Buying a house with bad credit?

Posted on Aug 20, 2012 in FHA Information

Question by Danielle B: If my mortgage company sold my FHA fixed 30-year loan to Bank of America, drug can this hurt me in any way?
I just bought my first house. I found my mortgage company, about it information pills Westar, online through Lendingtree.com. I was pretty happy with them. My first mortgage payment was due 1/1/10, but just to be on the safe side, I set up online bill pay through Bank of America to go out last week, and it cleared my checking account. When I logged into my Bank of America online account today, there was my mortgage showing up with my Bank of America accounts like checking, saving, and credit cards. My statement was on there and it didn’t show the payment I had made to Westar. I chatted with a representative, who said yes, the check cleared, but Bank of America is my servicer, not Westar. I called Westar and they confirmed that they sold my loan to Bank of America. This is the first I heard of it. Westar says they sent me a transfer letter, but I never received it. My rate seems to be the same based on what it says on the Bank of America web site, but I am blocked from accessing my loan documents while they do “research.” I am wondering if there’s anything I need to look out for. I have heard horror stories of people’s loans being sold, but usually those are ARM, not FHA 30 year fixed. Thanks!
David Z: I did not receive a letter from Westar or Bank of America. That’s the problem. I did not know about this until I logged into my Bank of America account this morning. Not the best way to find out.

Best answer:

Answer by wizjp
Happens al the time. YOu’re fine. part of a financial transaction between banks; your rate and term are set, even if you are sending your payment to a different place

What do you think? Answer below!

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stated income commercial loans
by marsmet523

Stated Income Loans in Union, viagra approved New Jersey

In stated income loans, Union, New Jersey residents with poor credit may be able to find a borrowing solution. With little more than a statement intended to represent income used to back up this type of lending, stated income loans can be targets for fraud. For consumers who are responsible with their borrowing and conservative in the measures they take to procure funds, few means are likely to be easier than stated income loans. Union, New Jersey, is a mix of financial and cultural demographics with different needs in borrowing. Stated income loans are valuable for filling in gaps in lending where standard loans would not hold up.

Real estate investors are a group who benefits from the existence of stated income loans.

Union, New Jersey investors with multiple properties who are receiving little more than the loan payments they are making on a property may have trouble parlaying that amount into additional investments under the guidelines of a standard loan. The amount of disposable income they make through investing, however, justifies a loan of much higher amounts despite the debt to income ratio. Borrowers that are self-employed often run into similar situations when working their business debt into their debt to income ratio. Stated income loans – Union, New Jersey investors and self-employed businesspersons will find – are an effective way to get capital upfront despite the standard loan guidelines being out of line.

With an increase in stringent guidelines for borrowers with bad credit, stated income loans can provide a valuable line of credit where no other options exist. The practices of bad lending that so damaged the economy are still heavily scrutinized and thus place a premium on integrity in the industry. When working with stated income loans, Union, New Jersey borrowers will benefit from the looser parameters designed to enable a larger financial demographic to get money upfront for lifestyle needs. There are isolated movements in the state and federal government seeking to restrict or eliminate stated income loans, though the popularity of such agreements would likely spawn a strong resistance to those movements if other, similar options are not drawn up.

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Question by betahedger: How to refinace a non- FHA mortgage above 80% LTV?
I purchased my how in late ’09 with 5% down, drug on a Non-FHA loan, try I was probably the last person to be able to get away with that. Then in late ’10, I was able refinance my loan to 4.5% due to a very favorable appraisal that claimed my home value rose 15% and therefore I had a 80% LTV. Is there any way I can refinance my house at the current rates, assuming I won’t get lucky on my appraisal again, and without mortgage insurance or bringing money to the table. Both of which will probably wreck the economics of a refi as I doubt I will be in my current house for another 5 years.
My loan is for about $ 300k, so 75 basis points (0.75%) would save me 2,250 pre-Tax, about 1,800 post tax a year. So that is the point, and I am not complaining I am trying to save money, but I will complain about people giving answers that are opinion not answers. If you want to give your opinion write a blog that no one will read, don’t waste peoples time on yahoo answers.

