Financing—questions & answers, advice and opinions page 142

Home mortgage with less than 600 credit score?
I am a first time homebuyer and live in Iowa.I recently accepted a new job in the Marshalltown, Iowa area and am needing to relocate my family. Rental prices for decent homes are ridiculous in the area,…
Hello, currently I have a conventional loan ARM without PMI . The balance is 177000$ with 5.25% interest
rate. Soon the new rate will kick in, and I have no idea what it could be. Can you estimante new rate somehow in case of arm mortgage type? Is it worth to refianance? At the same time I have a home equity…
Refinance the ARM loan with the 2nd mortgage loan
Hello, currently i have a loan with the principal balance of 173000 with BankofAmerica and i have 2nd mortgage loan with citibank with principal balance of 14000. The arm is 5.25 and is ending this september.…
What is the approximate interest rate on an FHA loan with a credit score of 650? I am looking to purchase a home for $100,000 with $10,000 down and
am wondering approximately what my monthly payment will be including the mortgage incurance premium. Thank you!
can i get financing for a house, if i am re ceiving unemployment, but have 2 other sources of income, with good credit?
i need a different floorplan than what i have, because a special needs brother is now living with me, and i been ashame to even ask an agent.
FHA refinance - streamline vs regular
For a property purchased 2 months ago, what are the refinance options? 1. FHA streamline 2. FHA regular 3. Would there be a difference in UFMIP % for #1 vs #2 above? 4. Would there be an appraisal…
I'm considering purchasing a condo without financing but want to make sure I buy a unit that a bank would be willing to finance in case I need to
sell down the road. What are common rules banks are following now? I read no more than 10% of units in a condo can be owned by a single entity. Are there others?
FHA Loan vs BB&T CHIPS first time homebuyers loan
My credit score is currently at a 620 and I really would like to consider my first home. BB&T has told me about the CHIPS program they have for first time homebuyers that does not involve paying private…
I am looking for two HELOC'S for clients. Does anyone know of a lender that will do a HELOC on DC investment properties?
? VERY low LTV, high credit. #2-Does anyone know of a lender that will go above 80%CLTV on a primary home HELOC? Thanks,
does a lock-in of rates/points have to be after an appraisal? is to possible this is just how the lender works? He says I have full approval already
... and because it's a full approval it "sounds" like we are further down the road than if I just started up with someone else again. Is this true or am I falling for a bait and switch?
loan agent keeps calling it a "full approval", as if to imply I'm further down the road/process than my "preapproval" from a
2nd source... true/false? He's told me this time and again, and I haven't bothered to look it up until tonight. Is he smoking crack? I recall him telling me multiple times basically "what…
I have a contract on a foreclosed home in FL for $130K that was never given a certificate of occupancy. It is somewhere between 75 to 90% complete.
I have a proposal for $40K to finish the home. What are my financing options other than a construction loan. I only have $15K to $20K for a down payment.
What are the odds of being approved for a mortgage after a recent short sale (last 7 months)?
I recently moved to SW CT after both my wife and I lost our jobs in NC and we had to relocate to the NYC area for employement. Because of the circumstances we had to short sell our property in NC. I…
When will financing regulations/requirements for the purchase of condos become less restrictive?
It seems like buying a condo may not be such a good idea these days due to the restrictions on lending. My mortgage officer told me less than 20% of loan apps for condos are being approved; investors…
Is there a 203k registration for general contractors to get approved? My friend in Texas chose his own GC for his 203k loan/repair and the GC had to
submit and get qualified to be involved. Just wanted to see if I could be proactive and get registered/certified ahead of time to get the work. Glenn, FL
Can one lender insist of using the appraisal that was done by another lender?
