A couple of great large home pictures I located:
huge property
Image by rebecca anne
Much more fantastic houses click here…
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 mscarriem
There 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!
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 MtgAdvsr1
They 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.
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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 A
No, 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 below!
Problem 1 being under water in today’s market even though the Government is requesting Lenders to work with it, they are not! The market began to show the Direct Lenders going through the motion and approving these loans with good credit, etc.. The servicing banks are now buying back the same paper after they A. took the hit of upside down and B. took another hit for the closing cost! Guess what? The brakes have been pushed to the metal. Done deal! The ONLY thing I can suggest is a legitimate loan Modification that will have both Lenders if not the same lower the rate/s in order to accomadate the fall out amount for being under water. That will work and has for many people. I can help you out if you need.
The current government program being citied in the news seems to only address those who are at the max 3% under water, in your case the negative equity will probably make it highly unlikely you will be able to refinance absent paying down the loan amount