Best answer:

Answer by Common Sense has died.
Let me get this right…you have a 4.5% loan and you’re complaining?
And you don’t think you’ll be there in 5 years? Then what’s the point of a refi???

Know better? Leave your own answer in the comments!

by href=”http://www.flickr.com/photos/7711688@N04/1465714544″> h & b

Can you borrow your SMSF at a low interest rate?
First we see raised us in the current issue of the ATO as follows:

Has a self-managed superannuation fund (SMSF) trustees contradiction section 109 of the Superannuation Industry (Supervision) Act 1993 (SISA) if money borrows from a related party of the SMSF under a limited recourse borrowing arrangement on favorable terms SMSF?

(Note:. § 109 of the SISA deals with the issue of the transactions in which the other party to the transaction is not at arm’s length to the SMSF as join a fund provision requires that the terms of the transaction must not be more favorable to the other party as reasonably expected if the parties at arm’s length.)

The ATO answer was no, buy more about not this situation to § 109 Specifically:

The terms may not be favorable, the related party than would have been the case, the parties have engaged at arm’s length, but it is not a violation of § 109 of the SISA if the most favorable conditions for the SMSF are.

Do you see the difference? The related party may not enjoy more favorable treatment, but the SMSF can.

In our example, say Jim lends money to his self-administered pension fund under a limited recourse borrowing arrangement, but the fund’s charges 2% pa interest if the market are when based on an arm’s length employed as 8% pa

Jim was (like) the other party is no better off, as less and less interest than they are accustomed to, but the SMSF better off, as it will pay less interest. This ATO ruling out the fact that § 109 is concerned only with the fact that the other party can not (in this case, Jim) better off, but there is no limit to the SMSF is better off.

So does that mean its open slather on this sort of thing?

Well, not necessarilly. You will always remember with DIY pension funds, just because something is OK under any provision, it does not mean it is in all SIS provisions OK. What you may well find is that the difference between the actual price charged, and the arm’s length market interest can be viewed as a contribution.

Townsend’s lawyers have to say the following, and we think its prudent advice:

The interpretative decision, while technically correct to suggest that s109 is in need of reform. And probably will be reformed. While it is possible to shift the value of the use of SMSF s109, the ATO has also TR2010 / 1 that a shift value to an asset owned by the provider is given a contribution. (Although the concept of a contribution in the absence of any market value rules in the minds of the Commissioner, than by any legal text support). Alternatively, the Commissioner treat the income from asset management through the buddies loan rates than non arm’s length income earned and taxed at 45%. There are more legislative material support of this claim than as a contribution.

before being mates in lending rates, a close look at S295-550 of the Income Tax Assessment Act 1997 to recommend highly.
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More SISA article
Question by Kaylee: Buying a house with bad credit?
I have bad credit because of poor decisions I made a few years ago when I was in college, medicine charge-offs, late pays. I’ve since graduated and am trying to be financially responsible & build credit. I am currentlly renting a 1bdr apt & paying all utilities. I’ve found a Hud-owned home that is priced below market value. The mortgage/insurance/taxes combined for this house would be less monthly than my rent, and the utilities slightly more because its larger, so its more to heat. But I don’t qualify for a FHA mortgage on my own. Can I get one with a co-signer? My mother already co-signed for a private student loan for me while I was in school, which I’m still paying on. Will this effect our eligibility?
My other option is to have my grandmother give me the money to buy the house outright. I don’t really feel good about that though. She has offered in the past to buy me a townhouse near her that cost $ 20k more than the house I want, but I told her no. I couldn’t accept that large of a gift. But if I let her give me the money to buy this house, what is a proper, legal way of paying her back?

Best answer:

Answer by Landlord
In addition to paying her back you are going to need to pay gift tax.

Cash is the only way you are going to buy a house, but you need to document the cash, as well as pay the taxes. Your grandmother has to be careful not to appear to be hiding assets.

Have an attorney help you with all of the transactions.

Add your own answer in the comments!

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3 Comments

  1. I would see if your mohter could co-sign with you on an FHA mortgage. FHA worked for me and its exactly what I did. You cant go wrong with lower interest rates and closing cost. You do save money.

  2. That was a great article on mortgages.

  3. You are a great writer. Please keep it up!