Why your loan may be DENIED after you go under contract! | Home Buyer Mistakes to Avoid

Are you worried about your loan being denied after you go under contract? 🟢Ready to Buy a House & You Don't Know Where to Start? Start Here! My FREE Download: bit.ly/3QWqfbq
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Here are 8 common reasons mortgages are denied after being pre-approved.
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[@Jerr12128]

You are the smartest woman on KZbin....Very professional and helpful!

[@ShaheedahHill]

Thank you, I appreciate your support.

[@georgiaval1]

I agree. 🎉 I learned so much from you during my home buying process. Thanks.

[@koko-zy8xd]

Your Loan Officer and Real Estate agent should tell you this.

[@georgiaval1]

@@koko-zy8xd they did, but it was just easier digested from Shaheedah.

[@shonyross410]

Facts!!

[@BaroneTripcom]

After the bank appraisal (, which matched the purchase price,) and inspection I got a mortgage approved months before the contract date. With no explanation, at the last minute, the bank decided I needed to put 30% down instead of 20%. My lawyer said there was nothing I could do. There was no time to get a loan from someone else. Luckily I had the money. It taught me that a bank approval means nothing.

[@teddybear8571]

Thank you for the additional information. This will help me.😬

[@shawndawashington8623]

Good stuff! Thanks for another great video! I “confidentially closed” on October 14th all because of you and your GREAT videos! Thank you, thank you, thank you!

[@ShaheedahHill]

Thank you so much!!! Congratulations!!

[@CC-rd8hg]

Sooo informative!!! Going through this now & had many of these questions... thank you for the answers!!!

[@ShaheedahHill]

You are so welcome!

[@The44One]

Very good at explaining! Thank you ! Simple and easy explanation of the process 👊🏽👍🏽🙏🏽🙌🏽

[@ShaheedahHill]

Thanks for watching!

[@johnward8064]

Very clearly explained.

[@godness7770]

Thank you for this great advice!

[@ShaheedahHill]

You are so welcome!

[@tamekiajay5917]

Hi Ms.Hill I have been following you several for months your videos are very educational. Thank you for sharing your knowledge on homeownership!!!

[@ShaheedahHill]

Thank you so much for watching. I appreciate the support!

[@djkweensupreme1]

Thank you for this valuable information! This is very, very scary! But I need to be organized 2022 and have myself more organized than ever

[@ShaheedahHill]

Thanks for watching

[@sharmanedaniels4456]

Thanks..very informative..you brought some things to light for me…

[@ShaheedahHill]

Thanks for watching!

[@Desaved]

Awesome! Thanks!

[@ShaheedahHill]

Thanks for watching

[@yoyo5050]

I’m literally going through this right now and lowkey freaking out 😮‍💨😮‍💨😮‍💨

[@ShaheedahHill]

You will be ok😊

[@abigailwilliams6488]

Thank you 🙏🏽 this was soooo helpful!

[@ShaheedahHill]

Thank you for watching.

[@sincerelylatasha]

very helpful, thank you for sharing!

[@ShaheedahHill]

Thanks for watching!

[@owlsaremybesties8585]

Thank you for the information!

[@ShaheedahHill]

Thanks for watching!

[@claudettealexander5204]

Your videos are professionally done in all aspects. Your deportment and the way you present. Big up!

[@ShaheedahHill]

@claudettealexander5204 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@CURLSNLOCS]

Even though i'm buying a manufactured home this info is still helpful. Thank you! 😊🌸

[@ShaheedahHill]

Thanks for watching!

[@LaWanaMayfield]

ALWAYS great detailed information. 💎💎

[@ShaheedahHill]

I appreciate that!

[@DeniseVioletta]

One tip I have concerning item number 3, in regards to always paying your credit cards on time: I have all of my cards set up on the minimum auto payment every month, so they are all good in the event that I got busy and forgot to send in a payment. I end up paying them all down as I use them throughout the month, but that is just a good thing to have in place, just in case, so there are no mistakes :) By the way, I love your videos and I am looking into learning how to do what you do! I'm going to be moving into another state and I want to switch careers.

[@ShaheedahHill]

Great advice! There is a link in the description if you are interested in getting your real estate license online - best of luck and thank you for watching.

[@LifeWithKarisha]

Great tips!! Thank you 😊

[@ShaheedahHill]

Thank you for watching!

