Q&A: FHA Home loan question?

Question by Sam: Fha Loan question…….?
Where do I apply for this loan? Can I go to mortgage brokers or do I have to apply through the mail?

Best answer:

Answer by Boomn4x4
Almost any bank or mortgage lender would be able to get you an FHA loan.

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Mortgage Rates Fall To 11-Month Low; Homeownership Opportunities Extend …
Conventional mortgage rates are available below four percent with some lenders; and VA loans and FHA loans are increasingly priced below four percent as well. Low mortgage … The index attempts to quantify the "opportunity" for a median-income-earning …
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Question by Springstorm: Should I refinance my mortgage interest rate?
Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.

Best answer:

Answer by stargrow
Dear Springstun, visit this

Let us look at it this way. Firstly no institution gives out a loan and does not require the interest on the loan because that is their profit on which the wheel of the business is oiled. No profit, dosage no business.

You would always be required to PAY BACK WHAT YOU OWE.

Now this is the other side of it. You must have signed documents and agreements when you were about to take the loan. It is possible, and it happens sometimes, that an incentive is placed in the agreement you signed, that stipulates that if you are able to pay consistently according to the payment terms(without defaulting) or that you were able to pay a particular percentage within a particular period or before a stipulated date, etc. It is possible that you could be rewarded with a waver of the rest portion of the interest.

I would advise you to look at your payment agreements again.maybe the employee is very familiar with you documents and knows that you are supposed to be enjoying this incentive for your prompt payments.
It could also be a company policy which may not have been written but the employees know of it.

This is what you will do.

1. Check you agreements and all the documents you signed and used for the loans and see if there is any incentive what soever pointing to what that employee has said.
2. Look within your local area or country or where you stay and see if there is a law by the government on issues like this that has given you the right for a waving off of the rest of the interest at this stage of your payments.
3. then go and see the employee’s boss or the man in authority, the final authority on these issues in their office and confirm if the employee’s claims are true. This is if there is no legislation that gives you that right.

But you need to know that what you signed is sacrosanct and binding on you both. it is a very long shot, depending on you experience on these kind of issues before you took the loan.

Do a little more research, I wish I could have been there with you so you could know all you should do as the events unfold.

You can only do what you have signed to do. This waver can only be authenticated if and only if by the federal or local law you are entitled to the waver or the lenders decide that by exgratia they will allow you not to pay the remaining interest that they have such a policy and it was not captured in the agreement and as such they will give it to you.

Do a little more research on the links I will provide you below, take you time there, there are a ton of info behind those links and let me know if my answer was helpful.

Remember all loans and interests are meant to be paid unless as stated above.

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Summary of Current Mortgage Interest Rates at US Bank Corp on May 5, 2014
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Question by Mya Stafford: Question about Income Verification and Loans?
So, cost I recently quit my job after 2 years in May 2011 while working at the company I am currently employed at as of May 2011. I applied for a loan and they want income verification, which includes a recent paystub (which I will receive tomorrow), Federal Tax Returns, and 2009/2010 W-2’s. I have all this information (besides the paystub, which I am receiving from my new job). Would this be a problem? Seeing as I’m providing a paystub for a completely different company (Although I did write on my application my current place of hire), than the company whose Tax returns and W-2’s I have?
I have all that information for my OLD job, not my NEW job. I only have the paystub for my NEW job.
I’m earning 2 dollars more than that job, but it’s food service. I was a pharmacy technician before.

Best answer:

Answer by Charlie Tuna
My understanding is that it shouldn’t be a problem if:
– you are earning at least the same amount of money than on your previous job
– You are working on the same line of business

I think lenders don’t want to see instability in your employment, which represents a risk for them to collect in the future. It also depends on the type of loan and the amount.

In the end, being honest and open will serve you best.

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Question by Alex the great: FHA Home loan question?
I am applying for an FHA home loan and my middle credit score is 618. The new FHA guidelines require a minimum score of 620, visit this site is there any exceptions that could get this pushed through?

Best answer:

Answer by loanmasterone
The FHA score of 620 is mostly a guideline, online there might be things found in you credit report or other items that might allow a lender to accept the responsibility of doing a mortgage loan for you.

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.

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”

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