my brother applied for a FHA loan to purchase his own home. i had to co sign because he does not make enough income. during the underwriting process the underwriter, put us in suspense because i bought a home last year with FHA financing. the reason for suspense is , i forgot to update my address on my drivers license, and my mortgage statement is being mailed to my previous home office address which i still operate from. they gave a loan committment but the loan officer then told us after to commitment letter was generated, that we have two options, an investment loan or continue with FHA, and they would have to do an internal verification process . what does this mean ? my brother is going to live in the home ,so why are they wanting us to do a investment loan or put us through their so called internal verfication process?what are they going to do or look for now? maybe come to my house, knock on my door and pretend to be tupperware sales people ? i would like them to do that so that i could embarass themselves and i will turn the sprinklers on too .

my brother applied for a FHA loan to purchase his own home. i had to co sign because he does not make enough income. during the underwriting process the underwriter, put us in suspense because i bought a home last year with FHA financing. the reason for suspense is , i forgot to update my address on my drivers license, and my mortgage statement is being mailed to my previous home office address which i still operate from. they gave a loan committment but the loan officer then told us after to commitment letter was generated, that we have two options, an investment loan or continue with FHA, and they would have to do an internal verification process . what does this mean ? my brother is going to live in the home ,so why are they wanting us to do a investment loan or put us through their so called internal verfication process?what are they going to do or look for now? maybe come to my house, knock on my door and pretend to be tupperware sales people ? i would like them to do that so that i could embarass themselves and i will turn the sprinklers on too .

I have a mortgage payment and want to go to college, I am not sure how to accomplish this any advice would be great, thanks

We are borrowing $545,000 for a home loan for a house that will cost approximately $625,000.
Interest rate of 6.62%
Monthly repayment of $1625
Term: 30 years
My wife is contributing $75,000 (86%) and I am contributing a measly $12,000 (14%) to the deposit of $86,665.56.
Does anyone have any suggestions of ways we can make arrangements between my wife and myself as we continue to pay off the loan.
Brainstorming examples:
My wife has suggested I contribute more to the loan repayments. This sounds fair.
Any advice on how much the difference would be and how it may work over time?
We both have net income of $1200 nett per fortnight.
Should the opportunity cost of the interest she would have earned be a consideration?
If so, would the interest saving on the reduced loan amount also be considered?
What might we do if the property was sold in say 5 years?
Any advice on equitable options for loan repayment would be appreciated.
Sorry but I have also asked this question at

http://au.answers.yahoo.com/question/index?qid=20120513051148AAkntVf&r=w&show_comments=true&pa=FZB6NWHjDG3N56z6v_2xXUVX99PIM_XDb54u1SbmACpIn8FVrHZLNA–&paid=add_comment#openions

and I chose a best answer without realising it closed the question. So I have re-opened by asking again. Thanks to Yirmiyah for your answer.

I have an 80/20 loan on my upside-down mortgage. My first loan is adjustable and has already adjusted once (to the good) but my second mortgage is a balloon note due next year. I fully expected to be able to refinance before now, when I purchased the house in 2006. How can I combine the two mortgages if the house appraises for less that I need? I do not have a Freddie Mac or Fannie Mae loan, so most government assistance is not available. I feel like we are stuck between a rock and a hard place. Also, we are not behind on any of our payments and have never been late on a payment. Thanks for any advice!

I came up with a VERY conservative number for mortgaging a new home but the bank will not approve the loan amount due to the fact that one of my MAJOR sources of income is a rental property that has not been rented for over 1 year to date. I was told that they were not able to count that as my income yet. Is there anything that I can do to get around this? Do all banks calculate income this way? Please offer any advice on getting approved for the mortgage amount I want.

On an FHA Loan…..The sales price is $179,000. I’m guessing down payment to be $6265. Lets say the interest rate is 4% and home owners insurance is $100. I cant figure out what the mortgage insurance is. Taxes are $6,363. Thanks.

Looking at buying a property with my partner
Will put down 50% of the asking price and she’ll put down 15% and borrow 35%
So we should own 50% / 50% each but seems more complicated than that and I could be at risk if she doesn’t pay the mortgage and the house is repossessed.
Any advice on how to proceed?
Many thanks

I have been living with my mother who has Alzheimer ‘s and have been her primary caregiver for 4 years now. She just went into a nursing home because of her health. She has a reverse mortgage on our house. Medicare will pay for her care for a while but then we have to start paying. Do I have any rights to stay here? The mortgage company says i have a year before the house must be sold. We would love to keep it in the family. Does anyone have any experience with this scenario or any advice for me? Thank you so much.

I am pretty sure we have decent credit (it was pulled a while ago but I don’t have it handy). We will use the $1 down, VA home loan. We have 1 year to pay off our vehicle, have about $13K in credit card debt, and $10K in the bank. Should we use that $10K and pay down the credit debt before trying to get preapproved?