Q&A: What are the disadvantages of subprime home loans?

Question by Yvette W: What was your credit score when you recieved a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?

Best answer:

Answer by Katharine ????
Mine is 820 – and I am doing a loan right now.
Doesn’t hurt to apply – they will let you know if its enough or not – I went through wells fargo – the no closing cost deal!

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Question by pd39: Questions about a FHA loan, here Mortgages, order and first time buyers?
I will be a first time home buyer, seek I am looking in NJ, now living in NY. I take home, after taxes about 8k a month, my wife also brings in a few thousand a month. We have great credit and no outstanding bills except a few student loans. To find something in the area we want, we will have to spent about 700k or so. I have read that with a FHA loan you have to put down 3.5 % as compared to 20% with a regular mortgage. If you take out a FHA mortgage and put down the 3.5 % do you still have to pay PMI with a FHA ? Also, where should I go for a mortgage, I hear many bad things about brokers, And, the last thing, what am I looking at in fees and closing costs for this range ?

Best answer:

Answer by maxmom56
You pay PMI and you pay all closing costs. The banks are on the website – fha.gov.

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Question by REETA: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.?
I am working with a company since January as sales rep and will receive a 1099. I am guaranteed 2000/month plus commission. Can I apply for mortgage loan (along with husband) or do I have to wait before my income will also be considered.

Best answer:

Answer by Judy
You generally need 2 years of stable work history. If you had another job right before that for about the same money, approved that would count.

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A few financial reforms would help many
Home sales are picking up. Unemployment is starting to tick down. Yet, cheapest many hardworking Californians remain at an economic disadvantage because they lack bank accounts, healing credit scores or any hope of getting conventional loans. They are unable to buy …
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How Much Home Can You Afford?
No homeseller is likely to look at your offer if you aren't pre-approved for a loan, here so you know at some point you'll have to submit multiple documents and copious information to a mortgage broker who will crunch all the numbers and arrive at loan …
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Mortgage Rates

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European Mortgage Rates – Money House

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Mortgage rates little changed this week
The lowest mortgage rates in decades have boosted home sales and helped the housing market rebound. More people buying homes has pushed up prices. Home prices jumped 9.7% in January from a year earlier, troche according to CoreLogic. That's the biggest …
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Mortgage rates not moving
The weekly rate report by Freddie Mac (OTC BB: FMCC) puts the average rate on a 30-year, cheapest fixed-rate mortgage at 3.52 percent in the week ending March 7, drug up from 3.51 percent last week. A 15-year fix averaged 2.76 percent, unchanged from last week.
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Question by Bryan: Are there any loan home refinance options available for someone with good credit and low income, site in PA?

Best answer:

Answer by Ryan M
Same options as everyone else. If you have good credit and can reasonably afford the payments, this it should be no big deal no matter who you refi with.

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Question by tikki: What are the disadvantages of subprime home loans?
I’m getting ready to buy my house. I know to do a 30-yr fixed rate. I’m just wondering what is the buzz about subprime home loans? It seems to really be hurting people and mortgage companies. What are the advantages and disadvantages? Thanks.

Best answer:

Answer by loanmasterone
There are advantages and disadvantages to everything in life.

I don’t understand your situation financially, sildenafil therefore I can not answer your question about subprime mortgage.

Sub-prime mortgage was and is an option available or was selected by those that wanted to purchase a house and the program fit their financial situation at the time.

Depending on your financial condition, credit report and other factors will determine if you get a sub-prime loan, an adjustable rate mortgage a 30 year fixed rate and FHA or a “A” loan.

You should not zero in on a certain mortgage program because everyone tell you this is the way to go. Don’t jump into the fire because everyone says it is the way to go and we fell all warm and rosy. This same fire might burn you.

Your financial situation should dictate the type mortgage you get. Everyone’s financial situation is different.

You should contact a mortgage broker complete a mortgage application and allow this mortgage broker to run a credit check for you.

This credit report, debts on your credit report as well as your income will dictate the type of mortgage you are qualified for not that you want a 30 year mortgage or that all your friends have a 30 year mortgage or suggest that you get a 30 year mortgage.

What is best for you right now and in the future should determine the type of mortgage you want and should get.

Once your mortgage broker has mortgage programs available to you then you should sit down with this mortgage broker and go over each option available to you. If you don’t understand a certain mortgage then don’t leave the table until you completely understand what is available to you.

Now once all your options have been explained to you, then and only then are you able to make an intelligent decision as to which is best for you.

I hope this has been of some use to you, good luck.

“FIGHT ON”

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