Posts Tagged "800."

Q&A: How (& where) to lock in an interest rate for new home purchase? (I have 800+ FICO)?

on Dec 13, 2012 in FHA Information | 1 comment

by sierraromeo [sarah-ji] Question by CuriousOne: What’s the best way to find a mortgage after bankruptcy? I claimed bankruptcy about 4 years ago and am not ready to purchase a home. What web sites or mortgage lenders should I target to obtain a loan? What should I expect as far as interest rates and fees? Best answer: Answer by KuteKabooseIf it has been 4 years since your bankrupcy and IF your credit score is now good you won’t be penalized and should have the interest rate that corresponds with your current credit score. If your credit score is not great than consult a mortgage broker or banker and ask for free advice to help bring your credit score up. Many times within 6 months to a year you can have your credit score back up. DO NOT go to online lenders. Go to local banks and mortgage brokers. Ask around from friends and family for referrals. Local lenders have great first time home buyers programs and other programs that are fabulous. I am a Realtor and have a ton of bad experiences with clients who have went with online brokers. And don’t try to purchase a home without a Realtor. They offer a lot of knowledge and help. They are a free service to you the buyer. Give your answer to this question below! Question by schlum l: Do you need to be upside down to some degree to qualify for a freddie harp 2 loan? what percentage would you need to be to qualify? Best answer: Answer by BobYou do not need to be at all upside down to qualify for a Freddie HARP 2 loan. If your LTV is 80% or less, price you may qualify for conventional financing or HARP, help and you should compare rates and terms for to see which is best for your situation. Most HARP loans will not require an appraisal, case so your costs can be lower and your processing time quicker. The HARP program has no minimum or maximum LTV requirements, but many lenders have their own additional requirements. Many lenders are choosing to limit LTV to 105%, and the lender I work for has a limit of 150%. If your lender can’t help you should shop around for one who will. http://www.fhfa.gov/webfiles/22723/HARP%20release%20102411QandA%20Final.pdf What do you think? Answer below! Question by inquisitor: How (& where) to lock in an interest rate for new home purchase? (I have 800+ FICO)? I have AAAA credit and am prequalified for an FHA loan already – but the mortgage broker says the rate is not locked in (until I choose a property/deal). Who has he best deals and how can I lock in a rate before I choose a house (it may take a month for me to find a house)? Best answer: Answer by lepr0kanMany lenders requires a property before you can lock. Actually all of the ones I work with except for Wells Fargo Wholesale requires a property, cheap so see if your broker works with them. Remember that if you are trying for a long term lock of 60-90 days your rate is not going to be that great (the longer the lock the higher the interest rate). I suggest having a broker lock it in currently with one lender at 90 days (that’s usually the longest lock) and then if the market has improved when you are ready to purchase you may be able to get a better rate and the broker can then lock at a different lender. THis is the great thing about using a broker and not...

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Q&A: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.?

on Oct 3, 2012 in Stated Income Loans | 1 comment

Question by gregwhatshisname: Has Freddie Mac started to introduce any loan modification programs for banks? I have been unemployed for the last 60 days and my Credit Union has been telling me that Freddie Mac keeps delaying these “Webinars” that need to be held before any loan modifications can take place. The C.U. has told me for the last three weeks that they have not been told what the qualifications are in order to get a loan modification. Is this true? Do I have to wait for my credit union to have a “WEBINAR” with Freddie Mac before I can get a loan modification? Best answer: Answer by golferwhoworksso far they have done nothing What do you think? Answer below! Question by ewilliam: Questions about an FHA mortgage? My girlfriend and I are in the process of looking for our first place. We found the condo we’d love to purchase and are now looking to take the next step. The condo price has been reduced to $ 140, price 000 and we are located in Michigan. It seems we’d be looking into a FHA loan for 30 years, dosage but I have some general questions about getting a loan based on our credit and income. Hopefully someone can give me some insight so I know what to expect. Basically she is a 728 credit score and has always paid everything perfect. As for her income she makes around $ 40,000 per year. Myself am much lower with my credit score at a 587 and make around $ 45,000. With my credit, I have never really paid anything late, have never defaulted on anything but between three credit cards I hold with a combined limit of around $ 3500 the cards are maxed out which I know is hurting me right now. I am in a position where I can completely pay them off right now or at least pay them down almost all the way depending on what is more beneficial to my credit score. I can’t think of any other reason my score is where it’s at right now. If I do pay them off or down, will I even see much of a quick rebound in score, or enough to make any difference? I have two 30 days late on credit cards in the last 5 years showing on my credit report, and have never been late on an auto loan payment – payments ranging from $ 340-$ 650. My current highest minimum amount due on a credit card is $ 60 per month. Hopefully that helps give some background to my situation. So all in all if someone can offer me a little help or advice I would appreciate it. Also, do they use both scores on a joint mortgage and how do they take both incomes into account? Thanks in advance! Thanks for the responses so far. No, I have not been pre approved yet. That’s the next step. I was referred to someone, I emailed and called today, however their email response said they are out of the office until the 29th of this month for the holiday. Since this is all new territory for me I’m really not sure who I should take to other than the person I was referred to by the condo community. What exactly will I need to provide in order for a pre approval? Should I be shopping around, and if so, how do I go about doing so? Sorry for the ignorance on this subject, this is all unfamiliar. Best answer: Answer by src50If you are both...

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