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Old 09-15-2018, 08:35 AM
 
12,018 posts, read 9,375,283 times
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Quote:
Originally Posted by lunasister32 View Post
Hi - Couple of questions:

I'm looking into an FHA loan. My credit score is 728 and I have a large student loan that I'm on an income based repayment plan for. It shows on my credit report that I make $19/month payments. 1% would be $1500/month. My gross income from work is $3814. I receive child support for two adult children, though my ex-husband just pays this to help out. He is no longer court ordered to pay it. That is $110/month.

Does anyone know if I can use my child's social security disability as income, since I am rep payee? That is $803/month.

I've been working with a mortgage broker who said that he was talking to an underwriter who suggested I call my loan servicing company and get documentation as to what my fully amortized monthly payment would be (I'm probably saying that wrong - it's Greek to me). Student loan company said my monthly payment on a 20 year plan would be $1086. My broker said they could use that monthly figure rather than the 1% figure. Has anyone heard of this before? I have no late payments on my credit report and have a $1000 balance (limit is $1500) on a Kohls charge card and a $400 balance (limit is $500) on a Chase charge card. My student loan which will drop off in 7 years.

I've found a house I like. It's listed for $109K, and the seller has said he would take full price for the house, and throw in the vacant lot next door for $1 (separate contracts, of course).

Thank you for any help.
You pay $19 a month for a student loan where 1% payment would be $1,500 a month?

Is your child permanently disabled and never able to live on their own? if so you can ask about it, otherwise I can't imagine why it would unless they buy with you. but I''m guessing.

You would owe $!086 a month for 20 years ona student loan, are you a brain surgeon? 1086 x 12 x 20 =$260,640
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Old 09-18-2018, 04:56 PM
 
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Quote:
Originally Posted by Pfhtex View Post
The Notification is vague as it says November 1, but it also says Sellers (lenders) can implement it immediately. So your lender is hopefully on the ball.


http://www.freddiemac.com/singlefami...qajrhnhrkvqc59
Thank you!

This is the exact info I sent my mortgage broker, but he was still insisting on putting me in an FHA. I was doing more work than he was. I contacted someone else who's working with me on a conventional loan, and submitted a ton of paperwork today. She sees no problem! Very exciting!

Thanks, again!
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Old 09-18-2018, 04:58 PM
 
13 posts, read 10,444 times
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Quote:
Originally Posted by LifeIsGood01 View Post

Is your child permanently disabled and never able to live on their own? if so you can ask about it, otherwise I can't imagine why it would unless they buy with you. but I''m guessing.

:
Yes, my son is permanently disabled so my mortgage consultant said she can use the disability income for which I am rep payee
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Old 09-19-2018, 08:33 AM
 
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Originally Posted by lunasister32 View Post
Yes, my son is permanently disabled so my mortgage consultant said she can use the disability income for which I am rep payee
Also since that income is not taxed you can ask your lender to gross up up by 25%.
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Old 09-19-2018, 06:35 PM
 
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Originally Posted by LifeIsGood01 View Post
Also since that income is not taxed you can ask your lender to gross up up by 25%.
LifeIsGood: What does that mean? I'm not that smart lol.
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Old 09-21-2018, 11:30 AM
 
12,399 posts, read 9,969,278 times
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Quote:
Originally Posted by SmartMoney View Post
Please do what you can to avoid FHA - the prior administration destroyed that loan program and only those with credit problems, lack of credit, prior credit history events should be using this loan.

Why avoid FHA? The PMI is front-loaded (added to loan amount) and on the loan for life. If you plan to stay for any length of time, you are a guaranteed refinance, which will run you on average 1.5% of your loan balance (depends on state and loan amount).

There's no shame in an FHA loan, but make sure you aren't only being offered that program because your lender doesn't offer anything else!
What did the prior administration allegedly do?
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Old 10-05-2018, 05:10 PM
 
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Quote:
Originally Posted by SmartMoney View Post
Please do what you can to avoid FHA - the prior administration destroyed that loan program and only those with credit problems, lack of credit, prior credit history events should be using this loan.

Why avoid FHA? The PMI is front-loaded (added to loan amount) and on the loan for life. If you plan to stay for any length of time, you are a guaranteed refinance, which will run you on average 1.5% of your loan balance (depends on state and loan amount).

There's no shame in an FHA loan, but make sure you aren't only being offered that program because your lender doesn't offer anything else!

No clue why my broker was insisting I go with FYA, but I was able to get a conventional loan with a decent interest rate. I wonder what his incentive was? My credit is good, DTI is fine, etc. etc.

In any event, I was already approved and moving toward Clear to Close soon!
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Old 10-09-2018, 06:29 PM
 
Location: Gallatin Valley
500 posts, read 1,269,131 times
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Quote:
Originally Posted by LifeIsGood01 View Post
Also since that income is not taxed you can ask your lender to gross up up by 25%.
My lender said they would gross mine up 15%.
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Old 10-09-2018, 06:30 PM
 
Location: Gallatin Valley
500 posts, read 1,269,131 times
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Quote:
Originally Posted by lunasister32 View Post
LifeIsGood: What does that mean? I'm not that smart lol.
Since the disability is not taxed, they take the $800 and multiply it by 15%.

SO they could count it for $920
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Old 10-09-2018, 06:31 PM
 
Location: Gallatin Valley
500 posts, read 1,269,131 times
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See if you can do Fannie Mae 97/3% down loan
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