Posts made in April, 2014

Credit qualifications for home loan?

on Apr 30, 2014 in Stated Income Loans | Comments Off on Credit qualifications for home loan?

Question by : Should I let the bank foreclose on my house (a little long F.Y.I.)? I’ve been unemployed for almost 7mo now and haven’t been paying my mortgage for this time either. I have gotten a notice for the bank to auction my house on Feb.8th 2010. I have no job prospects at this time so it’s not that I’ll be able to get current on my mortgage any time soon. Also, viagra dosage case I haven’t been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that I owe. Since it’s less than a month now before my house goes to auction, should I even bother trying to save it? These are the conclusions I’ve come to as to help of some of you folks answer my question. I don’t particularly care for my house, the community or area anymore(it’s a nice, new development, but the surrounding area is not. Often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when I’m sure the ppl throwing them have not reserved the areas with the HOA which also leads me to believe that they don’t live here either. So the combination of all this has not let the stress of foreclosure hit too hard. My original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $ 1,517 plus 112/mo HOA fee. I bought my house for $ 195,000 and I believe is only worth maybe $ 120,000 now. Typing this seems I’ve already answered my own question….If I called the bank on monday to see if I could do anything/if I could….to save my house (give me another month or two to find a job) should I? Also, I was going to take a traveling job which paid me about 1000 more a month than I was originally making would they even have refinanced me? Please help me to decide, I just don’t know what to do anymore. Best answer: Answer by sassy25Your first priority is to get a job. Without an income you have no hopes of saving your home. Know better? Leave your own answer in the comments! Today's Mortgage Rates at US Bank Corp – April 29, sick 2014 For the troubled mortgage shoppers, no rx the US based home loan provider is offering its 30 year FHA approved fixed rate mortgage loan schemes at an impressive interest rate of 4.375% and an APR yield of 4.879% this Tuesday. On the contrary, information pills the borrowers … If you would like more informaiton please visit here… PMI Pain: Why an FHA Mortgage Might Not Be Your Best Option Are you thinking about taking out an FHA loan to buy your first home? You might want to reconsider. While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are … More informaiton please visit here… Question by Angela: Credit qualifications for home loan? Hi, advice I am looking into a USDA home loan. I already qualify based on the county I want to purchase my home in and also by my income. I am a little worried about my credit score, seek though. my credit score is a 638. I only have one credit card, rx which I have only had for 3 months, but it has never been late. Does anyone know if this is going to disqualify me? Thanks for...

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Today's Mortgage Rates at US Bank Corp – April 29, 2014

on Apr 30, 2014 in FHA Information | Comments Off on Today's Mortgage Rates at US Bank Corp – April 29, 2014

Question by : Should I let the bank foreclose on my house (a little long F.Y.I.)? I’ve been unemployed for almost 7mo now and haven’t been paying my mortgage for this time either. I have gotten a notice for the bank to auction my house on Feb.8th 2010. I have no job prospects at this time so it’s not that I’ll be able to get current on my mortgage any time soon. Also, viagra dosage case I haven’t been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that I owe. Since it’s less than a month now before my house goes to auction, should I even bother trying to save it? These are the conclusions I’ve come to as to help of some of you folks answer my question. I don’t particularly care for my house, the community or area anymore(it’s a nice, new development, but the surrounding area is not. Often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when I’m sure the ppl throwing them have not reserved the areas with the HOA which also leads me to believe that they don’t live here either. So the combination of all this has not let the stress of foreclosure hit too hard. My original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $ 1,517 plus 112/mo HOA fee. I bought my house for $ 195,000 and I believe is only worth maybe $ 120,000 now. Typing this seems I’ve already answered my own question….If I called the bank on monday to see if I could do anything/if I could….to save my house (give me another month or two to find a job) should I? Also, I was going to take a traveling job which paid me about 1000 more a month than I was originally making would they even have refinanced me? Please help me to decide, I just don’t know what to do anymore. Best answer: Answer by sassy25Your first priority is to get a job. Without an income you have no hopes of saving your home. Know better? Leave your own answer in the comments! Today's Mortgage Rates at US Bank Corp – April 29, sick 2014 For the troubled mortgage shoppers, no rx the US based home loan provider is offering its 30 year FHA approved fixed rate mortgage loan schemes at an impressive interest rate of 4.375% and an APR yield of 4.879% this Tuesday. On the contrary, information pills the borrowers … If you would like more informaiton please visit here… PMI Pain: Why an FHA Mortgage Might Not Be Your Best Option Are you thinking about taking out an FHA loan to buy your first home? You might want to reconsider. While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are … More informaiton please visit here… Today's Mortgage Rates at US Bank Corp - April 29,...