[@jacquelineortiz880]

Loving the education. Thank you

[@ShaheedahHill]

Thanks for watching!

[@opalbeauty1578]

Video was a wealth of knowledge. Thank you so much!

[@ShaheedahHill]

You're very welcome!

[@magnelpitt398]

Very informative!

[@ShaheedahHill]

Thanks for watching, happy it was helpful.

[@abeglia3185]

Thank you great video

[@ShaheedahHill]

Thanks for watching

[@rdhawk929]

This video was very helpful! Thank you!

[@georgeneil8761]

I enjoy the information you give on your channel. Keep up the good work ... cheers

[@ShaheedahHill]

Thanks so much!

[@naturegirlbb100]

Well explained. Thank you so much.👏👍

[@ShaheedahHill]

@naturegirlbb100 Thank you for watching

[@latoyahammond7229]

I’m under contract for new construction. This video was super insightful.

[@ShaheedahHill]

Thanks for watching!

[@hallyjohns3013]

Buying a townhouse…….I am so grateful for your videos!!….THANK YOU…..you are absolutely the very best!

[@ShaheedahHill]

Thanks so much. Thanks for watching

[@samuelmahmud1909]

Great video coverage 💯 Very helpful

[@ShaheedahHill]

Glad it was helpful!

[@jermaineblalock5553]

Great info

[@ShaheedahHill]

Thanks for watching!

[@theresajones469]

Thank you so much! Good info! I’ve started the process of purchasing my first home; I’m waiting on my pre-approval from the underwriter 🤞🏾🙏🏾

[@ShaheedahHill]

Thanks for watching and congrats!

[@g-mawof5310]

Thanks So Much @Shaheedah. You’re A Jewel! I’m considering buying a home and this and all of your other videos have given me just what I need! Thank You Again!

[@ShaheedahHill]

You are so welcome! Thank you for watching!

[@g-mawof5310]

@@ShaheedahHill I must confess I watch your videos over and over and also I share them with my little sister who is also in the market for buying her first home. We joked last evening saying gee we wish we could have you as our Realtor!

[@ShaheedahHill]

@@g-mawof5310 Thank you, I appreciate that! Please join my first time buyers Facebook group as well if you are on Facebook. Link is in the description.

[@toussaintlouverture9260]

Ty kindly and love you!!

[@ShaheedahHill]

Thanks for watching!

[@blaze1bx]

Always great information!

[@ShaheedahHill]

Thanks for watching!

[@moenlightening]

I absolutely love the advice that you give on the home buying process. I cosigned on a auto loan 6 years ago, and the car w a s repo'd. Can you provide advice on what lenders require when there is a deficiency balance on a car loan?

[@ShaheedahHill]

It really depends on how much it is currently impacting your credit score. The older the debt is the less it typically impacts you.

[@lauriekepaa8464]

Thank you for information

[@ShaheedahHill]

So nice of you

[@loracpay1639]

Easy to listen to and follow. Very helpful information. I was concerned about a few things you covered. Back taxes funds on hand and changing jobs, thanks.

[@ShaheedahHill]

Glad it was helpful, thank you for watching.

[@vulpixelful]

This is why I have credit card payments on auto pay even though I'm paying them off every month. I could get busy or sick and miss a payment if it is manual. If you're able to do this, I highly recommend it.

[@ShaheedahHill]

Thanks for watching and for sharing.

[@MsMarketing01]

I remember when working for QL I had clients that needed to show source of payments for large deposits in there accounts. The underwriters requested the bank statements of the person lending/gifting and also needed a letter stating it to be a gift or loan

[@ShaheedahHill]

Thanks for sharing

[@kendrac8885]

Student loans being in default stopped us and we didn’t know that was a real issue!

[@annettemarie2076]

Great video

[@ShaheedahHill]

Thanks for watching!

[@iam_omb]

Just Subscribed to your channel 😊 you are amazing 🤩 glad to be here 😊

[@ShaheedahHill]

Welcome to the channel!

[@icie4u]

Condition of property per appraisal is another reason for possible denial. Can lead to some properties being deemed as not financeable by underwriting.

[@HAYLINGTONG]

All your videos is help me a lot 🙏

[@ShaheedahHill]

Thanks so much for watching.

[@kuroe-chan5190]

Didn’t know some of these were a concern. Scary! Thank you for this!!! Went to check my credit car payments messed one by 2 days! Thought was on auto pau

[@ShaheedahHill]

Thanks for watching!

