Q&A: are FHA loan requirements the same for every bank?
Question by whowhatwhenwhy: are FHA loan requirements the same for every bank? My fiancé and i are in the supposed final stages of buying a house but we are running into trouble. She graduated from college less than a year ago and just got a full time job within the past 2 months. This was a problem for the first bank we went to because they needed at least 1 year of continuous work and would not take college as a reason, approved price so we are trying with another bank. Are the FHA requirements the same for all banks or can it vary? Best answer: Answer by LandlordYes, look everywhere they are exactly the same. No discrimination at all. Give your answer to this question...
Read MoreDo I have to pay off state taxes before applying for FHA loan?
by SS&SS Question by xazilizax: Do I have to pay off state taxes before applying for FHA loan? SERIOUS ANSWERS ONLY PLEASE. I am currently on a payment installment to pay my 2009 STATE taxes. I live in Georgia. Because I did not pay it, physician treatment a state tax lien was put on my credit report. I would like to purchase a house with an FHA loan within a few months. Will my loan get rejected if I do not pay it off? Best answer: Answer by troit will definitely affect your credit report and affect any chance of a loan Give your answer to this question...
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Keeping It Real: Underwater mortgage holders may be able to refinance The Home Affordable Refinance Program was announced in March 2009. It was designed by the government to help 5 million underwater or equity-challenged borrowers nationally. In October 2011, visit this discount in an effort to help more borrowers, story the loan-to-value … If you would like more informaiton please visit here… Wall Street Breakfast: Must-Know News … says mortgage-bond trader Patrick Ahn. The Federal Housing Finance Agency will show in a report today how more borrowers, particularly those who are in negative equity, are taking advantage of the government's Home Affordable Refinance Program, … If you would like more informaiton please visit here… US mortgage refinance program on the up The US government effort to help struggling homeowners under the home affordability refinance program (HARP) nearly doubled in 2012 from 2011. Harp helps borrowers stuck in loans backed from Fannie and Freddie Mac and which are in negative equity. For more informaiton please visit here… Question by boss: How do I calculate a apartment building investment cash flow after taxes or before taxes? I am going to invest in a apartment building using a loan. Is it the noi-annual debt service-annual mortgage payments-the annual loan paybacks-income taxes? If this isn’t right, pharmacy then please provide the proper way of determining my actual annual profit after taxes or pre-tax. Best answer: Answer by fn0384You need to calculate the after-tax rental income first, remedy then after tax cash flow second. First after-tax income from the property. Income a) gross income from the rentals Expenses b) mortgage interest c) depreciation (assume 80% of the purchase price is depreciable building, thus annual depreciation is purchase price * 80% / 27.5 years or about 2.9% of the purchase price) d) real estate taxes e) rent loss due to vacancy, tenant f) management fee g) maintenance fee h) insurance Income – expense would give you roughtly taxable rental income from the property. Assuming the rental bldg generates a (paper) loss, you can apply it towards your personal ordinary income and use it to reduce your ordinary income. If you show a rental profit, then you would have to pay at your marginal tax rate. Cash Flow: Annual Rental income – annual mortgage payment -/+ tax liability or tax benefit from owning this property. Add your own answer in the comments! Question by Anthony: Question about taking out a mortgage on a home? We plan on buying a home in about six months and we will be first time home buyers. We have enough saved up for a down payment and we were planning on paying off our cars loans which would takes us about 4-6 more months which is why we are waiting. Although we found a home for sale that we fell in love with, troche and our question is, for example: if we bought this home lets say within a month or so, but don’t move in for a few more months, is there something you can work out with a lender so you don’t have to make any payments till you move in. Or once you sign and bought the house, next month payment is yours? We haven’t talked to a mortgage lender yet because we weren’t planning on moving out no earlier than six months from now. Talking to a lender will be our next step, but I was just curious to know about this question. We have no other outstanding credit card debt. We don’t have to pay off our car loans we are just preferring to do so...
Read MoreQ&A: What is the best home loan for a short term mortgage?
