Your Questions About Home Loans

Paul asks…

How long should we be employed in Australia to get home loan there? Will banks accept income from Hongkong?

We are Aussie PR and will move there shortly. Which bank is best for getting home loan?

John answers:

You will need an Australian income and show proof via tax returns of your income. Hong Kong income, unless it is taxed by the Australian government does not count. No bank or lending society will give you a home loan if you cannot provide proof of your current Australian based income.

Ruth asks…

What is the best home loan for a short term mortgage?

It is for an investment property and I am only planning on holding on to it for 3-5 years. What is the best home loan available with the lowest payment without any differed intrest?

John answers:

I would look into a 5/1 interest only. Just make sure there are no pre-payment penalties on the loan if you decide to sell before the 5 years are up.

Sharon asks…

Will I get approved for a home loan with a 607 credit score?

I would like to purchase a fairly cheap townhome (only 115k). Would it be possible to get approved for a home loan (100% financing). If it is any help, even though my score is low, it’s actually on a steady climb upward -from a 540 a year ago.

I’ve been employed at the same business for 3 years, I make decent money and this would be my first home purchase. Will I get approved, you think?

John answers:

You can still get fannie mae approvals down to 575 fico for 100% financing. I have a few approvals right now that are lower than 600 fico score. You’ll need to meet all of the conforming loan requirements for a full documentation loan. No unpaid judgements or tax liens. Have your loan officer input your application through Fannie Mae (DU) Desktop Underwriter. It will tell you the exact requirements specific to your scenario. Other factors: debt to income ratio (you can go up to 65% now), months reserves (number of house payments you have in the bank) will affect your interest rate.
You should also check into FHA, it is not credit score based.

Richard asks…

How long does it normally take for a True No Doc home loan to close?

I will be applyign for a No Doc home loan this week. I know I will get approved since my credit score is 760. What I am wondering is how long it will take from start to finish. I heard the clossing is quicker but its 2am and can’t call a mortgage broker. This is all assuming appraisal and title work is done.

Thank you for your answer.

John answers:

Matthew,

true no doc loans in this market are more difficult than a few years ago but could close in as quick as a week. I’ve closed a true no doc loan in as quick as 4 days. Email me for more details if youd like.

Mark asks…

What are things need for getting home loan in chennai?

I am planning to bug flat in chennai. My bug might be 30L.

What are things need for getting home loan for same?
How mush I will get from bank?
What are documents needed? and
How much I will get from bank and How mush needed for from start to end?

John answers:

Go to nearest bank bank were you situated .. Cuz terms and documents varies from bank to bank.. Or else contact a builder / developer .. They themselves full fills required formalities .. Bank will lend you about 60 to 80 % cost of the property (except registration cost) value (rest you should arrange) and your take home salary should be 50k .. Also if you service any other loan means your eligibility will come down..

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