All Forum Posts by: Eric Veronica

As @Andrew Postell noted, depreciation is a paper deduction so typically depreciation can be added back as income.  

Try calling @Chris Mason

@Jeff S. is spot on.  For your purposes the method of tax filling shouldnt matter.  Same concept as a married person filing separately in 2018  and jointly in 2019

@Ryan Taft Possibly because their 30 year fixed is NOT competitive.  QL is always pushing a marketing gimmick of some sort.  All that marketing isnt cheap and it trickles down to the customer.  

@Sean Gribbons I would recommend that you do some internet sleuthing to find a loan officer who is experienced with new condo developments.  If i was in your shoes I would do some secret shopping on a couple l new local condo projects. 
I was in Denver a few weeks back so I know there are plenty.
Ask the listing agents for their lender contact.  I would repeat that a couple times and get a couple different names. 

I used to lend on a lot of new development condos in Detroit and the amount of misinformation out there about financing was unbelievable.  Condo financing is very tricky.  You need to find not only the right bank but also the right loan officer who understands the guidelines.  Lending on new condo developments is not for the faint of heart! 

@Austin Cook It would be unlikely that a lender would view a past co-signed loan as "help".  You should be fine. 

Putting your dad on the mortgage should solve your problem.  

If you are looking to finance yourself then you would likely need to pull money from your retirement account. 

Are your 2018 tax returns stronger than 2017?  Sometimes Fannie or Freddie automated underwriting findings only ask for 1 year of tax returns.  I have been seeing more and more self employed borrowers only needing 1 year tax returns.  If 2018 income is stronger than 2017 then this will allow your income to be calculated based on only 2018 instead of a 2 year average of 2017 and 2018. 

I would recommend asking  your lender if the automated underwriting (AUS) is asking for 1 year or 2.  

Be aware that some lenders have overlays (bank imposed additional rules beyond Fannie/Freddie) that will require 2 years of tax returns regardless of what the automated underwriting conditions ask for.  If that is the case then you will need to search for a different lender that does not have that overlay.  Typically the AUS findings should not change from lender to lender as long as they are putting the same information. 

The best thing you can offer to a co-signor is a path out with a realistic timeline.  Work with a lender to find out how close you are to actually qualifying on your own. Whether it be claiming more income, paying off debt, starting social security income, etc.  

Asking someone to "co-sign" for a loan is a HUGE ask.  Being on the lending side I see co-signed loans as one of the main issues with troubled credit reports.  When I tell customers that a co-signed loan is late the typical response is "Oh thats not mine....I just co-signed"  There is no such thing as "just co-signing".  The debt is your debt.  Period.  

Did you ask about rates/points with a 25% down payment? Typically there is a big difference between 80% LTV and 75% LTV% Based on your credit score it should amount to a difference of 1.5 points

@Andrew Postell  Dang it.  I wish  I was wrong.  Your advice and posts are always awesome so I hoped maybe I was missing something.