Senior! Do You See A Reverse Mortgage Or Home Equity Loan Better To You Article by Juhani Tontti If you would like more informaiton please visit here… Question by Tom W: What is the best home loan for a short term mortgage? It is for an investment property and I am only planning on holding on to it for 3-5 years. What is the best home loan available with the lowest payment without any differed intrest? Best answer: Answer by lil_butterfly_girlieTypes of Mortgages How much house you can buy also depends on your mortgage’s term and interest rate. The term is the length of time (usually 15 or 30 years) over which payments will be paid. The rate can be fixed (meaning it doesn’t change over the loan’s term) or adjustable (it fluctuates with market conditions). Thirty-year fixed-rate mortgages remain the most popular. The longer term lowers the monthly payment, page while the fixed rate provides stability over the life of the loan. Given relatively low interest rates, approved these mortgages are attractive to buyers planning to stay at least six or seven years in their new home. The drawbacks are low principal payments in the early years, and the risk that market rates will decline over the term. However, if your credit history is sound and you have sufficient income, you can usually refinance your mortgage when rates decline. A 15-year term lowers the interest rate, reduces total interest payments, and increases principal payments. But it also increases monthly payments. If you can’t afford the higher payments now, you might opt for a 30-year mortgage. If there are no prepayment penalties, you can make additional principal payments as your income increases. Making just one extra monthly payment a year will pay off a 30-year mortgage in less than 22 years and can save tens of thousands of dollars in interest costs. If you plan to stay in a home no more than three years, you might want an adjustable-rate mortgage (ARM). ARMs offer initial rates that are lower than fixed mortgages. At some point, usually after the first year, rates are tied to market conditions and are subject to potential rate increases. Most ARMs include a cap on rate increases in any given year, as well as over the life of the loan. Some ARMs offer initial rates at least 2% below fixed rates and limit increases to 1% annually and 5% to 6% over the life of the loan. Many home buyers are attracted by the affordability of an ARM during the initial period. However, you should be confident that your future income will be sufficient if both interest rates and your monthly payments increase. Another popular mortgage involves a balloon payment. A balloon is a lump-sum payment that pays off the loan in full after a fixed period of time. Generally the rates on balloon mortgages are 1/4% to 3/4% less than on 30-year fixed mortgages, but during an initial period of between 3 and 15 years, payments are similar. After this period, the remaining outstanding principal balance is either due in full or subject to refinancing. This is a good option for home buyers who plan to sell before the final payment is due. But because property values fluctuate, you may not be able to sell when you want. You may also face higher payments if you are forced to refinance at a higher rate, and there is also a risk that you may not be in a position to refinance when the balloon becomes due. Three Steps to Finding the Right Mortgage Estimate how...
Read MoreLastest Maryland Fha Mortgage News
Help the #BeCrueltyFree Campaign End Cosmetics Animal Testing We led the charge in convincing the government of India to outlaw animal testing for cosmetics, pilule capsule and to propose a ban that would close India's borders to imports of newly animal-tested beauty products. And just last month, two years of hard-hitting HSI … More informaiton please visit here… The Costs of Obama's Housing Mistakes Keep Piling Up … Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and Freddie Mac, wants to help around 676,000 homeowners it has identified as eligible for refinancing under the government's Home Affordable Refinancing Program (HARP). If you would like more informaiton please visit here… Smarting over Fines, Chase will Reduce FHA Lending Lake said the lower market share was due to a decision to cut back on government loans to lower credit score and higher loan-to-value segments of the market and to a reduction in refinancing activity through the government HARP program. The Chase … For more informaiton please visit here… The Growing Consensus on Fixing Student Loans The proposals suggest greatly cutting back on the number of options; some say there should be a single repayment plan, dosage tied to income. Auto-deducting monthly payments. To reduce missed payments, several suggest automatically withholding loan … If you would like more informaiton please visit here… Carr gave loan to company of political supporter A corrected report, filed last week, makes clear that the transaction is income from a loan, rather than a donation from Life Watch or Miller. Rickard said Tuesday that the deal … He said no other campaigns were involved. “This is a pretty safe … If you would like more informaiton