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Kevin Stillman's Answers

can a lender process my loan and without verifying my w2 since the IRS is non responsive or is this a legal issue
A lender will do a verification of employment with your current or past employer(s) to verify current and past earnings (W-2 earnings). A lender will also verify the income through obtaining a copy of your tax transcript. At application you signed a form that allows your lender to obtain a copy of your...
What is the minimun down payment on an fha loan
3.5% minimum downpayment on a purchase.
Is it ever better to use a quitclaim over a refinance to remove a co-borrower?
In most states, it is best to refinance in order to be removed from the financial obligation. In the event of default, the lender has recourse to whomever is listed on the note. The note must be either paid in full, such as a refinance, or modified by the lender. Simply quit-claiming over a person's...
Are banks open between Christmas and New Year?
Banks are open during this period except for Christmas day and New Year's day. Most banks will have limited hours on Christmas Eve day and New Year's Eve day so it is best to check with your bank first to see their available hours.
How much is the typical down payment for purchasing land?
If you want to build a home on an improved residential lot and you are going to wait to build for a few years, most lenders will usually want at least 20% down. If you have equity in an existing home you can usually get a home equity loan to cover the down payment on the land purchase. If you are buying more land...
Can I dodge FHA insurance by refinancing into another loan type?
You have received some great advice thus far. I would add that depending on the value of your home, you may be able to do an 80% first mortgage and a home equity loan (or line of credit) for the remaining balance to avoid MI. This strategy works well if you don't mind two payments which you can set up with your...
How long do hecms normally take to close?
Most lenders are completing HECM's in 30 days or less. You may see a closing take longer in hot markets due to slower appraisal turn times (purchase transactions will take priority)and if there are any title issues. You should be safe to allow yourself up to 45 days.
i am going through a divorce and i need to get the husbands name off the deed. credit is less than perfect. what are my options?
Working with a competent mortgage advisor and attorney can help you eliminate some hardships down the road. If all you need is to remove your husband from the deed an attorney can prepare a quit-claim deed and have him removed from ownership. However, removing him from ownership does not remove him...
How do land contracts work?
Land contracts can be a great way to finance real estate if conventional bank financing is not an option. If the seller is the contract holder you will want an attorney to review any documents before you sign it. You will also want to make sure the real estate contract is recorded in the county records to be...
can I get a home equity loan my house is worth 200,000.00 and I have NO mortage house is paid off
You have satisfied one of the requirements for a loan (available equity). However, the most important requirement for obtaining a loan is the ability to repay it. Lenders will look at your total debt and compare it to your total gross income. Your total debt should not exceed 45% of your gross monthly...
Can u put just 10 percent down on an investment property?
You will usually need at least 25% down depending upon credit score and type of property. Some lenders may allow the seller to "carry-back" a second mortgage for the remaining 15%.
could i get construction financing with 95% LTV anywhere?
You have received some great feedback. Most lenders will look at the lower of cost (LTC) or appraised value (LTV). However, you may find a local bank or credit union that may go up to 100% of cost if the LTV comes in around 80-85%. Most of the risk is in the construction loan. If you have compensating factors (e...
what are fha income requirements in iowa
Team Best provided great advice. I would add there are certain programs (e.g., USDA, Iowa Finance Authority, etc.) that do have income limitations per county. It really depends on your current situation if income is going to be relevant. I would be happy to answer specific questions related to buying a...

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