How much down payment for stated income loan in Illinois?
by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question below! Question by jimmy Shergil: How much down payment for stated income loan in Illinois? My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k. I am self employed and can’t document my income but we both got excellent credit score of over 750. I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan. Is there any lender or bank that doesn’t require 20% down on stated income loan? Thanks Best answer: Answer by sadeedear friends now u can get ur home loan, nurse or Personal LOAN , Business Loans or PAY DAY LOANs , Pre-approved Loans, education loans etc., very easily by this ……….. http://www.freewebs.com/get–loan Know better? Leave your own answer in the...
Read MoreWhat are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan?
by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question...
Read MoreAre there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages?
A couple of great large home pictures I located: huge property Image by rebecca anne Much more fantastic houses click here… by eyewashdesign: A. Golden Question by shaneka s: What is the requirements for stated income loans in CA? my sister is trying to find a lender that will let her due a stated income loan. She makes around 78k a year and has a mod score around 650. She has about 150 monthly debt that she pays every month. The house price that she is looking for is around 250k and she wants 100% financing. Is there still lenders doing stated and if so what is the min credit score. If she can’t do stated what is the lease amount of paper work she has to provide the lender? Best answer: Answer by mscarriemThere is no stated loans anymore at 100% financing, story why does she want to go stated anyhow, buy she should qualify fair and square and provide the proper documentation to show she can afford the house, there are lots of mortgage calculators she can check out and see what she can afford on what she can document income wise. Most lenders now also require 5% down if she is buying in a area that is in a delcining market which most of california is. SO I wish her luck, remember if she is trying to go stated to avoid showing income because she is stating more than she makes, that is a federal offence and she will go to prison, and pay fines for lying on mortgage documents, Know better? Leave your own answer in the comments! by marsmet531 Question by bsbro: Types of mortgages for a commercial building? I am trying to purchase a mixed use building (5 residential units and 2-4 commercial stores) in NJ. I know that commercial mortgages are a little different from home mortgages (i.e. there are no 30 year loans). What different types of mortgages are available for purchasing a building like this? Also, dosage the money borrowed to buy a home is called a mortgage, is it also the same term used for buying a commercial property? Best answer: Answer by MtgAdvsr1They actually do have 30 year loans! The market has quite a bit of programs for Commercial purchase loans. Most of the financing available is similar to home loans the biggest difference is how you qualify for a home mortgage vs a commercial loan. We have 30yr, interest only, balloon, and adjustable loans for commercial loans. When you are buying a commercial property they refer to the money borrowed as a loan and not a mortgage to answer your last question. Feel free to contact me if you have any questions, I would love to help. Add your own answer in the comments! Question by Victor B: Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages? Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages? My 1st mortgage is 7.25% and second is 12%. I am underwater by 20K and want to get rid of that high 2nd. Can anyone point me in the right direction? Best answer: Answer by Lisa ANo, dosage there is not. You need to refinance. But you will need to come up with at least the $ 20, for sale 000 in order to do so. So your best bet is to just pay off the 2nd. What do you think? Answer...
Read MoreTypes of mortgages for a commercial building?
A couple of great large home pictures I located: huge property Image by rebecca anne Much more fantastic houses click here… by eyewashdesign: A. Golden Question by shaneka s: What is the requirements for stated income loans in CA? my sister is trying to find a lender that will let her due a stated income loan. She makes around 78k a year and has a mod score around 650. She has about 150 monthly debt that she pays every month. The house price that she is looking for is around 250k and she wants 100% financing. Is there still lenders doing stated and if so what is the min credit score. If she can’t do stated what is the lease amount of paper work she has to provide the lender? Best answer: Answer by mscarriemThere is no stated loans anymore at 100% financing, story why does she want to go stated anyhow, buy she should qualify fair and square and provide the proper documentation to show she can afford the house, there are lots of mortgage calculators she can check out and see what she can afford on what she can document income wise. Most lenders now also require 5% down if she is buying in a area that is in a delcining market which most of california is. SO I wish her luck, remember if she is trying to go stated to avoid showing income because she is stating more than she makes, that is a federal offence and she will go to prison, and pay fines for lying on mortgage documents, Know better? Leave your own answer in the comments! by marsmet531 Question by bsbro: Types of mortgages for a commercial building? I am trying to purchase a mixed use building (5 residential units and 2-4 commercial stores) in NJ. I know that commercial mortgages are a little different from home mortgages (i.e. there are no 30 year loans). What different types of mortgages are available for purchasing a building like this? Also, dosage the money borrowed to buy a home is called a mortgage, is it also the same term used for buying a commercial property? Best answer: Answer by MtgAdvsr1They actually do have 30 year loans! The market has quite a bit of programs for Commercial purchase loans. Most of the financing available is similar to home loans the biggest difference is how you qualify for a home mortgage vs a commercial loan. We have 30yr, interest only, balloon, and adjustable loans for commercial loans. When you are buying a commercial property they refer to the money borrowed as a loan and not a mortgage to answer your last question. Feel free to contact me if you have any questions, I would love to help. Add your own answer in the...
Read MoreWhat is the requirements for stated income loans in CA?
A couple of great large home pictures I located: huge property Image by rebecca anne Much more fantastic houses click here… by eyewashdesign: A. Golden Question by shaneka s: What is the requirements for stated income loans in CA? my sister is trying to find a lender that will let her due a stated income loan. She makes around 78k a year and has a mod score around 650. She has about 150 monthly debt that she pays every month. The house price that she is looking for is around 250k and she wants 100% financing. Is there still lenders doing stated and if so what is the min credit score. If she can’t do stated what is the lease amount of paper work she has to provide the lender? Best answer: Answer by mscarriemThere is no stated loans anymore at 100% financing, story why does she want to go stated anyhow, buy she should qualify fair and square and provide the proper documentation to show she can afford the house, there are lots of mortgage calculators she can check out and see what she can afford on what she can document income wise. Most lenders now also require 5% down if she is buying in a area that is in a delcining market which most of california is. SO I wish her luck, remember if she is trying to go stated to avoid showing income because she is stating more than she makes, that is a federal offence and she will go to prison, and pay fines for lying on mortgage documents, Know better? Leave your own answer in the...
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