In order to qualify for a 523,000 mortgage which is 95% of the purchase price you need to earn approximately 160,000 before tax. No matter how good your credit score the bank is looking for a combination of things in order to reduce the risk of a loan. The lender needs to see that you are able to pay your monthly mortgage payments. Besides the mortgage payments you are also going to be responsible for property taxes, utility bills, mortgage insurance and other expenses so its not only the mortgage payment.

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Children will reside. the mortgage is in his name. he plans to have a will so if something happens to him, i can have the house. he will be closing on the property sometime next week. there was never a mention a of the title or deed. shouldn't my name appear on the title, we are unmarried but share balanced living expenses. how should my name appear on this title and what label does our situation qualify for (we live in nj) there is no common law in our state, he says the realtor says its best to do it later, because they will have run my credit and go through the whole shebang of paperwork. i know that it does cost to do this later and more paperwork as well. i looked on the web and saw terms like tenants in common and etc., does any of those apply to this situattion? hhheeelllpppp!

You can add your name at any time, but he will have to refinance, the lender will call the loan due if he changes the deed. Just get your name on everything, the mortgage and the title, the first time around. It doesn't make sense to do it later, you have to pay for all of the refinancing and your interest rate might go up.

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I am a sophomore in college (civil engineering) who is interested in buying my first investment property. i've read several books on the process an understand the fundamental ideas behind investing in real estate. there is a home for sale on a popular street on campus which is annually rented to university students. with the mortgage quotes i've found, with 10% of the asking price down, after property taxes, insurance, legal fees for title transfer & other closing costs, the current rent would still make this house a money maker (assuming no huge maintenance problems come up), or at least break even. only problem is... i'm a student, with virtually no income. i hold a part time job (at a real estate management company, actually) but i doubt that'll count for anything with the banks. if i could come up with the 10% down payment, is there a way that i could qualify for any type of mortgage? is there any way that it could be viewed as a student loan of some sort? thanks

I doubt it is legal to use student loan to buy investment properties. No, you will not qualify for a loan. In order to qualify you need both a down payment and some way to pay the loan if the building is vacant. You can only count rent from property you already own as income.

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If i have someone helping me pay mortgage on my home (with their name on the loan), but only my name is on the title, would the other person be considered an owner of the property in any way? or does ownership only apply to the name on the title? i guess in other words would this other person have "property interest" just by having their name on the loan? at the moment this is all "what-if" but i am interested in buying a home soon and we were told that we can take the other person off the title at closing... k, thanks!

Ownership of the home and being named on the loan documents are two seperate things. The deed shows who the owners of the property are, the loan documents who the borrowers are. They do not necessarily have to match. Whomever is a borrower and is not on the deed is therefore in a bit of a difficult spot as they don't own the home but are liable for the mortgage. As a result most people are cautious of being a non occupying, non owner co-borrower.

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I'm reading the rules of the classic monopoly game and this is where it confuses me; is under paying rent: when you land on a property that is owned by another player, the owner collects rent from you in accordance with the list printed on its title deed card. if the property is mortgaged, no rent can be collected. when a property is mortgaged, its title deed card is placed face down in front of the owner. it is an advantage to hold all the title deed cards in a color-group (i.e., boardwalk and park place, or connecticut, vermont and oriental avenues) because the owner may then charge double rent for unimproved properties in that colour-group. this rule applies to unmortgaged properties even if another property in that colour-group is mortgaged.

Unmortgaged: The starting condition of the property. As soon as you buy property, you can collect money from rent. Mortgaged: You take out a loan from the bank using your property as collateral. You generally get half of the property sale price as a loan, and in return you must turn over your card and you will not be able to collect rent. You can unmortgage the property again by paying back the mortgage plus a 10% fee. Unimproved: Street property with no houses or hotels. You can't double the rent of railroads and utilities if you have a monopoly; in those cases, you follow the rules on the card to figure out how much is owed to you.

