Q&A: Attention any mortgage brokers/bankers ! I have been approved for an FHA mortgage…?

Posted on Oct 23, 2012 in FHA Information

Prospect Mortgage Sees Underwater Refinances Quadruple Following
… Urban Development's Home Affordable Refinance Program (HARP), case cialis 40mg which offers underwater homeowners the opportunity to refinance at today's historically low mortgage interest rates, story have increased HARP refinances at Prospect Mortgage to $ 201 million …
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Learn How To Qualify For The Home Affordable Refinance Program
One may learn how to qualify for home affordable refinance program at Obama-loanmodifications.com which is one of the leading mortgage service providers in the U.S. According to the company's website, there has been a big rise in the total number of …
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HARP Mortgage Program On Pace To Reach 1 Million Households In 2012
In California, homeowners used the Home Affordable Refinance Program to refinance just 19 percent of the time. The report also revealed that borrowers with loan-to-value ratios greater than 105 percent now represent more than half of all HARP transactions.
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Question by libra1128: Bad credit, treat no income verification LOAN question?
Here is my situation: I don’t have good credit….it’s not that bad, buy but not good. I also don’t make that much money a month (hence the no income verification I need). I need to take out a loan for about $ 50, online 000 to pay off my debt. I want to do this to have one monthly payment and I want a loan under 10% interest……I am paying 18-20% interest on my debt (credit cards) right now….so a loan at a lower rate would be better.

Does anyone know of a reliable, reputable company that does no income verification loans with not so great credit. I understand that this would probably mean a high interest rate, but as long as it’s lower than my credit cards….its okay.

Any ideas of a company or place or any ideas at all?
I would be borrowing this money to pay off my current debt though. So I would not be getting myself further in debt by borrowing more money because the loan would go right to my credit cards and I’d still be $ 50,000 in debt. The main reason is to consolidate it all to one monthly payment at HOPEFULLY a lower interest rate. Thanks for the answers so far.
I just don’t understand debt consolidation. They say to get a loan to pay off your current bills and have one monthly payment…BUT no one wants to give a loan to someone so far in debt with not so great credit…..it’s like a lose lose situation.

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Question by trish i: Attention any mortgage brokers/bankers ! I have been approved for an FHA mortgage…?
i recently was pre approved for an FHA mortgage and was wondering did the government pass a law stating they will no longer accept grants or down-payment assistance ? If not , sickness do you know any programs available?

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Answer by Landlord
You have a few more days, until Oct 1.

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  1. You do have a few more days, but that is the date by which your loan must fund so it is not possible for you to get a down payment assistance that is funded by the seller of the home. You can however still get assistance from other sources. I am not sure where you are from as most programs are local, and the ones that are not are still generally handled locally. If you tell me where you are from I will gladly get you some info on the ones that are in your area. Keep in mind though that the days of actual free money are about gone, those grants are hard to find and especially right now have wait lists for when finds do come in. You are likely going to be looking at a program that matches your funds (sometimes 2 or 3 to 1) or a loan that carries little to no interest and is sometimes even forgiven after a certain amount of years.

  2. WA loan lady is wrong… as long as you have a formal application by Oct 1 with a lender, you won’t have to close until at least the end of October depending on the bank.

    If you miss this, FHA also allows some other neat ways for a down payment.

    1. Gift from a family member or friend that is like a family member.
    2. a loan from a parent
    3. Proof of funds from the sale of personal property (car, jewelry, etc.)

  3. The FHA case number has to be obtained by Sept 30 & the loan has to be fully approved & no changes made at all to the file to be able to close with the seller funded non-profit grants.

    Try some of your state or local grants. They are still available for the most part. It is the seller funded that are being discontinued. However, the jury is still out on if they will be back. It is still being fought in the Senate.