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Should I let the bank foreclose on my house (a little long F.Y.I.)?

on Apr 30, 2014 in Unique Loan Programs | 6 comments

Question by : Should I let the bank foreclose on my house (a little long F.Y.I.)? I’ve been unemployed for almost 7mo now and haven’t been paying my mortgage for this time either. I have gotten a notice for the bank to auction my house on Feb.8th 2010. I have no job prospects at this time so it’s not that I’ll be able to get current on my mortgage any time soon. Also, viagra dosage case I haven’t been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that I owe. Since it’s less than a month now before my house goes to auction, should I even bother trying to save it? These are the conclusions I’ve come to as to help of some of you folks answer my question. I don’t particularly care for my house, the community or area anymore(it’s a nice, new development, but the surrounding area is not. Often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when I’m sure the ppl throwing them have not reserved the areas with the HOA which also leads me to believe that they don’t live here either. So the combination of all this has not let the stress of foreclosure hit too hard. My original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $ 1,517 plus 112/mo HOA fee. I bought my house for $ 195,000 and I believe is only worth maybe $ 120,000 now. Typing this seems I’ve already answered my own question….If I called the bank on monday to see if I could do anything/if I could….to save my house (give me another month or two to find a job) should I? Also, I was going to take a traveling job which paid me about 1000 more a month than I was originally making would they even have refinanced me? Please help me to decide, I just don’t know what to do anymore. Best answer: Answer by sassy25Your first priority is to get a job. Without an income you have no hopes of saving your home. Know better? Leave your own answer in the comments! Should I let the bank foreclose on my house (a little long...

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What to Watch in The Day Ahead; Tuesday, April 29

on Apr 29, 2014 in HARP Refinance | Comments Off on What to Watch in The Day Ahead; Tuesday, April 29

