Stated income loans to people with good credit are essential for a recovery – can you push banks to start?
by eyewashdesign: A. Golden Question by International: Stated income loans to people with good credit are essential for a recovery – can you push banks to start? For the economy to recover banks must start lending to people with good credit who are willing to sacrifice a larger portion of their income for their mortgage. The old income to loan ratios dont work and people with great credit history will not default. What is essential is a higher down payment not tax returns! Stated income and low-doc loans have to come back and when they do the economy will bounce back instantly. Best answer: Answer by Ryan MStated income loans helped create the housing bubble to begin with. Those people who are willing to sacrifice a higher percentage of their income are a HUGE risk to the lender. Know better? Leave your own answer in the...
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Question by Private: Stated Income Home Loan? Where can I find one for the state of FL. It seems like NO ONE offers them anymore. We have a house and a closing date so we need a loan by MONDAY or we lose the house. Thanks! We had a pre-approval letter from HSBC and apparently the loan “expired” because we got a phone call Tuesday (11/4) from the loan officer saying that the loan had expired on Friday (10/31) but he wasn’t aware of it. Then he went on to say there was nothing he could do. Best answer: Answer by SOUTH LAKEI did a stated Income home loan with Countrywide in Texas . I don’t know if they are still offering them . What do you think? Answer...
Read MoreQ&A: Anyone can tell me I can get a stated income mortgage loan and the monthly payment would ne more than 1500?
A handful of good condominium photos I located: Terrace Row Condominiums Image by davereid2 Terrace Row Condominiums Construction Nears Completion For a lot more residences click right here… Terrace Row Condominiums Image by davereid2 Terrace Row Condominiums Construction Nears Completion If you would like to see much more properties click right here… Mortgage Rates Under Pressure Low mortgage rates are a product of economic weakness, prescription low inflation and, sildenafil in this case, stimulus from the Federal Reserve. Unfortunately, as the data released today indicate, the Fed's help is all we have going for us at the moment. That has put … For more informaiton please visit here… Banks accused of defrauding homeowners by rigging Libor A class action complaint filed earlier this month in New York federal court claims borrowers with adjustable-rate mortgages based on the London Interbank Offered Rate, or Libor, paid more than they rightfully should have due to the rate's manipulation … If you would like more informaiton please visit here… Current Mortgage Rates Today – Loans Trend Higher at SunTrust and Citibank … (Best Syndication News) Mortgage interest rates were slightly higher after lenders adjusted their loan products to the changing secondary market (see the mortgage rate chart below). Bank of America lowered their rates while SunTrust and Citigroup … More informaiton please visit here… by eyewashdesign: A. Golden Question by Gucci: Anyone can tell me I can get a stated income mortgage loan and the monthly payment would ne more than 1500? For 220, buy information pills 000 loan , this web credit score is 715 Best answer: Answer by dzwreckIn order to get a stated income loan for a 220k loan amount and keep your payment at or below 1500 you would need to qualify for a rate of 7.25%. This would give you a 1,500 monthly payment (not including taxes and insurance). There are many factors, besides stated income, that would determine wether you would qualify for that rate or not on a stated income loan. Credit score, loan to value, time on job, money put away, etc… would all help factor into whether or not you would qualify for that rate (or possibly lower) or not. Know better? Leave your own answer in the...
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Question by lran_vt: How are the consumers who signed and received reverse mortgages making out in this time of economic downturn? None of the news articles are addressing this problem. And my friends wont tell me how they are making out financially. Just curious. Best answer: Answer by shippywomanThey don’t have a change and are still spending down equity. What do you think? Answer below! Question by : Are FHA loans assumable when the home is worth less than the loan? My friend and I purchased a home together a couple of years ago. I potentially will be moving to another city because of a job transfer. Can she assume my portion of the FHA loan? The home is currently worth less than the loan by about $ 30K. Best answer: Answer by Steve DNope…no one has written an assumable loan in years. However, health the mortgage contract will have a clause that says whether the loan is assumable or not. If the home is underwater, nurse then there is very little chance that your friend will be able to re-finance in their name only, which would be the only way you can get your name off the mortgage. What do you think? Answer below! by eyewashdesign: A. Golden Question by SPCStevens: can i use rotc stipends scholarships and gibill as income for home loan? Im in the national guard and rotc. I get stipends, purchase gibill, check drill pay, discount and a room and board scholarship totalling around 25000 a year. Can i use this for income when applying for a home loan? The room and board scholarhip goes directly to my bank account and is allowed for off campus/. I have a 720 score Best answer: Answer by WCHS1970If you can prove income with pay stubs of course it will be considered. However your room and board scholarship is not income – I presume that goes directly to the school? So really all they are going to consider is actual income which would be the stipend and drill pay I would think. The lender is also going to look at your down payment amount, credit score and credit history, other liabilities and job stability. Give your answer to this question...
