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Posted on Oct 3, 2012 in Unique Loan Programs

Question by David: Do they verify income for HARP refinance?
Under the new HARP rules, erectile ambulance I qualify and have been current on my mortgage. But my income is typically lower than what most banks would typically qualify for a mortgage. In other words a high debt-to-income ratio.

Best answer:

Answer by Darren
Generally no. A bank may ask for that information in an application but your ability to repay is judged based on the payment history, If you have been on time in the last 12 months, Fannie Mae and Freddy Mac consider you able to repay.

The exception is if your monthly payment were to increase by 20% then you would need a 45% or less debt to income ratio.

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Question by Sunshine: First time home buyer, patient FHA loan or other Mortgage lenders?
Looking at buying a house soon (hopefully) but I’m wondering if I should look at getting a FHA loan? Looks like a better deal as far as getting into a house but if I get pre-approved for a FHA loan do I have to buy a HUD home or FHA approved home? How does that work? My credit is around 714 and I will have about $ 3000-5000 to put down and pay closing by the end of september if that helps.

Best answer:

Answer by Mom
FHA with low down payment can be used for any home. You will pay a monthly PMI payment that does not go toward principle, order escrow or interest.
Conventional is 20% down. If you have no problem flushing 100 or 200 a month down the toilet then go FHA

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Examine out these condominium pictures:

Condominium housing, case North Larrabee Street
condominium
Image by UIC Digital Collections
Title: Condominium housing, sildenafil North Larrabee Street

Description: View of play area and newly constructed condominium housing at 1800 North Larrabee Street, thumb seeking northeast from the northeast corner of the intersection of North Larrabee Street and West Menomonee Street.
Photograph credit: Brubaker, C. William, 1979

Date: 1979 (1800 North Larrabee)
Geographic coverage: Lincoln Park (Chicago, Ill.)

Collection: C. William Brubaker Collection (University of Illinois at Chicago)
Repository: University of Illinois at Chicago. Library. [Visual Resources].
Credit Line: Cite as [creator]. [title]. [file name]. [collection].
Rights: University of Illinois at Chicago College of Architecture and the Arts holds reproduction and licensing rights.
File Name: bru010_04_nF

For more pictures from the collection, check out collections.carli.illinois.edu/cdm4/index_uic_bru.php?CIS…

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home loans for low income
by eyewashdesign: A. Golden

Question by Stephen C: Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?
Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that actually makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you unless you have good credit. If your actually low income you can’t afford to buy anything on credit (even if you could find someone to extend you credit), viagra dosage thus your credit is considered poor because you don’t have any credit history. The catch 22.

Best answer:

Answer by katb
If you live in a rural area than look for a bank that does Rural Development loans. Up to 115% financing for low-moderate income. Otherwise look for a bank that does FHA loans.

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Image by woodleywonderworks
Cover shot for the "illustrated guide to the mortgage crisis"

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Auto sales, home prices help buoy weak US economy
The steady rise in home prices may also be affecting voter perceptions of the economy. The price increases coincide with higher sales fueled by record-low mortgage rates. The gains could embolden people who had been spooked by their shrunken home …
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Mitt Romney suggests cutting mortgage interest deduction on eve of
DENVER – Offering deficit-cutting ideas before his first debate with President Barack Obama, Mitt Romney says he might be willing to reduce income tax deductions used by millions of families for home mortgage interest and health care costs. He …
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Landlord Gains Slow as Homebuying Tops Renting: Mortgages
“Low mortgage rates have not prompted many households to buy homes, given expectations that home prices will remain flat, but that trend might finally be shifting,” said Victor Calanog, head of research and economics for Reis. “Single-family rentals …
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