Check out these chateau images:
Château d’Edimbourg vu depuis la vieille ville
Image by ecololo
Château d’Edimbourg vu depuis la vieille ville
If you would like to see far more homes click here…
Pilot program announced to help underwater homeowners in Multnomah County …
The program is similar to the federal Home Affordable Refinance Plan, viagra approved the Obama administration response to upside-down mortgages. But HARP is available only to homeowners whose loans are backed by government-sponsored Fannie and Freddie, doctor …
For more informaiton please visit here…
Obama: Minimum Wage Increase Will Boost 'Rising, discount Thriving Middle Class'
An additional 8 million borrowers would qualify for the federal government's Home Affordable Refinance Program, or HARP, under the proposed legislation. Most significantly, the bill would allow underwater homeowners, those who owe more than their home …
More informaiton please visit here…
Question by needtoknow: when purchasing a home in Texas can you do 100% financing?
Best answer:
Answer by loanmasterone
There are still a few lenders that will give a 100% mortgage. The requirements have changed and are a lot stricter. The credit score has increased and verifying employment and assests are required.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, information pills with a mortgage broker, visit web which you can find one in your local telephone book.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
“FIGHT ON”
Give your answer to this question below!
Question by Susan: When will I be able to qualify for a lower interest rate on my mortgage that has Private Mortgage Insurance?
I heard there may be some relief for us millions of americans that do not qualify for the quick no fee no cost refinance to lower our interest rate because we have private mortgage insurance. I am trying to keep my home but I owe way more on it than what it is currently worth. President Obama was talking about a program for us, more about where is it? How soon if at all will it be available to us? When will we know if it is available to us?
Best answer:
Answer by Mary
As a banker, yes, you can.
Know better? Leave your own answer in the comments!
Question by cool: 62 years old , discount retired and a home owner with home owners insurance. Can she apply for a reverse mortgage?
For A 62 years old , there retired and a home owner with home owners insurance. Can she apply for a reverse mortgage loan or any other debt consolidation loan?
Best answer:
Answer by linkus86
Yes, recipe through the HECM program through FHA.. They require a bit of counseling to gain access to the program, but I am certain it will be helpful.
Not all mortgage brokers offer HUD loans. Your best bet to find one that can is at one of your large local banks. Good Luck!
What do you think? Answer below!
2 Comments
Leave a Reply
You must be logged in to post a comment.
A reverse mortgage is good or bad based on the financial condition or situation of the seniors.
The primary requirement to obtain a reverse mortgage is that one or both of the seniors must be a minimum of 62 years of age.
If they are in a good financial condition and have planned well for retirement there is no need for a reverse mortgage.
A reverse mortgage is sort of expensive to obtain, so one of the first things you would want to do is find out the cost of your parents getting this reverse mortgage. You would also be required to get and pay for an FHA appraisal. All repairs to the house found by the appraiser will have to be repaired prior to the mortgage closing.
You might also want to know the amount of funds that would actually land in the seniors hand. We do know one thing all mortgages would be paid off, as well as any other liens found on the property, plus the expense of the reverse mortgage, so on a good day the seniors would wind up with approximately the difference of the appraised value minus any mortgages paid off, any liens and the closing cost in their hands.
They can receive this in one lump sum or monthly payments spread out over a period of time.
They no longer would be required to pay a monthly mortgage, they could payoff any debts that are owed, with the remainder of the funds being placed in a bank account of their choice.
The other part to this reverse mortgage is that the seniors will be able to stay in the house as long as they both are alive.
Once they are no longer with us the heirs of the seniors would have to decide if you wanted the house or not. If the heirs decide the want to keep the house then they would be required to pay off the mortgage company that gave your parents the reverse mortgage plus interest as with any other mortgage lien.
If the heirs decide they did not want or could not afford the house then the bank would take legal action to secure the property, such as foreclosure.
A reverse mortgage is an FHA product, therefore you simply have to locate a local FHA approved lender in your telephone book. You might also google reverse mortgage followed by the city in which you reside or where the property is located.
Before a reverse mortgage might be obtained the seniors would have to go through extensive FHA counseling concerning the reverse mortgage so they would understand exactly know the reverse mortgage work and the effect it would have on them either positively or negatively.
If qualified she may apply for a regular mortgage loan to consolidate her and pay her debts, as long as she is qualified with the correct credit scores, and is able to financially repay the mortgage loan.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
I can only answer you in regards to doing a reverse mortgage.
All she needs to qualify for a reverse is to be 62 years old by the time the loan closes and have substantial equity in her home. As a condition of the loan, it must be her primary residence, she must pay her property taxes and homeowners insurance and maintain her home. It doesn’t matter if she still works or not, what other assets she may have, if she has a lot of credit card debt, or if she had previous bankruptcies, or a low FICO score.
You never get 100% loan to value, as you can with regular “forward” loans. And as all liens against the property and federal liens must be paid off at closing, if you have an existing mortgage, you would need to have substantial equity to make it worthwhile. For some folks that are just looking to get out from under the burden of a monthly mortgage, it may mean that they will have to bring some money to the table in order to close (which is allowed); but they know that once the loan funds, they will never have another monthly mortgage payment as long as they meet the 4 requirements mentioned earlier.
How much she gets is based on home value, lending limit (current maximum is $ 625,500), age of the youngest borrower, and the current expected rate. Typically, the older you are the more money you are eligible for. But even a 100 year old will never get 80 or 100% loan to value.
Some of the other answers have errors (@ loanmasterone). Reverse mortgages by itself are not bad; but if it doesn’t solve your problem, then it obviously is not what you should do – but it doesn’t make it bad. All title holders must be at least 62 years old, and they must all be on the loan. All repairs required DO NOT have to be done before closing; you usually have up to 6 months to do the repairs after the loan closes, using the funds from the reverse mortgage. Also, you DO NOT get the difference between the appraised value and all mortgages that have to be paid off and closing costs. See above for the 4 factors that determine how much she gets. She does not have to withdraw all the money and place it in the bank; this will cause her loan balance to accrue interest much faster than needed while the money just sits in another bank earning almost nothing. If she leaves it in a Line of Credit (LOC), her LOC grows over time and her loan balance will only include the funds that she needed when she needed it plus accrued interest. The heirs can choose to refinance or sell the house themselves and keep the proceeds if there are any. The bank does not take legal action and foreclose unless the heirs choose to walk away from it. I personally would contact 3 brokers, not banks (yes, I work for a broker). The reverse mortgage program is highly regulated by FHA so it works the same from bank to bank, from coast to coast. What differs are the interest rates offered by each bank. If you go directly to the bank, they will only show you what they offer; a broker who specializes in reverse mortgages can show you what several banks offer and you can decide what is more important to you: lowest rate, more money, adjustable or fixed.