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What do you need to obtain a home loan?
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| BigMike |
| Wutup wutup....My friend wants to obtain a home loan but he is so dumb...Hes trying to tell me that you can obtain a home loan with just a drivers liscense...If you guys know what you really need to obtain a home loan let me know so his dumb@ass can read this...I would think you need your social security card, and a credit card...thats all i know but is there anything else? |
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| Trancealot |
I worked at a refinance loan place for two months.
lets see you need
1)job that pays atleast 30-40k a year
2)good credit atleast 500 score
loans we worked with were 100k up to 1 million
to refi the main info we needed was the persons social to check their credit history
if you do get a loan or your friend does, get the lowest rate out there which is a 5-6 % range.
one last thing is if you def get this loan give your fax/cell you will change in a few months/or anyting but your home phone #!!!! to the company. The reason why is you wil get madddddd calls from telemarketers |
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| Zombie0729 |
i'm a mortgage broker, allow me...
1. credit is an issue, but you need 3 forms of revolving credit for atleast 24 monthes. your credit score will determain, whether 100% financing is an option, down point need be, and what ur rate is...
2. your debt to income ratio determines the rest, if you can prove you can afford this your ok. stated income is the closest way to bull a bank, it only requires 2 monthes of bank statments to prove your income but it really effects your interest rate |
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| butterfly |
| my sister just got preapproved last week. she doesnt make any income at the moment, but in september she will make $20k a year. she has no expenses. i.e., she doesnt have any history of paying any bills. she has had a credit card for 5 or 10 years but doesnt buy much on it. and she got approved for $125K, i think. they'll give money to anyone, i guess. |
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| sweetGSR |
| I work as an auditor/underwriter at a sub prime retail mortgage company (www.nationpoint.com) . For 100% loans, we generally require one credit tradeline of at least 24 months, and 2 tradelines at 6 months apiece. There are quite a few programs available for all types of borrowers. Also, a two year job history is required :) |
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| occrider |
| quote: | Originally posted by BigMike
Wutup wutup....My friend wants to obtain a home loan but he is so dumb...Hes trying to tell me that you can obtain a home loan with just a drivers liscense...If you guys know what you really need to obtain a home loan let me know so his dumb@ass can read this...I would think you need your social security card, and a credit card...thats all i know but is there anything else? |
He sounds like the poster child for a victim of predatory lending. |
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| BigMike |
| Okay thanks guys....Yea i was telling him good luck trying to get approved without even having a credit card...Ill let him read this...Thanks guys |
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| Zombie0729 |
| quote: | Originally posted by butterfly
my sister just got preapproved last week. she doesnt make any income at the moment, but in september she will make $20k a year. she has no expenses. i.e., she doesnt have any history of paying any bills. she has had a credit card for 5 or 10 years but doesnt buy much on it. and she got approved for $125K, i think. they'll give money to anyone, i guess. |
a loan officer can pre-qual anybody for anything, when it goes to the underwriter or a bank account rep is when things are a go or not.
stated income is something brokers & lenders play with. a broker can be like , literally, 'yeah he makes 10,000 a month'... and if you have 2 monthes bank statements that prove it... you're fine.
credit was explained perfectly above by sweetGSR. remember score is not really an issue, you can find what are called "sub prime" loans for almost anyone, your interest rate & down payement are going to be greatly upped though |
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| sweetGSR |
| Also, debt to income ratios play a huge part of who we lend to. In order to calculate this, take all debts that are owed every month (credit cards, auto payments, child support, 401K loans, etc) and divide into total gross monthly income. For certain stated programs, we require a debt-to-income ratio of 45.49%, but for most programs, 55.49% will do. Hope this helps... |
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| Zombie0729 |
| quote: | Originally posted by sweetGSR
For certain stated programs, we require a debt-to-income ratio of 45.49%, but for most programs, 55.49% will do. Hope this helps... |
55! lol, u guys are subprime, gotta love it |
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