Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?
Question by David: Do they verify income for HARP refinance? Under the new HARP rules, erectile ambulance I qualify and have been current on my mortgage. But my income is typically lower than what most banks would typically qualify for a mortgage. In other words a high debt-to-income ratio. Best answer: Answer by DarrenGenerally no. A bank may ask for that information in an application but your ability to repay is judged based on the payment history, If you have been on time in the last 12 months, Fannie Mae and Freddy Mac consider you able to repay. The exception is if your monthly payment were to increase by 20% then you would need a 45% or less debt to income ratio. Give your answer to this question below! Question by Sunshine: First time home buyer, patient FHA loan or other Mortgage lenders? Looking at buying a house soon (hopefully) but I’m wondering if I should look at getting a FHA loan? Looks like a better deal as far as getting into a house but if I get pre-approved for a FHA loan do I have to buy a HUD home or FHA approved home? How does that work? My credit is around 714 and I will have about $ 3000-5000 to put down and pay closing by the end of september if that helps. Best answer: Answer by MomFHA with low down payment can be used for any home. You will pay a monthly PMI payment that does not go toward principle, order escrow or interest. Conventional is 20% down. If you have no problem flushing 100 or 200 a month down the toilet then go FHA Give your answer to this question below! Examine out these condominium pictures: Condominium housing, case North Larrabee Street Image by UIC Digital Collections Title: Condominium housing, sildenafil North Larrabee Street Description: View of play area and newly constructed condominium housing at 1800 North Larrabee Street, thumb seeking northeast from the northeast corner of the intersection of North Larrabee Street and West Menomonee Street. Photograph credit: Brubaker, C. William, 1979 Date: 1979 (1800 North Larrabee) Geographic coverage: Lincoln Park (Chicago, Ill.) Collection: C. William Brubaker Collection (University of Illinois at Chicago) Repository: University of Illinois at Chicago. Library. [Visual Resources]. Credit Line: Cite as [creator]. [title]. [file name]. [collection]. Rights: University of Illinois at Chicago College of Architecture and the Arts holds reproduction and licensing rights. File Name: bru010_04_nF For more pictures from the collection, check out collections.carli.illinois.edu/cdm4/index_uic_bru.php?CIS… Click here to take the Library’s survey on its Flickr collections. Much more great homes click right here… by eyewashdesign: A. Golden Question by Stephen C: Where are the low-income home mortgage lenders that actually make home loans to families with low incomes? Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that actually makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you unless you have good credit. If your actually low income you can’t afford to buy anything on credit (even if you could find someone to extend you credit), viagra dosage thus your credit is considered poor because you don’t have any credit history. The catch 22. Best answer: Answer by katbIf you live in a rural area than look for a bank that does Rural Development loans. Up to 115% financing for low-moderate income. Otherwise look for a bank that does FHA loans....
Read MoreQ&A: How much a year do you have to make to be able to qualify for a low income home loan in the state of CALI?
Question by Tom 310: How much a year do you have to make to be able to qualify for a low income home loan in the state of CALI? Best answer: Answer by LandlordThere are no loans specific to low income people. You have to earn about 3 times the payments. What do you think? Answer below!
Read Morewhat is a stated income home equity loan?
Question by just me: no down payment home loans in hammond indiana? does anyone know of a mortgage company or bank or whatever that will do no money down home loans i am a first time homebuyer and am really frustrated because so far i cant find anyone to help me out and i dont have money to make a down payment and i know these places are around i just cant find them Best answer: Answer by troI think those 100% loans went out with the economy Add your own answer in the comments! by Center for American Progress Question by c p 9: what is a stated income home equity loan? Best answer: Answer by VaTyHome equity loan is a type of secured loan. It means that the loan is secured by the borrower’s property. The equity is the value of your home that the borrower owns. In order to determine the equity value of the borrower’s home, salve the borrower needs to take appraise the home on the current market. Home equity loans are a good way of having fast and easy money. However if you obtain a home equity loan you take the risk of losing your home if you are unable to pay the monthly payments because in home equity loans, dosage you will set your home as collateral. Add your own answer in the...
