want to know if it can be used as a down payment when we apply for a construction loan to build a home. Can you get a USDA home loan with a credit score below 640? Should you switch lenders during the mortgage process to get a lower mortgage rate? How do you remove someone from a mortgage? I would like to get my ex-spouse off the mortgage. Can you get approved for an FHA loan with collections on your credit report? I make a good income but my credit score is low due to several accounts in collection and want to know if I can qualify for a mortgage. Can you get a mortgage if you changed jobs recently? I am thinking about switching jobs so I can make more money and afford a home but I am not sure how this would affect my ability to qualify for a mortgage. Can a relative help you get a mortgage to buy a home? If the relative owns their home free and clear can they use that as collateral for your mortgage or to help with your down payment? Can you qualify for a mortgage with variations in your income? My paycheck changes by a small amount each pay period and I want to understand if I can still get a mortgage. Can You Qualify for a USDA Home Loan If You Own a Home? Can you get a mortgage in Chapter 13 Bankruptcy? How many credit cards should you have when you apply for a mortgage? Can a lender ask you to close an account if you have too many credit cards? Can you use an inheritance for a down payment on a home? Can a relative take out a loan to give you a down payment gift to buy a home? A relative is willing to draw down on a HELOC to give me a gift for a down payment but I want to know if this causes any issues when I apply for a mortgage. How is income determined for a bank statement loan? My husband and I are both self-employed and want to know if we can use a bank statement program to qualify for a mortgage. Does the TRID mortgage rule apply to land purchases? I have a higher credit score than my spouse. She also just started her own business after taking an extended break from working. We are trying to decide if we should apply for a mortgage as co-borrowers or if I should apply for the loan on my own. What should we do? Are there mortgage programs that allow you to include a spouse's income without the person being on the loan? Can you qualify for a conventional mortgage if you use a gift for the entire down payment on a home? Can you use an offer letter as proof of income to qualify for a mortgage if you have not started the job yet? I recently changed jobs to make more money but my new job does not begin for several months and I want to apply for a mortgage. My lender is requiring me to add money to my impound account and increasing my monthly payment due to an error in my loan documents. Is the lender allowed to do this? When your mortgage is assumed by someone else is your name removed from the mortgage? If you inherit a property with other people can you use your equity to avoid paying PMI if you get a mortgage to buy them out? If you have a low credit score due to a lack of credit history should you apply for a mortgage now or wait? I only have two credit scores because I only recently opened a credit card account and I am trying to decide what two do. Should I choose a mortgage with a lower mortgage rate and higher closing costs or a loan with a higher rate and lower costs? My lender provided two mortgage quotes -- one loan has a 0.375% lower interest rate but $2,000 more in closing costs ($8,000 in total). I am looking for a $175,000 mortgage. Which option is best for me? How long do you have to wait after a bankruptcy before you can apply for a mortgage? Does it make a difference if a co-borrower lives in the property when you apply for a mortgage? Is a personal loan a mortgage? Do you pay a penalty if you sell your home after a loan modification? Is there a pre-payment penalty if you payoff your PACE loan? Are you responsible for the mortgage if you inherit a home? Can you use settlement income to qualify for a mortgage? What happens if a tax transcript is not available when you apply for a mortgage? Are you required to sell your current home before you can qualify for a mortgage to buy a new home? What can you do if your lender does not give you credit for mortgage payments you make. I have bank statements that show that I made the payments. Can you qualify for a mortgage if you are in CAIVRS? Can bank overdrafts prevent you from qualifying for a mortgage? We had multiple overdrafts this year and I am panicked they our mortgage will be rejected. Should you take out a personal loan to consolidate debt before you apply for a mortgage? I recently returned to the United States after working abroad for several years. Do I have to wait before I can apply for a mortgage? Should you take out a HELOC to pay down, or accelerate, your mortgage? Why is the credit score used by my mortgage lender lower than the score provided by the free credit score app I use? Can you get a loan for a down payment on a home? Can you get a VA loan on a property with a well? Do you apply for the Community Seconds Program before or after you apply for your mortgage? Does how you file your taxes affect your ability to qualify for a mortgage? My spouse and I are thinking about filing our taxes as “married filing separately” but we do not want it to prevent us from getting a mortgage. How do you determine what costs have been added to your mortgage amount? If the seller is paying for closing costs why would my mortgage be higher than the property purchase price? What happens when your mortgage is sold to a new lender? Can the new lender increase your monthly payment or change your loan terms? Can a lender make you pay discount points? How does co-signing a mortgage for a relative or a friend affect your ability to qualify for your own mortgage? Can a defaulted student loan keep you from getting a mortgage? Can you use sweat equity for the down payment on a home? - Back To the Beginning -