Any detailed comprehensive training manuals for mortgage underwriters.
Hi,
I read your question. there is no such book which i know that help you in this regard. whereas, you can refer our Fanniemae ‘guide to underwriting – 2007′ for your first step. moreover, there is one paid site which will help you a lot ‘allregs.com’.
From your question i can guess that you are very new to mortgage industry and want to grow yourself in underwriting. you can ask me all of your query regarding your mortgage underwriting. my email address is ‘thelastwarrior01@yahoo.com’. but before that i need all of your detail at my email id.
thanks
the last warrior.
My husband and I will be looking at buying a house this year, but I am also interested in starting my Master’s degree this fall. If I fill out financial aid paperwork before we buy a home, will it negatively affect my chances of getting a home mortgage?
That depends on the rest of your credit as well. You might want to get the mortgage BEFORE you get the student loan. Mortgage companies are a lot stricter than the financial aid companies. If you get the student loan first, you could hurt your chances of getting the mortgage. Good luck.
Who is more to blame between the house flippers and the people of low income who couldn’t handle the interest rate?
The blame goes all around and also includes mortgage lenders and investment banks. Everyone was riding on the merry-go-round.
I bought two dirtbikes and then lost my job. They came and got them and I recently got a call from a law office saying that I needed to pay. I told him that they came and took and I didn’t have a job. They can take me to court but I still can’t pay them. Should I file for chapter 7 and just start new again? Or this some kind of way to scare people and to make them pay. I do want to pay them back but it’e been hard finding a job. I use to be a wholesale rep in the mortgage industry. Any advice?
The account was sent to a law firm. What can they do to me at this point. I went back to school to earn a MBA but I am not working.
The guy who I talk said that it could be 2,000 or 4,000. Think they got what they sold them for. The guy wasn’t really sure.
If they repossessed the property, all you really owe is whatever the sales price was vs. what they are able to recoup on the resale of the items. I don’t think it’s worth filing a bankruptcy over. What is the actual amount they are seeking? They can’t tell you that you owe the full amount AND also have the items in question. You will owe the difference plus the collection fees.
With good school ditricts, where we can keep our mortgage under $3000…any ideas? What are your thoughts on Valley Stream, Franklin Square and Oceanside?
Finding a home on Long Island with a mortgage under $3K used to be difficult…but now it’s a buyers market. There are so many houses on the market now that costs a lot less than it did last summer.
Here are a few school districts that are great (I’m not familiar with the South Shore..so my list only consists of North):
Herricks, Great Neck, Port Washington, Manhasset, Garden City, Wheatley, Jericho, Syosset.
Like the previous post mentioned its the taxes that make mortgage payments hard. My propery tax is a little over 12K per year…so on top of my mortgage I pay $1000 month in taxes. Most neighborhoods with great schools will have higher taxes. On the plus side, if you work in the city…you won’t get city taxes taken out of your paycheck.
So if you puchase a house for about $480,000 then your mortgage will run about $2300 per month…this doesnt include taxes ( $700/month based on $8500 per year). That would make your monthly payments About $3000.
Don;t forget that you’ll need house insurance, downpayment, closing costs and if its a fixer upper…$$$.
Out of the 3 areas you mentioned I would not consider Valley Stream..its does not have the greatest schools.
There are two properties I am interested in. One was built in 1966 & the other in 1974. Is there a company out there that does first mortgages on older manf. homes? I have a down payment well over 20%. Please help
call greentree fiance, also countrywide does mobile home loans expect to pay a higher interest rate a i966 and a 1974 will not have much value , I would bet less than $10,000 . the value is in the land. that is what someone will loan money on
My husband is being sued for a car accident that he caused a year ago,for $100,000… we dont make alot of money and we recently bought our first home 4 months ago. If the plaintiff wins and we are not able to pay and he garnishes my husbands wages we will need to file for bankruptcy. Will our lender have attend the bankruptcy hearing and will this at all affect our loan with the mortgage lender? Thanks for your help!
lol..landlord, no of course not. The accident happened over a year and half ago and no, he was not hurt, he didnt even go in an ambulance and his car only had a dent in it…he is suing us for emotional damage and "physicall therapy" and loss of work…he is a total fraud and hopefully we will win in court but just in case we dont, I was just wondering…stop being so judgemental
Your mortgage lender will not have to attend the hearing. I can’t believe you bought a house knowing you hurt those poor people. Does your husband have no conscience at all?
BTW, a bankruptcy will not let you rip those people off, that is not included, as well as the house.
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.
Getting ready to buy a house and just curious what people find comfortable. What is your mortgage payment (including taxes and insurance), and your household income, and are you comfortable with your mortgage?
Thanks!
To keep from getting in over your head and being financially stressed, your monthly total mortgage payment (PITI) should not exceed 25% of your take-home pay.
Lenders will tell you 30% or more, but that school of thought leads to families struggling with the reality of home ownership and all the other expenses.
Being a home owner is expensive: regular maintenance (air filters, cleaning products, light bulbs, etc.), major repairs like heat & air, roofs, window replacement, painting), yard upkeep, appliance repair and replacement, plumbing emergencies, garage door repair, furnishings and replacing old furniture from time to time, insect and termite control, fence replacement, and the list goes on and on.
Don’t buy the biggest place your lender will allow. Being in debt for your house will hamper you ability to save for future major financial obligations and wishes like vacations, family, retirement, medical expenses, and the occasional toy or trinket.
My company is looking for a family in the Atlanta, GA. area to help at christmas. Is there anyone out there that knows someone and could give me thier contact information. Time is running out and I really want to give someone’s holiday season a special meaning. I work with First Atlantic Mortgage L.L.C. of GA. and they may reach me at 770-368-1911 ext 234. My name is Liz.
Try contacting the Salvation Army. The have Angel trees where you can adopt needy children, they may also have a family sponsor program