Getting a mortgage after bankruptcy or foreclosure
… house, web ed the wait could be even shorter. Although financial difficulties remain part of your record forever, web you can qualify for a mortgage as soon as 24 months after the fact if your issues were the result of "extenuating circumstances" over which …
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New rules aim to reduce risky home loans
Millions of homeowners got into trouble after taking out loans with no or low down payments that many didn't fully understand as interest rates skyrocketed, order unemployment soared and the housing market crashed. The rules unveiled Thursday are a result of …
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Question by JohnPau2010: How to check as what banks are giving good mortgage interest rates ?
1) Is there a website where we can check as what banks are giving good mortgage interest rates ?
2) Do we have to look only local banks where I live ? If I live in ILLINOIS , pharmacy do I have look for a lender or bank in IL only ?
3) Any suggestions as which bank is good ?
Best answer:
Answer by jgsudderth
the best way place to start is www.lendingtree.com it’s very similar to progressive where you can view side by side loans and compare the differences between them
What do you think? Answer below!
Question by KB: I want to refinance, price but my mortgage is not owned by Fannie Mae or Freddie Mac?
I don’t have any equity in my home and my first trust is higher than my current home value. I have been making my payment on time. My house is down 26% in value and my interest rate is @ 9.25%. Like many of us, this I feel i have been victimized by the fall of the housing market and superficial prices. It is ridiculous to be paying 8.25% rate, when the current rates are at 4.5% – 5%. Any advice on how to address the situation will be much appreciated.
Best answer:
Answer by Patricia D
I know this doesnt apply to you but… just in case, it never hurts to check if the mortgage is owned by Freddie or Fannie.
The program is called the “Affordability and Stability Program”, and there is hope for those of us who have been responsible but are victims of circumstance.
First find out if your morgage is owned by Freddie or Fannie
Have your account ready and call either 1800-Freddie or 1800-7Fannie
or call your current lender and they might be able to see who owns it.
If its owned by Fannie you can call most mortgage borkers and they will be able to refinance if meet the qualifications.
If its owned by Freddie you can only call Bank of America. Ask to speak to a Refinance team about the new government program to refiniance your home. For now they will put you on a list until the program is finalized.
I hope this helps.
If its owned by Freddie only bank of
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Question by Terry: How can day-traders qualify for home loans?
Technically, ed I have no employer. I can make $ 20, price 000 in a month, dosage and then not make anything next month.
Can you still qualify for a home loan with this source of income? Do state laws vary? I’d be interested to move to Texas or Maryland.
All these answers suck thus far. Come on Y!A Community! You can do better. Someone please answer it good.
Best answer:
Answer by golferwhoworks
you must use a 24 month average income supported by tax returns as self employed to get a loan
What do you think? Answer below!
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Try to stabilise your income, by investing/cashing in at different times, and/or by putting less eggs in each kind of investment basket. Then just draw up the stats of your earnings over time, your expenses etc., to show that you’ve healthy projections for the future, and that they’re proven by historical evidence, despite ups and downs in the market etc. Any bank manager should appreciate decently produced statistics, if you have anything stable there to use. Especially if you can show that you paid rent and built up a downpayment at the same time.