Question by : who offers the best fha loans? who offers the best fha loans? Best answer: Know better? Leave your own answer in the comments! HARP 2.0 : Underwater Homeowners Need Fewer Loans Over 125% LTV In late-2011, page the Home Affordable Refinance Program (HARP) was made available to U.S. homeowners whose mortgages were "severely underwater". The program was a hit. At its peak, there HARP loans for which loan-to-value (LTV) exceeded 125% accounted … More informaiton please visit here… Maryland Man Sentenced to Jail in Million Loan Mod Scheme Also according to court documents, viagra dosage the conspirators misrepresented that, with HOPE's assistance, the homeowner was guaranteed to receive a loan modification under the Home Affordable Modification Program (HAMP), which is part of the Troubled Asset … If you would like more informaiton please visit here… Quinn promotes Welcome Home Illinois Program CHICAGO – Governor Pat Quinn Tuesday addressed the annual Illinois Governor's Conference on Affordable Housing where he discussed the state's commitment to affordable homeownership and the new Welcome Home Illinois loan program for first-time … More informaiton please visit here… Question by jainika s: requirement 4 home loan? best deal 4 home loan Best answer: Answer by Finance1o1.blogspot.com1) Are you able to make at least a 20% down payment? If down payment will be less than 20%, information pills a private mortgage insurance will be charged until 20% of the loan is paid off. 2) Your Debt to income ratio must be less than 40%. (Debt to Income Ratio = Gross Income / total payments toward debt). Proof of income will be required (just send a copy of your recent pay stub). 3) Your credit history. A score of 720 or above favors you for a lower interest rate. A score between 675 to 720 means you don’t qualify for the best rate. A score below 620 means you fall in the subprime category, dosage meaning you will find it very difficult to find a home loan. 4) Employment history. 5) Loan to value (LTV). A LTV that is 80% or higher will make it very difficult for the borrower to qualify for a mortgage. LTV = Loan amount / Value of property. Know better? Leave your own answer in the comments! Question by : Do you have to have a down payment to take out a home loan? Do you have to pay a down payment when you take out a home loan, viagra approved or can you take out the full amount of the home? For example: a house costs $ 900, this site 000. Can you take out a loan for $ 900, about it 000 without having to pay a down payment? Best answer: Answer by My Take on ItNowadays, you need a down payment. The very least would be 3.5% of the purchase price. If someone can afford to buy a house that costs 900k, they better have the ability to put a down payment down! LOL Most banks don’t even lend that much anyways. Anything over I believe 417k is considered a jumbo loan and requires about 30% down. So, no, you cannot buy a 900k house without a dog in the race here (down payment) What do you think? Answer below! Question by PB: refinancing mortgage? i live in MA, side effects bought our house 3.5 years ago. I really need to refinance to save some money and put it towards bills and credit card debt. problem is, visit web we were an FHA loan, prostate and now since the crash, the standards have risen for a refi or even a...

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Q&A: Are federally-guaranteed direct student loans taxable income?

on Apr 29, 2014 in Stated Income Loans | 1 comment

New Info on Stated Income Loans A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, adiposity W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liars’ loans (often misspelled liar’s loans). Stated income loans were originated by Ameriquest. Reasons for stated income loans These loans are nominally intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income. Stated income loans have been extended to customers with a wide range of credit histories, including subprime borrowers. The lack of verification makes these loans particularly simple targets for fraud. Stated income loans fill a gap of situations which normal loan standards would not approve. For example, a standard rule is that a customer’s mortgage and other loan payments should take up no more than 45% of the person’s income. This would seem prudent for a person just owning their main home. However, a real estate investor may have multiple properties and for each may receive only a small amount more than their loan payments on each house, but end up with $200,000 in disposable income. Nevertheless, a non-stated income loan would decline this person since their debt to income ratio would not be in line. The same issue can arise with self-employed borrowers, where the bank with a fully documented loan would include the borrower’s business debt in their debt to income calculation. Stated income loans also help borrowers where fully documented loans normally would not consider the source of income as being reliable and stable, such as investors who consistently earn capital gains. Fully documented loans also do not consider potential future income increases. Another type of loan that uses the same principles is the no income disclosure loan. In August 2006, Steven Krystofiak, president of the Mortgage Brokers Association for Responsible Lending, in a statement at a Federal Reserve hearing on mortgage regulation, reported that his organization had compared a sample of 100 stated income mortgage applications to IRS records, and found almost 60% of the sampled loans had overstated their income by more than 50 percent. U.S. Senator Chuck Schumer is currently leading an effort to restrict stated income loans; his Borrowers Protection Act of 2007 would essentially forbid them. A few years later, Chuck Shumer’s efforts came to fruition with the Dodd-Frank Financial Reform Bill HR4173. Within the Bill, Section 1411 has the following excerpt, “A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability…”,. Currently, lenders are conducting their own version of income and asset verification. Stated income loans are still offered typically by small local banks. Qualification requirements are based on stable employment, good reserves, good FICO and no less than 40% equity position in the property. Stated income loan availability changes state to state, county to county. Stated Income Lenders And Mortgage Loans Who are stated income mortgage loans m?ant for? For the most part, help this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, page a stated income mortgage loan ?s great for ? person who e?rns some salary but also cash that is not docum?nted anywhere. An example would be ? waiter, approved bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r...

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