TROLA Chicago Cubs Fan BATON ROUGE Member since Apr 2004 8328 posts
Mortgage/ loan officer question regarding timeframe, etc.Posted by TROLA on 5/16/13 at 6:31 pm
A house that my wife and I have dreamed of owning has become available.
The cost will be somewhere in the mid 600 hundreds (lets assume 650k) if we can work a deal on the house. This will be our forever home and with interest rates at there continued low rates we feel the time is right.
My question(s): we are self employed and have income in the 350k range.. Our last two tax returns completed are 2010 and 2011. We are currently on extension for 2012.. Will the extension cause issues? We plan on selling our current home and will use 250k in equity as a down payment bringing the mortgage to 400k. We will have an extra 50-75k in cash from the sale that will be moved to savings.
We both have credit scores in the 720-760 range. We have no out of the ordinary debt.. Have two car loans with a total payment of 700 a month.. Right side up on both.
How long does a typical loan approval take.. What other info will I need or should I expect to be requested?