Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Mobile : Real Estate Advice

  • All147
  • Local Info22
  • Home Buying46
  • Home Selling3
  • Market Conditions6

Activity 22
Thu Jan 26, 2017
kr6327 asked:
Are there loans out there similar to FHA loans for those of us that don't have great credit but have stable income?
0 votes 0 Answers Share Flag
Mon Apr 25, 2016
Corastatham answered:
Lovely article - one of the best things I've recently read, and by far the most useful. I think it could also be useful for everyone to know how and where to fill a form online. Try PDFfiller to fill IRS 4506-T here It allows you to to fill out PDF files. ... more
0 votes 7 answers Share Flag
Sun Aug 2, 2015
Beth Michaels answered:
VA mortgage benefits that only come with a VA mortgage:

Easier qualification standards
Less strict credit and income standards
No down payment required
Bad Credit Score VA loans Down to 550!
... more
0 votes 15 answers Share Flag
Thu May 29, 2014
Oscar Gonzales answered:
The answer is yes, but it can get a little tricky. Your debt to income (DTI) ratio may get thrown off. Also Lender may require you to show where the additional money came from, and may ask for documentation from them (proof). A good lender will make this transaction smooth for you.

Good luck and thanks for serving our country!!

Oscar Gonzales
WestCo Realty
BRE# 01771716
... more
0 votes 3 answers Share Flag
Mon May 13, 2013
Rodney Mason answered:
Armando, I would say that you have been greatly misinformed about that. If anything, HUD is set to raise minimum credit scores and probably tighten guidelines some. It is 24 months for a Chapter 7 Bankruptcy, 36 months for a foreclosure, and the same for a short sale if there were mortgage lates. Anything less than that would be unrealistic.

Someone who just lost a home to foreclosure is in absolutely no position to purchase another one right away. It would be ridiculous to even consider that to be an option.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 2 answers Share Flag
Mon Feb 18, 2013
George Raymondo answered:
As Rodney stated below, you will need to wait 36 months from the date of the Trustee Sale unless you are a Veteran. In that case, the waiting period is a short 24 months.

Best of Luck! ... more
0 votes 4 answers Share Flag
Mon Feb 18, 2013
George Raymondo answered:
Boy you better be careful!!!! I have written many articles about credit, and I can tell you this. If you get a secured card NOW, it will be too new to rate in order to effect your scores in a positive way within that short of period of time. It will take at least 6 months. There are better more efficient ways of bringing your score up. Click on my Profile and read some of the blogs regarding credit BEFORE you do anything.

Best of Luck!
... more
0 votes 4 answers Share Flag
Tue Oct 16, 2012
Ruth Carlson answered:
Such a sad situation. But, you cannot qualify for a new loan yet. Following a foreclosure most banks will not lend funds for a period of 3+ years. The type of loan that was foreclosed makes little difference. FHA loans will re-open to you after 3 years. All other credit references must be very good! ... more
0 votes 1 answer Share Flag
Thu Oct 4, 2012
Shane Milne answered:
Eventually you could, yes. To purchase a home with FHA financing it requires a 3 year wait from a foreclosure. There is an exception, and that is if the foreclosure was due to documented extenuating circumstances (got sick/in an accident, death in the family, victim of fraud, etc.), FHA requires that you wait at least 1 year from the foreclosure sale. If required to pay rent, then verification of an on time rental history would also be required. In any situation with a foreclosure, there needs to be re-established credit, typically defined as 12 months of on time payments as well as no new delinquencies. I recommend at least 3 trade lines (forms of credit) of 12 months of on time payments, with both installment (loans, etc.) & revolving debts (credit/store cards, etc.). If your loan doesn't fall under the extenuating circumstances category, then at least 24 months of on time payments with one of the trade lines would be very helpful to qualify as soon as the 3 years is up.

Shane Milne | Lending in all 50 states | NMLS #81195
... more
1 vote 2 answers Share Flag
Thu Sep 27, 2012
Trevor Curran answered:
Conventional and FHA Underwriting guidelines allow for Social Security income to be use as qualifying income for a mortgage loan. There are different methods used to include Social Security Income in the qualifying calculations. Best to meet with a Local Mortgage Banker to get thoroughly prequalified based on the total financial picture: Income, Assets, Credit.

Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Wed Dec 14, 2011
Josh Lerette answered:
I'm not exactly sure what you mean by CDA. Please explain further.
0 votes 3 answers Share Flag
Sat Nov 5, 2011
Terry Bell answered:
Dear Denise, Your already taking the first big step of thinking about home ownership! Your best next step is to talk to a mortgage broker. They will take a look at not only your credit scores, but also your income and expenses and give you an idea of what they would want to see for you to be eligible as a first time homeowner. You should also ask about first time homeowner credits, and low downpayment programs for first time homeowners! You can also consider purchasing a home with a co-owner or with co-signers like parents! That's why it's great to talk to a broker that handles all kinds of different loans and can suggest different plans for you to consider. I would, of course, suggest that you also contact any agent to start showing you the types of homes that have special financing already available for first time homeowners. Good Luck, Terry Bell, Realtor, Santa Rosa, CA
(your thumbs up is always appreciated!)
... more
0 votes 6 answers Share Flag
Sun May 22, 2011
Gerard Carney answered:
Jennifer, Calm down, no need putting a hospital bill on your credit! Congratulation on your new home. If married, take the cards off of hubby, take the cards out of your wallet as well, tell the kids to chill, there is nothing new till the closing, not even a pizza order unless it's cash! You are not buying any new items, they can wait till after closing. No new toys, no sign up for summer camp, unless you are using cash! Be fully conscious as to what you are spending and when you are buying it. After Closing you can go hog wild but until closing, be a sober as a judge and buy nothing! I hope you are listening to this advice! ... more
1 vote 2 answers Share Flag
Mon Feb 28, 2011
Paladin Funding asked:
Tue Feb 15, 2011
Doc & Ellen Stephens answered:
Interest rates are going to VARY. Long term guess - they will rise. Why? Because they have been at historic low levels for almost a year. As the economy imporves, there will be more demand for loans and more places to invest that give a good return. That generally causes rates to rise. You don't want to see a scenario where rates drop. It means the economy is back in a dive.

The effect of a 1/2% increase in rate is just about the same as a 6% price increase in the home.
in either, case, the payment increases by about $30 per 100K.

... more
0 votes 1 answer Share Flag
Sun Feb 6, 2011
Rameh Khazen answered:

I am an agent in Mobile. It's not displaying the address for us to see but you can locate property taxes by address or name of the owner on the website I am going to link.

Rameh Dickens
... more
0 votes 5 answers Share Flag
Tue Nov 2, 2010
Robin Silverberg answered:
If your fiancé is getting paid in cash and not paying taxes, even though the business may be legal, what he is doing is not. If you want to ever get approved for a mortgage, he is going to have to get paid on the books, and pay taxes. ... more
0 votes 9 answers Share Flag
Wed Oct 6, 2010
Gerard Dunn answered:
Bill is right on target. Thumbs up!

CraigsList is the best resource for your search.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
... more
0 votes 3 answers Share Flag
Sun Jul 26, 2009
Robert Chomentowski answered:
How much are you putting down? If you are getting a FHA home loan you will be able to get the very best rate with a 691 score. The interest rate will likely not improve even with a 800 score vs. 691. The only reason I would obsess in getting the score higher is if you want to get a 5-10% down conventional loan. For those loan you will generally need a 720+ score (and a 41% back end debt-to-income ratio). The interest rates are generally not any better with conventional loans than FHA Loans. The only difference is with a conventional loan you avoid the 1.75% up front mortgage insurance that is rolled into the FHA Loan.

I think you are doing all the right things and I commend you for taking great care of your credit. How long ago did you get the collection? It sounds like the only thing that will improve you score is the passage of time, making that paid collection older and older.
... more
0 votes 4 answers Share Flag
Sun Sep 7, 2008
Scott Godzyk answered:
They have to control them as they have proven they can not control themselves. They are neccessary in the houseing market and economy to be prooped up, fixed and made to work as they were intended. I think when banks start lending again to the people with good credit and money to put down, all the housing markets will start to come up except it may take a little longer in the over built condo markets. ... more
0 votes 2 answers Share Flag
1 2
Search Advice