Question by Tashina J: What are the chances of us getting a home loan?
Would love to get a home loan , this web this Im 20 yrs old my credit score is 730 but my husband was married before and his credit is horrible from the divorce he is 24 credit score is 608 but he has 2 charged off accounts on his record. Our monthly gross income is 7500 right now is it possible to get a home loan with todays credit crunch?
Best answer:
Answer by Shelly B
you should have no problem getting a home loan..if you can’t get it in both your names…try it in your name alone..you def. won’t have any problems….
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Question by ImagineThat: My house is worth 1/3 of what it used to be how can I refinance?
I have a 7 percent 30 year fixed loan that I got at the worst time for interest rates…I bought the house for 450, ask 000 and have a loan on it for 380,000…It probably can appraise for 225,000. I have plenty of assets, the house is in Las Vegas, only has one loan. How can I get a current rate or can I bail on the house, or what can I do?
Best answer:
Answer by Bob
If your loan is owned by FNMA or FHLMC the Home Affordable Refinance Program (HARP) is available that can be used to refinance even if your existing first mortgage is as much as 125% of current appraised value. Even though your situation exceeds that limit by your estimates, there are many cases in which a new appraisal is not required so the value becomes a moot point. Getting your rate below 5% could cut your payments by more than $ 500 or build equity and pay off about eight years sooner with the payment you have now. I have included links below for you to check if your mortgage is owned by FNMA or FHLMC. If it is, it is worth checking out with a lender.
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
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