For a Making Home Affordable loan modification, is amount of equity considered in the approval process?
[cr] by superflexnet Question by I’ll_Beat_U_At_Pacman: What’s the best way to find the lowest mortgage rate possible after getting an accepted offer? What do I need to do to know I am getting the best mortgage rate possible (just got an offer on a house accepted) – I live in Indianapolis, about it likely will get a 30 yr fixed. Any ideas on what kind of rate I should be looking for Best answer: Answer by Not IThe rate is dependant on How much of a mortgage, erectile how much down payment you have, sickness Your credit score, your debt to income ration. Start with the bank where you have your checking and savings. Look online what the National companies are offering. Wells Fargo and such Know better? Leave your own answer in the comments! by jann_on Question by Bman: For a Making Home Affordable loan modification, cure is amount of equity considered in the approval process? A representative at my lender mentioned if you have over 30% equity in your house, ampoule the modification can be denied based on that. But a counselor at the Making Home Affordable Hope Hot line told me that the equity should not be considered for approval. Best answer: Answer by godgedAsk the counselor to provide you with a link to the information that states the amount of equity is not to enter into the equation. SHOULD NOT is very weak footing though, if the information really says should not, the lender can deny you based on your equity. Best of luck to you. Know better? Leave your own answer in the...
Read MoreQ&A: What is the Condo Development Requirement for FHA Loan approval in Atlanta GA?
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...
Read MoreQ&A: Mortgage approval questions! – FHA loan?
by SS&SS Question by amy: what is the trend for mortgage rates in the next 5 yrs? i’m doing a project on real estates and really need the projected discount rates to make the assumption. anyone knows where can i find it?? thanks in advance =) Best answer: Answer by 60187guy1) Steady. 2) Rates could go up if there is a recovery in the market. 3) Rates could go lower if property demand dries up and practically nobody borrows. Give your answer to this question below! Question by John 927: Freddy Mac or Fannie Mae for HARP 125% refinance? I am trying to refinance and I’m asking mortgage brokers/lenders the following question: “What will happen if my home appraisal comes in ‘underwater, seek ‘ as in below the amount of my loan?” Some tell me no problem, sickness my FREDDY MAC loan is eligible for HARP refinance program. Others tell me that they wouldn’t be able to help because I’m not a Fannie Mae loan. Is this a broker/lender decision or does HARP really exclude Freddy Mac loans? In other words, information pills is HARP only applicable to Fannie Mae loans in terms of the 125% loan to value rules? So confused. Best answer: Answer by BobThe HARP program is available for both FHLMC and FNMA loans, but not every lender can do both. If your appraisal determines you require a HARP loan, since your current loan is owned by Freddy it can only be done by a lender that can do Freddy loans. It should not be hard to find one. Your current lender is probably one of them. I closed a HARP refinance loan for a friend a few months ago after his current lender had denied him based on a 90% LTV appraisal, even though that lender’s website advertises HARP loans. I was happy for the business but it never should have come that far. Apparently his loan officer was not familiar with the program. Any time human beings are involved you can’t always trust the first answer you get. Know better? Leave your own answer in the comments! Question by jamaicabound123123: Are there any loans that are alternatives to FHA but have similar downpayments and terms? Some places I have found that I like say no FHA loans in the listings. Also, rx I wouldn’t mind a house that needs a little minor work but I have heard FHA loans are very strict about the inspections. Best answer: Answer by LandlordNo, they are their own ball game. VA is pretty good, but requires the seller to pay money, so not all go for that. Either go conventional, or avoid foreclosures and bank owned if you want to go FHA. Give your answer to this question below! Question by stacey: Mortgage approval questions! – FHA loan? We are in the underwriting process for our home mortgage. We can get info at mortgage loan status and they have a check list for our individual things we have to satisfy. All are personal info is satisfied, tadalafil income, cure bank statements, w-2’s, etc. and they all have check marks by them. I have a question on one of the conditions that is not marked as satisfied. It says – Subject to re-qualification, rate or points change from 6.4%, with 0% origination fee and 0% discount fee. Any help would be appreciated – this is stressing me out and I can’t get my loan processor on the phone!! Thank You!! Best answer: What do you think? Answer...
