My brother and girlfriend have just split up and they cant sell the house due to the fee and the value of the house is much less than the originally paid for it. He wants to add me to the mortgage and take his girlfriend off (she consents) but will they perform a credit check? My credit is not brilliant, but will be able to afford my half of the mortgage as I earn more than my brothers girlfriend
Yes they will perform a credit check.
They will also revalue the house and if it is in negative equity (which it appears it is) they will not allow you to borrow more than the house is worth now.
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When it comes to calculating my income for purposes of qualifying for a mortgage loan:
Q1) What sort of job do I need 2 years history in and what sort of job don’t i need 2 years history in?
Q2) What sort of investments DO count toward my income?
Q3) What about self employed? If i ran my own business does it also need a 2 year track record?
1) You need a permanent income which involves a paycheck which could be verified from your employer or bank.
2) Pension Funds, investments in bonds, stocks, cash in bank, real estate all count towards potential income or net worth.
3) You need a 2 year track record even if you are self-employed.
Today, NAMB is issuing a call to action for all mortgage professionals to unite and join our force. We cant fight without you. So if you plan on staying in the industry and succeeding; we need your support through membership
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I am in the UK and would like to buy a small two bedroom flat. I have about £25,000 for a deposit and will be renting the second bedroom out.
Do Mortgage lenders take this into account as being equivalent to having a greater salary? If so are there any specific lenders I could approach?
No, they will not. There is no proof that you’ll ever actually rent the room out, or for how much. They are only going to qualify you based on what you actually make (and what anyone co-signing the loan makes). Do yourself a favor, get a home that you can actually afford on your own and THEN rent the room out. Then you’ll actually be saving more money than if you got a loan over what you could afford and rented the room out to make your part of it barely something you could afford.
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Our network of registered lenders includes brokers, private investor and real estate investor firms, and leading financial institutions such as Bank of America and Wells Fargo. This vast network of institutions and investors is given instant access to your real estate loan request, which guarantees the best financial deal for each and every Lending Universe client.
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Over 10,000 Hard money lenders, brokers and private real estate investors in, funding residential commercial vacant land and construction loans. Service based in Los Angeles for NEW ORLEANS, LA and includes:
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http://www.lendinguniverse.com Bad Credit Mortgage lenders provide financing and hard money loans refinancing nationwide. This story demonstrates the financial crisis:
Subject: Best explanation of the market crises I’ve seen yet
Young Chuck moved to Texas and bought a donkey from a farmer for $100.00.
The farmer agreed to deliver the donkey the next day. The next day he drove up and said, ‘Sorry son, but I have some bad news, the donkey died.’
Chuck replied, ‘Well, then just give me my money back.’ The farmer said, ‘Can’t do that. I went and spent it already.’ Chuck said, ‘OK, then, just bring me the dead donkey.’ The farmer asked, ‘What ya gonna do with him?
Chuck said, ‘I’m going to raffle him off.’ The farmer said ‘You can’t raffle off a dead donkey!’ Chuck said, ‘Sure I can Watch me. I just won’t tell anybody he’s dead.’
A month later, the farmer met up with Chuck and asked, ‘What happened with that dead donkey?’ Chuck said, ‘I raffled him off. I sold 500 tickets at two dollars apiece and made a profit of $998.00.’
The farmer said, ‘Didn’t anyone complain?’ Chuck said, ‘Just the guy who won, So I gave him back his two dollars
Chuck now works for Goldman Sachs.
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Bad Credit Mortgage , Financing and loans refinancing nationwide. CONSTRUCTION LOAN LENDERS offer a wide variety of financing and refinancing options in manufactured home communities and mobile home loans. By taking advantage of Equity in the property a borrower can converted into cash fast . Pay off those high interest credit cards or use the cash for home improvements. Lowest rates available today by few remaining banks, credit unions and private investors
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I am concerned about a friend who is purchasing a home that will be well over half of his salary when he adds in all the extra ownerships costs like insurance, HOA, etc. He also has a car payment. I think he is getting over his head, but he argues that he was aproved, so he must be okay financially. Is this logic wrong? Do lenders take in to account extra ownership costs when considering your ability to pay?
I would not put it past them. Your friend should consider that. Just because you can afford a payment of X, doesn’t mean you have to spend up to that limit. The more your friend buys, the bigger the commission for the Loan Officer. You should explain that to your friend.
I often wonder where these Loan Officer even come up with the amounts that they tell people they quailfy for. When I do appraisals, it’s never ceases to amaze me at how high they go and when you tell them the the properties value isn’t even close to that number, then they change the number.
Frankly if I were your friend, I’d find another lender.