Jun
28
Question by Wondering????: How do I become a mortgage broker in ohio?
I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans…is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.
Best answer:
Answer by Traverse City Agent
Here’s a link to the application required by the state. It included a list of requirements to be eligable. http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket_000.pdfI would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent.
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Jun
27
Question by CharChar76: How is the amount of a home loan decided?
My husband and I have been approved for a $ 120K home loan. However, some other mate we cognize that make the same or less than we do were able to buy home for up to $ 20K more than our approved lend. I know some of them also have more monthly bills than we do. So how is something cared that decided? Should we shop around more?
Best answer:
Answer by golferwhoworks
they may more bills now than they did have when purchasing. The housing ratios should be around 29% of gross wages (principal + interest + taxes monthly + insurances monthly) the total expense ratio for all other accounts reporting in your credit file should be around 43% with the new purchase included. This is how the loan must be structured or less ratios if so desired by you the buyer. So if you buy less then your ratios will be less. You also when making your statement do not know what types of loans these people have. Some may have qualified on an interest only note when it was possible to do so several years back. So there is no way for me to give you a scooping answer with out knowing all the factsI am a mortgage banker in TN & KY
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Jun
25
Is an FHA Home loan Mortgage Right for You? ((97%w 550 FICO))
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Is a FHA Home loan Mortgage Right for You? ((97%w 550 FICO))
Is a FHA Home loan Mortgage Right for You?
The days of putting just little money downwards to purchase a home are not over
After many years of risky home loans backed up by small down payments, most lenders aren’t underwriting mortgages without a large sum money for a down payment and a high credit score. But a loophole can still put home buyers in a Florida home for little or no money down. FHA Mortgages insured by the Federal Housing Administration (FHA) allow Florida mortgage applicants to get approved with a low down?payment as small as 3.5% of the purchase price and you don’t require a high credit score.
Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closed costing.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a house purchase2 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-954-667-9110 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.
www.FHAmortgageFHAloan.com
As millions of Florida homebuyers have come to realize, getting into a Florida home for little money down has its disadvantages. Borrowers who’ve invested little money down on their home are often more willing to walk away from it during tough times rather than struggle with tough payments; this risk is further elevated when Florida home values are declining and troubled Florida mortgage applicants are unable to refinance or sell their Florida home at a price that covers their losses.
Still, FHA home loans are far less risky than a subprime?or hard money loan that lenders originated before the housing bubble. FHA-insured mortgage loaned require documentation and verifiable proof that the borrower is capable of making their bonding payments. (In the past lenders didn’t require such create.)
The looser terms of FHA home loans have helped make them more for Florida homebuyers. Today, FHA home loans make up about 30% of the mortgage Florida mortgage market, up from 5% in 2005, The FHA commissioner David Stevens said in a speech earlier this month. In June, of FHA insured over 200,000 FHA home loans – the highest monthly total in the agency’s history, according to Stevens. For fiscal year 2009, the dollar amount of FHA home loans are likely to reach 30% of mortgage originations, up from around 5% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.
“FHA-insured?home loans are one of the only games in town, especially if you can’t qualify for a traditional Florida mortgage,” says Thomas Martin, the chairman of the which trains and certifies mortgage lenders and brokers. “Now that the subprime market is gone, the FHA home loan is filling the void.
Here’s how to determine if a FHA-insured mortgage is right for you.
Do you meet the FHA home loan qualifications?
Most Florida mortgage applicants of FHA-insured mortgages have stable predicable income likely to continue with their credit history and debt load than a conventional mortgage loan might allow,
“When analyzing a FHA mortgage applicants credit, we anticipate FHA mortgage lenders to examine the overall pattern of attribute behavior rather than isolated occurrences of pathetic performance or relying solely on an assigned score, This includes a borrower’s rental or mortgage payment history, debts, collections, previous foreclosures and bankruptcies. Borrowers with a credit score less than 500 must make a 10% down payment to qualify.
Today, over 80% of FHA-insured purchase-mortgages belong to first-time Florida home buyers, thanks to looser requirements and the comparatively small 3.5% down payment, (Another perk is that borrowers are permitted gift assistance for the down payment from their friends, a family, employer or a government entity, but not the seller.)
Can you afford the costs?
Now, FHA mortgage interest rates and non-FHA mortgage aren’t practically different. A 30-year fixed-rate FHA-insured mortgage had an average rate of 5.25% for the week finished Aug. 20, compared to an average rate of 5.44% for a 30-year repaired rate non-FHA mortgage,
However, there are unique fees that accompany a FHA mortgage. A mortgage applicant is required to pay 1.75% of the loan amount upfront, or that fee can be financed into the mortgage. FHA-insured mortgages also require a .55% annual premium based on the outstanding FHA loan balance and financed into the mortgage. These fees pay for the FHA insurance that makes the loan possible,
A borrower who has a high credit score – typically a minimum of 720 – and a 20% down payment is often better off with a traditional non-FHA mortgage, which includes fewer fees. However, the math gets tricky when a borrower has a high credit score but a down payment less than 20%; in those cases, the borrower will have to pay for private mortgage insurance (PMI). Depending on your situation, PMI can cost less, the same or more than FHA mortgage fees.
What protections are in place for the FHA mortgage lender?
FHA mortgage Lenders are comfortable providing FHA mortgages because they don’t bear the loss if a mortgage applicant defaults on their payments and goes into foreclosure – the FHA does.
In such a scenario, the FHA pays the lender an insurance claim equal to the sum of the unpaid principal balance of the loan, foregone interest and a portion of the foreclosure expenses, The FHA pays for these losses by dipping into its insurance fund, which holds the insurance fees borrowers pay.
Jun
23
What is the difference between Mortgage Modification and Refinance?
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Question by Julio: What is the difference between Mortgage Modification and Refinance?
Also, if a wanted to do a Mortgage Modification should I do it directly with the bank I have the mortgage with or should I bid help from a lawyer or those institutions that do mortgage modifications?
Best answer:
Answer by Ryan M
One destroys your credit and the other does not. Since a modification is NOT an entitlement, a lawyer cannot really help you. There is no LEGAL release. You can try to work with the bank or a separate entity, but you bank is under no obligation to do anything either way.
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Jun
21
Trying to qualify for a home loan. Will adding my name to my parents savings account help?
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Question by michaeldorian: Trying to qualify for a home loan. Will adding my name to my parents savings account help?
I’ve been doing alot of research in terms of qualifying for a home loan and can’t seem to find an answer to this. Many home loan require you to show a bank account statement of atleast 3 months of savings. I unfortunately don’t have that but the monthly mortage is not an issue. Will my parents adding my name to their savings am allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!
Best answer:
Answer by lobo
No, proof of income, job time and your debt ratio is what will qualify you. The bank statements are to verify you have the down payment. Lenders will usually not permit you payment exceed 40% of your gross income.
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Jun
19
Is there any tax deduction for home loan in other countries ?
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Question by Leo: Is there any tax deduction for home loan in other countries ?
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.
Best answer:
Answer by Ken
Mortgage interest on a 2d home is deductible on schedule An as an itemized deduction, even if the second home is located outside the U.S. However, if you reside in the U.S. and the lender is a foreign person/bank, then you are required to withhold 30% tax on the interest portion of the payments, unless a lower treaty rate applies. Depending on the jurisdiction, a treaty may apply to reduce or eliminate the withholding tax. However, if you want to rely on the treaty, you need to obtain a Form W-8BEN from the foreign lender where the lender certifies that it qualifies for treaty benefits. In either inspect, you will need to also file Form 1042 and 1042-S reported that you made interest payments to foreign persons.
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