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Help! gmac mortgage placed a lein on the wrong property. i have emails from them admitting there mistakes. now gmac mortgage will not respond to my calls, emails or letters. i was in the middle of buying my boyhood home from my mother when a title search of another rental property i own free and clear revealed a lein on it that should be on my residence. it has been weeks and because they would not respond to me and let me know if they were going to try and fix this mess and if so what they planned on doing and an estimate of how long it might take. i have lost the chance to buy my boyhood home and i'm paying mortgage payments on a home i'm not even sure if i own it or if gmac is applying the payments to the right account. they have turned my life into a living hell with nothing i can do to fix the problem it is very very stressful. please help. if you can just tell me what else i can do to try and fix this it would be greatly appreciated i have documents to back up everything and much more that they have done.

da Contact the title company that you are working with on the new transaction. This could be just not a misfiling, but a lien AND loan on the (wrong) property in question..... If it is, the old loan would have to be paid off and a new loan and filing on the proper property done. They could advise both you and GMAC on how best to correct the matter. Order a copy of the filing. Does it have the same address and legal filing , or is one the rental, the other the home? Yuk! What a mess. Soccerref

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Purchased a va foreclosure as investment property and financed it (va vendee) through countrywide mortgage. five years later when applying for a home equity loan was informed that the tite was never transferred to my name. why could countrywide give me a mortgage knowing the title wasn't transferred to my name? can i get the title transferred in my name now?

sounds like you have a contract for deed, Something here you are not aware of. I did that on a foreclosure from a bank once, and when it was paid off they then gave me a clean title. I made a fortune on that property, and still own it. Gives me almost $6500 a month income, with about $1000 a month in taxes...

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My sister recently added my name to the title on her house. i am the co-owner of the house, and co-signer on the mortgage. my sister bought this house before i was married, but now i am going through a divorce. i live with my sister but have never made a payment on the house. i also have not lived with my husband for quite some time, although we are not legally separated. how will this affect my sister and i (and the house) if we are living in california? my sister bought the house (before i was married), and added my name to the title (after i was married). now i am getting a divorce. i was just wondering how that would affect us.

Your portion of the house (50%) is considered marital property and will be divided. It looks like the house will need to be sold in order to settle your divorce, unless you can pay your soon-to-be-ex what you owe him without selling the property.

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My partner jointly owned his property with his brother, his brothers girlfriend moved in and my partner wanted to sell the property or be bought out, as they couldnt afford to do either and he was family my partner agreed to move out and for his money to be paid to him when the property is sold in about 2-3 years time. his brother is apparently getting the mortgage on his own, but 2 months down the line my partner is still on the mortgage title as joint owner because the mortgage provider has not offered the mortgage yet. he is using the same provider which they both used and has claimed that there has been a delay in getting it offered because an ex girlfriend has applied for a loan about 9 months ago when she lived at the property.... i do think he is lying about this as this would surely come up on the credit check he would have had immeadiatley when applying for the mortgage wouldnt it??? im worried that he has been declined the mortgage and is stalling my partner as long as he can as he would therefore have to sell the property and move. my partner doesnt want to rock the boat with his family by questioning him further so i wanted some advice to weather you think this is a valid reason the mortgage offer has been going on for over 2 months???? he has had problems with his brother not paying his share of the mortgage in the past and not telling him about it until they got a letter in the post... luckly my partner had been paying enough to cover the mortgage but his brother hadnt paid his half for 4 months in a row - im terrified something like this might happen and without my partner not conributing the property might get into serious arrears and then this will effect our own future.. please help!

There is something you can do call 'Quit Claim Deed'. You can go your lawyer or title company and they can prepare one for you. It shouldn't cost around $100-200. This will let you change the ownership on the deed without going thru a big procedure. Mind you, many mortgages has 'due on sale' clause which means they can ask you to pay off the mortgage when you do this . But with the economy right now, they wouldn't bother you till you are making your regular payments.

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I had applied for a loan based on mortgage of my property. but the title deed was lost by me last week. now all my papers are complete, but bank says they are unable to dispense the cheque without title deed. i had consulted a lawyer, he says we can get a certified copy from registrar office, but bank refused to keep mortgage on certified copy. what is the way out? can i never get a loan based on my property now? is there no solution to my problem? it is about india

I am unable to comment on your bank's response. However, I know that you can always get yourself another deed. How it is done, I really do not know, but I have seen it to be done. Go to a lawyer and if he is good, it will be done. And yes certified copies will not work in may places.