The appraisal came in $17k less than the sales price from one lender. When the buyers switch to a new lender, the appraisal came in $7k less. Both sellers and buyers signed an addendum to change the sales…
403K Professionals in Northern VA
I am a home buyer, who is potentially interested in the FHA 203K Loan. My husband and I found a property that is perfect but we want to finish the basement and attic to add substantial space to the home.…
does anyone have advice on programs that can help me buy my home?
hello,help.i lost my home 5 years agodue to forecloser except mine was different.i had a escrow.my mortage company did not pay my taxes for 4 years i think anyhow once they paid it my mortage went up to…
i am ready to buy a home but have a low 563 credit score. any advice?
i have worked hard to clean my credit up. i don't owe any money on it. but i still have a low score. i have saved up 20k for a down payment on my loan, and i can afford a mortgage. what can i do to…
Have mortgage rates truly hit their lowest point?
I would be interested in getting input from the lending pros here. Be sure to indicate WHY you think what you do.
I have a home on 2 acres that appraised a year ago for 325k I have a 75kballoon due on it in 2012 I have alot of equity in it ,Ive lived in it 16
years.heres the trick it is a manufacture home and it sold 3 times only to not have anyone that would finance a manufactured home what happens if I cannot find anyone to refinance?
short pay refi - is it supposed to work this way?
i have a friend who wants to investigate a short pay refi. a company of "investors" is offering him some type of deal to try and buy out his loan at which point the company and his name would…
buyout statement from mortgagee
We are buying a short sale. The lender ask us to 'Provide written buyout statement from current mortgagee for terms of short sale'. What does it mean?
Private Lender Needed. I am looking to buy a 30k foreclosed condo in Michigan. My credit score is in the low 600s. I have already been preapproved
for a FHA loan however, I was told that the minimum loan amount for FHA is 45k. How do I find private lenders?
I need to find an lender/investor for a non-warrantable condo. See details below.
It is 80% LTV; 778 credit scores; front end ratio 18% and back-end 25%. $200,000 of reserves. Loan Amount $380,000. 4 story, 4 unit complex. It is a purchase transaction. One unit sold in Aug '09…
I have a similar question - My husband and I are relocating to Johnson City, Tn and coming here without
jobs. We are selling a house in Wi and plan on putting down 40-50% on the new house. Can we get a loan without employment? Thanks for any and all responses.
Fannie Mae Policy on flagging Mortgage App's with "Dispute" in them
I want to know if the real estate community (eg the National Board of Realtors) has put any energy toward getting Fannie Mae to revise its policyabout flagging mortgage applications for "consumer…
legality of attachment of a property by Bank
grandmother deeded house to daughter one month later grandmother borrowed money and a lien was placed against the property she no longer owns. She is now dead. 2 questions 1. is Daughter responsible…
Went to look at a new home community in La Plata. The sales person wanted to qualify me for the USDA Rural Development Loan.
I know that the program is apparently out of money, so how was he going to try and qualify me? Did it get more money?
Seller Financing on investment rental property
Does anyone have words of wisdom (or tips and traps) on buying an investment property using seller financing?
I would like to update a question I posted earlier. Our house is abount $50K on the negative end so we are unable to refinance to take advantage of t
current low rates. Our ARM loan will end in January of 2011. Also, our loan is a jumbo loan. Our financial situation has not changed, meaning we still have our jobs, but I am afraid that when the…
I've found a home that I'm interested in purchasing, but so far have not qualified for financing.
I went through a divorce/bankruptcy about five years ago; however, I was struggling as a single mother and acquired some delinquencies following the bankruptcy. Thanks to a promotion and eventually a…
This is pertaining to NC Coastal Condos. Has anyone had success in finding lenders for non-warrantable condo loans?
Because most, if not all newer condo developments on the coast will be second homes and investors (rentals), it seems all of these projects are non-warrantable. Any ideas on where to look?
our credit score has recently droped to anround 580. We have a excellent rental history and can show 2 yrs of it. Can we get financing anywhere?
If you could help us or could contact us. We also can explain our problems with our credit. We have been renting here in Murphy and our lease is up in August and we dont want to keep renting. If you know…
Are Farm Home Loans for Rural areas still offered?
If so how do I find a lender or broker for a buyer?
How can I get a mortgage with little to no money down?
