Posts Tagged "Buyer"

what are my basic concerns an priorities when i look for a home mortgage loan? I am a first time buyer?

on Apr 7, 2013 in FHA Information | 1 comment

Question by dean i: what are my basic concerns an priorities when i look for a home mortgage loan? I am a first time buyer? Should I go straight to the lender or go through a loan agent? What are the traps I should be careful about before I put pen to paper? Which option from your experience and knowledge is better( FHA or Conventional)? Best answer: Answer by Beverly SGo thru a lender not a broker- less fees. If you have 20% down go conventional- no mortgage insurance required. FHA is better if you have less than 20% down. Rates on both are pretty close. Credit must be at least 620 score. 2 years provable income required. 2 years good rental history. Get pre-qualified with a lender before you start looking- this is free in almost all cases. Do not buy anything on credit- it could wreck your approval. Make sure you get a fixed rate. Good luck! Add your own answer in the comments! what are my basic concerns an priorities when i look for a home mortgage loan? I am a first time...

Read More

First time home buyer, should I use a mortgage broker or go directly to a bank?

on Feb 9, 2013 in FHA Information | 5 comments

Question by Jeff S: Can my mortgage broker foreclose on me? In march I did a FHA refi. the mortgage broker messed up big time on my escrow and put me in a big bind. FHA kicked the loan back and is not insuranable so the broker wants me to sign a modification agreement. I refused to sign it till they correct their mistake. They then told me that they can forelcose. Is this possible? Best answer: Answer by golferwhoworksnot the broker– FHA Know better? Leave your own answer in the comments! Question by Sana: What I need to do about my 2nd lender? I can qualify under Modification Program but I also need to lower my2nd? I can refinance my 1st loan but how I can refinance my 2nd loan? In this program is saying that you can do only 1st one? Best answer: Answer by debijs~~Contact the lender who owns your second. Tell them of your financial hardship. If it is through a bank, visit they are suppose to send you information for a loan modification also. Good luck~~ Know better? Leave your own answer in the comments! FHA Streamline Refinance Without Credit History Known as a quick and easy process, more about the FHA streamline refinance is available without the need of a credit history. The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to … For more informaiton please visit here… How do I handle a short sale and FHA loan? With FHA short sales, the usual process you must go through involves two levels of negotiators to get approval from the U.S. Department of Housing and Urban Development (HUD). From my experience, it always seems like each level of the negotiation phase … For more informaiton please visit here… Finance Committee Chair Suggests FHA Could be Next Countrywide In its current form FHA is clearly an impediment to such a system. " The Chairman said FHA had strayed far from its original purpose and no longer focuses on low and moderate income Americans but rather caters to a risky market with high loan limits … If you would like more informaiton please visit here… Question by sam: Does anyone know of any programs out there to save a home that has already been in foreclosure for a week? The type of the loan is FHA and I have few months left and unable to get help on any government programs out there. Your feedback is greately appreciated. Best answer: Answer by BeckyThere are all kinds of programs out there — but, approved you have to Qualify for the assistance. To do this there has to be a hardship but there also has to be an income. The investor is not going to modify the loan if there is no income or not enough income to support a monthly payment. The first thing you need to do is gather your general monthly expenses. List all of those on a sheet of paper. By *general* I mean utilities, groceries, cell phone/cable, credit card, tuition, personal loans, car payments, etc. Also add in your mortgage payment. Subtract all that expense from your monthly income.. Is there a deficit or surplus? If there is a deficit that is more than $ 100 what is it and what unnecessary expense can go away to bring you to a surplus situation? Is there a car payment somewhere? Are you paying high monthly payments for credit cards? Maybe BK is the way to go for those types of expenses, but...

Read More

Whats the best type of mortgage for a 1st time home buyer?