[@marymack4105]

I always learn at least one thing from your videos. Thanks!

[@ShaheedahHill]

Thank you, I appreciate that!

[@chyniabrightjo7204]

Great video❤❤❤

[@ShaheedahHill]

@chyniabrightjo7204 Thank you for watching

[@blackgurl269]

I am so glad I found your channel.🙌 I had no idea and I am looking to purchase in the next couple of months.. Thank you so much!!!

[@ShaheedahHill]

@blackgurl269 Thank you for watching and welcome!

[@johncruz6240]

Thank you for this interesting and informative video. New subscriber, keep up the excellent job.

[@ShaheedahHill]

Thanks and welcome

[@stephanieharries7746]

Good information 😊

[@ShaheedahHill]

@stephanieharries7746 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@aishal.594]

I greatly appreciate your videos. We got everything verified beforehand when we bought in 2022, and it was a blessing. We also had different lenders pre-approve us for different amounts and different rates. We decided to go with the builder’s lender because rates were starting to go up and they had the best incentives and rate so we switched two weeks in to a 30day closing deal. It was risky and delayed our closing by 7 days.

[@ShaheedahHill]

Thanks for sharing!

[@concealdontfeel0]

Thanks for making your videos its very informative ❤

[@ShaheedahHill]

Thanks for watching!

[@concealdontfeel0]

@@ShaheedahHill I'm staying tuned because I'm not feeling too good about the housing market

[@yvette3831]

Shaheed You look beautiful your hair is shining the peach color is soft against your skin you look absolutely gorgeous today!

[@ShaheedahHill]

Thank you so much, so nice of you!

[@antonioinoa6961]

Im about to go under contract on a Co-Op in NYC. thank you for the info🙂

[@ShaheedahHill]

Congratulations!!!

[@weebay007]

Shaheedah gives the best advice!

[@ShaheedahHill]

Thank you Byran🙂

[@airbrushing70]

You're such a beautiful great teacher

[@ShaheedahHill]

Wow, thank you!

[@GregMeg]

Excellent information

[@ShaheedahHill]

Thanks for watching

[@PrissyKrissy15]

This was soooo helpful! I’m going through NACA and close to pre approval so I’m trying to get as much info as possible about the home buying process.

[@renestarbuck4322]

Absolutely helpful!

[@latoyaljohnsonify]

I just closed with NACA a couple of weeks ago!!!!! This channel was helpful throughout the process.

[@PrissyKrissy15]

@@latoyaljohnsonify Congrats on your new home!! I’m glad to know I’m on the right track with these videos because they’re helping me calm my nerves by learning more.. lol

[@o.9763]

Good Video

[@ShaheedahHill]

Thanks for watching!

[@kozykastle1503]

All facts!! My lender called my employer and manager on the DAY OF CLOSING to confirm. Lol

[@ShaheedahHill]

Yes... let then know! Congrats on your closing

[@justthinking_6513]

I am soon to retire from the military. My mortgage lender asked me to submit a letter from my command confirming my retirement pay and when it begins. I hope that suffices.

[@marcusmarkus3266]

Thanks for sharing all the information concerning homeownership…May your real estate business prosper abundantly.

[@ShaheedahHill]

So nice of you @marcusmarkus3266 Thank you for watching

[@justme_1111]

Excellent, excellent, excellent advice! Will you please do a video about deeds and how to ensure that you are not left off of the deed of your home during the signing process when you're buying a home with a significant other or spouse? I have heard of that happening to several people because the spouse goes behind the partners back to sign without them knowing.

[@ShaheedahHill]

The best thing to do it to get added at closing. Attend the closing to make sure you are on the deed. However, if you are not added at closing the owner can add you after pretty easily. Good question.

[@justme_1111]

@@ShaheedahHill Thank you. I thought it was a done deal if that happens. I think it's terrible for a person's partner to try and get the deed without the other on it, but whenever I get married, I'll remember this just in case.

[@tanjeebrown9890]

Thanks

[@ShaheedahHill]

Thanks for watching!

[@tanjeebrown9890]

You are welcome.😀

[@kimsybrown]

Great 👍 information and right on point. I'm in underwriting now...they go through every bit of information..I mean every bit. I'm approved with conditions. Working on my conditions now. Just received my payment for the appraisal. I have to start looking for quotes for home owners insurance.

