I am waiting on a return call as the bank has stipulations that must be met to approve my loan. Can you give me some examples of what this might be?
2006-11-20 23:01:17 · 6 answers · asked by Amanda 1 in Business & Finance ➔ Renting & Real Estate
It's probably a lot of stupid stuff they will make you explain, like a late payment, a gap in employment, that sort of thing. First-time homebuyers have to jump through hoops for financing. The best thing is, if you execute it perfectly for the next several years, the very next mortgage you apply for will happen almost effortlessly.
2006-11-20 23:11:07 · answer #1 · answered by Peter 5 · 1⤊ 0⤋
I was 25 when I bought my first home and I was all alone with a child. I went FHA conventional. Which is one type of loan..but HUD had A program where The State paid my closing cost.(MI) The stipulations on that is: 1. it's a second non-interest barring loan... meaning I have to pay it back after the first mortgage is paid or I have to own it for 10 Years and the second loan/lean is forgivable.... 2. I had to carry Private Mortgage Insurance(PMI) and 3. I have to have an Escrow Account for Taxes & Home Owners INS. for the life of the loan.... It's been 8 eights I've learned A lot since then.... good luck Wiat A few Years and Refinanace... Keep an eye on Interest Rates...
2006-11-20 23:18:31 · answer #2 · answered by damifiknow 2 · 0⤊ 0⤋
I think that you've gotten some good answers here. I just have this to add - for all the people reading this question. This is why it's so important to get approved for your loan before you get into a contract on a house. You didn't state if you're in contract yet, but delays in closing can end up in losing the house.
2006-11-21 05:39:59 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
When dealing with banks directly on any mortgage loan, the process can become very involved and tedious.
The amount of information they require may very depending on your situation.
It is almost certain you can obtain the same loan or even better from a mortgage professional and at the samr time have an easier time qualifying.
Contact us today!
2006-11-21 05:33:39 · answer #4 · answered by CP 2 · 0⤊ 0⤋
I agree with what has been said. The thing you need to remember is that somebody somewhere is looking at your file and saying "what is missing? what could be wrong with this?" before they make you the big loan. It could be anything under the sun. If they don't try to cover all bases then they could get stuck with a bad loan.
2006-11-21 01:58:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It really could be any number of things.....They could be waiting on a letter from your landlord stating you have paid rent on a regular basis or your employer verifying employment and security......IF they are building your credit they may be waiting on verification from your creditors that you in fact are current and do pay your bills, Verification from state that child support is current and payed in a timely fashion, Double checking that debts are paid off, Making sure tax statements are true and correct, Or they may simply be waiting to hear back from underwriting that everything is OK.....Waiting is the HARDEST part of buying a home....Try to relax.....OR call your Realtor to check and see how things are going.....Congrats!!
2006-11-21 01:16:20 · answer #6 · answered by Littlebit 6 · 0⤊ 0⤋