Question by oldwiseone: Mortgage Qualification???
I want to know when will I be able to qualify for any kind of mortgage again. I had a FHA mortgage that was forclosed on in 2007. I am told that I will not be eligible for another FHA loan until 2010. I also have a bankruptcy that has been discharged for the past two years. I have been rebuilding my credit and my scores are mediocore right now. I am ready to purchase another home and stop renting. Any advice?
Best answer:
Answer by Biggie @ Arbor Mortgage
You may have to wait even longer because of a foreclosure after a BK. You will have to keep renting for the meantime unless you have a considerable down payment.
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Question by matchmaker86: Mortgage help?
Need some advice both financial and legal. My mother is selling her house but in the meantime she has seen another house she wants to buy. She has no capital and I have agreed to buy it for her. While I can put capital of 25% down on the house I still need to find the remaining funds, sildenafil so I am assuming mortgage, and my own is paid off. But when she sells her property she will give the funds to me to pay off the debt, dosage this may only be a matter of months. So my question is does a mortgage sound the right thing here, should we put it in joint names, if only my name can I transfer the house to her and is their any capital gains issues if I just put it in my name then she give me the cash to pay it off……help..
by the way i am in the UK
Best answer:
Answer by Shawnaj
In the US:
you could purchase the new home together, both names on the mortgage and title. and when she has the proceeds of her new home you could pay down or off the principal of the new existing loan. (only if there is no pre-payment penalty) some banks require a 2 or even 3 year prepay penalty that means you will be penalized a percentage of the loan amount if you pay if off early. so make sure you let your mortgage broker know what you plan to do ahead of time that way he can find the best program. YOU will not be able to do the loan as a primary residence if you already have an existing mortgage reporting on your credit- even if there is a 0 balance, although your mother probably could seeing as she has her current home on the market. the underwritter can clearly see she is trying to move. but it will be a controversy between each lender as to how they are going to classify it. (you- second home or investment property and your mom- primary residence.) but in this case mortgage would be the best bet and you both can be on title. or you can buy the home in only your name and have her on title with you. either way- when you get ready to do this discuss it with your mortgage professional in the UK. Goodluck~
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Question by cuddycw: Can I quit my job to qualify for Obama’s Making Home Affordable program?
If I quit my job, pilule would I be able to qualify for the program since I would have less than 31% of my monthly income and be unable to pay for my monthly mortgage paymentgs? The program is unclear on what a hardship is, and if you have to be laid off or fired. What prevents people from just quitting their job to qualify for the program, then get another one once they are accepted and put on the plan?
Best answer:
Answer by Ryan M
Unemployed individuals are put on a 3 month trial. I don’t know if you have been in the real world lately, but with 10% unemployment nationally…getting a job is not as easy as it used to be. If you think that you can quit your job, get approved for the modification, have the modification implemented and START a new job all within 90 days….you are absolutely delusional.
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That’s not what the plan is… It assists with mortgage modification, refinancing, foreclosure alternatives… It’s not a “here’s money for your mortgage” program.. If you quit your job you have no shot any mortgage help. If you need to refinance, try it, you may qualify. But don’t quit your job, no income – no help… Well not if you quit anyway..
MHA, (making home affordable), is a program designed to get your mortgage payment down to 31% of your gross monthly income. It does not pay your mortgage for you or offer any assistance in doing so. So if you quit your job and have no income they have nothing to base the 31% payment on and you would NOT qualify. If you received unemployment, (very hard to do when you quit as opposed to get fired or laid off), they could try and base a payment on that amount. You have to be able to show at least 6 months continuance though and if it isn’t enough income to support both a mortgage payment and the rest of your debts then they don’t have to offer it to you.