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Home Affordable Refinance Program "Best of the Best" Awarded to Embrace

on Oct 3, 2012 in HARP Refinance | Comments Off on Home Affordable Refinance Program "Best of the Best" Awarded to Embrace

Question by oldwiseone: Mortgage Qualification??? I want to know when will I be able to qualify for any kind of mortgage again. I had a FHA mortgage that was forclosed on in 2007. I am told that I will not be eligible for another FHA loan until 2010. I also have a bankruptcy that has been discharged for the past two years. I have been rebuilding my credit and my scores are mediocore right now. I am ready to purchase another home and stop renting. Any advice? Best answer: Answer by Biggie @ Arbor MortgageYou may have to wait even longer because of a foreclosure after a BK. You will have to keep renting for the meantime unless you have a considerable down payment. What do you think? Answer below! Question by matchmaker86: Mortgage help? Need some advice both financial and legal. My mother is selling her house but in the meantime she has seen another house she wants to buy. She has no capital and I have agreed to buy it for her. While I can put capital of 25% down on the house I still need to find the remaining funds, sildenafil so I am assuming mortgage, and my own is paid off. But when she sells her property she will give the funds to me to pay off the debt, dosage this may only be a matter of months. So my question is does a mortgage sound the right thing here, should we put it in joint names, if only my name can I transfer the house to her and is their any capital gains issues if I just put it in my name then she give me the cash to pay it off……help.. by the way i am in the UK Best answer: Answer by ShawnajIn the US: you could purchase the new home together, both names on the mortgage and title. and when she has the proceeds of her new home you could pay down or off the principal of the new existing loan. (only if there is no pre-payment penalty) some banks require a 2 or even 3 year prepay penalty that means you will be penalized a percentage of the loan amount if you pay if off early. so make sure you let your mortgage broker know what you plan to do ahead of time that way he can find the best program. YOU will not be able to do the loan as a primary residence if you already have an existing mortgage reporting on your credit- even if there is a 0 balance, although your mother probably could seeing as she has her current home on the market. the underwritter can clearly see she is trying to move. but it will be a controversy between each lender as to how they are going to classify it. (you- second home or investment property and your mom- primary residence.) but in this case mortgage would be the best bet and you both can be on title. or you can buy the home in only your name and have her on title with you. either way- when you get ready to do this discuss it with your mortgage professional in the UK. Goodluck~ Know better? Leave your own answer in the comments! Home Affordable Refinance Program "Best of the Best" Awarded to Embrace … A member of the Mortgage Bankers Association of America (MBA), seek Embrace Home Loans is an Equal Housing Lender and an accredited business of the Better Business Bureau. They specialize in the home affordable refinance program and the harp …...

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