[@ShaheedahHill]

Way to go! You are almost there!

[@jmariah6222]

How did it go did you get in your home

[@TheBklynite278]

Great video. I have student loans that don't have to be paid until 2023/2024I plan to buy A home next year. Is thIs a disqualifierb Before I start paying that my car loan will end so no over lap in to finances

[@eliphs11]

This happened to me with the first offer was accepted. We went through the inspection process, and the appraisal. Almost literally after reviewing the appraisal report the lender called to say that the condo's finances were too risky and pulled the loan. It turned out that the condo staff filled out the information incorrectly stating that over 50% of the tenants were behind on their condo fees (this was untrue, but the staff misread the condo questionnaire). Thankfully we exercised the finance contingency that allowed us to pull out before being fully committed but that was extremely traumatic. The realtor said we could possibly still find a lender to close on the date but we'd have to move insanely fast and it was bordering on impossible given the red flags with the condo management, the finances. In this case, it was a blessing in disguise and we walked away. Major kudos to you and your channel, Shaheedah. I've been watching your videos when I started the house hunting process and even after I closed on my home. Your videos are super informative, levelheaded and easy to follow.

[@ShaheedahHill]

Thank you and thanks for supporting my channel! I appreciate you sharing and congratulations on your new home😀

[@losheroes6076]

Did the condo managerment reimburse you on your inspection and appraisal money. For their f up??

[@eliphs11]

@@losheroes6076 Nope. It was just money wasted. The only good thing was we got our deposit back at the end of the nightmare. Definitely pay attention to the contingencies you have available. In the end it was a good thing since we now knew what financial hell that condo was in (and more importantly how incompetent the condo management was).

[@losheroes6076]

@@eliphs11 thats bs smh

[@sharlettbryant9075]

​@@eliphs11 I just had the same problem....so heart breaking!

[@uptherefrenchies]

I love your videos. They are very helpful for me and my hubby while we are going through the underwriting process as of now, Can you do a video on how to do a letter of explanation on things on your credit report please 🙏🙏

[@ShaheedahHill]

I don't want to do a full video on it, but my best advice is to keep it short and sweet. If they are asking, for example, why you paid your bill late. Brief answer - "I was laid off and missed a payment. When I regained employment, I caught up on all of my payments" Many times underwriters are just looking to have something in your file for auditors, so they will be compliant. If your explanation is more than a couple of sentences you are probably including too much. If you submit something and they need more information, they will ask. When I was purchasing my home, they asked why I missed 2 months of wages and I said, " I missed 2 months of wages because I was on maternity leave" - That's it.

[@aurareid5652]

Very informative! Some of these things I've heard of before (no big purchases) and some are new. Question: for new construction homes, how does an appraisal work in any of your scenarios? Also... same appraisal question for a USDA loan 🤔

[@ShaheedahHill]

Appraiser typically comes twice for new constructions once when it mostly complete and again when it is fully complete. USDA is a typical appraisal. If you havent already please watch my appraisal video.

[@aurareid5652]

@@ShaheedahHill I JUST watched it about a half hour before I saw that you posted this one 😁 Not too long ago I checked out the map/website you mentioned in it. Thanks so much for the swift replies ❤

[@stevekatz3032]

I had a heck of a time buying my current home. My income was primarily from pensions and Social Security (to the tune of 5 times the projected PITI of the loan) with NO debt. My housing ratio was under 15%. What was the problem? On the application I disclosed a side business I had and asked them to disregard that income, as I had sufficient permanent, provable income without it. A single deposit of $500 from this business to my personal bank account almost sunk the application! I still can't believe the pile of paperwork I needed to prove the legitimacy of a single $500 deposit when I had provable, permanent income of over $5,000 per month.

[@lcsighteken2248]

Thanks for sharing. That's useful information for someone out there!

[@OmniCloud987]

the more I learn the more disappointed I am with this entire wealth/monopoly process. I'm not going to give up, because Salary alone just isn't enough today, but it's incredible what the real world "American dream" entails. It's a certified nightmare.

[@dlourenxo]

How much were you preapproved for ?

[@stevekatz3032]

@@dlourenxo The mortgage was $50,000, it was paid off in 3 years.

[@merrickcotiak5]

Typically that should be backed off on your asset. Were you short of $500 for funds to close? If it is needed. Thats when pile of documentation must be needed.

