I have a mortgage on one home, can I get a second mortgage to pay for another house?
by marsmet526 Question by Scott: Refinancing 6 months old FHA mortgage? I bought a house 6 months ago and got 6% interest rate on 30 yr FHA. Watching the rates go down made me wonder if I can refinance. Since FHA is a government-backed mortgage loan I was wondering what the options were. I read something about FHA streamline refinance but didn’t really understand if that’s what I could do. How much are fees? My lender is US Bank thanks Best answer: Answer by Beverly SAn FHA streamline refinance is an excellent program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, site hospital no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates. What do you think? Answer below! Verify out these castle pictures: Planet Castle (redone) Image by Blyzz I know I’ve uploaded this ahead of – but I wasn’t really content with it final time. There was blurring because the stitching wasn’t completed effectively. This time though , this site I’ve located a much much better stitching system (autopano). Creating on this fort-like castle began in 1666 and is therefore the oldest standing constructing in South Africa. Software employed: Autopano two Photoshop Gimp Photomatix Noisware Community Edition Explored: May 14, viagra 2009 #293 For more houses click right here… Question by TexasBound: I have a mortgage on one home, price can I get a second mortgage to pay for another house? I’m planning to relocate, price but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one? Best answer: Answer by lendingwhiz2008That depends on a few things. How much equity do you have in your current home? What is your credit score? What is your debt load? Yes you can get a 2nd mortgage on your current home to buy another, link people do it all the time. Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage. You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day. In a nutshell, yes you can, if all your other ducks are in a row. Good luck Add your own answer in the...
Read MoreQ&A: Fed buying 10-year treasuries and more mortgage-securities; how low will rates go?
Weekly Economic and Financial Committee Comment The Fed said that it will acquire $ 40 billion worth of MBS, find capsule and strives to improve the economic conditions and declares that it is willing to have more to do if necessary. We interpret the Fed to denote comments that it continues to expand its … Another … more informaiton please visit here … Treasuries recovered after Fed decision SAN FRANCISCO (MarketWatch) – Treasury prices turned back higher in afternoon trading Thursday after the Federal Reserve said it would expand its bond purchases by buying mortgage-backed securities for as long as needed to support … “The Fed … more informaiton please visit here … David McWilliams: Let us forgive debts happened before the unpardonable The new chief economist of the Central Bank the obvious last week when he said it. Need debt relief on many mortgages that simply can not be paid Someone who signed a contract in good faith during boom when … For more informaiton please visit here … by eyewashdesign: A. Golden Question by lguz: Fed buying 10-year treasuries and more mortgage-securities; how low will rates go? Anyone want to guess how low mortgage rates will go? The Fed just announced plans to buy $ 300 bln worth of treasury bonds, shop and $ 750 bln of mortgage backed securities. Both moves will affect rates. Estimates? Best answer: Answer by golferwhoworksthey have reposted .375% better already. No we have no idea as to how low the rates will drop but at least another 1/2 I would think by the a.m. What do you think? Answer...
Read MoreWhat are the fha home loan rates like as of now? I’m looking to use a fha refinance for my current home.?
Question by : What are the fha home loan rates like as of now? I’m looking to use a fha refinance for my current home.? FHA refinance loans seem like my best option at the time for refinancing my home loan. Can anyone provide me with some information pertaining to the current fha rates? Best answer: Answer by David Z15 yr is 4.75 Know better? Leave your own answer in the comments!
Read MoreIntrest rate for buying a house?
by marsmet526 Question by S S: Is there a program that allows a homeowner to refinance their house for what it is currently worth? Someone told me there was a program similar to this that Obama created. Has anyone heard of this? Best answer: Answer by JudyMortgage forbearance Go to hopenow.com – a governement website set up by HUD Call the 800 number and ask them. This site was set up to help homeowners from losing their homes. The government is there to help – take advantage. / Give your answer to this question below! Fiscal Cliff and Florida Real Estate Deals: Two Key Income Tax Exemptions … The deduction of mortgage insurance from federal income taxes has been extended for one year: to December 31, troche 2013. This allows home buyers who have less than a 20% down payment for their home purchase to buy the required mortgage insurance to … If you would like more informaiton please visit here… Single-Income Borrowers Face Tough Mortgage Approvals Each year, couples make up the largest portion of homebuyers, and according to the 2012 National Association of Realtors Profile of Home Buyers and Sellers, the percentage of these buyers has been increasing. Married couples or dual-income households … More informaiton please visit here… First Trust Mortgage Income Fund Declares its Monthly Common Share … WHEATON, Ill.–(BUSINESS WIRE)–First Trust Mortgage Income Fund (the "Fund") (NYSE: FMY) has declared the Fund's regularly scheduled monthly common share distribution payable on January 15, 2013 to shareholders of record as of December 31, … More informaiton please visit here… Question by HappyThoughts: Intrest rate for buying a house? We have pretty poor credit. I know we can’t buy right now, try but I was wondering what the interest rate might be for a low credit score applicant. Thanks! Best answer: Answer by bull_rooster_aardvarkDepends on how low and what your down payment and income are like. Best way to find out is go to a mortgage broker and ask. You could also fill in an application online (Eloan, illness or somewhere – do the rate search in eLoan if you go there) and see what they say. Add your own answer in the...
Read MoreQ&A: Will I owe foreclosure debt in Oklahoma on an FHA home loan that is in foreclosure?
by Center for American Progress knowledge of the details facts about the Home Equity Loans article by Mark Twinton For more informaiton please visit here … Related Articles Stated Income Home Equity Loans Question by : Will I owe foreclosure debt in Oklahoma on an FHA home loan that is in foreclosure? My home is in foreclosure. I have an FHA loan on which I paid monthly mortgage insurance payments when I was current on the loan. Will they come after me for foreclosure debt by garnishing my paycheck or taking my state or federal tax returns, find or will the FHA mortgage insurance prevent that?? I need any answers or suggestions about what to expect in the coming months. Best answer: Answer by kcThe FHA insurance you were paying was not to protect you from having to pay if you defaulted (in this case foreclosure). The FHA insurance helps protect the banks from loosing money if you defaulted. You are still responsible for anything owed after the house is sold. The mortage company will sell the debt to a 3rd party collection company. Yes, you will be hounded by debt collection agencies and they can get a judgment so that your wages could be garnished. They can get a garnishment on state and federal taxes. You might want to contact a real estate attorney to help you. Sometimes you can negotiate with the lender and they will forgive the debt if you hand over your deed. The down side of getting the debt forgiven is that the IRS considers it income and it will be taxed as income, but it is better than paying for it with interest to a debt collection agency. The bottom line is that everyone looses (you and the lender), but the debt collection company will be the only one who comes out on top. Give your answer to this question...
Read MoreWould reference letter help me get fha mortgage?
Question by lc: Would reference letter help me get fha mortgage? Would a reference letter from my landlord stating made payments on time/ in full for past couple years help when applying for FHA mortgage? Thanks Best answer: Answer by Tom ZIt might or might not make a difference because the bank will order a credit report. They will view your credit in its entirety. If you have good credit the reference letter will help in verifying your credit worthiness. On the other hand if you have large outstanding debts in relation to your income or have records of late payments the letter won’t overcome the negatives. What do you think? Answer...
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