Read MoreMortgage Approval Rates Increase As Lenders "Loosen" Mortgage Guidelines
FHA loans allow first time home buyers in SC to lock in super low rates FORT MILL TOWNSHIP — South Carolina Housing has again lowered its mortgage interest rates, medications stomach this time in a new program designed to entice first-time home buyers to purchase a home within the state. The statewide program has lowered Federal Housing … For more informaiton please visit here… Mortgage Loan Rates Fall to 16-Month Low FHA refinancing applications rose 57%, raising the FHA share of all refinancings from 4.1% to 5.2%, compared with the prior week. The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.89% to 3.80%, the lowest rate … For more informaiton please visit here… Fitch Rates Univ of Massachusetts Sr. Series Revs 2015-1 & 2015-2 Rfdg Revs … As is the case with most public research institutions, more about federal funding for life science programs is expected to be flat. As a result, visit this the university has revised down projections for research and development funding. These projections reflect slower … For more informaiton please visit here… Terry Savage: 5 things to know about mortgage refinancing 5. Check out federal programs to help you refinance – even if your home is "underwater, order " meaning your mortgage is greater than the value of your home. Only loans owned by Freddie Mac or Fannie Mae, and have not been refinanced since May 31, 2009 are … If you would like more informaiton please visit here… Real Estate Connection: Lower rates, smaller downs make mortgages easier to … LAS CRUCES >> Last week I opined about how the increased efforts by congress, federal regulators and the mortgage insurance industry to stimulate home buying, along with predictions of higher mortgage rates and home prices ahead, make this the perfect … If you would like more informaiton please visit here… Nitty-Gritty on the HUD & FHA Changes and How Lenders are Handling Them FHA reissued Mortgagee Letter 2015-01 which introduced the 50 basis point reduction for the annual MIP, sickness and now includes additional information about rates for mortgages with amortization terms less than 15 years. The reissued letter clarifies that the … If you would like more informaiton please visit here… HUD To Delay Reverse Mortgage Financial Assessment Date Citing a delay in the delivery of “certain system enhancements” required to support policies published in Mortgagee Letters 2014-21 and 2014-22, troche HUD said in an email notice to lenders that the Federal Housing Administration (FHA) will publish a … For more informaiton please visit here… Singletary: Pros, health cons of reverse mortages The fact that counseling is required from a government-approved agency for loans made through the Federal Housing Administration's Home Equity Conversion Mortgage program is an indication of the complexity of this financial product. Still, order many seniors … For more informaiton please visit here… Mortgage Approval Rates Increase As Lenders "Loosen" Mortgage Guidelines … last two years. It's an excellent time to refinance a home or to buy one. … In addition to a loosening for prime mortgage borrowers, try the Federal Reserve Senior Loan Officer survey also showed banks making it easier to get approved for government … For more informaiton please visit here… Real Estate Corner — Alternative to FHA financing: 3 percent down payment Another alternative to FHA financing is New Hampshire Housing Finance Authority Home Preferred. This program is a Fannie Mae program with exceptions for this nonprofit lender. This program allows you to apply for a 3 percent low down payment mortgage … For more informaiton please visit...
Read MoreDoes having FHA approval increase the chance of foreclosures for a condo building?
Question by Fly Guy: Does anyone know a good Mortgage lawyer in NJ for Attorney Review? Looking for one with a fair rate. I live in Woodbridge NJ 07095 Best answer: Answer by SheilaHello, malady medications I would like to offer my help for homeowners that have a higher interest rate than 4.5%. My name is Sheila and I represent Wallstreet Mortgage Bank. I specialize in debt consolidation, prostate counseling and refinancing, and want to see if I can help you with your mortgage. I can go over some of the programs that my bank has to offer, along with a free quote for refinancing. I work with FHA as well as regular conventional loans, investment as well as commercial properties. We can work out a 30, 15 or a 10 year mortgage that will best suit your needs, and if there are any outstanding debts or loans currently in default, I would love to show you how I can help you manage your expenses, all in one simple loan. My office number is (718) 376-2900 x12 and we are located at 275 Avenue U in Brooklyn, New York. Would love to see if I can do something for you, so look forward to hearing from you. Thank you, Sheila Alieva Give your answer to this question below! Check out these castle photos: Castle ruins Image by macropoulos This castle looms over the modest village of Agia Roumeli. They say the view from up there is spectacular, pilule but most travelers never get to see it, simply because the simply do not have adequate energy left for the climb, soon after creating the 18km walk through the Samaria gorge… Ideal viewed Large, On Black. Click right here for more photos of this spot in my photostream. See where this picture was taken. [?] For far more properties click here… Union Budget 2013-14 presented by P. Chidambaram in Lok Sabha: Highlights 500 Crore rupees have been earmarked for high tech crop diversification program. • Allocations also include 13215 crore rupees for mid day meal programme. 27, information pills 049 crore rupees for agricultural ministry … Health and Family Welfare Ministry had been … If you would like more informaiton please visit here… Mylan Reports a 23% Increase in Fourth Quarter 2012 Adjusted Diluted EPS to … Not only does Mylan have the capacity to accelerate our long-term growth targets by executing on appropriate, prostate strategic external opportunities, we also have capacity for additional share repurchase programs such as the one announced today. We look … If you would like more informaiton please visit here… How Much Fraud Was There Among Mortgage Originators? At the height of the bubble, viagra approved if you brought a piece of paper to market with a high percentage of no-doc “liar” loans in the portfolio, purchase the market would demand a higher interest rate because of the higher risk that these loans would go bad. But … More informaiton please visit here… The 5 Biggest Mortgage Stories for 2013 They offered “no-doc” and “low-doc” loans that required little to no documentation from the borrower. They allowed borrowers to simply state their income and assets, without any supporting evidence. Such lending practices quickly faded when the housing … If you would like more informaiton please visit here… ASB's green rural initiative It comes complete with all the rates, highlights and trend arrows, and includes both standard and lo-doc products. It's free, sign up below. … The new loan was "competitively priced" at ASB's cost of funding with no additional customer margin applied. More informaiton please visit...
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