Financing—questions & answers, advice and opinions page 26

I have a credit score of about 620, and make about $35,000/year. Do I have a realistic chance of getting approved for a mortgage?
My credit is improving, since I am now out of college and have had a good job for a little over 2 years. All of my credit is paid off. I have student loan debt of about $28k, and I have a car loan with…
Loan back to underwriting?
We sold our home about 30 days ago. We requested and buyer agreed to 60 day escrow, making the close date. A week ago, we received a contingency removal form from our realtor stating that the buyer had…
Lender states that we need a VA Condo ID number to do an appraisal. We have HUD number and builder is VA approved. Your experience?
I have been told that if the condo was built before 2009 that we may not need a VA Id number. Can anyone help me with this? VA has said over the phone that it is not required, lender disagrees and says…
Mortgage Question: Our Mortgage Payment includes an Escrow Payment that was opened due to delinquent
property taxes. We are having a tough time making our mortgage payment, and with the added escrow payment are really struggeling. Our Mortgage Company said that they won't accept our Mortgage only payment…
Cash out Refinance 308K balance house worth $600K. take out $135K to renovate the house, which puts the LTV above around 74%.
Are there any vehicles that allow that, or am I stuck only being able to borrow $417K.
Types of financing for expensive multi-family (owner occupied)
I was looking at a multi-family (3-family to be precise) around the 900,000-1000,000 range. I was wondering what financing options are available for this kind of property. How much is the FHA or conventional…
Financing for newcomer with 40% downpayment ?
Hi, I will be transferred in November to Hartford, CT from Russia on a L1A visa within the same company where I have worked for many years. My wife and I want to buy apartment/condo on arrival for about…
I want to purchase a 5-unit bldg and convert to 4 units. It would be my primary residence. Can I get an FHA loan?
I understand that FHA loans are available for up to 4-unit properties. I have seen online, however, that it is possible to get FHA for a 5-unit property if you are converting it to a 3- or 4-unit. Would…
I live in West Virginia and am interested in a $290,000 townhouse. I can put $120,000 down. My credit is fair. Prior years income was 100K, 100K and
75K. I have changed jobs and will receive disbursement of $250,000 in March. I am involved in numerous mergers and acquistions. Unfortunately, I cant estimate how much I will make off of them. How difficult…
New construction loan concerns
My wife and I own 10 acres of land in a high property value area. We have no debt, she makes 70k as a nurse. I'm self employed for 3 years and make 85k. I have a mid of 658 and hers is 644. We have…
Is there any hope of me getting a major construction loan? My credit score is low 585 to high 607 my girlfriend score are all above 700 income 230,000
for both of us. have no debt ,credit cards no balance. bad credit came from my past . Is any lender going to work with me.
Help for a family of 6 with low income
We have a monthly income of $694.00. We have 4 children the oldest 5 and youngest 1. My husband has a sleeping disorder and cant be left alone to babysit the kids for me to find a job, and also we dont…
Can husband purchase after wife's short sale?
I purchased a house before my husband and I were married. I am the only person on the mortgage. We are short selling the home and I am now 180 days late on the loan. Also, I have no income. My husband…
I filed chapter 7 bankruptcy in July 2010, including my home, and signing over a deed-in-lieu. I'd like to purchase a home again next month and
need to find someone who can give me an FHA pre-qualification ASAP. Please respond if you have worked with these circumstances before. Thank you.
New FHA Loan - After Chapter 13 Discharge...
I understand the FHA rules require two years (post-discharge) for a Chapter 7 filer to apply for a loan. However, for a Chapter 13 filer one year of on-time payments is required and the court's permission…
Can I get a FHA loan with a bankruptcy and short sale?
My chp 7 bankruptcy was discharged June 2006. My mortgage was included, but I continued to live in the home, and never reaffirmed the loan. My credit report has always reflected that the mortgage was discharged…
Short sale my home due to divorce a year ago, can I get financed?
Short sale commenced 3/2011. Gross income 12,500 per month, employment verification 5 years, no cc debt or car notes. Never had a single late payment on any debt other than home loan. Current credit score…
FHA mortgage after short sale - what does eligible mean to lenders?
FHA guidelines say someone who has had a short sale (with late payments) is "not eligible for a mortgage" for 3 years from the date of the short sale. What does "eligible" mean - is the 3 years referring…
We tried to get preapproved but he has a credit score of 630 and we need 640. He had a collection on his report that we did not know about because he
had moved. He paid that now, but the lender cannot run a report for 90 days. We were going to try and do a rapid rescore for $55 but it still isn't showing up on the report that the collection has been…
My credit Score is 645, I make 32,000 a year plus another 10,000 a year in child support payments. Is it possible to get a home loan for 110,000.00.
