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We've got a long way to go — so quick in loans and second largest originators — FHA mortgages the fourth largest VA loan provider you say the home affordable refinance program or harp. Is also critical tool in today's mortgage landscape. Your — for …
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Question by juneau601: what does this mean: 1.To use HARP, pills you must have less than 20% equity in your home ?
I have no clue what this means, Can you please help ? 1.To use HARP, you must have less than 20% equity in your home.
Thank you again.
Best answer:
Answer by Hugh G
HARP, Home Affordable Refinance Program, is the federal government’s mortgage bailout program. To be eligible for a new loan with lower interest rate that is guaranteed by the U.S. government, a homeowner must have no more than 20% equity in their house. That means that their mortgage balance must exceed 80% of their home’s market value.
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Question by Jay T: If my wife has excellent credit and I have OK credit, more about but make more how do home lenders decide the intrest?
My wife has excellent credit, pilule and I have OK credit, patient but I make more then her. We both need each others income to afford our new home. How do lenders decide what intrest rate to give us?
Best answer:
Answer by Steve D
They will look at the overall risk involved – they each persons credit score to decide whether to make the loan (if yours is below the bank’s lower limit, you will not get the loan) and then the underwriter will work some magic to determine the overall risk. Expect that if you qualify, you will not get the best rate.
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Question by Nick V: Is it even possible for her to get out of debt?
My grandma is 79, and can’t work due to congestive heart failure, cost has roughly $ 800/month in retirement income. She owns her house with no mortgage or refinancing. She managed to get herself into over $ 10k in cc debt, most of it due to higher interest fees than minimum payments. Each month adds around $ 200 in interest on each card, which she can’t afford to pay. She has tried to get a home equity loan to pay things off a few times, but: Her credit score is too low, and/or she doesn’t have enough income. What is she to do being pushed further into debt. We live in Michigan, if bankruptcy is an option that would help, I’m pretty sure laws are different for each state. Is there anything she can do? Even if she wanted to sell her house, the real estate market here is so bad, I heard a few months ago over 80% of the city is for sale.
Her house is worth approximately $ 27k SEV or $ 59400 Market Value, if this would help in determining bankruptcy status.
Best answer:
Answer by Beez
The first thing to determine is whether she can keep her home, by law. The worst thing she could do is get home equity loan. Declaring bankruptcy is the only way out, as I see it. She will have to hire a bankruptcy lawyer to file for her and obtain certain paperwork from the creditors. After she files in Bankruptcy Court, she will have a hearing in which she will be asked questions. Maybe you and other relatives can help her with this process.
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A few good apartment developing pictures I located:
Prairie-Style Apartment Developing
Image by Photo Dean
The Caithness-Riter Apartment creating, buy information pills a Prairie-style landmark, recipe was almost completed in 1908. Upon its completion, architectural critics recognized the creating as a single of the finest in the Intermountain West. Walter Ware and Alberto Treganza developed the creating for Lynville and Isabella Riter. The Riter Family members was made up of Scottish emigrants and effective engineers in Salt Lake City. The buildings’ exterior is covered in clinker bricks. Rows of stained-glass windows open to the street. A roof garden existed until 1964, and the entrance pergola no longer exists.
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Question by romulusnr: How can I find out how big of a home loan I can qualify for?
Based on my income, thumb credit rating, etc., price how can I estimate how much I’ll qualify for? What if there’s two people? I don’t want to be hounded by loan salespeople, it would just be nice to know what I’ll qualify for so we know what we should plan to look for.
Best answer:
Answer by Real Estate Dawn
This website has some good advice. Most lenders will tell you that a 36% or lower debt to income ratio is good. http://financialplan.about.com/od/creditanddebt/a/DebtIncomeRatio.htm
Here is a good mortgage calculator http://www.bankrate.com/brm/mortgage-calculator.asp
If you are a first time home buyer without a lot of money to put down on the home, I recommend you go FHA. The debt to income ratio is a little stricter, but that means you actually have some cash at the end of the month.
