Question by Brian V: Are there any Federal Programs to low income/ disabled people get affordable home loans?
We need some financial aid fast, pilule patient or we’re going to lose the house we’ve been living since 2010! Help!
Best answer:
Answer by Cathi K
Go to your home lender. Maybe HARP. If you do not already own a home you must qualify just like anyone else.
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Question by Don: Income vs. Auto loan amount?
I am 19 and will have around a 700 FICO score after I pay all my credit cards off at tax time. I have had a full-time job for over a year now and make $ 9.25/hour. That puts my monthly gross income around $ 1, symptoms 600. I am currently living at home with no housing expenses. I know most banks have a minimum income requirement of $ 1,500, but I am wanting to get approved for a maximum $ 12,000 used auto loan. I would like to carry the loan out over 60 months which would make my payment lower than I am paying now for a car payment. I would make sure the car I would get should have a great Loan to Value rate and would be reviewed highly. Is that good enough to get my loan?
If I need a co-signor, the only one I have makes about $ 27,000 yearly, but only $ 300/week is verifiable via paystubs (she is a waitress). Her credit score is about 630. Would that be enough to raise the combined income to get approved if I would need a co-signor?
Best answer:
Answer by Inquisitive125
Congratulations on being so diligent in your research! If only more people would do what you’re doing. I would suggest that you wait approximately 90 days after paying off those credit cards so you can be assured your credit score has had the positive effect.
Secondly, visit a credit union near you (you can find one a www.ncua.gov in the Resources for Consumers section) and get pre-approved for a loan. This will give you more bargaining power in negotiating the price of the new car since your pre-approval amount is the maximum you can spend. (For more info on bargaining for a new car visit www.clarkhoward.com. He has some great advice and tips!)
Is the co-signer related to you? If not, don’t bring someone else into your finances. Stand for your loan yourself as you may not be able to count on that person in the future to assist with the payments. ( A co-signer is legally obligated to make the payments just like the main borrower!)
Also, check with the credit unions in your area to see if they have any good repossessed vehicles. You’ll be pleasantly surprised at what’s available. The only caveat is that you will be buying the vehicle “as is” so you’ll want to get it checked out by a reputable mechanic….there’s no returning the vehicle because of problems.
Good Luck!
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Question by Eric L: Does FHA offer Adjustable Rate Mortgages?
I am curious to know if you can acquire an FHA loan that is a 7/1 ARM? Do these exist or does FHA only offer fixed rate loans?
p.s. the ARM isn’t for me. Please only knowledgable people answer, page not looking for opinions on why the market is where it is.
Best answer:
Answer by chatsplas@sbcglobal.net
You DON’T want an ARM, prescription that’s what the whole mortgage crisis is about. Get a good FHA fixed rate and know what you owe over the life of the loan.
Whether it’s for you or some one else, ARMS rarely make sense, particularly in this market with low interest rates.
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arms yes and under my comunity which is a government loan a 7/1 arm is still there
Yes FHA offer Adjustable rate mortgages as well as fixed rate mortgages.
You should meet with a mortgage broker or banker that does government loans.
Once you have selected a mortgage broker or banker, he will need to complete a mortgage loan application and run a credit check.
After these two things have been accomplished he can tell you all the programs you are qualaified for to include fixed as well as any adjustable mortgage.
You should select the mortgage that fit your financial situation at the time you are prepared to purchase your home.
The mortgage crisis was not caused by Adjustable mortgages. Part of the mortgage crisis was caused by ignorance.
Make sure that you and the mortgage broker are on the same page and understand what your objectives are as far as what you are seeking in a mortgage.
Make sure you understand any mortgage program you are qualified for. Let your mortgage broker explain any adjustment period, the amount of each adjustment and the rate adjstment also.
Now you should be able to see if you will be able to handle any future adjustment to your mortgage. Keep in mind that most adjustments are up and not down.
Understanding any mortgage program will put you in a better situation to make an informed decision based on your financial situation.
A 30 year fixed rate is not for everyone, as an adjutable mortgage is not for everyone.
Keep in mind that the situation has to fit your financial situation. It can not fit your friends because he does not have the same circumstances and debts or credit score you have, you do nor do you have the same circumstances debts or credit score he does.
I hope this has been of some use to you, good luck.
“FIGHT ON”