Mortgage/ loan officer question regarding timeframe, etc. | TigerDroppings.com

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TROLA
LSU Fan
BATON ROUGE
Member since Apr 2004
6379 posts

Mortgage/ loan officer question regarding timeframe, etc.


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?







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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32178 posts

re: Mortgage/ loan officer question regarding timeframe, etc.


Less than 24 hours. Very easy process





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Honkus
New Orleans Saints Fan
S County
Member since Aug 2005
33696 posts

re: Mortgage/ loan officer question regarding timeframe, etc.


Meh, you should be fine.

Be prepared to provide:

-2010/2011 personal tax returns (corporate too if you're a corp)
-extension paperwork for 2012
-2013 P&L signed off by your accountant



This post was edited on 5/16 at 6:41 pm


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6320 posts

re: Mortgage/ loan officer question regarding timeframe, etc.


You should be fine.

Use 233k and borrow full 417k with these rates, will be less than 1k year difference in payment, and you keep 17k liquid for more beneficial investment endeavors.

Congrats






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