Home Loan vs Personal Loan?

Posted on Apr 27, 2014 in Stated Income Loans

Question by : who offers the best fha loans?
who offers the best fha loans?

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HARP 2.0 : Underwater Homeowners Need Fewer Loans Over 125% LTV
In late-2011, page the Home Affordable Refinance Program (HARP) was made available to U.S. homeowners whose mortgages were "severely underwater". The program was a hit. At its peak, there HARP loans for which loan-to-value (LTV) exceeded 125% accounted …
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Maryland Man Sentenced to Jail in Million Loan Mod Scheme
Also according to court documents, viagra dosage the conspirators misrepresented that, with HOPE's assistance, the homeowner was guaranteed to receive a loan modification under the Home Affordable Modification Program (HAMP), which is part of the Troubled Asset …
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Quinn promotes Welcome Home Illinois Program
CHICAGO – Governor Pat Quinn Tuesday addressed the annual Illinois Governor's Conference on Affordable Housing where he discussed the state's commitment to affordable homeownership and the new Welcome Home Illinois loan program for first-time …
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Question by jainika s: requirement 4 home loan?
best deal 4 home loan

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Answer by Finance1o1.blogspot.com
1) Are you able to make at least a 20% down payment? If down payment will be less than 20%, information pills a private mortgage insurance will be charged until 20% of the loan is paid off.
2) Your Debt to income ratio must be less than 40%. (Debt to Income Ratio = Gross Income / total payments toward debt). Proof of income will be required (just send a copy of your recent pay stub).
3) Your credit history. A score of 720 or above favors you for a lower interest rate. A score between 675 to 720 means you don’t qualify for the best rate. A score below 620 means you fall in the subprime category, dosage meaning you will find it very difficult to find a home loan.
4) Employment history.
5) Loan to value (LTV). A LTV that is 80% or higher will make it very difficult for the borrower to qualify for a mortgage. LTV = Loan amount / Value of property.

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Question by : Do you have to have a down payment to take out a home loan?
Do you have to pay a down payment when you take out a home loan, viagra approved or can you take out the full amount of the home? For example: a house costs $ 900, this site 000. Can you take out a loan for $ 900, about it 000 without having to pay a down payment?

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Answer by My Take on It
Nowadays, you need a down payment. The very least would be 3.5% of the purchase price.
If someone can afford to buy a house that costs 900k, they better have the ability to put a down payment down! LOL Most banks don’t even lend that much anyways. Anything over I believe 417k is considered a jumbo loan and requires about 30% down.
So, no, you cannot buy a 900k house without a dog in the race here (down payment)

What do you think? Answer below!
Question by PB: refinancing mortgage?
i live in MA, side effects bought our house 3.5 years ago. I really need to refinance to save some money and put it towards bills and credit card debt. problem is, visit web we were an FHA loan, prostate and now since the crash, the standards have risen for a refi or even a new mortgage, and our credit has gone down a little, but our debt is now too high…

does anyone know of any programs, companies or banks in MA that will refinance you with very little money down, and possibly if youre credit is questionable???

thx

Best answer:

Answer by chatsplas
Go to current mortgage lender and ask about Making Home Affordable programs

Pay down that debt; rebuild your credit rating; STOP using credit cards. . . . .the days of 0% down and poor credit getting a home loan are gone, with the Crash. . . . . .
Get the Dave Ramsay books/tapes on personal money management, eliminating debt from bookstore or library and take control of your finances

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Question by : Home Loan vs Personal Loan?
My husband and I are looking to buy our first home. We are looking at some promising properties for under 25, thumb 000$ I have heard that most mortgage brokers won’t want to go lower than 50, more about 000$ . However we do not need any where near that amount. If we get a personal loan, for sale however, we will not be able to secure it because we would be using the loan to buy the house. Could we use the house we will buy to secure the loan? We both have excellent credit, and would get the loan through the bank we already use. With both of our incomes we could pay off a 30,000$ loan (with interest) in about 3 1/2 – 4 years. What would be our best option?
I know that going to a bank is the best option for this, but since this is our first house we don’t feel comfortable with going to bank and talking to them about our best option. We wouldn’t know which loan was better/worse and we fear getting suckered into something that we don’t need that will end up hurting us in the future. Obviously, we will go into a bank but we want to get an idea of what we want before we do.
Thank you.

Best answer:

Answer by Claudia
Just ask the bank… they know what they do, we don’t

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4 Comments

  1. It would have to be a personal loan but you can’t use the house as collateral.

  2. Your bank is the place to start. Often the bank where you regularly do business is always looking to expand your relationship such that they may be willing to to do an extra small mortgage. In order for you to get a loan in your circumstances is more about opportunity than finding a good deal. Finding a good deal only applies when you have other options to compare.

    The only other way you might find a loan is by utilizing your great credit and increasing your credit card limits. Collectively you might be able to borrow enough on an unsecured loan, but be subject to credit card interest rates. And sometimes there a pawn brokers (aks legal loan sharks) offer small short term mortgages at high interest rates. Neither of these options is going to offer you a competitive loan, but might give you the opportunity to borrow when no other exists.

    If none of these options meet your needs it is obvious you will simply need to wait until you have saved the money to buy in cash. Good Luck.

  3. try to see the difference of the two then you will get the answer.
    The home loan is a loan advanced to a person to assist in buying a house or condominium while a personal loan is a loan that establishes consumer credit that is granted for personal use; usually unsecured and based on the borrower’s integrity…

    I have links here http://southforkfunding.com/ that have been providing superior service with the lowest possible interest rates for twenty years and offer a unique set of products and as a full service mortgage broker and for your future needs.

    Thanks,
    fha loans

  4. Hi,

    Personal loan’s Interest rate is higher then home loan.
    Annual fee also higher of personal loan then home loan.

    Thank You!!