Absolutely not and no it's not legal and it clearly indicates the underwriter has no business doing the job they were hired to do as they have clearly indicated they haven't a clue what their doing .I would speak to the loan originator and tell them flat out approve the loan or you will never get another referral from me and your underwriter needs to be fired. AVM are as worthwhile as reading your horoscope in the local paper in terms of the value of the information they offer. This is an utter disgrace and you should be raising hell and demanding the file be given to someone who knows what their doing. Between us, once this deal closes I would never use this lender again and would loudly and persistently warn others against using them. I have been int he business for 25 years I close on average over a transaction a week and I've never in my life heard of anything so stupid.... more
You're over analyzing and confusing issues. The issue is getting a mortgage and listening to your friends (unless their mortgage lenders or experienced Realtors) in regards to this issue is for the most part a waste of your time.
I would suggest first finding yourself an experienced Realtor to work with as your Buyer Broker. Read the link below to have an idea of what you should be looking for. Ask them to suggest a couple of good local lenders to you. Here's the best advice you're going to receive regarding lenders, "Under no circumstances should you waste your time talking to a big bank" This includes Wells Fargo, BoA, Suntrust, etc. Your best bet is a smaller local lender, a mortgage broker or a credit union.
Both my wife and I are self employed (just like you) and have been for 25 plus years. We have gotten numerous mortgages with out any issue. Yes you'll need to supply them tax returns and bank statements but everyone does. As long as you have a solid two years in your current position and your tax return indicates the type of income you've described above and your credit score is good, you shouldn't have any more problems than any one else in today's lending environment. Clearly you have an a practice owner who is willing to work with you if necessary but I don't think it will be. You do want to be be pre-approved prior to making any offers; this is critical
Good Luck and Happy House Hunting, I'm headed to Philly this weekend to visit our son and daughter in law. I grew up there and it's a great city.... more
The entire Scothbrook development was done under unique special rules in the 1980's for something called a 2-unit condo. These 2-unit condos are exempt from normal condo documentation and do not have associations or files and in fact are exempt from condo documentation entirely. Basically they were originally going to be townhouses but when the property market fell out of bed in the 1980's amidst very high interest rates, affordability became a major factor. The townhouses were then split into 2 units - an "A" and "B" unit sharing a party wall -- hence the 2 unit condominium. Local agents and title search companies should know this. In fact hundreds of mortages exist and thousands of sales and transfers have taken place since the 1980's when they were built. It is rookie estate agents and title companies that are causing the problems for buyers here! It is all perfectly legal and above board. There are no shenanigans occurring... more
I think that opportunity in Philly has come and gone. There are still lots/land that can be acquired for $1.00, but homes and real property cannot. If you are intent on beginning your real estate holdings in this manner, Trenton, NJ may be a good starting point. Do your research, but I am sure they have the $1 property blitz going on now.... more
Good day, since retiring from the military a year ago in 2014; my credit had plummeted. I only had a disability check to get by on because my paycheck was being distributed for military charges. Now I am trying to get a 2br apartment and is very unsuccessful because of bad credit. Please help!!.... more
So many years have already passed, but I still want to answer, it might be helpful for somwone else. Check this link out https://trytopic.com/Basketball-Courts-In-Philadelphia-PA You can find a lot of courts in Philly on this website... more
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Trying to do it yourself at the courthouse or online, unless you are trained, is risky. Search "certified title search" to find a provider. I should cost $100-175. Anything cheaper is just an electronic search and may not be accurate.
Reference link: http://titlecompanies.net/... more
It definitely varies landlord to landlord, but since I'm assuming you don't have a credit score, they typically want to see a copy of your employment contract that spells out the terms of your work assignment, including income. Outside of that, they will most likely want a copy of your passport, a rental application, and a deposit. I recently went through this process with a client moving from Canada. Hope this helps!... more
I own a 1 bed (960 ft) in Independence Place which is now available for rent (and on CraigsList). There is parking for $325 per month. Cats and small dogs are permitted. A typical monthly rental for an apt is $1650. Other buildings nearby are Hopkinson House and Society Hill Towers.
free_man_1966 at yahoo.com... more