Loan application with income coming from own business

We are looking to buy land soon and would like to know what would a lender consider my income to be when my wife and I own a business? Our net profit for this year is $260k.

Will paying off my house hurt my scores?

My wife and I are planning to build a new home. We are selling our home but we have enough to pay it off now. I was thinking of paying just a chunk down on it to lower interest, last month's interest wa...

Self employed applying for a loan

My family fell in love with a mobile home across town that is listed for sale at $90k with $500 a month lot rent. We have around $50k saved and we would love to buy the home and turn it into a rental. W...

Change of plans after buying a new construction home

I signed a purchase contract a few months ago to buy a new construction single family home. The house was delayed in construction and many things have happened since then. We had a newborn in the family...

Closing costs average?

Hi, I want to ask about a good average percentage for closing costs on a commercial loan? I am paying more than 3 to 6% which seems pretty high for me.

Low down payment options

Is anyone familiar with requirements for conventional loans with a 5% down? I know lenders can offer different rules and I want to get a general idea of how this works. I have an FHA loan for a duplex w...

Fresh grad applying for a loan

I just graduated from college and I plan to buy my first home. I came across a qualification for a loan approval which states that you need two years worth of tax returns. I do have a job but only for t...

Any idea on interest rates?

I am trying to figure out if it’s possible to use HELOC on one of my investment properties. What are the qualification requirements? What interest rates can I expect?

What are USDA home loan qualifications?

My family has grown bigger in the past few years and we need to look for a larger home. The good news is we fall smack into the income eligibility range for our family size. I am looking at a modular ho...

Applying for another FHA loan

My credit score is around 710 and I want to make another home purchase using an FHA loan. How long do I need to wait after an FHA short sale to apply?

Potential septic tank issue prior to closing?

Our property is 35 years old with an old cement septic tank buried 3 feet under which has no modern clean out system. We have an idea exactly where it is but we haven’t encountered any problems in the...

Loan application after changing jobs

I have worked in sales for the past decade with no gaps in income but no employment. I am more stable than someone who bounces from job to job every 6 months yet I can’t get a loan since I changed job...

EXPLANATION OF NO MORTGAGE OWED ON PROPERTY. CASH PURCHASE

Cash out refinance for a lower rate

I was hoping to do a cash out refinance for a lower interest rate and consolidate a higher interest rate personal loan. Do lenders look at your current DTI or your future DTI with the refinance?

Need help with HELOC loan

I need advice on a HELOC loan. I have a BK discharged 3 years ago going on 4 years this June. My scores are 700s depending on the model used and I have had no credit issues since my BK. I have a student...