Mortgage Appraisal Employment
First Time Home Buyer?
I was wondering what are the chances of our financing falling through…Im so nervous I have heard about peoples loans falling through whne they go to the underwriter. We are working with a mortgage company that their loans are locally processed, underwritten, and closed by their company. We were told by the branch manager that we have nothing to worry about, but that doesnt help. We were pre-approved,found a house,made an offer had it accepted,locked in at 5.5%, gave the earnest money, had the inspection and appraisal done,had our funds verified, had our employment verified, the title company called and said we needed to get home owners insurance so we did that also, we havent had any changes to our credit, havent bought anything big, my husband has been in the Army Active duty for 15 years so he has steady employment… If it matters we are in Oklahoma state and are using my husbands VA loan…Im so nervous what are the chances of it falling through?
Everything sounds on track to me. Your interest rate is a bit high, but that’s still near historic lows.
You’ve done what you’re supposed to. You’re getting the answers you should be getting. If you’ve been pre-approved, haven’t had any changes to your credit, haven’t had any changes to your income or employment status, gotten through the appraisal…then your chances of the financing falling through are very low. If you want a number, maybe between 1% and 2% of it falling through, which means you’ve got a 98%-99% chance of the purchase going through.
Hope that helps.
FHA Refinance DEAD? FHA Streamline Going DOWN!
Report: Home sales sagged in October
After rising for two months, nationwide home sales fell by a seasonally adjusted 2.2 percent from September to October, the National Association of Realtors reported Tuesday.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Employment. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Employment
Could I be refused a loan because of this?
Hello,
I am currently in the process of refinancing my home. The mortgage company (Stonegate) has already done the appraisal and all my paperwork has been signed and submitted. Yesterday the agent assisting me had me sign a form which will release my last two years tax returns…I guess to verify my bank statement and employment history? My question is this…I work in Iraq as a Department of Defense civilian and we have the same status as deployed military personnel. Can my loan be refused since I do not pay federal income taxes (wages under $91,500 are exempt from taxes by submitting form 2555) Bank of America would not even give me a good faith estimate because of this and I was later told they are not permitted to deny me because I am deployed military status..but, maybe someone knows better? Any info would be appreciated.
Thanks!
The underwriter wanted this form signed so as to obtain a record of your income tax forms. They do not receive your complete return, simply certain lines of your federal income tax return.
You would not be denied or refused for not legally being required to pay federal taxes. This actually might help as you now ave more provable income.
This question might have been asked of your mortgage loan officer, he/she get paid for answering these type question, and you are paying this loan officer.
Run this question by him to find out his reaction about deployed military and those civilians that are offered the same privileges. If he do not have an answer, tell him it is important to you, so please find out from someone. This could be a learning experience for him.
I hope this has been of some benefit to you,good luck.
“FIGHT ON”