please visit here… Why two bipartisan bills to make college affordable are going nowhere in … Without the federal form, it's possible more colleges will require students fill out an even more complicated student aid application from the College Board. Filling out that form, the CSS PROFILE, costs money, and the fee might … There are also … For more informaiton please visit here… Gov. Patrick offers up Cape, capsule Chicopee bases to shelter immigrant kids … O'Malley said. "We do not have church facilities that are appropriate but we do have social service agencies in the Archdiocese with skilled resources to provide programs of assistance and support within a framework of a larger state and federal … If you would like more informaiton please visit here… How to land a federal contract, page even as a solopreneur The Government of Canada, drug which spends about $ 20-billion annually on goods and services, wants to do more business with small and medium-sized firms – including sole proprietors. In recent years, it has been simplifying low-risk, low-dollar contracts, … More informaiton please visit here… Dive in Minority Lending Puts Pressure on Fannie-Freddie “I never revisited it after that, order ” said Jett, story who lives in a Silver Spring, buy Maryland, apartment with his wife and three children. … Now, she said, some are being guided into FHA loans even when they could qualify for less-expensive conventional … More informaiton please visit here… Greystone Provides Million Bridge Loan for Student Housing in College … NEW YORK–(BUSINESS WIRE)–Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided a $ 29,275,000 bridge loan on a student housing property in College Park, MD. The transaction was closed by … If you would like more informaiton please visit here… Current Mortgage Rates Worsen After June's Strong Jobs Report … mortgage rates are worse as compared to the start of the week. FHA mortgage...
Read MoreHow can a widowed stay-at-home mom obtain a mortgage?
Question by alc04@verizon.net: What type of loan? We are looking to buy a multi-family home the bottom floor is completely finished however the second floor is still under construction and the owners ran out of money to complete it. We just received word that a conventional loan will not work because the second floor is not finished. What type of loan would we need to purchase the home? Best answer: Answer by Alex RYou will need a construction loan to complete the project and then switch this to a permanent loan once complete. If you have a home right now you can do a bridge loan also to complete the project. Let me know if I can help. Good luck! What do you think? Answer below! 30-Year Rate Jumps to 6-Month High; Mortgage Applications Drop … refinance share of applications dropped to the lowest level since May 2012. Job creation surged beyond Wall Street expectations in February, page with the economy creating a net 236,000 new jobs as the jobless rate fell to 7.7 percent from 7.9 percent … If you would like more informaiton please visit here… Home Refinancing Booming Tweet. Northwest Arkansas' foreclosure rate increased last month but so has a federal program designed to prevent the process. By The Numbers. Foreclosure Filing Summary. Compares the number of filings in February 2012 to February 2013. 2012 2013 … For more informaiton please visit here… Question by Siva: How to find a nofollow sites? Now I need a help for finding the nofollow sites when I post content with regards, there Siva Best answer: Answer by Rita ThomasI have no list of nofollow websites but you can find blogs for commenting and install the NoDoFollow Addons from here : https://addons.mozilla.org/en-us/firefox/addon/nodofollow/ Install it, information pills it will help you in finding no follow links in the pages without any help of page source. What do you think? Answer below! Question by puppyfeet: How can a widowed stay-at-home mom obtain a mortgage? The widow and children receive a guaranteed monthly death benefit which is enough for them to live comfortably. She hasn’t worked since she had children, hospital and doesn’t need to now, pills but she wants to buy a home. The problem is, treat she let the other house go into foreclosure because her husband died there and she couldn’t bear to go back. Now her credit is ruined. Is it possible to get a mortgage with scarred credit and no employment even though she has the ability to pay? This person lives in the USA. Best answer: Answer by RNThere are program out there that look at the person and not the situation. She has a traumatic experience in her life. She needs to get back on her feet. She might try an online site such as Lendingtree.com or similar site. It might be that she could go to a local mortgage broker and explain her situation. It might be that after she explains reasons why she let the other house foreclose, they might work with her. If you haven’t been watching the housing market is not like it once was. She also might try alternative finance online. Lendingtree has good resources but be prepared to pay higher interest rates, etc. Add your own answer in the...
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