Read MoreResidential Hard Money Lenders
Approvals For The Elusive Stated Income Are Still Demanding Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, viagra order information pills typically these borrowers are ?elf-employed or work for tips have s?asonal employment or work on commission. A stated income m?rtgage loan is ? good option ?f you would have difficulty proving ?our income The income that you state on the m?rtgage application must be average in ?our occupation and a?sets are generally verified. This means that if you ?re a waitress ?nd you say ?ou make $10, visit 000 ? month it may raise some e?ebrows in underwriting. 100% LTV – r?duced documentation programs were designed by “profiling” borrower types. The t?pical profile of ? stated income a?plicant was a b?rrower with irregular income because he/she e?rned seasonal or c?mmission income, and was typically self-employed. Appl?cants were qualified u?ing their “stated “ annual income for the previous two years. Loans were underwritten and closed under this honor sy?tem, as lenders typ?cally did not verify a borrower’s st?ted earnings with the IRS. Stated in?ome was also ext?nded to wage earners at 100% LTV with FICO min?mums set as ?ow as 580. Primary, se?ond, and non-owner residence?. Who are stated income mortgage loans m?ant for? For the most part, this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, a stated income mortgage loan ?s great for ? person who e?rns some salary but also Stated Income Loans cash that is not docum?nted anywhere. An example would be ? waiter, bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r a stated in?ome mortgage loan ?s someone who coll?cts rental income but does not h?ve signed leases to verify that in?ome stream. In Florida, you ne?d to find ju?t the right pers?n who knows h?w to get the best stated income self employed loans possible. If y?u are a self-empl?yed borrower in Flor?da then you wi?l have your own set of issu?s getting a mortg?ge that other peop?e may not have. One of ?ur professional Florida mortgage specialists can help you with ?our stated income ?oan and get ?ou the house that you have ?our eye on. Don’t let the fact that you ?on’t have a W2 job and that your loan will be paid ?ff using self ?mployment fund stop ?ou from getting ?nto the home ?f your dreams. Stat?d income mortgage loans are making ? slow comeback and it is ? good thing. The lending regulations ?n our opinion were over-tightened. Now, y?u have legitimate ?elf employed borrowers who cannot get ? loan. That ?s a problem which needs to be fixed. If ?ou are not ?oing to bring ?tated income loans back in full force, then the full documentation guidelines need to change for self employed borrowers. They should use the gross ?ncome (or somewhere ?bove the net) ?n the tax returns for qualification ?urposes. Salaried borrowers ?re showing gross ?ncome before tax ?eductions and so should self employed borr?wers. A problem presented it?elf because loan modifi?ation companies were charging homeowners upfront f?es to begin working on these modific?tions. The fact ?s that too m?ny consumers were ?n financial distress and requesting modifications and certain loan modification companies did n?t have enough personnel on staff to handle all ?f their clients. As a result, th?y were unable to complete as many modifications as there were requests f?r modifications. The governm?nt...
Read MoreQ&A: are there any no-doc loans (mortgage) available now?
Question by andmoreagain: are there any no-doc loans (mortgage) available now? what do people do if they cant show steady income { work on straight commissions}but know they can rent out a place? a duplex for example? Best answer: Answer by lepr0kanNo doc loans are a thing of the past. Stated income and asset loans are still available to people with great credit if they have stable employment but it may vary monthly or if they’re self employed. What do you think? Answer below!
Read MoreWhat banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?
Question by thebrock1584: Eligible repairs under an FHA 203k loan? Can someone direct me to a list of eligible repairs that an FHA 203k Mortgage loan covers. We want to but a fixer upper but need to know what repairs are covered. Thank you We live and want to buy in Oswego county NY if that makes a difference. Best answer: Answer by Terry SociaAll the repairs necessary to get it into livable condition if the repairs don’t drive the price up to over 96.5% of it’s value and sometimes it is 80% of it’s value. Check with the lender on this percentage Know better? Leave your own answer in the comments! Question by green: What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’? use to be know as ‘no doc loans’ –looking for a home mortgage loan –I know that these types of loans require a higher down payment, sildenafil (like more than 20%) and come with higher interest rates, –I’m self employed and would like to know if I can qualify for a mortgage without waiting 2 yrs for tax returns Best answer: Answer by golferwhoworksconforming but only to a 75% loan on the sales price and with a 720 or higher score Know better? Leave your own answer in the...
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