Q&A: How much of monthly rent would I be paying with a 230,000 FHA loan?
by SS&SS Question by Steve M: How can I raise my credit score 30 points very quickly? I need 20-30 quick points on my credit and I dont have a whole lot of money to pay down balances. I am at 590-600 and i need to be at 620 for an FHA mortgage loan. Any suggestions will help!!! Best answer: Answer by JudyNeed more info. If you ever touch 75% of usage of your limits you are causing extreme harm to your score. Even bringing them down to 50% of limits can give you a boost. Optimal use only 25% of your limits. For 800+ scores – pay in full each month. Do not open any new credit. Do not close old accounts. Only secret is to lower your debt utilization ratio on your cards. Then wait for the score to reflect the change. Credit cards update on the credit card’s closing date – usually. (only once a month). / Give your answer to this question below! Some cool massive property images: Construction and Expansion at the Large Residence (University of Michigan, physician Ann Arbor) Image by cseeman More fantastic homes click here… Construction at Michigan Stadium (the Huge Home) – University of Michigan’s Football Stadium Image by cseeman If you would like to see much more properties click right here… Construction at Michigan Stadium (the Large House) – University of Michigan’s Football Stadium Image by cseeman If you would like to see more properties click right here… Question by loismae01: What do you classes do you need to become a Mortgage Loan officer? I would like to become a Mortgage Loan officer. What classes would I need to take to do that. It used to be just Real estate license. But Im seeing other things like NMLS, visit this site Loan officer training course, discount Processing course,Fha/va course. Can you tell me what I need to do. I’m in Cal. Best answer: Answer by loanmasteroneMost states have established a contracted with national firm for the classes and administer the test for those seeking to become mortgage loan officers. You would need to have a mortgage loan officers license to work for a mortgage banker/broker. If you decide to work for a bank, then a mortgage loan officers license if not required. You should google mortgage loan officer requirements followed by California to see what the requirements are to become a mortgage loan officer in California. I hope this has been of some benefit to you,good luck. “FIGHT ON” Add your own answer in the comments! Question by lore81: Can I get a second mortgage loan on a purchase outside of the state Im living in? I want to help my parents buy their first home, approved but because they may not have a good credit score, I was wanting to apply with them to help them. How can I do this? Best answer: Answer by daeve930The first thing to do is check their credit scores. I use annualcreditscore.com, and you can order each of the three major bureau reports there. You have to pay for the score. I think one is $ 5.95 and the other 2 are $ 7.95. Don’t buy any other services from them. What they call debt analysis is something you can do in seconds for free. Just add up all your monthly payments from the reports, and divide by the monthly gross. That’s you debt to income ratio and what they call debt analysis. Most lenders will line up all three scores for all the borrowers and use the lowest middle score. Yes,...
Read Morewhat are the specific rules for truckers to get an fha loan?
Question by yourtruckerfriend: what are the specific rules for truckers to get an fha loan? Im a first time home buyer. I am a otr driver. I am out working 355 days a year. I take 1 week off to visit family back home. The dept of transportation allows me to deduct from taxable income a flat rate of 45? dollars for everyday im out on the road..away from my home state. I claimed about 37.00 a day..itemized on my return. I also have other deductions to my taxable income. The issue is.. my mortgage broker is stating that the underwriter is making me show my tax returns for 07 an 08 to see IF i qualify for a home loan. I made 53k , pilule web i had 20 k in deductions. I couldve taken more but thats a gray area , more about recpts etc.. anyway.. i am NOT a self employed person.. i have w2s. I applied to the underwriter , find got approved for 72k. I negotiated the purchase price, and such.. got my loan down to 56k & seller contribution of 2k, add in an 8k rehab loan, brings my tally to 64k, add in 12k closing etc. bottom line. my mortgage guy locked me a rate at 5.5 fixed 30 etc. amaZing..its till the 1st of march.. Our closing goal is the 20th of feb.. as i said i had a preapproval.. i signed a contract , (theres alot more details about the contract).. paid for inspection, and appraisal. now mortgage guy TIM.says he put off ordering the survey as i may not qualify now.. I ask why am i being forced to show tax returns, just because my occupation is trucker?.. if i made 53k a year and say paid rent equal to my truck pmt.. 652 , and ,my util budget is 232 a month. I make around 4144 a month. I gotta eat, like eveyone else..only i get a tax break on daily expenses.. meals etc. My mortgager lied to me saying an appraisal had been ordered when it has not ..that was 9 days ago.. now i found out that the realtor.. MY realtor stated ..c.mort group has ordered the appraisal, then see hand writen order but am told by morgage co. that it wasnt ordered. everyone else whos not a *truck driver..gets to take w2s to fha and show bills etc, get a loan. but for I .. i am required to show all my tax return even tho i am not self employed and i get most of my tax pmts back by itemizing.. well the house sits and i am left with 725 spent for inspection and appraisal and now even tho i had a prequal letter, a signed contract and 30 days into the process.. my mortger says i dont qualify.. is there a way around this. thru it..etc The purpose of buying a home now is the market, my age and family needs. I plan to be home more and my work is slowing down a bit. Ive been a driver for 7 years. didnt want or need a home, stayed out on the road. cheaper. independant now.. my family has no housing.. i have the ability to have a full house again. and yes..tax deductions.. equal amounts better investment.. the reason the underwriter is asking for the returns…because i stated truck driver as job. i also wonder..could it be also because im female? if only my ahem.experienced mortgage broker listed me as freight engineer or relocation specialist or professional commodity relocator..? im just...