I currently pay close to 1000.00 in rent (going rate for may area) when I can pay far less with a morgage through a short sale or foreclosure. I have only been on my job for about a year. Is it possible…
I am trying to work with my bank to refinance
I have a home loan with Emigrant Bank in New Jersey for a home in Virgnia in which I have never missed a payment or made a late payment since I bought it nearly 10 years ago. I am wanting to refinance…
Good USDA guarantees lender in Wilkes Barre area- Pennsylvania
Van someone recommend a good USDA lender for a first time home buyer- Northeast Pennsylvania area? Thanks!!
What do you think of an 80-10-10 loan?
We're buying a condo, as you know. The purchase price is $400,000 and we're putting 10% down. So, we have to pay PMI (about $160 per month). We qualify for a 360K loan at 4.875 fixed. One lender…
I'm shopping for a 30-yr fixed mortgage. Details below.
109K salary, $210 monthly debt, credit score is 704-713 (depends on credit agency), FICO is 704. Purchase price is 400k (5k seller concession), 10% down. Hoboken condo. First-time buyer. Primary residence.…
Is it ok for me to shop around for lenders that offer FHA 203K? Or do I have to go with the first one I get a quote on?
I am looking at a fixer upper house that I believe requires more than $35,000 in work (built in the 30s, electrical needs updating, kitchen and bathrooms not working). I want to get a full FHA 203K loan.…
Mortgage - International Investors
I am an international investor looking to invest upto USD200,000 as equity/downpayment for a property in Hoboken/jersey city. Which are the banks who are currently lending to international investors?
What should you do if you think your public adjuster has overcharged you?
What should you do if you think your public adjuster has overcharged you?
Hi, we have a rental that was our primary, but refi'd after we moved out. What is our risk if we walk away?
We bought a home as our primary residence, subsequently bought and moved into another home. We turned the first house into a rental and then refinanced that house. Of course, we're undewater on…
purchased investment property 2008 for $575 - recent assessment by County for property taxes appraised at $325 - WOW! any chance of re-financing?
everytime I mention NON-OWNER OCCUPIED - they can't wait to get off the phone. we are losing money, (approx $1,000 monthly with rents) not to mention the significant upside down position we are in.…
I own a condo that has been paid off but also own a house that I owe 185 but it's worth 150k that my sister (on title) pays for everything.
Can I do a refinance to pull equity out of my condo that I live in? I had a foreclosure on my parents house in 08/20/2009. I was young and my parents asked me sign the paperwork and I did. It was…
I was turned down by CalHFA for a loan modification. Now what?
A while back, I called CalHFA about our underwater loan to see if there is anything I can do. They told me to try for a loan mod first (which we were turned down for) and then try for a principal reduction.…
Loan terms? 30 fixed or arm 5/7 arm? I REALLY PLAN ON LEAVING BAKO WITHIN 5 YEARS.
Ive got pre approval for fha so what loan term should i t ye? Im thinking i am moving back to san diego within 5 years, and i could get more home if i go with a 7 year arm? So advice please. My instinct…
Refinance after short payoff
I have a 2nd loan of $95,600. The loan is being settled for $12,500 with full lien release and credit reported as "settled less than full amount". Will i have problems refinancing my 1st loan…
Here is refinance strategy from my broker. What are my chances?
I have 80(adjustable)/20 loan. 1st = 380,000 2nd=96,500. Condo purchased for 483k, now valued at 370k. Broker said I can refi the 1st into a 5.3 fixed 30yr. He's applying for a short payoff on…
Is there any option for refi with a non-Freddie/Fannie loan that is underwater? We have naver made a late payment--just want to switch to a 30 yr fix
When we purchased the house in 2005, we paid 600,000.00. We put down 180,000.00, but now the house is only worth about 330,000.00. Our loan was at a fixed interest rate for only 7 years which is quickly…
Hello, If I own a condo in Hillcrest which is underwater, am I able to buy another property if I an prove that I've rented the condo out?
Would I have to show that I can carry both mortgages on my income or would I need to show that I have renter's income, and that it has been provided on two years tax returns? Thank you!
Any suggestions for refinance of underwater home?
