I have been hearing that lenders will be discontinuing the stated income loan completely. Does this mean that everyone will need to provide tax returns, w2′s and paystubs to qualify for residential refinance and purchase loans? How many of you can qualify with what you make to refiance or buy a house? Will everyone have to have an overall debt (monthly minimum payments (on credit report), mortgage payment, property tax and homeowner insurance) vs income ratio of 45% or less? Let’s say you make $ 3500 a month can you afford to buy a house, pay taxes and insurance on it, pay your car payment, credit cards or student loans and still stay at $ 1500 month total payments so that you qualify? Does anyone think this is unrealistic?
Nov 092010
Why does being a co-signer for my daughter’s student loans affect my debt? I have co-signed for two of her loans that she pays for, and has not been late on at all? Yet the amount of the loans is sowing on my credit reports as if I have directly incurred that debt; it makes my debt to income ratio blow up? Is there any way to correct this?
I am looking to purchase a home using a USDA Rural Housing Direct Loan, but I have about $50,000 in student loans. If I set up an income based repayment plan, will they use that payment amount in my monthly debt to income ratio? I am supposed to pay about $500 per month, but with the income based plan it would be about $30. So, as you can see, this would make a huge difference in the loan amount I am approved for. I am affraid they may not accept the income based payment amount becuase it varies each year based on the previous year’s income. Thank you in advance for your response.
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Jan 282010
Import and export of 25, I was shocked when I saw my friend (the same age, the voice-income level) is going to buy 250,000, 30 megapixels is not a home. They do not have the money to fill the fuel tank 20, but can afford a 250,000 home? ? ? I do not want in their place are 90% of their income mortgage loans without having to make any savings. What is the payment for the guide / income ratio?
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