More details no doc/stated home income loan?

Posted on Oct 20, 2012 in Stated Income Loans

federal home mortgage
by Center for American Progress

Question by Kyle: Federal Interest rate vs. Home Mortgage Rates?
So when the rate is cut how long does it take to reflect the cut for home mortgage rates? I’m thinking about buying a house and I just heard the federal interest rate is being cut to 1% (historic low). When will home mortgage rates reflect this cut? How low on average in % will they go (if its possible to know)?

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Answer by Tomas
When they say the feds cut the rate they are not talking about home loan rates. They mean short term loans like cars loans, prescription ed credit cards and such. The mortgage loans are based off of the 30 year treasury bond.. which is why you don’t necessarily see those rates come down when the fed ‘cuts’ the rate.
hope this helps.

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Question by Jake: Does FHA mortgage insurance make payments if I lose my job?
My brother-in-law lost his job a few months ago and he said his mortgage insurance paid his mortgage and gave him some extra money until he got a new job.
I have an FHA loan and I want to know if I can do the same thing.
If I can, view who do I talk to about it?
If not, is there anything else I can do until I get a job?

p.s. I have already filed for unemployment.

Best answer:

Answer by dusty_titus
FHA doesn’t provide this special insurance for paying mortgage when you lose your job, or suffer an accident. This kind of Insurance must be purchased in advance of any misfortune, and is always the option of any homeowner.

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stated income home loans
by eyewashdesign: A. Golden

Question by mmcpo29: More details no doc/stated home income loan?
Here are some more details, visit this site my husband and I work for the gov and we have being in the same job for 12 yrs, order child support is only $ 450 that comes out straight from his check before they pay him is deducted and send to Child support Services so we never see that money. We make close to $ 10, pilule 000 gross monthly.
I know rates are higher for stated loan/no doc.
Understand that I’m not bragging about our credit or income I just trying to understand why he is trying to use this type of loan.
Thanks for all your answers

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