Karin Fischer

The two have nothing to do with each other so you can buy now or wait; whichever you wish. As an FYI, they even have different underwriters for each type of loan so that's why there's no reason to worry about any "rush".

If you're interested in saving money when purchasing your next home, please check out my website and find out how. I happen to service the Aurora area. - Fri Aug 22 2008, 14:40

Hi Dianne:
I am both a Mortgage Broker and Realtor and have studied this bill as closely as I can. The bailout that they are offering is great if you are successful at convincing the original lender holding the note to take a huge cut (short) in order to refinance the first. Then, the owner has to share their profits with the FHA once they sell their home! It's a sliding scale but it never goes away - they will always have at least a 50% obligation to the FHA on the profits of their sale.

The $7500 tax credit is tricky because it has to be paid back over a 15 year span. The Buyer will not get it in time for their closing so it's really not helping the Buyer up front to secure a loan. But, it is Interest Free money so as long as the Buyer is aware that it has to be paid back, it's not a bad deal. The method of repayment is of question at this time. They may collect it in your tax return; they may not. I'm not sure about that yet and I don't think congress is either.

Good luck - Thu Aug 7 2008, 08:52

Yes. Absolutely. Especially with all the foreclosures out here. It will take a little work and patience - but it is indeed possible. You have already received a lot of good answers and this should make you feel comfortable about your possibilities. I'm not going to try and impress you with redundant information. Now, it just comes down to picking the right professional.

Please check out my website and find out how my unique service can save you time, energy and lots of money!

Best of Luck
Karin - Thu Jul 17 2008, 13:17

Hi Maurine:
This may come as a shock but if you have the time, go for it. It can save you thousands. If/when you finally get a contract, contact either myself or a lawyer to get the paper work done. I charge $300 for 6 months to run a listing in the Metro Denver MLS. I also provide a list of helpful advise and I think you can still get that off my website under the FREE REPORTs section. Check it out. Because I don't work for any of the major real estate brokers (I own my small firm), I can customize anything between a full blown listing to a FSBO.

Best of luck and call me if you have any questions.
303.523.5534 - Sat Jun 21 2008, 18:43

Hi Melissa:
The straight forward answer is -- you need to maintain the proper debt ratio to be approved for the new loan. As a guideline, the total debt ratio a lender will look at is about 35%/41%. It varies and it is only a guideline. Basically, take your combined total minimal debt and divide it by your gross income. However, for rentals, you can only use 75% of your rental income to go against the mortgage debt.

Of course that is just the basics; you will need to show good credit, good job history, 6 months of assets.

This is really a very down and dirty answer to your question. I am both a lender and a Realtor and can help you if you need a more detailed answer. A loan application is the best way to start.

Give me a call or an email: 303.523.5534 Karin@allinonerealty.biz - Sat Jun 21 2008, 17:32