PMI is based on the purchase price of $400,000. If it is worth more you made a good buy. If your are using conventional financing you may be able to remove PMI in a couple of years with a new appraisal.... more
There is no lender that I know locally that will do a jumbo loan with less than 20 % down. Secondly, if you do a short sale on the home in Florida, most lenders will consider that a foreclosure and make you wait anywhere from 3 to 7 years before you can do a secondary market loan. I. E. I Fannie Mae, Freddie Mac, FHA, VA, USDA etc... more
Devon unless you put down 20% you can not avoid PMI on a new mortgage. Once you get the mortgage and your equity builds so that your equiy builds toover 20%, you can ask your lender to remove it, some may charge a new apprailsal fee though. Simply ask your loan officer to outline PMI for your type of loan.... more
You can apply at with any mortgage lender to try to get a no closing cost refinance. Brokers will not be able to offer you this option anymore.
The big item that will decide if you are able to get a no closing cost refinance is the loan amount you are going to be requesting. Lender make money in two ways. One through closing costs and two through the rate you are getting. The higher your rate the lower your closing costs can be. Usually it is in your best interest to pay some closing costs if you are going to be staying in the home for several years.
If you have any other questions please feel free to give me a call (502) 244-4344. It will be my pleasure to help you in any way I can.... more
Not from traditional lenders, hard money lenders or private investors perhaps. Never has been a no credit check mortgage in Louisville from institutions to my knowledge. Even No-Doc loans required a credit check. I know a couple of local hard money lenders if you need one.... more
Not sure why you care to have a driveby appraisal. That decision would be made by the Lender. With your 780 Score and if there is proper equity in your home I do not see any reason to be concerned.... more
Can you get a mortgage based on SSI? If it is expected to last for a very long time yes. If temporary no.
Can you buy a house with bad credit? 620 or higher yes, less than that you need to find a lender who also works with credit repair. You could not buy now. But in a few weeks, months, or years when your credit is good again you could buy. Depending on what is wrong you may be able to raise your score quickly, or not.
A real loan will require 3.5% down for fha higher with other loans. However, V.A. loans and usda loans are 0% down.
You have faith that going to school will pay you well later on. Use the same kind of faith to cut your expenses, spend less money, and save a down payment for the future. You might be surprised how much removing many things like a cup of coffee a few times a day at the cafeteria can add up in cash savings.
You might find owner financing, but then what happens when you need to buy a furnace for the house? What happens when the roof leaks and you have to replace it? Until you have some money saved you are not ready to buy and keep a house. You lack the ability to keep it if anything goes wrong, and it usually will.... more
It can unless you reach 80% loan to value then YOU must request the pmi be dropped. You can reach this level be making payments so that the amount you owe is 80% of what the value is or when values start to increase, your loan amount goes below 80% of what the property is worth. Some cases they will ask for an appraisal which is a small cost to save a bundle.... more
With less-than-perfect credit you can often obtain a mortgage. However, mortgage products do not even get exciting until your score is 749 or better. Having less-than-perfect credit you will pay a higher interest rate on the mortgage, higher insurance costs, higher interest rates when financing cars, higher utility rates. FHA mortgage products are available to home buyers with a low credit score of 620. Keep in mind this is not a good credit score.
Why not set yourself up for success long term? Begin with the basics, clean up your credit rating through credit repair and credit education process, once you have a better credit rating you can then select a mortgage product that is appropriate for you, then begin looking for a home for your family.
The Credit Repair Expert
I am a realtor in Phoenix, Az and I suggest that you contact a lender in your area and ask him or her to explain the different programs to you. It sounds like you have some positive trade lines and there may be some programs available. Start with the lenders at the bank where you bank... more