Financing—questions & answers, advice and opinions page 87

Where can I apply for a NJ Smart Start Loan?
Can someone please tell me where I can apply for the NJ Smart Start program> I have been approved for an FHA loan but it is not enough. Thank you,
can a mortgage co report you as 30 days late when you were in the process of refinancing w/ another co?
My old mortgage company and the new mortgage company both sent in payments and paid my taxes. This issue can be resolved. But the old company is saying that they are going to report me as 30 days late…
I have a 1st mortgage of 244,000 @ 5.375% and a line of credit of 63,000 @2.99% variable. I have had this mortgage for 8 years, I am looking at a VA
The VA loan would be for 350,000. This includes about 20,000 for debt consolidation. The rate would be 5.5%. The closing costs are $34,000. This includes the VA funding fee, 2 discount points, and…
Purchased coop in Jackson Hts 2002, $125,000. Mortgage $78,000 @ 6.375, 30 yr fixed. Appr 67,000 current principal. Is refinancing worth expense?
Primary residence. Current monthly mortgage is appr $487. Not interested in higher monthly. Coop is large one bedroom with living and dining room, eat in kitchen. Credit score should be quite high.
question on raising loan amount
Also, If the mortgage company gave me an approval on say 40k and a pay ment of say $460 with taxes and insurance, but over estimated on taxes, do you think it would be an issue if i asked them to raise…
Truth in Lending says no "Demand Feature" - Note says If any payment missed, the lender can require payment of the note in full (paraphrase)
Isn't this contradictory? I had thought that was what a "Demand Feature" was... Did a quick Google search to check my understanding, and it appears to be so: http://www.mortgageloanp…
Question about seller paid fees being counted as assets
will seller paid fees be included as assets if our LO re works our loan to a higher amount? We already put an offer in on a house, the loan amount is about 8k higher than our previous searches. Our DTI…
Difference between settlement charges and closing costs
On my loan document i see that total cash from borrower is 4300 including down payment. But on another page my total settlement charges are 4300 NOT including my downpayment. which is right?
How many times can a buyer lock an interest rate on a new construction,for a mortgage?
How many times can a buyer lock an interest rate on a new construction? Can the mortgage refuse to allow to lock an interest rate more than once? Is it acceptable? Should a buyer pay for re-lock? Answer…
Hello, My name is Lorenzo. My, Wife and I are looking too buy a piece of land and hopefully build a modular home on it. How do I go about doing so?
Is there Financing Avaliable for this? My friends tell me to buy a short sale home in need of alot of work, But I dont know how to go about that either and/or do not know what is a better way to go. Can…
i made a offer for a property, now i need to shop mortgage. I have saved 20% and has 780 Credit score, and first time buyer. How to shop loans.?
What are the things i should consider. Both BOA and local lender offered similiar rate of 4.25APR for 30 Year and 3.85 for FHA. what is the things i should look at. Some people say i can get better deal…
Can a HomePath appraisal be used for an FHA loan? I am buying a HomePath home but using a FHA loan to do so.
My mortgage broker is attempting to charge me $525 for the appraisal is this normal? I read on another site that if there is already an appraisal on file for a property that it can be used but my lender…
Down payment assistance programs?
I just found out about the existence of down payment assistance programs in Atlanta, and I'm hoping to get some more information from someone who has experience with down payment assistance programs…
HOW DO YOU CALCULATE MORTGAGE PAYMENTS.?
MY MORTGAGE IS FOR EXAMPLE $155,000 PLUS 4.5% LOAN INTEREST FOR 360 MONTHS EQUALS $161,975 DIVIDED BY 360 MONTHS EQUALS $450 WHEN I USE A MORTGAGE CALCULATOR IT EQUALS $785.36. WHY IS THEIR SUCH A BIG…
Are there any hard lenders that will do short refi's? Looking for a way to save my home but, of course credit is my issue
My scores are too low to qualify for a Short refinance. I am currently in default and have until February 14th 2012 to find a way to keep my home. Property has been in the family for 3 generations and…
Who gives high LTV (Loan-to-value) Home Equity loan/Line of credit?
I bought a house in March 2010 for $310,000 and put 3.5% down (FHA). I used my saving to finish the whole basement in summer 2010. The home value now is at least $400,000 according to my realtor. I…
Fha & Taxes
I worked last year but my income was below $9000 so per the irs I didnt have to file taxes..... I am trying to purchase a home and I am wondering with a FHA loan will this disqualify me
I recently purchased a new home in Freemansburg in October of 2011. I did not shop around for mortgage rates, the Mortgage Company I used was a
referral. Now that I am in my new home, and the pressure is off, I would like to try to find a better fixed interest rate than the one I have, which I believe is too high for today's market. How…
I have around a 600 credit score. Is there a lender in Ohio who can help me? FHA possible?
