Author Topic: Mortgages ny 2015  (Read 3390 times)

Offline Luvtotravel

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Mortgages ny 2015
« on: April 17, 2015, 01:45:34 PM »
I've seen several old threads discussing mortgages. I would like updated info on home mortgages. I can afford the mortgage payment through various means... The documented income is the primary issue. Any input or suggestions would be appreciated.
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Offline coralsnake

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Re: Mortgages ny 2015
« Reply #1 on: April 17, 2015, 02:12:16 PM »
I've seen several old threads discussing mortgages. I would like updated info on home mortgages. I can afford the mortgage payment through various means... The documented income is the primary issue. Any input or suggestions would be appreciated.
More info would help answer your question.

What's the purchase price you are looking for?

Loan amount?

Assets (checking/savings/stocks/bond/MF/IRA/401k etc) after down payment?

Any other monthly debt obligations?

Where is the ability to afford coming from?

Can you show any W2 income?

Do you show any income on your Federal income taxes?

How's your credit?

Spouse/coborrower? Income/credit on them?

Do you or coborrower own and other properties? (If so need property type, mortgage amount (if any) and estimated value).

There's more but that could get this discussion started.
« Last Edit: April 17, 2015, 02:17:08 PM by coralsnake »
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Offline ShlockDoc

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Re: Mortgages ny 2015
« Reply #2 on: April 17, 2015, 02:45:40 PM »
More info would help answer your question.

What's the purchase price you are looking for?

Loan amount?

Assets (checking/savings/stocks/bond/MF/IRA/401k etc) after down payment?

Any other monthly debt obligations?

Where is the ability to afford coming from?

Can you show any W2 income?

Do you show any income on your Federal income taxes?

How's your credit?

Spouse/coborrower? Income/credit on them?

Do you or coborrower own and other properties? (If so need property type, mortgage amount (if any) and estimated value).

There's more but that could get this discussion started.

I just want to know more about the "various means"...

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #3 on: April 17, 2015, 03:25:02 PM »
400000 loan on new house. Good credit. No assets. No monthly obligations. income is low. W2 available with low income. No other properties owned. Various means meaning help from grandmother...
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Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #4 on: April 17, 2015, 03:26:07 PM »
On other note how would it work if a trust were to take out a mortgage. Is that possible at all?
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Offline ShlockDoc

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Re: Mortgages ny 2015
« Reply #5 on: April 17, 2015, 03:31:22 PM »
Various means meaning help from grandmother...

Why doesn't she take out the loan?

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #6 on: April 17, 2015, 03:32:42 PM »
She has no income either.
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Offline dealfinder85

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Re: Mortgages ny 2015
« Reply #7 on: April 17, 2015, 03:54:29 PM »
She has no income either.
but it sounds like she has assets

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #8 on: April 17, 2015, 04:57:20 PM »
She does. As far as my research took me, if she has no steady income she cannot get approved regardless of assets. Is that accurate?
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Online ckmk47

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Re: Mortgages ny 2015
« Reply #9 on: April 17, 2015, 05:06:23 PM »
Any chance of a co-signer?  Someone who trusts that you can and will pay and on time. and who has enough income.
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Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #10 on: April 17, 2015, 05:08:42 PM »
That's some I would need to look into. Not that easy to find though...
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Offline Shmulie

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Re: Mortgages ny 2015
« Reply #11 on: April 17, 2015, 05:22:03 PM »
She has no income either.
SSI, pension, 401k, IRA?

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #12 on: April 17, 2015, 05:25:42 PM »
I'm not sure the latter two would be considered income.
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Offline yoruel

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Re: Mortgages ny 2015
« Reply #13 on: April 18, 2015, 09:26:20 PM »
Did you speak to a mortgage broker?

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #14 on: April 18, 2015, 11:17:43 PM »
Yes she wasn't very helpful. Basically said I need to find someone with necessary income requirements...
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Offline zale

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Re: Mortgages ny 2015
« Reply #15 on: April 18, 2015, 11:48:38 PM »
Yes she wasn't very helpful. Basically said I need to find someone with necessary income requirements...

Some brokers know how to work around this. Clearly she does not. Speak to several brokers and see if one can work with your situation.

Some banks, especially smaller ones, may accept assets under certain circumstances, such as withdrawing from those assets steadily every month. (I.e. They just want to know that you will have enough to cover your monthly mortgage and living expenses. If you withdraw from said assets every month, that may qualify.)

Offline Luvtotravel

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Re: Mortgages ny 2015
« Reply #16 on: April 19, 2015, 02:35:48 AM »
Thank you. I guess I need to shop around for a more competent broker.
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Offline LoLo

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Re: Mortgages ny 2015
« Reply #17 on: April 19, 2015, 02:35:03 PM »
You might try to get bigger pay stubs and return the difference, and then tell the bank you got a raise, has to make sense though

Offline coralsnake

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Re: Mortgages ny 2015
« Reply #18 on: April 19, 2015, 03:52:45 PM »
You might try to get bigger pay stubs and return the difference, and then tell the bank you got a raise, has to make sense though
So you are advocating mortgage fraud. Interesting.

Not to mention that he would then be responsible for the taxes on the larger salary.
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Offline lunatic

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Re: Mortgages ny 2015
« Reply #19 on: April 19, 2015, 04:20:00 PM »
Why do people mess around with Bank fraud... Those who are caught sit in jail.  And it is hard to MS in jail


I heard you can buy stuff at the prisons canteen on your CC, and return onto a different card. 


Maybe the prison atm can load bb


There's always serve, for another week, that is.