Indiana Mortgage Lenders

Mabel Said:

Is there a statute of limitations concerning when a mortgage lender can refute an appraisal report?

We Answered:

It depends on what they sue your for. Presumably, they are claiming your appraisal was no good and they suffered loss as a result. If they say you breached a representation in a contract, it arguably could fall under the rules for contracts, which vary. If it is fraud, it is 6 years from the alleged fraud. For negligence, it is 2 years from the discovery of the negligence. Personally, my money is on the negligence, since they'll likely claim you failed to perform your appraisal consistently with your professional duty. Your insurance should cover it, and you should read your policy about your duty to notify them of possible claims.

Claire Said:

Does anyone know a mortgage company that uses a lender without FHA beacon score restrictions ?

We Answered:

Hello, I am licensed in the state of Indiana. With a mid-score of 577, it is usually difficult to get 100% financing to purchase a property. The cut off is usually 580, and your income has to work (meaning you have to disclose your income and your debt to income ratios have to be acceptable). However, Fannie Mae (a large government lender, not too different from FHA) has come out with a program called a 'flex 100' or a 'my community'. This allows for home buyers to purchase homes and obtain 100% financing even with poor scores. It is a great program b/c there is no minimum credit score requirement and it does not require previous rental or mortgage history. It also allows for 6% seller contributions (meaning that seller could have you pay your closings costs). I have gotten people approved b/f with a credit score as low as 550. Please email me with further questions. gmeyers02@yahoo.com. Thanks!

Kevin Said:

IRS issues! Will I be screwed out of my mortgage?

We Answered:

I would think that as long as the lender has some type of verification from the IRS, you should be fine.

Willie Said:

Do I pay property tax for last year if I didn't buy the house until this year?

We Answered:

Go back and pull out Your closing documents. You should see a l9ne where the seller paid up the accrued taxes through the date of sale assuming I read your explanation properly

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