Question by Billah: Turning in a home loan application.. need some help with some of the info im needing to send?
My wife and I are scraping together the information that the bank was asking for, but 2 parts confuse me.
1) It wants a 3 year residency for myself. Is this something I can write up for myself? Or do i need to try to track down previous renters to get letters written up? I mean, since 3 years w-2′s are required, it’s going to be obvious im not lying about where i lived.
2) it wants 3 alternative credit sources. also they have to be current, so since moving this kinda screws me. My wife and I rent from her family, and they insisted on keeping most of the utilties in their name. Can something like health insurance be used as one? Because I have our phonebill, car loan (insurance is in another name so i cant use that) so im screwed on the 3rd, because the only other loan i have out is only a 12 month loan.. and im 8 months into it. Is this usually a really strict 12 month or too bad policy?
Please help im panicing and only have till the 31st to get this all to them!!!
Best answer:
Answer by WFR
This is exactly why you need a mortgage broker. If you got sued for a couple hundred thousand dollars would you represent yourself? This is not small claims. Get a professional. In the long run you will save money!
What do you think? Answer below!
Powered by Yahoo! Answers
Related Blogs
- Something New, Something Old and Fedor! | MMA News
- Answer to the Friday Puzzle….. « Richard Wiseman's Blog
- Fixed rate home loan demand steadies « Mortgage Choice
Popularity: 1% [?]
wordpress plugin menu
No need to panic. First, turn in whatever you have to your lender by the time frame. The lender will proceed using what you do provide and will work with you to finish getting the missing info.
Second, the residency history is merely a list of all places where you have lived during the past 3 years, along with your landlord’s contact information. They need complete physical addresses, not postal mailing addresses, for each location. You simply write this information down for the lender. The lender is not checking to see if you are being truthful. They must verify your rental history in writing and need this information in order to know where you have lived and who to contact. W-2′s may or may not fully identify every place you have lived in this time period so the lender cannot rely upon just the W-2 forms for the residency information.
Alternative credit sources can be other things besides the ones you normally think about. Generally a lender will accept any alternative credit sources that you have had within the past two years. Do you have cell phone or land line phone accounts? If so, list them. Any utilities accounts, even cable tv accounts, will also work if they are in your name. List those. Your rental history from your family is acceptable. List that too. And yes, health or any other insurance contract payments can be listed. So can student loans. Credit cards count too. Charge accounts at retail stores can be listed also. Have you ever paid your doctor or dentist for medical services on an open account? List those too. If you ever made arrangements to pay state or local taxes to governments on a time payment plan, that can count too. In fact, any sort of situation where you made payment arrangements to pay over time will work. If you borrowed any money from a “payday” lender or on your car title, that will count. If you put merchandise on a “lay-a-way” plan, that counts also. List any of these.
Just take a little time to think about what you may have done. If it is older than the lender prefers, list it anyway. Most lenders would rather have some older information that shows your history of payment than no information at all.
Finally, these things are only a few of the many things that a lender considers in approving a loan. Lots of other factors are much more important than these, so if some of these are missing, it is not likely to prevent you from qualifying if your other major factors, such as your income, debts, assets, and credit scores are all acceptable.
Good luck in getting your home loan!
Question 1; Just write up where you have lived the past 3 years in a word document and give this to your bank. You can do this yourself…very simple.
Question 2; This is a bit of a wierd request from your banker. Perhaps your credit report doesnt show enough debt history and they would like credit references in addition to your credit report. However don’t panic. Your banker is most likely just looking for institutions you are currently paying. So it quite simply needs your account statements from current bills. Your phone bill may not qualify. However you can use your car loan. Your insurance if you can prove you make the payments (canceled checks/bank statements). And your rent should qualify. Again if you show him bank statements and canceled checks verifing you have made consistant payments that should suffice. And I dont quite understand why your other loan would not qualify. Frankly what you need to do is simply call your banker and ask them specifically what will and what will not qualify on their requirements. Do NOT guess what they want, call them and talk to them about your confusion and they will guide you. I hope that helps.