Read MoreWhat do you classes do you need to become a Mortgage Loan officer?
by SS&SS Question by Steve M: How can I raise my credit score 30 points very quickly? I need 20-30 quick points on my credit and I dont have a whole lot of money to pay down balances. I am at 590-600 and i need to be at 620 for an FHA mortgage loan. Any suggestions will help!!! Best answer: Answer by JudyNeed more info. If you ever touch 75% of usage of your limits you are causing extreme harm to your score. Even bringing them down to 50% of limits can give you a boost. Optimal use only 25% of your limits. For 800+ scores – pay in full each month. Do not open any new credit. Do not close old accounts. Only secret is to lower your debt utilization ratio on your cards. Then wait for the score to reflect the change. Credit cards update on the credit card’s closing date – usually. (only once a month). / Give your answer to this question below! Some cool massive property images: Construction and Expansion at the Large Residence (University of Michigan, physician Ann Arbor) Image by cseeman More fantastic homes click here… Construction at Michigan Stadium (the Huge Home) – University of Michigan’s Football Stadium Image by cseeman If you would like to see much more properties click right here… Construction at Michigan Stadium (the Large House) – University of Michigan’s Football Stadium Image by cseeman If you would like to see more properties click right here… Question by loismae01: What do you classes do you need to become a Mortgage Loan officer? I would like to become a Mortgage Loan officer. What classes would I need to take to do that. It used to be just Real estate license. But Im seeing other things like NMLS, visit this site Loan officer training course, discount Processing course,Fha/va course. Can you tell me what I need to do. I’m in Cal. Best answer: Answer by loanmasteroneMost states have established a contracted with national firm for the classes and administer the test for those seeking to become mortgage loan officers. You would need to have a mortgage loan officers license to work for a mortgage banker/broker. If you decide to work for a bank, then a mortgage loan officers license if not required. You should google mortgage loan officer requirements followed by California to see what the requirements are to become a mortgage loan officer in California. I hope this has been of some benefit to you,good luck. “FIGHT ON” Add your own answer in the...
Read MoreQ&A: How can I raise my credit score 30 points very quickly?
by SS&SS Question by Steve M: How can I raise my credit score 30 points very quickly? I need 20-30 quick points on my credit and I dont have a whole lot of money to pay down balances. I am at 590-600 and i need to be at 620 for an FHA mortgage loan. Any suggestions will help!!! Best answer: Answer by JudyNeed more info. If you ever touch 75% of usage of your limits you are causing extreme harm to your score. Even bringing them down to 50% of limits can give you a boost. Optimal use only 25% of your limits. For 800+ scores – pay in full each month. Do not open any new credit. Do not close old accounts. Only secret is to lower your debt utilization ratio on your cards. Then wait for the score to reflect the change. Credit cards update on the credit card’s closing date – usually. (only once a month). / Give your answer to this question...
Read MoreFHA Streamline Refinance: Trade in For Lower Mortgage Rates
Obama Mortgage Refinance Program – What You Must Know Government sponsored mortgage relief programs have extended its help to tens of thousands of financially struggling homeowners by helping them refinance their mortgages to get a more stable and affordable product even though they are underwater … For more informaiton please visit here… Ukraine PM Azarov named for second term in post One of the first big challenges of the new Azarov government will be to negotiate a new bailout program from the International Monetary Fund to follow a $ 15 billion package which was suspended in early 2011. An IMF mission is due to visit late in … If you would like more informaiton please visit here… Donovan outlines FHA recovery plans to avoid Treasury draw Housing and Urban Development Secretary Shaun Donovan testified before the Senate Banking, more about Housing and Urban Affairs Committee following the Federal Housing Administration's actuarial report on Thursday to address the necessary steps that need to … If you would like more informaiton please visit here… In an FHA Checkup, a Startling Number Granted, that figure, reported by F.H.A.'s auditor, doesn't represent actual losses. It's an estimate of the difference between future mortgage insurance premiums that the F.H.A. will collect and the expected losses on the mortgages that the agency is … If you would like more informaiton please visit here… FHA Streamline Refinance: Trade in For Lower Mortgage Rates FHA offers consumers many options, information pills but the most popular continues to be the FHA streamline refinance where homeowners can trade in for lower mortgage rates or shorter terms without the normal requirements. As of this writing, diagnosis current FHA mortgage rates … If you would like more informaiton please visit here… Mortgage Q&A: Refinancing FHA loans can be tricky FHA has two charges: an annual mortgage insurance premium (MIP) that's part of the monthly mortgage payment and an upfront mortgage insurance premium (UFMIP) that must be paid at the time of settlement. For those seeking to refinance an existing FHA … For more informaiton please visit...
Read MoreU.S. 30-Year Mortgage Rates Rise to a Six-Month High
U.S. 30-Year Mortgage Rates Rise to a Six-Month High The average rate for a 30-year fixed mortgage was 3.63 percent in the week ended today, page link up from 3.52 percent and the highest level since late August, McLean, Virginia-based Freddie Mac (FMCC) said in a statement. The average 15-year rate climbed to … For more informaiton please visit here… Mortgage Rates In Motion : Weekly MBS Prices At 5-Minute Intervals This chart shows mortgage-backed securities (MBS) prices from Monday's market open until the time of this post. The vertical-axis reflects MBS prices as measured in basis points. Mortgage-backed bonds are used to formulate mortgage rates. Falling MBS … If you would like more informaiton please visit...
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