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    Use Home Equity Loan As Down Payment On 2nd (primary) Home?

    Hello, Here is our situation. Our current primary home is valued at 326k (based on zillow); outstanding loan balance is 205k, 15 yrs fixed @ 2.8%. Monthly payment is 1500 + tax = 1900. We wanted to find a bigger home in a better school district. So, we tested the water by posted our house on...
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    Recent Fha Changes Effective April 1st, 2013

    I've heard about the new changes starting June 3rd. But what I don't understand and could not find much info about is: Can borrower refinance anytime as long as their LTV is under 78%? For example: My current primary home/house has over 100k equity. I want to buy a bigger house for 450k with...
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    Appraisal twice on newly built home?

    Thanks to Ryan and Evan for your inputs. Unfortunately, Wells Fargo underwriter didn't like the short sale mark on my credit report a little over two years ago. Even though, I have 20 percents down payment & my mid FICO score is over 700; no debt or any other negative on my credit report...
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    Appraisal twice on newly built home?

    Hello all, We're in the process of buying a new home (newly built). The loan officer said because this is new home/new community, they require to do the appraisal twice. They're charging additional $150 for the 2nd appraisal a few days before signing the closing paper. Is that the new law...
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    Buying a short sale home - Lender is Wells Fargo - how long does it take to get approval?

    Thanks everyone for the tips/advise. I submitted my offer of 10k over the listing price and did not even ask for closing cost assistant, but the listing agent didn't accept my offer. He said he accepted a higher offer. I've noticed short sales in seattle are going very quick. Usually the...
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    Buying a short sale home - Lender is Wells Fargo - how long does it take to get approval?

    Hello, We found a house that we like. It's currently listed for only $225k - short sale. House is in Lynnwood, WA (Seattle, WA area). My agent said the lender is Wells Fargo and it is an FHA loan. I heard this type of lender/loan takes forever to get the approval. The house has been on the...
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    Loan question(s)

    Hi All, So, I am on the same boat as many people in the US. I short sold my primary home in March of 2010. However, we're looking to buy again under my wife's name. Her name wasn't on the last short sold home. Her credit is excellent. My income is consider high (6 digits), but my wife's...
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    Help in Washington state

    I live in Lynnwood, WA and short sold my primary home in 3/2010. First, I contacted NACA for help with loan modification, but the bank (BofA) refused. So, I stopped paying and lived rent free for over a year until we closed the deal on the short sale. Yes, I sold the fridge, washer and dryer...
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    Tricky situation - Please help

    Hi All, We short sold our primary home in 3/2010, but we want another house now. I am working and have stable job with ok income (100k+) Because of the short sale mark on my credit report (wife was only on the title, not on the loan) i can't buy now with 20% down. Anyway, my niece has her own...
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    New law - buy after short sale

    Thanks everyone for your input. Steve, Very helpful info. Thanks I just can't wait to buy another house. Can't help seeing my kids running around the little rental townhouse. Needs space for them to play :-)
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    New law - buy after short sale

    Thanks. I thought for conventional loan is 2 years waiting period if you put down 20% as down payment. Anyway, is there really a new law/guideline on short sale 3 months ago?
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    New law - buy after short sale

    Hello Experts, So, my loan officer who works for BofA told that the new guideline require people who file bk, shortsale or turn back home to the bank, have to wait 7 yrs before they can buy another home. She said this law has passed 3 months ago. Is that true? Any official document out there...
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    Buying another house after short sale

    you only have to wait 2 years to buy again with conventional loan. Most of them required 20% down.
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    What happen after short sale?

    Hello all, I short sold my primary home in March 2010, but never received anything from Bank of America. I thought they should send me some kind of tax form (1099?). I called them many times, they transferred me to the foreclosure department and finally, they sent me 2009 tax statement. WTH...
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    Dealing with Banks Recovery Departmet After Short sale

    I am confused. I heard the bank will send the 1099c after the SS is closed. I also heard that they will send out in January. Which statement is true? My short sale was completed in March/2010 and I still haven't received a 1099c from my lender. I did not have to sign any promissory note when SS.
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    Buying another house after short sale

    I don't think you can get new loan if you were late 30, 60, 90 days. My primary resident was SS in March 2010. Before I decided to do a short sale, I called and asked the lender if they were to approve my short sale. The rep said I had to be in default before they will consider (BofA). They...
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    Car Loan on Spouses name

    I traded in my BMW (trade-in value = $9600) and got a brand new Highlander SE under my wife's name. She has good credit and DOES NOT working :-) got the new car loan for 0% for 60 months + 2 years free maintenance, $500 under invoice on new car. They need to sell cars :-)
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    Credit Repair Sample Letters

    Excellent info. thanks
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    Short sale & 1099 & IRS

    Thanks Moe. Weird, I haven't received the 1099 doc from BofA and my SS transaction has been completed a few months ago. Maybe they will send out at tax time (end of the year)?
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    HAFA Short Sale Program

    Hello All, I've heard of the government intensive for short sale. The homeowner will receive $3000 as assistance for moving expenses. Is this true? How do I know if I qualify? thx