All Forum Posts by: Jasmine Claye

How easy or hard is it to set up an entity/business and obtain business credit? Specifically being able to use one's business credit to finance properties to be used as a primary residence or an investment property? What are the pros/cons of using business credit for these situations?

I was considering obtaining a mortgage for a primary residence however, I came across a financial consultant who presented the idea of using business credit instead.

I was already pre-approved for a mortgage but am now considering this idea, as it sounds good so far.

Any input is welcome.....

Thanks in advance!

Thanks for the response Jim!

So do you know if this means, that if the info was found in either of the places you mentioned, this info would be correct and allowed to be used legally by the lender?

An appraisal was recently done on a townhome for which I am currently under contract. The Appraiser listed the townhome property type as a PUD (Planned Unit Development) and now I am curious to know where the Appraiser gets the property type from? Which document? Because I am having an issue with financing on this townhome if it is a condo however, the lender says if in fact the townhome is a PUD instead of a condo, they will be able to lend on the property. We will not know for sure if it is a PUD until titlework is done; which is taking forever also.

Anywho, just trying to find out if the Appraiser uses a legal document to get property type?! Which will assure me listing the townhome as a PUD is true and hopefully not an oversight.

Thanks for reading!

When banks require a minimum of 2 years in order to include rental income, do they mean a specific property must have a minimum of income of 2 yrs before including, or me as the owner must have overall rental income experience for at least two years?

Thanks for the info, honestly I am not sure about keeping it as a long-term rental or not. I just may do that. Otherwise, would it be this same issue if I were looking to do a re-finance after sum time of owning this property? Thanks again.

I currently have a property under contract for which I planned to use financing however, the HOA appears to be having financial problems & a few lenders have already said no to a conventional loan on this townhome. I am curious to know the chances of this townhome getting financied conventionally by another lender, or are the chances very slim which is what I am starting to lean more to, due to the fact that loan guidelines are the same from lender to lender? Or, is there the posssibility that one lender may says yes regardless of the HOA having budget issues? What I know about the HOA is that they have less than 10% of cash reserves on hand, the pool hasnt opened in a few years, & they are seeking government assistance supposedly. this property will be a primary residence.

if the w2 that I provided to the bank does not match the tax return that they will order, will this be an issue that the underwriter will question? my w2 is more than 1040.

Thank you so much for your info.

I am in the process of getting approved for a mortgage. My w2 income does not match the income on my 1040 form. The 1040 income is less than the w2. Is this something that they underwriter will question? Or will the underwriter just assume that I did not report all of my w2 income when I filed the 1040 with IRS. The w2 is from a job which I am no longer employed. Since this job, I have been employed at another company in the same job industry for 1 yr. My current job's income from last yr. was also not reported on my 1040. But this is because I had only worked there for 2 months before filing tax return. Are there any potential serious here? 

anybody?

Anybody?