6 months solid full time work in England

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I heard that an appraisal should never be ordered unless the mortgage broker is sure the loan is going to go through.but my loan application is denied.and i still need pay for the appraisal fee?

The appraisal is a KEY component in determining a fianl approval of your loan. Not only is your loan based on your ability to repay, but it is also based on the property standing as collateral for that loan. Now, you could have had a loan approval separate from having an appraisal, It very often happens that your LOAN gets approved but NOT FOR THE HOUSE appraised. In that case, you would STILL pay for that appraisal, and have to pay for yet another appraisal later. In other words, had the Lender determined - yes, we want to lend you $xxx,xxx dollars, but not to buy THAT house because of what the appraisal report said, then you would still have a loan approval, but now you have to go find a house they will give you the loan for. From your note here, I am going to assume that you found a home, put a contract on it and THEN STARTED your loan process. That means, that both your approval for a loan, and determining if the collateral was worth the loan were happening simultaneously and THAT is why you had to have the appraisal done. Very often, having signed an offer to purchase, you needed to meet the closing deadline which is often 30 days from the last signature on the contract. For a lender to determine your ability to repay, and the value of the collateral within a 30 day window, both happen simultaneously. Hope this helps. Trudy Beerman Realtor, Broker/Owner www.residentialinvestorservices.com

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I'm currently in the mid 550's which is bad, and i'm trying to rebuild it so i can buy a house. what is a preferable credit score that lenders look for? any suggestions on putting myself in the right position credit-wise to obtain a good loan? (i'm about to pay off a car note at $350/mth and am paying off credit cards that have gone to collections. i know debt to income ratio plays a role in a home loan)...

creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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Two weeks ago i placed on a offer on a house. in order for the offer to be valid, the seller required that i get pre-approved with a specific bank (suntrust). i got pre-approved a day later, submitted my offer and my offer ended up getting accepted by the seller. my question is, what are the chances of my loan getting approved after the pre-approval i received a little over one week ago?

When a lender has pre-approved you for a mortgage loan you have completed a mortgage loan application provided all the W-2, Fed Income taxes, bank statements and other necessary information for this lender to pre-approve you. The underwriter has seen your mortgage loan application as well as all documents necessary to issue an approval for a mortgage loan program. This mortgage loan program should indicate the amount of money to purchase house you are approved for, the interest rate, as well as the length (Terms) of the mortgage loan you are approved for. You basically have a loan approval in your hand with the pre-approval. To close this pre-approval you would need to bring in perhaps a few more pay stubs, a bank statement and maybe a letter of explanation for an item on your credit report. Lenders do not issue pre-approval for exercise and practice, they have seen your documentation, application, and have found a mortgage loan program that you have been approved for. If you did not provide your mortgage banker/broker with your financial documents, complete a mortgage loan application, you do not have a pre-approval. You could possibly have a pre-qualified letter which is not good at all. You would still be required to complete the mortgage loan application. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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If we plan to pay $2000-$2300 a month on our mortgage how much should we be making a month in order to be approved for a loan. - please no stupid answers like.. uh 2k-2300. duh i know that much. but what do lenders look for as a certain amount so they know you will be able to pay your loan and take care of other bills.

Yeah, 1/4 of your monthly gross pay would be a reasonably expectation, so 2300 * 4 = 9200 * 12 = ~110k per year gross. you could probably swing it a little lower than that, and you should definitely go get prequalified when you are thinking you might be ready. People here can only give you a very vague idea of what it might be, as it depends on many factors that are outside of our control.

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Is pre-qualifying for a mortgage loan the way to compare loans? i am a first time home buyer and want to understand the best way to shop for a loan. then if i chose a loan and wanted to get pre-approved, how long does it take to get approved before i can put a bid on a house?

You could do that, or just ask the current rates for someone with your credit score, income level, and debt-to-income ratio. They can't guarantee that's the rate you'll get but it's a start. Often what happens is you will pick a bank you trust and they will shop within their own programs for the best loan for your circumstances. When you are ready for pre-approval, this process can be done within a few hours. Have your pay stubs, copies of two years of tax returns, monthly debt payment amounts and account numbers for debt and saving accounts handy. When pre-approved, the bank will email, fax, mail, or hand you a letter (depending on the location and circumstances) that you can use when making an offer on a home. Your rate may not be locked in until underwriting, which is after you and a seller agree to an offer on a home and complete the inspection process. This can take a couple of weeks and requires a more thorough check of your finances and credit situation. Sometimes that means the loan program you were approved for will no longer be approved or that more down payment money will be required.

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I just graduated with my bachelors and i have a job secured. there is a house on the market that i want and i know i can afford with my salary. how long do i have to wait before applying for a mortgage?

It depends on other information like your credit, assets, down payment, etc., but in general, I would need to see at least 30 days worth of pay-stubs. An offer letter (if you have one) would help too. Generally speaking, if the other parts of the qualification puzzle are good, it shouldn't be an issue. Just be sure you are fully approved for the mortgage before you put any offers in. Best of luck!!

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What does this mean?? she said that the appraisal and title work had been ordered, and she would let me know once she heard from the underwriter. does this mean that the house is mine or can i still not get the loan??

