Any mortgage experts on the forums?

[tov hashem]

Did anyone have experience where a client was denied a mortgage due to loan modification on file?

[my08701]

not sure if this is what you mean, but a four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower. A two-year waiting period is permitted if extenuating circumstances can be documented.

[AsherO]

not sure if this is what you mean, but a four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower. A two-year waiting period is permitted if extenuating circumstances can be documented.

All three of those sound much more severe than a COVID-era modification.

[zh cohen]

Did anyone have experience where a client was denied a mortgage due to loan modification on file?

I was told by a mortgage broker once that mortgage lenders won't give you a new mortgage within 24 months of a modification.

[my08701]

All three of those sound much more severe than a COVID-era modification.

Covid modifications are very different. they typically not viewed or reported as a modification and many times many not hit your credit. when they do if you bring the payments back after three months the banks are typically ok with it, that would not be the typical loan modification..

[Galitzyaner]

What's the going rate (range) lawyers charge to contract and close on a simple house, assuming no complications, in NYC?

(Any recommendations for someone good but inexpensive would also be appreciated)

TIA

[Jack11223]

does anyone have any info on buying a 2 family home- living 1 unit and renting out the second and using a signed lease for someone to move in after closing as income to get approved for mortgage? a rep at TD says that there's no such a thing but quick search show people have done this. Thanks

[yelped]

does anyone have any info on buying a 2 family home- living 1 unit and renting out the second and using a signed lease for someone to move in after closing as income to get approved for mortgage? a rep at TD says that there's no such a thing but quick search show people have done this. Thanks

Definitely possible. Why don't you use a Heimishe broker?

[israshot]

does anyone have any info on buying a 2 family home- living 1 unit and renting out the second and using a signed lease for someone to move in after closing as income to get approved for mortgage? a rep at TD says that there's no such a thing but quick search show people have done this. Thanks

I got recently a mortgage on a 2 family that way. No need to show any lease. The "renter" "occupied" most of the house.
And yes, heimishe brokers are the best. He made everything happened in 45 days.
If it's for NY/NJ/FL, pm me and I'll give you his contact.

[Z56]

What's the going rate (range) lawyers charge to contract and close on a simple house, assuming no complications, in NYC?

(Any recommendations for someone good but inexpensive would also be appreciated)

TIA

2k

[Jack11223]

Definitely possible. Why don't you use a Heimishe broker?

getting cheaper rates directly from TD

[my08701]

getting cheaper rates directly from TD

that is very interesting. I have been doing mortgages for 20+ years and don't remember TD having better pricing on a regular residential product.
Regarding your question you posted, I agree pretty much with what the previous response was but will add.. typically the rental income is based on the appraisal that is done for your purchase and no lease is needed. The question if the underwriter will request a form 1007 with the appraisal, but that is pretty standard for using income to qualify.
Keep in mind there are some requirements;
if you are currently renting your primary and you don't have history managing rental properties, you can only use enough to cover mortgage payment (PITI) no excess - meaning you cannot use the additional rent to qualify, just to reduce your payment...
if you are living with family i.e. no housing expense, you cant use any rental income

[Fish Tank]

getting cheaper rates directly from TD

First time home buyers program?

[Jack11223]

if you are currently renting your primary and you don't have history managing rental properties, you can only use enough to cover mortgage payment (PITI) no excess - meaning you cannot use the additional rent to qualify, just to reduce your payment...

What do you mean by this - if my income would approve me for up to 5k a month mortgage and the rent would be 2K would I be approved for a monthly payment of 7k a month

[Jack11223]

First time home buyers program?

I am, but rate wasn’t because of that it’s just a standard jumbo

[israshot]

What do you mean by this - if my income would approve me for up to 5k a month mortgage and the rent would be 2K would I be approved for a monthly payment of 7k a month

No. Let's say you need 50% income to debt ratio, with $10k income + $2k rental, you'll qualify for $6k mortgage.

[my08701]

No. Let's say you need 50% income to debt ratio, with $10k income + $2k rental, you'll qualify for $6k mortgage.

that is not exactly what I meant.. To clarify. If you have a rental for $5k and your mortgage is $3k you can use the $3k for income to cover the PITI; the monthly payment, however, you cannot use the extra $2k to for income. 
as an FYI when you purchase an investment property (& you are able to use the income from the subject property based on the updated Fannie Mae or Freddie Mac guidelines) the income you use is a reduction of your payment. so in your example you were using the rent as income to add to your income (which is how it is done for a second home) for an investment property, you actually use the rent to reduce the debt, which means you need a lot loss than double your income because the debt is being reduced... in this example if you have $5k of rent, it would erase the entire $3k of debt which means you do not need $6k of income less the $3k of rent, you need no income to support the new debt.. hope this part makes sense..

[CountValentine]

If you want to fool around with number https://www.alliantcreditunion.org/ gives pretty good details including closing costs.
Ton of different options.

[Galitzyaner]

Has anyone here shopped around for title search, title insurance, and/or land surveyor in recent times in NYC, and have any recommendations for the most competitive company(s) they found?

TIA

[hvaces42]

Has anyone here shopped around for title search, title insurance, and/or land surveyor in recent times in NYC, and have any recommendations for the most competitive company(s) they found?

TIA

Most you'll save are fees. The insurance rates are the same across the board. From my personal practice, go with whichever company your lawyer tells you to use and have your lawyer negotiate the fees. In most instances the title agency will waive many of the fees if they have an ongoing relationship with the lawyer.