If there are two people, banks usually prefer that the people be related (they prefer married although that is changing). They like to consider the person who makes the most money as the primary borrower. This person’s mid score needs to be good, or you get stuck with a worse interest rate. The coborrower, or second person’s income counts and their score shouldn’t be bad, but doesn’t have to be as high.
You will need to have been in your jobs, or at least your profession, for more than two years. You will need to have tax returns to prove you make the amount of money you say you do. You will need to be able to provide check stubs to show you are still employed.
If your credit is outstanding, they will waive several of the other items, and you can get loans that have no ratios or loans that require little documentation. These loans are rare, because the rates are higher. They are good for self-employed people, but even they have to have their accountant say that they have been in business for a couple years and that the accountant has been doing their taxes.
Good luck with your house buying experience. If you are well prepared it can be a lot of fun, if not it gets a little scarey.
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I probably wouldn’t shop my loan. Every time you go to a new broker to shop your loan, they pull your credit. Every time someone pulls your credit, it deducts points from you score. Therefore if you are hovering between good credit and great credit, those 5 to 15 points may throw you into a higher interest rate. Go with someone who has a great reputation. Also, before they pull your credit you can shop fees. The other thing that is really important is to go with a mortgage banker (not broker) that is local. I don’t know how many times we have had a buyer who wanted to get their loan online and ended up not having money at closing, because the state the lender is in has different laws than the state they are purchasing in. Then the buyer ends up paying a daily fee for not closing on time.
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Do you mean like a house loan? Try something like lendingtree.com. I think you could probably do it online and just be sure not to check the boxes for all the spam. Otherwise call a creditor and find out. You could also go to your bank and ask a loan officer to run your numbers.
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Maybe you should approach it a bit differently…….
Why don’t you figure out what your current fixed expenses are (car payment etc) and work up your budget and determine what you are most comfortable with leaving a buffer for savings for those expenses that will come up when owning a home? Dont forget about calculating taxes and insurance and figure them into the payment.
Finding out how big of a loan you can qualify for is a misnomer because quite frankly there are agents whose goal is to get you a loan regardless if you can handle the monthly load it will bring 3, 5 or 7 years later…. People are taking these huge loans because they have been shown a super low payment and thats all they remember….my payment is only_______! So they believe they can afford a more expensive home then they had hoped. Ofcourse human nature is to block out the part about you not only dont pay any principal down but you also may be adding a portion of deferred interest back onto the end of the loan. These loans serve a purpose but not for everyone. Their overuse is contributing to great opportunities though in foreclosures.
You really do need to talk to a mortgage broker eventually. Just be prepared with what you are comfortable with financially. Then they will take all of your info (income, credit, reserves, down payment etc) and let you know what they can get for you. You should recieve multiple loan scenerios and you should know ahead what you can handle making it easier to decide without persuasion. Know your goals. If you only plan to live in this first house a few years or if you plan to see your grandkids in this house will have some play into the type of loan you want too.
You’ve been told to go to lendingtree. Not sure that is the best advice based on your statement “I don’t want to be hounded by loan salespeople” They are a lead generator for mortgage companies. “where banks compete you win……”? Banks compete without you having to enter your sensitive information online and have it sent out to lots of people you don’t know who will then call you. Don’t be surprised if you end up on data bases of each person who got your lead or if you hear from them 6 mos later.
Make sure you have someone working on your loan who has experience buying a home themselves and has good credit. Otherwise your paying for advice from someone who has yet to establish a record of positive financial decisions. Get their credentials…..they are going to ask about all of your info…know theirs. If you need a referral just shoot me an email. Postings of websites are against Answers rules.
Call 3 loan brokers. Let them know straight up you will be shopping. 1 will work their tail off to get you the best terms and tell you “I completely understand-Here’s what I came up with….please let me know what the others have to offer and give me the opportunity to beat it” The others may not even return your call.
Good luck and congrats on taking a step many loan officers don’t or can’t do………..buying a home that is!