I have an average credit score of around 600, 604 being experian, the highest. It is probably going to go up very soon, because I paid some down on my car loan, and the car loan will be on my record for…
This is me a Vet, first time home buyer, bad and no credit?
What can and should I do to buy a home now! I found a Home I want to buy! Where do I start!!! Should I get a VA loan? I have bad credit or should I stay renting!
I intend to purchase a 2-family, both units are leased till Aug12. I aim to use it as primary residence. Can I qualify for owner occupied loan?
I'm a first time buyer and if nothing changes, I plan to live there for a long time. Only problem is I cannot move in within 60 or 90 days of closing (i.e) until August 2012 (as property is leased…
FHA qualification question
I've now been to two different loan officers, and gotten two different answers. I own a condo, which I've had rented out for only 3 months now. The first loan specialist pre-approved me, telling…
Looking for an 80% LTV mortgage loan for an investment property.
I've found an investment property I would like to purchase, and have 20% down. Now need a mortgage loan.
Hi Can I get finance for purchasing a Lot, with a 50% downpayment, and the rest over 1 to 10 years? I am non US-citizen and non-resident. Thanks.
I already owe a rental property in Florida, with a mortgage of around 50% of the total value (as of 2011).
Will I get the money back I payed for the Home Inspection back for my 3.5% down?
I will be getting 6% back from the seller for seller's assist. I have paid so far for Home Inspection and other test around $800 out of my pocket. Will I get that back and be able to use that as part…
1. Seeking financing: appraisal came in at$ 201,000 2. Lender did AVM came in at $175,000 3. A third appraisa lordered. What scenarios will result?
Seeking conventional loan on purchase? When will the appraisal process end? If seller does not agree to appraisal value, then what?
I'm looking for hard money lenders that will provide proof of funding letters to submit with my property purchase offers, who are the best
lenders? that will assist me? -Gary Smith, P.E., CEO, Real Estate Properties and Home Financing Corporation/Real Estate Property Solutions, LLC; garysmithengineer@hotmail.com
Can anyone provide me some information for hard money lenders in the Pittsburgh, PA area to help me start my investment?
I'm a new investor, so I don't have many contacts with real estate professionals in the area. I have one or two properties in mind for rehab. I would really appreciate it if anyone can give…
How can a person be expected to pay such a large lump sum after a loan modification is done?
We were approved for a home loan modification, but after reading that we have to pay over $46 thousand at the end we wonder if it's worth it, and where are we going to come up with that kind of money?
I payed around $800 for Home Inspection test so far. Will I get that back to use for my 3.5% down if I am suppose to receive 6% seller's assist?
I am buying a house and receiving 6% seller's assist. I need to come up with 3.5% for my FHA down payment. total I would need around $4900 for my 3.5%. I payed $1000 for hand money and so far spent…
I have a fannie loan that is now a rental. I refi'd under harp in late 2009 from 6.375% to 5.25%, can I somehow drop my rate again to around 4%?
House #1 (zestimate $150k): * bought in 2006, $281k, $245 balance, %6.375, $1860/mo * refinanced under HARP late 2009, %5.25, $1650/mo House #2: * bought in early 2010, $335k, $300k balance, %4.75,…
I was just informed that my company is having a perminant pay decrease o 10% that is close to 400.00 a month taken out of my pay forever. I am
I was just informed that my company is having a perminant pay decrease of 10% that is close to 400.00 a month taken out of my pay forever. I amalready month to month, and I am being told that Bank of…
I am 3 years post chapter 7. I am a little behind on child support. And my credit score ranges from 536 to 630. What mortgage co will give me a loan?
Looking to purchase or lease purchase a 3 bedroom home in Stockbridge, Rex or Union City, GA for under $100,000.
Needing a VA Loan on a 635 middle credit score. It has to be for a manufactured home. Any lenders out there doing those types of loans with a 636?
I am looking for a VA Loan Lender who will finance a manufactured home. I have a middle score of 636. I am in the state of Oregon.
550 credit score chicago payoff balloon loan
I have to pay off a ballon loan and my credit score is 550. I live in a suburb of Chicago. Where can I get a loan?
Can we get pre-approved for a loan? See Question details.
My husband and I want to get a pre-approval for a loan; we have submitted everything to this point that was requested (2yrs tax returns, paystubs, have pay off what theey shared with us to paid off, saved…
I made an offer to a house with 1914 heated area, when i measured with my contractor, total area comes to 1550. How can it be?
