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97055 : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 7
Sat Apr 23, 2016
USMortgageRanger answered:
Hi James,

I am sorry to hear of your issues. As someone who is on disability income /Social security income, Your child Social security income and your social security can be added together and gross up 25% to qualify for a mortgage. As for down payment assistance all the programs that I am aware of requires a 640 credit score and home buyers class.

I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Wells Fargo Bank
Plano TX
Phone (469) 347-3572
... more
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Sat Apr 23, 2016
Jamesacamarata answered:
The other guys did a good job of answering this question. It rains far more than it snows. It is mostly cloudy from mid-fall thru late spring. When buying a home take a good look @ the roof and water drainage on and around the property. Western Oregon has many seasonal creeks, check your proximity to those. You are picking a nice area. ... more
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Sat Apr 23, 2016
Jamesacamarata asked:
I am single dad. I have found nice home for 44k. the payments would be less than 30% of my income, but I don't qualify for a loan and probably never will. Help?
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Fri Apr 15, 2016
Katie M Eberly asked:
Wed Oct 31, 2012
Douglas Bragg answered:
Thanks for the opportunity to reply !

At present the USDA i believe is at 3.5% on a 30 yr mortgage loan.

Thus ... $145,000.00 mortgage loan @ 3.5% for 30 yrs. = $651.11 per month. P. & I.

30% of your monthly income to qualify would be approx $2,170.00 per month ...

Thus the annual income would be about $26,040 to obtain that loan. Note .. other factors

might also apply and the 30 % est. might be 28% or so.

Hope this helps. Best Regards .. Doug Bragg, Broker; Coldwell Banker Seal. 503-826-9207
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Thu Dec 3, 2009
Freddie Mac is the one that had a $2500 maximum amount of closing costs that could be rolled into the loan. That amounts has since been increased to $5000. What that means is that if the closing costs exceed $5000, you have to pay the remainder out of pocket. Fannie Mae doesn't have a limit. If your closing costs are $10,000 and there is room in the appraisal to cover the costs, so be it. The HARP program allows a person that is over 80% of the loan to value (LTV) to refinance without having to incur mortgage insurance (MI) if they didn't have it before. If the person had MI before and refinance to a higher LTV, then they have to get MI again and if the LTV is higher, they will pay the higher MI rate. Kind of confusing..sorry. Example: I bought a house for 100,000 and the value at that time was 130,000. I had an 80% LTV. Now I refinance. I owe 98,000 and the value dropped to $100,000. I'm at 98% LTV. I didn't have MI before, and I don't have to have it now (that's HARP). Now let's say that in the beginning I had MI and I had 10% equity when I bought the house. My MI rate would have been at .50% (.0050 X loan amount). Now I refinance and I have no equity. The MI rate will increase to 1.03% (.0103X loan amount). My MI payment has almost doubled (yikes). If you go over 100%, the lenders will charge on average 1.5% in discount points in addition to closing costs. Up to 125% is 3 discount points. ... more
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Sat Feb 7, 2009
Dirk Knudsen and Kirra Krussman answered:

Your probably in trouble here. You may have rights against the owner in civil court but the rights he had appear to be gone and your rights went with him. Maybe get some legal advise.

But hey....there may be a silver lining. Prices have continued to Fall and rates have too. In addition we may have a $15,000 dollar Tax Credit by this time next week. There are some very good financing programs out there too.

Call me and let me help figure out how you can take advantage of the money you have lost and turn this bad situation around to the good!

Best wishes;

Dirk Knudsen
Re/Max Metro Gold
... more
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