Question by jellofosho: how likely would you be audited if you apply for a low doc loan?
in todays market (july 2008) what percentage of low doc loans are audited?
Best answer:
Answer by Bridget H
Audited by who?
I am assuming low doc means low loan amout also.
Regulators? Not very likely.
Internal audit? Probably just as likely as any other.
What do you think? Answer below!
Arkansas HARP Refinancing Specialist Uses New HARP 2.0 Program to Help …
North Little Rock, ambulance AR — (SBWIRE) — 12/05/2012 — In October 2011, case Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to …
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Another Asterisk for Asset Purchases
The federal government encourages mortgage companies to refinance borrowers whose debts exceed 80 percent of the value of their homes by instructing Fannie Mae and Freddie Mac to buy the new loans and to relax some of their usual conditions and …
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Foreclosure Assistance Ads Unveiled
Federal officials are launching a new ad campaign to raise awareness of the assistance that may be available to financially stressed homeowners through the Making Home Affordable Program (MHA). The Treasury … MHA has two major components, the Home …
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Question by Jackie N: Can I use a second mortgage to finance a new mortgage in California?
My husband and I are considering taking out a small second (approx $ 10, ambulance 000) on our condo to pay the 3% downpayment required for a second home. We plan on using the FHA loan. Are we able to do this? We live in California, and lending rules are becoming very strict. Thank you in advance.
Best answer:
Answer by Dale H
You cannot use the FHA programs to finance a 2nd home purchase. If what you meant is that you are taking a 2nd mortgage against a condo you own to buy a new home in California to use as your primary residence, that should be okay provided you don’t have an FHA loan on your condo.
Good luck and you are right. The whole landscape of lending has changed.
Let me know if you have any other questions.
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Question by logank1469: How low do you think mortgage rates will fall in the next 6 to 8 months?
I live in Raleigh, cure NC . I’m wanting to buy a house some time this summer. I have a FICO score of 700+. I’m looking for 170K to 200K house with a 5% downpayment. what kind of interest rate can I expect for a standard 30 year fixed mortgage?
Best answer:
Answer by Thomas H
The mortgage rates right now are 5.63% for a 30-year fixed and 5.08% for a 15-year fixed. There is really no way of knowing if the rates will continue to fall. They can change daily! However, viagra you may be able to get more for your money. Raleigh/Cary had an increase of 122% of foreclosures last year. There are going to be more people looking to sell quickly, which is good news to the buyer!
Give your answer to this question below!
Question by parker_sellers: Can I get a home loan with short-term W2 income from various companies?
My fiance and I are trying to get pre-approved for a home loan, dosage and the banker is saying the last 6 months of my income won’t count, because it is W2 from a job that will not continue much longer. I freelance between a few companies, most pay my s-corp (so I get credit for K1 income), but the recent job is longer term (6 months), and has me on W2.
Will some bankers honor this income and others won’t? Or is this type of income not compatible with getting loans?
Best answer:
Answer by OldJimmy
You can get a loan with this type of income, but it is just harder to document. And they do want to have an idea that, even though the income is coming from various places on and off, that it is likely to continue and you’ll be able to continue making the payments.
So, you just have to work harder at getting the paperwork together than most, but it can be done.
Add your own answer in the comments!
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Titre : Château de Castelnau-Bretenoux, Prudhomat, octobre 1898
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More Wash. homeowners tap federal refinance program
The program allowed homeowners to forgo the need for new property appraisals, shop and eliminated certain refinancing fees. Most significantly, viagra buy HARP lifted the 125 percent loan-to-value ceiling, view which meant that more homeowners who were severely underwater …
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FHA Streamline Refinance Program Enables North Carolina & South Carolina …
Until the release of the FHA Streamline Refinance program, North Carolina & South Carolina homeowners with FHA home loans have had limited opportunities to receive mortgage assistance. In addition to incredibly low interest rates and massive savings …
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Question by victor: What are the chances of being approved to cosign for a student loan if I’ve modified a home loan?