As loan officer of many years, I can tell you exactly what is going on. The first thing a loan officer will do is determine collectively which loan program fits your need best with the purchase of your new home (from the question, it seems your purchasing a new home and not refinancing). At that point, he/she must collect the necessary documents to get you qualified. I will assume you have already submitted to him/her the necessary items. The documents he/she requests are based on the requirements of the bank, under the loan program initially decided upon. In addition to those documents, the loan officer must submit the appraisal and title work you mentioned. The underwriter from the bank will then review all the documentation submitted by the loan officer. The underwriter in return will either deny the loan request as a result of not meeting the loan program requirements or approve the loan with a conditional approval. The conditional approval basically states that the initial documentation meets the loan requirements but still requires additional documents to finalize the approval. Generally, the additional requirements are items that the loan officer can obtain without your assistance but with your initial consent (ex. rental history or any mortgage payment history, employment history, escrow instructions, insurance payee clause, etc.,). Once all these items are submitted, then the loan officer must wait for the "final ok from the underwriter". Generally, most banks take 48-72 hours, from the time the loan officer submits the final documentation requested by the underwriter, to give the "final ok". Unfortunately, not until you get the "final ok", you still do not have a loan or the house. Anything can still happen during this process. The final ok is loan officer talk for "Final Approval". Once you get that response from the underwriter, you have a loan in place and are on your way to owning your home. At this point your loan officer will order the loan documents for you to sign. Hope this helps. Good luck!

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My husband and i are wanting to buy our first house. we have been married for 4 years and have 2 kids and we have rented the whole time we've been together .. considering we are still both young, we've never bought before. i sort of have bad credit but my husband has "okay" credit .. not good but he really only has maybe 2 small things against him that i don't even think show up. however, i don't even think that will matter?? not sure though .. anyways, we are wanting to look into getting an fha loan to buy a house .. there is a house in our hometown that has been foreclosed that is really cheap ($39,000) .. the thing is, my husband only brings home about $1500 a month gross pay .. however, i just started working every other weekend so add maybe $200 extra a month to that .. maybe $300 if i get lucky! lol ... we don't have any personal loans we have to pay or any other bills really besides normal living expenses such as gas, water, and electric... i am not 100% sure if we want to even move in that house as we haven't been in it for a few years so we dont know what kind of shape its in inside now.. but being that we are low income, is it possible to get a loan through a mortgage company still or we will more than likely get turned down? .. i am sick and tired of renting .. and i am currently taking college courses.. and i'll do whatever it takes in order to bring in more money to help boost our income just to meet the requirements to get a loan.. i want a home to call ours to do whatever we want with!!!

You won't get that loan approved. First of all, you cannot use a part-time job as income for ANY mortgage loan unless you have had the job for two full years. Second, unless you have seen a copy of his credit report, you have no idea if these allleged "small things" will come up or not...you need to find that out first. Third...banks consider $1,000 a month poverty level for ONE person..if your husband is supporting 4 people on that income including himself and makes $1500 gross, that means he takes home LESS than that to support 4 people. I don't think you have really thought this through...home ownership isn't like renting...if the water heater breaks, you fix it...if there is a leak, you fix it...you have to pay property taxes, hazard insurance, overall upkeep....where is all that money going to come from? You have two kids...do you have money for emergencies with them??? Low income individuals SHOULD be renting so they have a FIXED expense.

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We are a militaty couple and are currently buying a home. we recently got orders and will be moving out of state soon. how hard is it to get approved for another mortgage loan? what other things should we consider (besides the obvious "can we afford two mortgages until the first house sells")?

Hi, Getting approved for another mortgage really depends on your financial situation. The bottom line is whether your income and assets and credit history, along with any equity in your current home are enough to qualify you for the mortgage you want. You'll need to speak to a mortgage professional who can do a full analysis of your financial situation and they'll let you know how much loan you qualify for. Usually, people in your situation get what is known as a bridge loan, that will cover the second mortgage until your first home sells. Again, any mortgage professional can give you more information about this. There is obviously quite a bit to consider that is unique to your situation, but one of the largest is home value. Hopefully your current home has gone up in value since you bought it. If so, you will be able to take any profit once it sells and put it toward your second home's mortgage. However, if your home has decreased in value (all too common in some parts of the US right now) you may have to pay out-of-pocket when you sell. For example, if you bought your home for 200,000 and still had $180,000 left on the mortgage, but sold it for $160,000, you would have to make up the $20,000 difference. You’ll also have to consider selling costs of the current home (any cleaning and fix-up fees, realtor fees, taxes due, etc.). With the new home, you’ll have to consider: closing costs, down payments, taxes in the state you’re moving to, moving fees, etc. There is a lot of information to digest with owning two homes while moving, so I really suggest calling a mortgage expert. I’ve included a link to our home purchase page, but feel free to contact me through my profile if you have any questions. Good luck!

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A recent report indicated that black families who bought homes within the last 3-4 years were hit the hardest by this mortgage cash due to predactory lenders. how do people live with themselves knowing they played an active role in mortgage crisis by putting raw meat in front of a hungry lion? these lender know that 95% the people being approved for loans wouldn't be able stay in those and homes after a short-time, and yet they still pushed forward. shame on these corporation and those fat cat's.

you may "friend" are a TOLL looking for a fight. Lenders DID NOT do this. In fact, it was the black caucus of congress that actually push Freddie and Fannie into loosing credit requirements to increase home ownership for non-whites.