I own a house with a loan balance of $108,000 at 6.25% and market value of about $92,000. I'd like to refinance at a lower rate. Bank of America holds the loan. I'm current in payments and…
Follow up question about refinance of underwater home (Not wasn't clear how to use this program as email string, so I'll start with
original question question) Org Q: I own a house with a loan balance of $108,000 at 6.25% and market value of $92,000. I'd like to refinance at lower rate. Bank of America holds loan. I'm current…
Have to refinance b/c of divorce, but I'm upside down on this house
My primary residence loan has my and my future ex-husband's name on it. We are getting divorced. I think I have to refi to get the loan into my name, right? We are a bit upside-down on the house,…
Hi All, I'm homeowner of single family home in Ardenwood Area Fremont. I bought the home for $658k in 2006 and now having value for $536k.
I'm having mortgage for $586k and currently underwater. Since my loan is a jumbo loan I couldn't able to refinance. Can you please advise how and where to re finance? My loan is currently with…
Do any banks in Florida do stated income loans or no doc/low doc loans?
I have a 730 credit.score, 15k to put down. I claimed very low income on my income taxes because I'm self-employed. Please help!! I've looked everywhere. I know I can get a mobile home financed…
I'm underwater by $130k (21%) on my Marin condo residence but can still make the payments, I need to do something before interest rates rise.
I have two lenders (Chase - $440 and WF (home equity line)- $190) both ARM's and need to do something before interest rates rise. Zillow shows a $500k value versus $630k debt. I have a stable job…
Hello! Like many in California, I was part of the sub-prime bubble and now I have a year left on my ARM loan before a huge payment increase.
Over the past 2 years, I have tried in vain to get my lender modify my mortgage. I live in the Bay Area and some of the issues previously have been: 1. Non-conforming loan since our primary mortgage…
Any word on new programs to help underwater homeowners? Should we all just walk en masse?
Seems as if the Gov hasn't paid attention to the problem of underwater mortgages, and the Banks think we're going to just sit in the house and overpay. Any word on new programs that might be…
Any advice on getting a new loan on a house that's underwater?
We've paid off the 2nd mortgage a couple months ago, and the first is a I/O option that comes due in a year. We are making extra payments on that now. (7 yr balloon I think it's called) Our…
For a loan modification, is it better to be more in need or present as best as possible with respect to work, assets, maternity leave?
Underwater loan, approved before with undisclosed income due to husbands poor credti score. I am the only one on the loan and am going on maternity leave soon.
Can I streamline refinance to remove a non-occupying co-borrower without an appraisal. California
Purchased the home in 2008, didn't qualify (credit wasn't seasoned enough, some negative debt). paid off in escrow, & most scheduled to fall off. Non-occupying co-borrower wants to purchase…
Is anyone doing refis for non-conforming loans for properties which are underwater?
I’ve got a mortgage which my bank won't refinance because the CLTV is too high -- about 101%. It's not a conforming loan, so I believe that most of the recent laws don't force banks…
We dont qualify for a loan modification, we are behind 2 payments and home is underwater...what are our options?
Just had a baby, have been on maternity leave for the last 3 months and we are behind. Our payment is 27% of our gross income. We are in sales, so each month varies. One month can be good and others are…
I have a large equity loan ($110,000) that puts me under water by approximately $50,000 in my principal place of residence. Have you heard of equity
loan holders adjusting the loan amount and/or interest? Right now its on adjustable interest rate and I can afford it but when the rates go up, I can not.What happens if I stop making payments on it?
What are my financing options if my condo is underwater but I'm not experiencing a specific hardship?
My partner and I own a condo in San Francisco (financed with a jumbo and second loans). Based on local comparable sales, our place is probably worth 15% less than the equity we hold. Our strategy was to…
What is our chance with a lender if we have 2 loans with them?
Hi Harper, We have both our primary and second loans with the same lender. We are very very much underwater, with my husband switching job every 4 months for the last 12 months, but we are still holding…
Can someone purchase a second home if he does not live in the first home and does not make the payments on it?
Ex wife won the deed to the home in the divorce. Even though the loan is in his name only, she resides in the home and makes the monthly payments. We are wanting to buy a home, but do not know if that…
Financing for Foreigners
I'm a foreigner looking to buy a vacation home for investment purposes in Orlando. Can you please give me contacts for foreign financing houses that I can use? Thanks.
Private Money Lenders
Hello, Looking for Private Money, hard Money lenders that work with investors. We are buying 3 houses in Tennessee and need financing. Great LTVs, Looking for 65% ARV loan, 100% financing. Either…
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