"First time" home buyer looking to get into a mortgage for little to nothing with some creative financing. Credit score averages 800.
Is there any minimum gap between two refinances in State of California?. I just refinanced last week but now the rates have dropped by 0.375.
Is there any minimum gap between two refinances in State of California?. I just refinanced last week but now the rates have dropped by 0.375. If I refinance with the new rate, my monthly payment will reduce…
Appraisal for Rental property
Hey Guys, If i have a rental income for $2,800, how much can my house appraise for? I am looking to refinance or take out an LOC. thanks
When is the best time to get pre-approved? I'm looking for a co-op or Condo in lower Westchester, not in a rush, but don't want to take a
hit against my credit report until absolutely necessary. Can I do this just before making an offer? How long does it take? I've already been "pre-qualified" so I'm speaking of the…
I am a first time home buyer, I have just been promoted to a commission based job and do not have 12 months of proof that I am making money. In
reality once I get going I will be making upwards of $600 a week. I am trying to qualify for an FHA loan on a $65000 house. I have a 720 credit score and have a co-signer with great credit. However my…
Suffered a forclosure 1.5 years ago. Have no credit card and car loans, everything is paid. Have about 35,000 saved. Of course with a forclosure we
have poor credit. Am a federal employee and VA eligible. On a 180,000 home with all things considered how much cash would we have to have in order to get back into a home. Thank you!
Can I refinance while my house is listed?
I want to be sure I can refinance, so if and when I take my house off the market, should I wait a certain amount of time before contacting a lender to refinance?
Are there private investors, etc. that would loan money for a home to people with poor credit scores with great home payment history for past 2 years?
My credit scores have taken a beating due to very unfortunate situations and unfair or erroneous reports submitted against me that I have taken actions to correct for the most part. I have a good salary,…
I have an FHA loan on my home I purchased before I got married. Can my wife get an FHA for another property as long as I am not on the loan?
We live in Michigan. We were advised by a mortgage broker that since my wife has been living with me, we will not be able to verify her rental history and they consider her a contributing member to the…
In the process of applying for a refinance. Title company just said there is a judgement agains my property because of my ex husband. My home was
purchased before I ever married him and all deed paperwork recorded everywhere only has me as sole owner. Can this be solved/fixed without me having to pay his debts???
Looking for a high LTV investment refinance in Belleville
Hello, I bought a single family home in 2006 with a coworker and we lived in it until 2008 as tenants in common. We are both military so we were forced to move in 2008, but we were rather upside down…
Can lender choose to use the lesser of the appraised value vs. actual construction cost for the LTV figure?
We just moved in to our newly built home and are in the process of converting our construction loan to permanent financing. Our lender is wanting to use the lesser of the appraised value or actual construction…
I have a rental house in Ks., The house has a pos. cash flow of 500.00. ltv of 57%. credit sc. 750 . Refi. based on these facts alone? 7yrs rented.
loan now is adj. currently at 30 yrs.amort. at 3.67% It adjusts each yr. against LIBOR yr. 2.75% LIBOR. Option to reduce principle and have it reflected in payment amount. IL believe this a great…
I have a rental house in Ks. It's a terrific rental market and I have a $450.00 pos. cash flow. Loan to value is around 57%. Can I refinance?
purely on the merits of the rental. The house has been rented for 6 or 7 years. Great credit score 750
I am looking to buy a second home to use as primary residence. My husband and I both have low credit scores, around 600 each. We want to buy a house
from a family member that is appraised at 350 thousand and we will buy for 325 thousand. Is this possible with our low credit scores?
looking at a house and want to put a offer in.credit is not the best but nothing serious on my report. getting married next month a fiance has had a
forcloser. can i still be considered a first time home buyer? and do to my credit am i doomed? i make good money and work hard for it. were do i start? thank you,sam
Where can I find interest rates and a calculator specifically for a VA Jumbo Loan?
There are tons of a mortgage calculators on the web, but I can't find one that can figure out fees and additional information specifically for a a VA Jumbo Loan? Also, I can find mortgage rates…
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