Question by catchi: home foreclosure HELP where do we go and how do we start refinancing?
Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
Best answer:
Answer by tkahrs12122
No the bailout did not include help for delinquent homeowners.
You need to deal with the refinancing on your own. Start with your current mortgage holder and see if the will lower the interest.
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Question by TD: What would be the best possible Home Loan I could get buying a co-op?
I heard that you cant use the nothing down or 3% mortgages on a co-op purchase. Is this true I live in NY. WOuld I hav eto put down 10% no matter what. Also FYI Most one bedroom co-op go for atleast $ 130, hospital 000, and 10% of that is 13,000 and the HUD and FHA mortgage and program say that they can only give you 3% or 5,000 down.
Best answer:
Answer by Blue October
the best possible home loan is going to depend on your credit. i want to suggest that you speak with your local banks…they know you the best, and they are local -in case you need them in the future.
I am sure you are aware of the large amount of foreclosures across the nation. This lends itself to the way that banks and lenders are now doing business. The days of nothing or very little down are almost gone. You will need to come up with a min of 20% down and stick with a 30 years fixed no prepay penalty loan.
Do not accept or get into any creative financing or ARMs (adjustable Rate Mortgages)…these loans have a high failure rate to foreclosures.
stick with your local banks…good luck on your purchase 🙂
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Question by anpresco: What factors do lenders consider when applying for a home loan?
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, seek but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, treat or will it not matter?
Best answer:
Answer by Beverly S
Your loan officer makes the decision based on what you need to qualify. Most likely you won’t qualify with just one income. The fact that his credit is less established won’t hurt him as long as its not “bad”. Lenders are looking for 2 years steady employment, order 2 years good credit, & property of enough value & re-salability in case of problems. Sounds like you need him (boyfriend) & he’s gonna help not hurt.
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