change the mortgage for a home loan in Florida, if my income increases during the term of the loan?

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We have an obligation to Florida FHA Mortgage and Housing approved. If our income increases during the term of the mortgage, we can be changed or increased, as well?
I bought a new house with a good salary down, and because it came from a report, below market value. Overall, it makes me a difference of about $ 150K + between the appraised value and the balance of the mortgage market. Now, I always think of a line of capital for about 40-50K, renovations and not pay the high interest debt, but I wonder how the rules apply seasoning mortgage in this type of situation. Wort has an influence may take the strict percentage of the value that you, or does it also cover the conditions? In this case, I’m only interested in a line of value to the trash … made a difference? Thank you!

  1. Reply
    February 18, 2011 at 10:15 pm

    Yes . There is a limit depending upon the company policies. If you have paid a certain installments of an existing loan, the loan amount can be raised depending upon your income. Depends upon the condition that if your previous loan was dependent upon your income,

  2. Reply
    February 18, 2011 at 10:42 pm

    don’t know

  3. Reply
    February 18, 2011 at 11:19 pm

    After you purchase a home, the lender will typically use the purchase price as the value for the first 6-12 months. After this seasoning period, you can use the appraised value rather than the purchase price.

  4. Reply
    February 18, 2011 at 11:26 pm

    All you can do is shop around. I found a credit union to lend me based on full appraised value only 2 months after purchasing my home. I got an equity line, in that case. And seasoning shouldn’t impact what terms are available. It’ll be either all or nothing, in most cases.

    With that amount of equity, finding someone to lend to you shouldn’t be too hard. You just need to call enough places to find one that won’t limit you. Some have no seasoning limits, some are 6 months, some require 12 months, some will let you use 10% gain immediately, etc… It varies substantially.

  5. Reply
    February 18, 2011 at 11:53 pm

    Seasoning is just that seasoning. How long has this person had the mortgage on this property? Is the mortgage seasoned?

    The reason for this being done by a lot of lenders is because of the situation you are in. You got a creme deal from a relative, thus lots of equity.

    The lender now don’t want to lend you money with no seasoning because how does he know you are not just borrowing the money to get money out the house and never repay it.

    There are some that will allow you to borrow without seasoning, just be careful of the interest rate. They are taking a bigger risk, so they charge more interest.

    If you did not really need the funds immediately you should hold off for at least 6 months, a year would be better but at least 6 months would indicate that you were serious about staying there and not pulling all the equity out after which you desert the place.

    I don’t know that the others are speaking off.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  6. Reply
    Ron B
    February 19, 2011 at 12:26 am

    Yes and no. You will simply be limited in the loans you can choose from. Some loan programs demand that there be seasoning, while others do not. Many of the programs that do not have worse loan terms for houses with high LTVs (loan to value ratio). You will be limited in the programs you choose,but in your case it seems as if you have good equity and should not be effected. Respond if you need help finding a good program.

  7. Reply
    February 19, 2011 at 1:09 am

    Many lenders will only give you credit for the purchase price for the first 6-12 months. However, there are several lenders that do not have a seasoning requirement at all. It mostly depends on your credit rating for the no seasoning lenders. Bank of America has no seasoning requirements for one, but you have to be an A- paper borrower to qualify.

  8. Reply
    February 19, 2011 at 2:00 am

    On a refinance, most lenders allow you to use the value from the appraisal. You can use an old appraisal if it is less than 6 months old (but check with the lender) but in most cases you will need a new appraisal.

    Some lenders require you to own the home for 6 months to use the appraised value – this is called seasoning.

    If you are taking cash out – there will be adjustments to the rate if the total loan to value is above 75%. A rule of thumb is that the rate goes up by 1/8th of a point for each 5% above 75%. Above 90% LTV cash out, the rate goes up alot more – and you can use up to 100%.

    You can take cash out for any reason on refinance – to consolidate debt, home improvement, or just to put in the bank.

    Best Regards,
    Jossi J Edwards
    Omega Professional Realty, Inc.

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