Mortgage Appraisal Qualifications
How much weight does a pre-approval letter carry?
I just got a pre-approval letter from a mortgage lender very easily. I understand that funding of the loan is still contingent on the formal application, credit appraisal, underwriting.
So lets say the loan-to-value, income-to-debt, everything else about the home selected for purchase is great.
Is the pre-approval letter a strong indicator that – if everything w/the property chosen turns out kosher and the borrower has nothing to hide – that the borrower has passed the lenders “smell test” w/regard to his own personal financial/credit qualifications for the loan?
None. A mortgage requires dozens of steps. A pre-approval letter is step 2.
Florida Mortgage Loan Originator Requirements
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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 Qualifications. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Qualifications
What are the qualification for LTV loans and where are they obtained?
We are close to spending our mutual fund (20k) on a house (appraisal value is 56k). This will leave us completely broke, except a few hundred to pay utilities-we want to act fast on this house. We are wanting to take out an LTV loan, but we don’t have a mortgage since we’re buying it outright.. how would that work?
Also, neither of us have a “stable” work history since we’re students. Is that a problem if we own the house and want to take out money against it?
The LTV loan would be for minor repairs to the house.
First, I think you have some terms confused. LTV means Loan-to-Value. Every loan has an LTV. I think you mean to ask about an equity loan.
If I understand you correctly, you are buying a house appraised for $56k for only $20k, which you will get by liquidating a mutual fund. So what you want to know is, can you qualify for a home equity loan to finance some repairs.
Qualifying for a home equity loan is like any other mortgage. You would qualify based on your income, credit history, employment history, equity, assets, and reserves. Assuming everything else is in order, you have good equity (100%) but your biggest problem will be inconsistent employment history.
Talk to a few lenders. It doesn’t cost anything to have them qualify you (if they do try to charge an “application fee” hang up). I recommend Julie at http://www.primelendingonline.com
Good luck.