Question by Jay: Who has the best home loan interest rate for right now?
Who has the best home loan interest rate for right now? Please provide websites if you have them.
Best answer:
Answer by Lillian
Best home loans are easy to get if you know where to look. Home loans with low interest rates can make a sizeable difference in your savings, approved information pills both on a long term and short term basis. However in order to get the best interest rate on your new home loan, remedy sale you need to follow some tips.
http://www.worldbestloans.com/homeloans.htm
A sure-fire way to finding some of the best home loans rate is by comparing between 3-4 different lenders prior to deciding who to opt for. While most lenders have a wide range of interest rates and schemes, those who offer flexibility in terms and conditions or can customize to your preferences can work the best for you.
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Question by SadToday22: Getting an FHA loan after bankruptcy if no proof of rent/mortgage payments?
My husband and I filed bankruptcy just over 2 years ago and have not acquired any new debt since. We re-affirmed our cars, more about which we have been actually paying ahead on and paid one off early. Here is my question: Our house was included in our bankruptcy and was ONLY in my name, this yet we still live here because I make a payment every month but are told they could kick us out pretty much anytime (the loan is 60 days past due, try they said they will kick us out at 120 days most likely) but we cannot afford to live here anymore and my $ 120,000 house is now worth MAYBE $ 40,000. ANYWAY, I have student loan debt up the wazoo until I finish med school but my husband has NONE besides $ 3000 left on a car loan that I have with him and he has a 690 credit score and excellent income. So we are planning on putting a new house in his name and It sounds like he should be able to be approved for an FHA mortgage but wondered if it’s going to be a problem because technically he does not pay a house payment or rent? I pay it and it’s 100% in my name only. Other than that, we/he has sufficient down payment funds and obviously the credit they are looking for. I’m just afraid this not paying rent/mortgage is going to give us a hiccup.
Best answer:
Answer by falsi fiable
Not likely. The bankruptcy will make it impossible to get a new mortgage for well over 2 years.
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Sorry, but there are federal requirements that if you are married, banks must request all credit reports and go by them jointly. Even if the house is in his name only.
If hubby has excellent income – why can’t he help you pay the mortgage on a home you both live in?
You’re going to have a tough time. I suggest you go to this site to determine if you are eligible. Note it asks if you have ever declared bankruptcy.
http://www.lendingtree.com/fha-loans.asp
There is not any FHA or Conventional lender requirement that a spouse must also be on the loan. The purchasing spouse must have the credit score and debt-to-ratio in order to qualify. Your husband must qualify only on his income. Any income that you have can’t be counted. You would be required to sign a document stating that you agree that the property would be your husband’s “sole and separate property” and that you give up any interest in the property. Of course at later date you can be added onto the title if your husband agrees. Him not paying the mortgage on the old house is totally acceptable. He’s not on the loan but he is married to you. It wouldn’t matter if you are married or not. You giving him a place to live is not anybody’s business and can’t be used against him when getting a loan.
FHA/VA Requirements:
Chapter 7 BK : 2 years waiting period from the discharge date.
Chapter 13 BK: 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed. Documents that the borrower’s current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage.
Foreclosure/Pre-Forclosure/Short Sale: 3 year waiting period
VA Loans: 2 year waiting period
Conventional Loan Requirements:
Chapter 7 BK: 4 years waiting period from the discharge.
Chapter 13 BK: 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed. Other terms same as FHA.
Foreclosure: 7 years waiting period from the completion date.
Deed-In-Lieu/Short Sale: Minimum 2 years waiting period.