on Jan 22, 2013 in FHA Information | 1 comment

Question by Ritz: What is the interest rate on a FHA loan? I am looking to buy a HUD home and will be applying for a FHA loan I just wanted to know how much the interest rate may be? Best answer: Answer by MichaelTricky. Mortgage interest rates can change hourly, illness about it so what you may be able to get at 12pm may change at 2pm because of something going on with the economy. If you check out it you can find rates but once it again it may not be accurate. the other thing is if you get a rate tomorrow and wait 2 weeks to lock it in the rate will be different. Add your own answer in the comments! STOP the MADNESS. Image by eyewashdesign: A. Golden Graphic Design: A. Golden, illness eyewash design – c. 2009. Illustration: Carlos Latuff, c. 2002 – CHECK OUT THESE VIDEOS: Peace, Propaganda & The Promised Land part (1): part(2): re=related part(3): re=related US Aid: The Lifeblood of Occupation By: Matt Bowles, Israel has maintained an illegal occupation of the West Bank and Gaza Strip (Palestinian territories) for 35 years, entrenching an apartheid regime that looks remarkably like the former South African regime. Palestinians into small, noncontiguous bantustans, imposing closures and curfews to control where they go and when, while maintaining control over the natural resources, exploiting Palestinian labor, and prohibiting indigenous economic development. The Israeli military (IDF)—the third or forth most powerful army in the world—routinely uses tanks, Apache helicopter gunships, and F-16 fighter jets (all subsidized by the U.S.) against a population that has no military and none of the protective institutions of a modern state. All of this, Israel tells its citizens and the international community, is for "Israeli security." The reality, not surprisingly, is that these policies have resulted in a drastic increase in attacks on Israel. These attacks are then used as a pretext for further Israeli incursions into Palestinian areas and more violations of Palestinian human rights which makes Israeli civilians more secure; all of which further entrenches Israelÿs colonial apartheid regime. Most Americans do not realize the extent to which this is all funded by U.S. aid, nor do they understand the specific economic relationship the U.S. has with Israel and how that differs from other countries. The aid pipeline There are at least three ways in which aid to Israel is different from that of any other country. First, since 1982, U.S. aid to Israel has been transferred in one lump sum at the beginning of each fiscal year, which immediately begins to collect interest in U.S. banks. Aid that goes to other countries is disbursed throughout the year in quarterly installments. Second, Israel is not required to account for specific purchases. Most countries receive aid for very specific purposes and must account for how it is spent. Israel is allowed to place US aid into its general fund, effectively eliminating any distinctions between types of aid. Therefore, U.S. tax-payers are helping to fund an illegal occupation, the expansion of colonial-settlement projects, and gross human rights violations against the Palestinian civilian population. A third difference is the sheer amount of aid the U.S. gives to Israel, unparalleled in the history of U.S. foreign policy. Israel usually receives roughly one third of the entire foreign aid budget, despite the fact that Israel comprises less than .001 of the world’s population and already has one of the world’s higher per capita incomes. In other words, Israel, a country of approximately 6 million people, is currently receiving...

Read More

are there first time home buyer programs for buyers that have to do stated income?

on Jan 16, 2013 in Stated Income Loans | 2 comments

A couple of good condominium images I located: Fotoloco The Alexandra Condominium Halloween Party by Ortigas and Firm 082 Image by FOTOLOCO! Fotoloco photo booth photos @ The Alexandra Condominium Halloween Party | Ortigas &amp Organization | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth For a lot more houses click here… Question by jjohnson5677: are there first time home buyer programs for buyers that have to do stated income? My wife and I live in California and have to do a stated income loan because we both work for tips for a living. We both have credit scores above 750. Our loan officer said that first time home buyer programs are only for buyers that go full doc. Does anybody know of any local or federal government grants or buyer programs for stated income first time home buyers? Best answer: Answer by Mary BYour loan officer is correct. I have never seen a bona-fide first-time buyer program that was anything but full doc. You DO NOT have to claim stated income b/c you work for tips…can you not count your money at the end of your shift???? Is there some reason that you have no idea of what you have in your pocket? By the IRS guidelines, symptoms you are supposed to be reporting 100% of your earnings to pay the appropriate taxes…what you are doing is nothing short of tax evasion and I am sorry to say, mind federal and state housing programs don’t support that. Now you know the drawbacks of cheating Uncle Sam. I’ll bet if you save up some of that tax-free income you earn, while the rest of us that are honest tax payers pay taxes on ALL of our income, you will probaby discover you don’t need downpayment assistance programs. What do you think? Answer below! are there first time home buyer programs for buyers that have to do stated...

Read More

What company is the best to get a mortgage for a first time home buyer?

on Jan 12, 2013 in FHA Information | 3 comments

Some cool huge property pictures: The Huge Residence – master Image by Maigh For more houses click right here… Shorter-Term Mortgages Can Help Rekindle Homebuying – Responsibly Historically, health homeownership was the vehicle by which millions of Americans built equity and wealth while contributing to the growth and development of strong, website like this stable communities. Regrettably, ailment over the last 20-some years housing has become less of a … More informaiton please visit here… QM Cements the Sorry State of Mortgages for Years to Come The Consumer Financial Protection Bureau's much anticipated final Qualified Mortgage rule confirms much of the "pre-game" hype from industry observers. It effectively locks the mortgage market into the current state of underwriting conditions for years … More informaiton please visit here… Question by Mike: What company is the best to get a mortgage for a first time home buyer? I don’t like or trust bank but i looking to find out what are the best companies to get a mortgage for buying our first home. Best answer: Answer by BigDDepending on your credit and downpayment situation, treat you’d probably want to look for a lender that offers FHA mortgages. FHA mortgages issed by lenders and insured by the Federal Housing Adminstration. You only need 3.5% down and lenders are more forgiving when it comes to FHA mortgages because they are federally backed. Add your own answer in the comments! What company is the best to get a mortgage for a first time home...

Read More