This house as been sold twice at 1914 sqft, and is now a REO property. I checked county website, and sale deed, everything says 1914.
DAMN is anyone giving out home loans??? granted i know my credit score isnt great...but im a mother of 2 kids and living above a bar because
my score is a 601.....i make good money aprox $1200 every week. and the loan i need is only for 45,000.
Will I get approved for an FHA Loan if I have a 2 month Gap in employment?
The reason for the GAP in employment was I left my old job for a higher salary (from 27,000 to 38,000: same field) however I had to move in order to take the next job. So i quit my job when i knew that…
I need to refinance my home or get a loan against my house, but have a score of 530.
I only owe $890 on my house and need to finish some renovations and pay off some bills, but can't seem to find a bank who will help me with that kind of credit score.
What financing options do I have for gutting and renting a 6 unit apartment building?
Hello everyone, I own a couple rental properties and have found that I enjoy taking care of them and have generally had positive experiences with tenants. I am getting married next year and have been…
Is it possible to buy investment prop in okc with less than 20% down?
My parents want to buy an investment prop in okc, I will rent it from them. They only want to put 5-10% down. Their credit score is over 800 and they have very little debt, anyone know of any lenders that…
FHA loan now I want conventional
I want to purchase a bigger primary home using conventional financing. My current home is FHA, how much would I need to put down if I wanted to go conventional?
I've been renting out my a home for 30 months. Can I move back, and get it refinanced as a primary home? How long do I need to live there?
I lived there for 18 months and then rented it out. I want to get it refinanced as my primary residence for many reasons. How long would I need to live there again if at all to abide by real estate laws?Its…
I have heard that the federal government has announced a refinance program that allows lenders to extend refinancing without mortgage insurance.
My home's appraised value has fallen below what I owe on it and do not want the extra expense of mortgage insurance.
I realized that the dates for my employment on my FHA App were incorrect. Should I let the underwriters know or just wait til they ask me about it?
I realized that the dates on my FHA application are incorrect for my employment history. Should I let them know right away or should I just wait til they have a chance to check on my employment history…
Any suggestions on how to locate a current source/recommendation for a HM lender(s) in Chicago or HM broker?
I am looking for acquisition and rehab funding in Chicago, any program, but preferably ARV based. Thank you in advance. (Humboldt Park)
Do seller credits cover Insurance & Daily Interest?
We are in a situation where our credits might exceed our closing costs due to a seller who would rather pay credits than fix work that should be done. My question is what closing costs we can actually…
How can I have my mortgage and escrow account evaluated ?
New Home , B of A mortgage , 30 year fixed , done in 2009 . Have an escrow account set up at the same time as the mortgage . Have pmi also , a year into the loan ( about 6 months back) bank increased…
We are relocating for spouse's new job. I'm starting own consulting firm. Can avoid the 2 year self-employed rule?
I have $200K of signed contracted agreements with consulting firm but is it true for self-employment there is a 2 year history requirement before they will count any income? Is there anyway around this?
Are there any lenders that will consider giving a loan to someone 2.5 years after a short sale?
We short sold a home in August 2009. We were 2 months late on payments, not due to financial stress, but the bank wouldn't approve the sale until we showed late. Since the sale, we have paid off all…
I have recently graduated from graduate school and have a good paying steady job. Because I have been in school I have no established credit, but I
do not have any debts. Is there a way to get a loan to purchase a home? I could have a cosigner if that was the best option as well.
i want to buy a house priced at 35000.00, and i only have 10000.00, i was informed i can not apply for a loan because the loan ammount is under 50000.
why am i ask it to loan more, and why do i have to go for a more expensive house since i dont neeed it, why banks do this to pupils who just dont want to buy houses with killing payments?
How can i get the appraisal fee back from the lender in plano tx?
i am looking to refinance the property and approached a lending company. They had sent an appraisor and he did a awful job. He did not consider the age of the property and compared the property with recent…
HARP Lender
BOA sold my mortgage to Seterus. I just realized my loan is owned by Fannie Mae, and I would like to utilize the HARP program. Since Seterus only services my loan, they cannot offer a refinance under…
Is there any bank that will work with us on a new purchase loan with a credit score between 608-612? It feels like we have hit rock bottom.
We are looking at a home in Jefferson county. However, our credit score is under 620 and it seems that no one is willing to work with us on getting a loan as well as finding someone who can lead us in…
Is it possible to find a loan for a $1million house with only 10% downpayment in California. Highliy qualified w/ income and credit ..
We are looking to buy...excellent credit and high income, but just limited downpayment. Looking for a lender willing to work with us...and just keep hearing there is nothing out there that isn't…
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