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i'm going through the mortgage process with ABEFCU right now. If you are self-employed, they require your past two years federal tax returns, personal and business, along with a year-to-date profit and loss statement / income and expenses.
Also FYI, their mortgage guidelines allow for as much as 45% for debt-to-income ratio to qualify for a loan (at least for a 15 year loan anyway)
I went all the way back to the first page for this
How did you do your profit/loss statement? Does ABEFCU also require bank statements? Want to get all my ducks in a row.
I went all the way back to the first page for this
How did you do your profit/loss statement? Does ABEFCU also require bank statements? Want to get all my ducks in a row.
My salary alone was enough to qualify for a loan so they didn’t need my wife to do a P/L statement.
They did require bank statements to show you had the money for the down payment.
ABFCU Question -:Hoping Someone Might Know The Answer
I assume in order to apply for a mortgage with the credit union, you have to be a member, correct? Does anyone know if and how you can be member if you do not work for one of the eligible companies listed on their website?
ABFCU Question -:Hoping Someone Might Know The Answer
I assume in order to apply for a mortgage with the credit union, you have to be a member, correct? Does anyone know if and how you can be member if you do not work for one of the eligible companies listed on their website?
You join the American Consumer Council which grants you access to the ABFCU. When you write to the mortgage officer they spelled it out for you. It’s pretty easy
Yes I saw that I was just wondering if anyone had heard anything else useful. I hope the community is doing okay. I imagine any kind of showings are going to become very difficult. I’ve also wondered if any of their financial requirements might change given the current situation.
That's good news. I am expecting to move Penn South by end of 2021 at a studio. do you think its possible?
...No
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