[@jaleman777]

Thank you for informing us all of this some people don't know that is important information but for me who disclosed on this home did not know that's why my lender kept asking me for my pay stubs at times I had no idea why I had to turn in so many pay stubs before my closing.

[@ShaheedahHill]

Thanks for watching!

[@wonderbread152]

Thank you. I'm getting a lot of overtime due to covid and being an essential worker. But I'm sure that will stop soon

[@ShaheedahHill]

Thank you for watching!

[@zaheerahshareef8131]

The lender can also pull your credit the day of closing. It happened to me in 2006

[@ShaheedahHill]

Yes, they can. Thank you for sharing.

[@mercyfoday9103]

HI MRS. HILL I JUST JOINED WATCHING YOUR VIDEO ME AND MY HUSBAND ARE THINKING OF BUYING OUR FIRST HOME THANKS.

[@ShaheedahHill]

Awesome and welcome to the channel - all my videos will help you with the process, watch this video...I recommend that you get approved to see where you stand. kzbin.infoJ_SlmyUcjvU?feature=share

[@dezzlinder195]

So basically you should not change anything once your buying a home at all.

[@ShaheedahHill]

Basically - lay low and be super responsible financially until you have the keys in your hands!

[@Xtremeproducts]

Yes. Lay Low Basically

[@shonteehargett6932]

Thanks for this video I'm currently under contract and I'm so nervous that something will happen... my appraisal is due back today I'm just praying I'll have answers soon buying a home can be stressful

[@ShaheedahHill]

Im sure you will be fine. Congratulations on your new home

[@shonteehargett6932]

@@ShaheedahHill appraisal came back worth more and no needed repairs so excited 😀

[@theegegemusic]

@@shonteehargett6932hope you got your house ❤️❤️❤️

[@thebaggeek]

Best video

[@ShaheedahHill]

@thebaggeek Thank you for watching

[@kahnsealable]

I made a $7000 deposit the night before closing and they denied my loan in underwriting until i explained where the money came from and showed them the receipts for the transaction from Paypal. So, that is DEFINITELY a must not do. I had to wait and close 5 days later because of that. Loan Officer did not mention that to me.

[@ShaheedahHill]

Thank you for sharing! Congrats on your new home.

[@losheroes6076]

My lender aint 💩

[@kahnsealable]

@@losheroes6076 who is your lender?

[@losheroes6076]

@@kahnsealable im in nj

[@nickimillennium]

I experienced the overtime thing firsthand. They were fine with it but they wanted a letter from my company stating that I had guaranteed overtime same hours every week. Luckily, that was actually the case so I was able to get approved.

[@ShaheedahHill]

Do happy it worked out for you, thank you for sharing.

[@Outrageousevil2010]

Under contract as of yesterday so excited.. ready for the next step 😁😁

[@ShaheedahHill]

Congrats!

[@Christmadeconnections.MeshaT]

Girl thank you! I literally just changed my employment ( because it’s more money that will come in for my bills and mortgage) I am a veteran with monthly compensation but I let my lender know like asap

[@ShaheedahHill]

Yes, is shouldn't be a big deal but its a good idea to check. I had a client take a job making more money but it was a contract job and they made him wait another 6 months or until it became a permanant position.

[@Christmadeconnections.MeshaT]

@@ShaheedahHill ok thanks for the info, this is a permanent position, I close December 10 and wanted to catch it way ahead of time, thank you 😊

[@aurareid5652]

I was wondering about that too. What happens if you take a job (in the same industry) with more money.

[@ShaheedahHill]

@@aurareid5652 That should be fine just make sure it is the same compensation type that they pre-approved you for. W2 to W2, if its a 1099 job speak with the lender first.

[@aurareid5652]

@@ShaheedahHill gotcha, thank you 😊 👍🏾

[@sharlettbryant9075]

My loan was recently denied because the home association didn't want to answer the questionnaire, specifically the deferred maintenance question and this was in Connecticut. So heart breaking!😢

[@ShaheedahHill]

This is very unfortunate, but maybe you dodged a bullet, if they are not willing to disclose what is going on, was it a townhouse or a condo?

[@divinetiming3861]

Thank you for always giving us this valuable information, if you work 2 jobs (moonlight) would a lender calling to verify employment ask the employers if this allowed or in other words mention other employment?

[@ShaheedahHill]

No they will only verify that you work there, they will not disclose other employment.