Say my credit is otherwise perfect and I meet the income requirement.
Best answer:
Answer by Rob
Sorry do u like being homeless?
u just go a home loan modified because
u can not afford it.
Now u want to take on some one else DEBT.
never EVER cosign for any one unless u
want to throw the money away.
do them and u a financial favor do not sign.
seen your nightmares b4 we bought their houses.
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Know better? Leave your own answer in the comments!
Question by atl_ace1: Is there a mortgage insurance premium charge at closing for conventional loans?
I know there is a mortgage insurance premium around 1.5% when you close on a FHA loan, ed but I was wondering if the same charge apply when you close on a conventional loan
Best answer:
Answer by chatsplas
SURE, information pills UNLESS you put down 20%, you have to pay PMI because you’re a poorer risk.
Give your answer to this question below!
Question by ghost2010: Will housing sector rebound with Fed decision to provide assistance to subprime borrowers?
With the Fed’s announcment recently that they will have a new program that will provide help in refinancing loans to potentially millions of mortgage borrowers that are facing the possibility of foreclosures.
Do you think this will be the relief the housing sector needs to rebound?
Best answer:
Answer by I_Love_McRedneck
I think this is the dumbest idea I’ve ever heard of. People BEG for loans on houses they can’t afford AND they have lousy credit, tadalafil showing a history of irresponsibility.
They don’t listen when the lender says they have to fix their credit and refinance before they start to pay through the nose.
It’s their own freaking fault they’re in this mess. They made their beds, store now ALL of them need to lie in it.
What makes us think we can just be irresponsible and people are going to fix the mistakes we make? STUPIDITY KILLS
What makes you think lenders will suddenly start giving out loans again if the government forces them to lower their rates? If I were a bank, I’d be even MORE reluctant to give out mortgages.
EVERYTHING our governemnt does ALWAYS has the opposite impact of what it’s intended to have. We should know this by now…. it’s not rocket science
Give your answer to this question below!
No, to get more info you can go to consumer affairs website, and there are numerous others that will give you facts as to why the feds intervention is falling short. Their qualifications to obtain the bailout, will only help a small % of the citizens needing relief. That being said, I feel we are just at the beginning of this fiasco, and the lenders that haven’t folded, are scrambling to retain assets. It is a lot worse then being told to the public!
No. There is no “quick fix” or one particular bandaid that will repair the damage done. The problem is riddled through so many aspects of our economy, lenders, Wall Street, Mortgage originators, consumer confidence, etc. that one move does not cause a rebound. Our current situation will take a long time and many components to repair, after all, we did not arrive here overnight.
Most economists believe that we will never go back to the way we were. The huge inventory of single family homes needs to be absorbed prior to it changing back to a sellers market. It is definitely a buyers market now and those with good credit and the financial ability to put 20% down will find bargains abound.
“Buy straw hats in winter” is one of my mother’s favorite sayings!
No. The housing sector is still in a massive corrective state stemming from unbelievable mortgages over the past few years.
In 2003 the feds lowered various benchmark rates to keep us out of a recession. It worked. However the housing market went out of whack due to bad/hybrid loans that got more people into homes they shouldn’t have been able to afford. But markets have a way of correcting themselves and that is what we see happening right now.
Keep in mind the vast majority of mortgages are NOT in default. We are talking about a small sampling of home owners that are having troubles – mostly in the subprime arena. But the media frenzy surrounding this issue has caused people to pause before buying a home. Many are waiting to see what happens with the economy as a whole. Others are wary of home values (past and future). Unfortunately this has caused a glut of unsold homes. It is not due to the rates as they are basically the same as they have been for the better part of 2 years.
We won’t start climbing out of the housing mess until next spring at the earliest. It may mean rates will go lower so refinances may get a boost. In the meantime remember this about homes: their values are holding steady, their prices are still fluctuating.