Question by catchi: home foreclosure HELP where do we go and how do we start refinancing?
Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
Best answer:
Answer by tkahrs12122
No the bailout did not include help for delinquent homeowners.
You need to deal with the refinancing on your own. Start with your current mortgage holder and see if the will lower the interest.
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Question by TD: What would be the best possible Home Loan I could get buying a co-op?
I heard that you cant use the nothing down or 3% mortgages on a co-op purchase. Is this true I live in NY. WOuld I hav eto put down 10% no matter what. Also FYI Most one bedroom co-op go for atleast $ 130, hospital 000, and 10% of that is 13,000 and the HUD and FHA mortgage and program say that they can only give you 3% or 5,000 down.
Best answer:
Answer by Blue October
the best possible home loan is going to depend on your credit. i want to suggest that you speak with your local banks…they know you the best, and they are local -in case you need them in the future.
I am sure you are aware of the large amount of foreclosures across the nation. This lends itself to the way that banks and lenders are now doing business. The days of nothing or very little down are almost gone. You will need to come up with a min of 20% down and stick with a 30 years fixed no prepay penalty loan.
Do not accept or get into any creative financing or ARMs (adjustable Rate Mortgages)…these loans have a high failure rate to foreclosures.
stick with your local banks…good luck on your purchase 🙂
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Question by anpresco: What factors do lenders consider when applying for a home loan?
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, seek but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, treat or will it not matter?
Best answer:
Answer by Beverly S
Your loan officer makes the decision based on what you need to qualify. Most likely you won’t qualify with just one income. The fact that his credit is less established won’t hurt him as long as its not “bad”. Lenders are looking for 2 years steady employment, order 2 years good credit, & property of enough value & re-salability in case of problems. Sounds like you need him (boyfriend) & he’s gonna help not hurt.
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Mortgage Rates : For The Week Ahead, view Lock Or Float?
The Ginnie Mae (GNMA) 3.0% 30-year coupon finished better last week, symptoms too, viagra 60mg moving +17/32. Ginnie Mae mortgage bonds are linked to FHA and VA mortgages so mortgage rates for the FHA Streamline Refinance and VA IRRRL mortgage programs fell last …
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Why is the FHA Streamline Refinance So Popular?
28, 2012 — /PRNewswire-iReach/ — Record low mortgage rates have encouraged many Americans to refinance their mortgage this year, and the most popular option by far has been the Federal Housing Administration's (FHA) Streamline Refinance.
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Question by Sam27472: Home that am trying to buy is not FHA approved, pill and do not have enough downpayment for conventional mortgage?
We reside in the US Virgin Islands and I am trying to buy my first home and have finally found the house we wanted after looking for 3 years, drugs I have enough stashed up to cover the 3.5% down payment for the FHA mortgage, but unfortunatley the home that we have found is not approved by FHA, so would now need to do a conventional mortgage, but my problem here is that I do not have enough money to cover the minimum 20% down for the house. Are there any instituitions that help in covering the down payment, I have heard of the down payment assistance and that they have been discontinued, also am not sure if they ever existed in the virgin islands. Any advise here would be highly appreciated.
Best answer:
Answer by Phyl Mar
There is no such thing as downpayment assistance. In fact at the closing the buyer must sign a form or swear that none of the downpayment has been borrowed.
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A couple of great huge house images I found:
the large residence
Image by haydnseek
an additional look at the old prison. I liked the rustiness of it, for sale so I jacked up the sat and warmed it up a bit.
A lot more great houses click here…
1968 Post on Huge Property
Image by K. Todd Storch
For far more properties click right here…
American Capital Agency's CEO Presents at Bank of America Merrill Lynch …
So we feel pretty confident that, price look, the administration, Treasury, others have looked at these streamline mass refinancing programs and they came up with as a group the HARP 2.0 program which is working very well. So we are very confident that there …
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Fannie and Freddie Making Some Coin; Ginnie Volumes are Huge; Lack of …
This does not apply to HARP loans; existing Standard Monthlies for HARP Refi-to-Mod transactions will not be converted to ZOMPs. … and verification; non-occupying co-borrower restrictions; refinanced mortgages that are included in bankruptcies …
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Question by Oscar Y: I would like to know wether I am eliglble for a no deposit home loan with credit default?
I would like to know wether I am eliglble for a no deposit home loan with credit default? If so I would like to know what the interest rates would be for the home loan.The property that I am looking to purchase is at around $ 150, story 000 and I work full time. I would appreciate if someone can reccomend me a lender who deals with no deposit home loans for people who have credit defaults .
Best answer:
Answer by Renu G
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, case thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, this payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.
Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.
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Question by Faza: Can seller agent tell me that he has another party interested in the house, check the seller has accepted our offer?
So we are contract contingent. But someone got into the house and damaged the ceiling and let the water tap open. So house was flooded when we went for inspection. Per FHA loan requirement seller needs to fix some stuff. But sellers agent is telling us we are asking too much. And he has another party interested in the same house. Is it legal? Mind you neither side has signed a release document yet. Thank you.
Best answer:
Answer by Gus
Tell them to sell it. And call the AG’s office and explain what happened.
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Nothing is illegal about it if you haven’t signed. The agent is bullsh*tting though, he doesn’t have someone else interested in the house, he just wants you to desist with the requests to fix it so that he can sell the house and make his commission. Call his bluff.
You have a contingent sale at a fixed price.
That sale price was for a unit as it existed BEFORE the great flood.
Tell the seller to fix the damage (his insurance should cover it)
The FHA requirement is negotiable since it is YOUR lender making those demands.. so the seller either has to accept it or counter the costs… if he counters the costs the ball is in your court… you can accept, re-counter, or tell the seller its poop or get off the pot time…
your call if you decide to pass, send a written response to the seller saying that since his agent indicates that there is another buyer in the wings you are regretfully unable to match any other offer except… (insert final offer). The seller’s agent is going to have to show that letter to the seller… who will not be happy if his agent has been BSing you.. the agent will not want that to happen so you may see a suddent turnaround before he takes it to the seller…(is buyer will go elsewhere).
good luck.. whatever you choose.
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