[@divinetiming3861]

@@ShaheedahHill Okay thank you for your response, your expertise is so valuable❤️

[@antwonsno]

Hi Shaheedah needed some advice, me and my wife are a week out to closing on a home. To my knowledge, we were approved by the mortgage lender for the home. The mortgage lender pulled our credit multiple times throughout the whole process causing our credit score to decline, after that the first time home owner program pulled out credit and denied us because my wife score dropped. My complaint is that is was due to the lender pulling it those many times. We were relying on the program to assist paying our down payment for us as the seller agreed to cover all closing cost. We signed docusigned all types of papers, we got the appraisal done, the home inspection done and everything checked out but we're denied for the home buyer program? Any suggestions and I'm sorry if I repeated myself just upset. Thanks for listening and your professional advice.

[@ShaheedahHill]

Sorry this is happending to you so close to closing. I am not sure about the DPA program you are using but sometimes the lender can remove some of their hard inquires and then the DPA program can pull your credit again. Because as I understand it, you are approved for the mortgage even with the credit reduction but not for the DPA. If the DPA program is flexible and is willing to repull your credit after the hard inquiries are removed that may work. Ask you lender and Realtor to help you figure out any any possible solutions to this. Also ask your lender and Realtor if there are any other programs you qualify for - I just did a CHENOA fund video, maybe you can qualify for that?

[@antwonsno]

@@ShaheedahHill thanks for that advice. I will check out your video regarding the CHENOA fund. It's crazy how we thought the least of our worries turned out to be our biggest worry.

[@kenesa]

I want to purchase a home outright because this is too much 😭 smh!

[@Jenjenn1111]

Right!😂😂😂

[@onlyintime9914]

Yes... Do I need funds on reserve? Have an appraisal contingency in case mortgage will not lend due to appraisal not being high enough. Have a finance contingency so offer is contingent on approved mortgage financing? Find out how many homeowners insurance claims were filed on the house because if there were a lot of claims filed then that can cause a higher home owner's insurance price for me

[@ShaheedahHill]

Most mortgages do not require funds or reserve. I find that may be needed with borrowers with lower credit scores. Thanks for watching!

[@reneehoward72]

I am a Claims Adjuster Independent Contractor. Prior to becoming a contractor I worked as a claims adjuster for 23 years for various companies. I made more money in 3 months as a contractor than I did in 6 months being a staff adjuster for a company I doubled my salary! Why is being a Contractor such a problem when attempting to buy a home?

[@ShaheedahHill]

Because lenders see any contract work as unstable and many require 2 years in the contract position to determine what your income will be in the contract role...since now it can fluctuate vs. when you were on a salary it was predictable.

[@stephaniehicks1949]

@Shaheedah you have been so helpful...I truly need your advice on how to handle an issue,please. I have my pre-approval & approved for DPA. Now I am 1 of 160plus employees, whom have just been laid off.. is there a grace period, for me to find another employer or should I give up on my dream of homeownership, at this point?

[@ShaheedahHill]

I'm sorry to hear about your layoff. Your goal should be to find a new job in 6 months or less then you can pick up where you left off. They will not approve you without a job and they will not approve you when you are on unemployment. If you are unemployed for more than 6 months they may make you work at the new job for a few months before approval. Never give up on your dream of homeownership! I am not sure where you live but most employers are begging for workers so I am sure you will find a better job! Best of luck😀

[@Iamcherese]

Thanks because I had the same issue and have been distraught

[@jocelinesanchez965]

Thank you. I have a IRS payment plan I didn’t disclosed and I’m in underwriting..just did and will get them a copy of my scheduled payment…😬😬

[@cryptodirect]

hey what did they say about you irs payment plan i'm in the same boat it doesn't show on my credit report but i pay it with my debit card every month

[@jocelinesanchez965]

@@cryptodirect I had to send the the letter they mailed me or you can print something from your IRS account online with the monthly amount.. they want to see the amount and duration of the payment plan.

[@ChelseyRivers]

I’m on the same situation. I didn’t disclose it but I pay it monthly with my credit card and just pay it right off. I don’t have any tax liens so I wonder if they will even know 🤷🏽‍♀️

[@yelladiamond8875115]

@@ChelseyRivers Did they end up finding out

[@SCSC-qz7rr]

Hi Shaheedah, great video as usual! I have a question, I’m planning to retire next year and buy a house. Should I wait until I retire to apply for a mortgage loan, or should I start now while I’m still working?

