Question by : Where are some good places to apply for a home loan with bad credit?
My husband and I are currently trying to fix our credit. We are also shopping for a home loan. We live in michigan and I am looking for mortgage companies willing to work with people with bad credit.
Best answer:
Answer by MadMan
Look for an FHA lender. If your credit score is less than 620, buy information pills clinic you will not get a mortgage anywhere and you need to clean up your credit first.
What do you think? Answer below!
Question by nahuatl71: How much mortage interest can I deduct in my income tax return for the year 2005 in Texas?
I am using turbo and I enter all my income paid for the mortgage loan, medicine but when it comes back it shows less than what I entered. So I wonder if the mortage interest paid is 100% or is it an average up to some amount. At the end of the process my return is the same as what it was last year but the difference is that last year I did not own a house. So I think my refun should be more.
Best answer:
Answer by TYSONBULLY
Deduct all of your mortgage interest. You should have gotten a tax statement from your mortgage company, use that #
Add your own answer in the comments!
Question by BigAndBeautiful: Do I have to have good credit to buy a home?
I am looking to move to florida, treat and I want to buy a short sale home. But do I have to have good credit to finance? I have money for a down payment.
Best answer:
Answer by Lisa L
What do you consider good credit? Yes, drugs you have to prove yourself credit worthy.
Give your answer to this question below!
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Once you are pre-approved you may buy any property you desire to include a short sale. You should not limit yourself to one method of purchasing a home for yourself.
There are some lenders that do mortgage loans nation wide, you should find one for you expected move to Florida.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
“FIGHT ON”
Yes, of course! you don’t have to have good credit! but if you have money or down payment like you said, then you will be fine! Also, a good idea is to go to google.com and ask that same question! you WILL have lots of answers, too! and web sites! 🙂
Any reason you are wanting to buy a short sale? There is nothing short about them. They can take up to 6 mos to finalize, and can be very frustrating in the meantime, waiting on the bank to accept your offer.
Yes, you need good credit to finance a home. As far as down payment, shoot for at least 10 to 20%.