How wise would it be to try to buy a home when I possess bad credit?
A few nice condominium images I found: Condominium windows 3 Image by tanakawho Lights from condominium windows. Pushing the shutter, thumb cure I swang my camera. Rather intriguing outcome, online more about is not it?^?^?? For much more properties click right here… Condominium windows 1 Image by tanakawho Lights from condominium windows. Pushing the shutter, I swang my camera. Really interesting outcome, is not it?^?^?? Much more fantastic houses click right here… Question by Emmu: How wise would it be to try to buy a home when I possess bad credit? My fiance and I want to buy a home but our credit is not good. His is better (in the high 600) and mine is in the low 600. Would it be better to wait until our credit improves to buy a home(this might take years) or to try and buy a home now and face higher rates? Best answer: Answer by bishop_larryI would try an interest only loan for 3-5 years, diagnosis this would enable a decent payment even with a high interest rate. Show the lender a good payment history and refinance at a later date. Depending on your current rental costs the interest only mortgage pmts might be similar. Add your own answer in the...
Read MoreWhat is involved in selling to someone who wants a FHA loan?
Question by Michelle: What is involved in selling to someone who wants a FHA loan? I had my condo on the market and it has an offer now. They are wanting a FHA loan and have added in the extra 3% over and beyond my asking price. My realtor is telling me that I can deduct this portion off of my taxes since I’m paying for it now in the cost of selling my place. This is only the 2nd time I have sold a place and the other was a conventional loan and that’s all I’ve ever done too. I will see the offer tomorrow, malady generic so would appreciate any advice. Thanks! Best answer: Answer by malinmoThe buyers are asking you to pay for closing costs up to 3 percent of the purchase price. You don’t have to agree to this. But in today’s real estate market, a seller has to make concessions if he/she want to sell. What is often written into a contract that is being bought with an FHA mortgage is the amount of money the seller is willing to spend to make repairs to the property that are mandatory for issuance of an FHA mortgage. This cost in my market is usually written for up to $ 300. Your realtor is right about deducting this 3 percent as an expense to sale. But ask your realtor if adding this 3 percent to the purchase price is customary in your market. I suppose it all boils down to how desperate you are to selling. Also, be careful the added 3 percent does not price your condo above the appraisal price or else the buyers’ won’t be able to get an FHA loan unless they are willing to pay the extra above the appraisal. What do you think? Answer...
Read MoreHow much will my mortgage payment be?
Ga. counties sue HSBC over bad home loans ATLANTA (AP) — Three counties in Georgia have filed a lawsuit claiming that British bank HSBC cost them hundreds of millions of dollars in expenses and damage to their tax bases by aggressively signing minorities to housing loans that were likely to … More informaiton please visit here… Local residents may be eligible for program to purchase or repair homes The Direct Loan program offers low interest loans to income eligible borrowers in rural areas. Direct loans require no down payment and monthly payments are based on income. The standard term for a loan is 33 years for most borrowers. Home repair loans … More informaiton please visit here… NRI dream home in India! Repayment of loan: The repayment of these loans can only be through Non-resident External (NRE) or Non-resident Ordinary (NRO) accounts with remittance from abroad. No other funds can be used for repayment of these loans. The repayment needs to be made … More informaiton please visit here… by Editor B Question by Sweetz: How much will my mortgage payment be? I was just accepted an offer on a home at $ 162, pharm 500. I am on an FHA loan. My down payment will be 3.5%. Interest is at 3.87. Taxes are $ 5585 a year. I think homeowners insurance will be about $ 100 per month. I dont know how much the mortgage insurance will cost? All together was is my mortgage payment looking like? Best answer: Answer by linkus86You are looking at a payment of about $ 1390 per month, information pills but you must live in an area that has the absolute highest property taxes I have ever heard of at over 3.4% (I am willing to bet it is half that rate) Add your own answer in the...
Read MoreShould I avoid buying points when buying a house for the first time?
Question by SH: Should I avoid buying points when buying a house for the first time? I am planning on getting a 30-year fixed rate loan. I am planning to stay at the house for at least 15 years and planning on paying off the mortgage as soon as possible ( in about 10 years or less). The loan amount is $ 550K. Any suggestions please. Best answer: Answer by kemperkyes but also ask around; you might get 2.4% interest rate offers What do you think? Answer below!
Read MoreLastest Current Fha Mortgage Rates News
Barclays: FHA mortgage insurance premiums likely cut, information pills medications again Others, page including David Stevens, approved the president and CEO of the Mortgage Bankers Association, said that now isn't the time for another rate cut, telling HousingWire that it would be better to wait until the MMI Fund builds up even more capital. In a new … More informaiton please visit here… CAIVRS database will lock you out of FHA mortgage If you've failed to make good on money you've previously borrowed from the government but want a Federal Housing Administration (FHA) mortgage, a little-known federal database could halt your dreams of homeownership. It's known as the Credit Alert … For more informaiton please visit...
Read MoreHow much more should an APR be than the base mortgage rate?
by marsmet526 Question by JacobG: How much more should an APR be than the base mortgage rate? What is a typical spread for the base mortgage rate to APR for a jumbo mortgage? I am applying for a 30-year fixed jumbo FHA loan and was quotes a mortgage rate of 5% but with an APR of 5.69%. Is that spread typical (i.e. 0.69% more)? Best answer: Answer by Itchy1977not that simple I’m afraid. APR is an incredibly complex equation to take into account compounded interest and any hidden charges. The flat rate is the actual interest rate. APR is simply for comparing the overall cost between lenders. It actually bears no resemblance to the rate you pay. What do you think? Answer...
Read More