[@ShaheedahHill]

Its really up to you. You can qualify either way but you should base your mortgage budget off of your retrement income not your current income. Because if you will make less in retirement you want to be mindful of that.

[@SCSC-qz7rr]

@@ShaheedahHill thank you! I was thinking about that…👍

[@FateofFallacy]

Wish I would've saw this when I was in underwriting 2 months ago. I stupidly took out a loan and almost got denied smh. Thankfully I was able to close.

[@ShaheedahHill]

But you made it that is the important thing. Congratulations on your new home! Real Estate professionals, agents and lenders need to do a better job making sure buyers understand this. Thanks for sharing and watching.

[@tiffanyreign]

How were you able to still take out a loan and close?

[@FateofFallacy]

@@tiffanyreign the underwriter called me and told me I had to provide the exact same money in cash to cancel out the money I withdrew. It could only be a non refundable gift from someone. So I called my dad and asked him to give it to me and he did (even though between us I paid him back). I have been living in my new house ever since then. It really helps to have some sort of support base. I know that's a basic concept in life but I really saw how important that is. I'm in my 20s so of course I foolishly thought I knew everything and tried to do everything myself. It was a valuable lesson.

[@tiffanyreign]

@@FateofFallacy I agree with having some sort of support base. Buying a home is excited and extremely stressful at the same time. I’m in my 20’s as well and could relate. Glad it worked out for you enjoy your new home! & thanks for your response!

[@badandbookiee9081]

Question: when buying a house with someone, does it matter if the money is in the same bank account or not? If the both of us have our own personal savings account should we get a joint savings and move the funds there?

[@ShaheedahHill]

No, you can just show the lender both sets of bank statements, they do not have to be in one account. Thank you for watching!

[@avibecalledblessed7503]

What if you got a loan in the pre-approval stage? I'm currently in the under writing stage. It hasn't shown up on my credit report, yet? Thank you🙏🏽

[@ShaheedahHill]

They will likely run your credit again before closing, please watch my underwriting video. kzbin.info/www/bejne/hZqUinaJgb-qgZo

[@mudpunisher1509]

i know i will get denied now because i got a a atv that i finance like 3 days before i did the application

[@ashleyo.5251]

I am in grad school and started a new term. With the new student loan, My credit score dropped 97 points with Transunion but during preapproval process was doing well. We are under contract awaiting final approval from underwriting, could this hurt our approval?

[@ShaheedahHill]

It depends on if it impacted your middle score and by how much. That is what they are likely looking at. Also the new debt may impact your DTI ratio, depending on loan type. So let the lender know...if you see it on your credit report they will also, especially if you are not through underwriting yet. Best of luck and thanks for watching.

[@nicviv1165]

Hi, thanks for the advice it helps more than you can imagine! Quick Question, my company uses a 3rd party verification for employment called "Vault Verify". Can that delay anything or whats your experience with that?

[@ShaheedahHill]

I don't have experience with that specifically but some employers try to automate the verification process, it should be fine and not lead to delays.

[@nicviv1165]

@@ShaheedahHill thanks so much. I have been working remotely for almost two years now but was not properly labeled as a “remote worker”. My HR got that updated so I appreciate watching this because that may have blindsided my wife and I since we live in another state.

[@lovejoyful606]

I'm about to start my hb journey but I like where I'm currently leasing I would love to purchase and remodel, the homeowner wouldn't mind selling it to me.🤞🏽

[@ShaheedahHill]

That would be great, approach them as soon as possible with the idea and see if their mortgage is assumable. Here is a video on that - kzbin.info/www/bejne/fHPWaJKIrLxlns0

[@blcj7]

My husband and I were under contract, paid for private inspection, had dates for walk through and closing on 3/31 but were all of a sudden denied due to his type of employment as a contract worker (permanent position). We were very upset because we told the lender everything up front and provided everything that she requested. She never mentioned that his job would be a problem. Nevertheless, are there lenders who will accept this type of employment?

[@ShaheedahHill]

Yes, but they will require my paperwork than a W2 worker. You need 2 years of tax returns with his income and usually profit and loss statements or 1099s from his business. Next time try to go through underwriting first and use a lender that your agent recommends. You need someone that does business loan approvals/ 1099 loan approvals often. I am sorry you experienced this. Thank you for watching.