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Question by ss: New York Times Article Addressing the Housing Slump? I read the following NYT article in regard the housing slump. One part of the article, capsule information pills I did not understand. The author writes that millions of homeowners remain at risk of defaulting on their mortgages if they experience a payment shock because they owe more than their house is worth. Can you explain how lower home value leads to a payment shock which leads to a default on a mortgage. Assuming you have a fixed rate mortgage, drugs whether the value of your home goes up or down, you still have the same monthly mortgage payment, right? So where is the payment shock coming from? Thank you for your help. U.S. Tackles Housing Slump The Obama administration is ramping up talks on how to revive the housing market, which is weighing on the economic recovery—and possibly the president’s re-election in 2012. Last year, advisers considered several housing-policy prescriptions but rejected them in favor of letting the market sort things out. Since then, weak demand and a stream of foreclosed properties have put renewed pressure on home prices, prompting concern within the White House. Housing “hasn’t bottomed out as quickly as we expected,” President Barack Obama said at a White House town hall last week. Mr. Obama said housing remained the “most stubborn” problem facing the country and conceded that a raft of federal mortgage-aid programs were “not enough, and so we’re going back to the drawing board.” Policy ideas include having taxpayer-owned mortgage giants Fannie Mae and Freddie Mac relax their rules for loans to investors, allowing those buyers to vacuum up excess housing inventory. In certain markets, Fannie and Freddie could hold some foreclosed homes off the market and rent them out to ease the property glut. Officials also could sweeten incentives for banks to reduce loan balances for borrowers who are underwater, or owe more than their homes are worth. The White House is weighing ideas to strengthen the feeble housing market. Pictured, emptying a foreclosed home in Lawrenceville, Ga., this year. Discussions are in early stages, and there isn’t consensus around particular ideas. A spokeswoman said the president and his advisers “are always looking at new ways” to strengthen the housing market but wouldn’t disclose details. “While we continue to consider the options available to us, it would be inaccurate to say we are proposing any of these particular ideas at this time,” White House spokeswoman Amy Brundage said. Home-buyer tax credits worth up to $ 8,000 in 2009 and 2010 gave a short-term boost to home sales, but demand plunged after they expired. Foreclosures have put pressure on prices and damped residential construction, traditionally an engine of job growth during economic expansions. “As conditions change, some options that were below the line the way the market was 18 months ago might be above the line today,” said Peter P. Swire, who teaches law at Ohio State University and until last year was a top housing adviser to the White House. Most of the administration’s housing efforts have focused on helping borrowers refinance or modify their loans to avoid foreclosure. But some economists say too many borrowers won’t be saved through loan workouts and that the administration must do more to soak up the flood of foreclosures by boosting housing demand. View Full Image President Obama’s signature loan-modification program, announced during his first month in office, has lowered payments for around 600,000 borrowers. Meanwhile, around four million borrowers are in foreclosure or have missed three or more consecutive mortgage payments. While mortgage-delinquency...
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Question by ohio_state98: Where can I find out current home mortgage rates for my area? Does anyone know where I can find out the current mortgage rate averages for my geographic area? I’m looking at possibly refinancing and want to know if it would be worthwhile. Also, advice stomach can I expect any costs when trying to refinance? Best answer: Answer by orlandomortgagebrokerAll over ONLINE. The only problem is, medical that you don’t get that rate until you lock it, or you have a honest mortgage broker on your side, which might be willing to lose on the Yield Spread if he doesn’t lock it, if rates happen to go up, from the day you were quoted on Good faith Estimate. The minute you’re quoted a rate you like to proceed with, instruct lender or broker to lock, and provide form that states the fact and that their committed to lend at that rate. When lenders “lock”, they commit to lend at a specified interest rate and points, provided the loan is closed within a specified “lock period”. (Points are an upfront charge expressed as a percent of the loan amount). For example, a lender agrees to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5% and 1 point for 30 days. A lock is contingent on the borrower meeting the lender’s underwriting requirements for the loan. The need for locking arises out of two special features of the home loan market: volatility and process delays. Volatility means that rates and points are reset each day, and sometimes within the day. Process delays refer to the lag between the time when the terms of the loan are negotiated, and the time when the loan is closed and funds disbursed. If prices are stable, locking isn’t needed even if there are process delays. If there are no process delays, locking isn’t needed even if prices are volatile. It is the combination of volatility and process delays that creates the need for locking. For example, Smith is shopping for a loan on June 5 for a house purchase scheduled to close July 15. Smith is comfortable with the rates and points quoted on June 5, but a rate increase of 1/2% within the following 40 days could make the house unaffordable, and Smith doesn’t want to take that risk. Smith wants a lock, and lenders competing for Smith’s loan will offer it. If locks were equally binding on lender and borrower, locks would not cost the borrower anything. While lenders would lose when interest rates rose during the lock period, they would profit when interest rates fell. Over a large number of customers they would break even. In reality, however, borrowers are not as committed as lenders. The number of deals that don’t close, known as “fallout”, increases during periods of falling rates, when borrowers find they can do better by starting the process anew with another lender. Fallout declines during periods of rising rates. This means that locking imposes a cost on lenders, which they in turn pass on to borrowers. The cost is included in the points quoted to borrowers, which are higher for longer lock periods. The lender who quoted 7.5% and 1 point for a 30-day lock, for example, might charge 1.125-1.25 points for a 60-day lock. Years ago, lenders controlled lock costs by requiring borrowers to pay a commitment fee in cash. The fee was returned to them at closing but forfeited if they walked from the deal. But today, commitment fees have mostly died out. Borrowers don’t like them, and lenders and mortgage brokers...
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