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 Darren
Generally 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.
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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 Mom
FHA 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
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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…
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