Question by Brandi: How soon can you use a VA loan to purchase a home after a shortsale on an FHA loan?
My husband and I did a short sale on our home 15 months ago on an FHA loan, medications store because we were stationed over seas for three years it became to hard to hold onto the home. We would like to purchase another home using my husbands VA benefits now that we will be stationed stateside again. How long do we have to wait to use the VA loan?
Best answer:
Answer by Real Estate Guy
a shortsale is basically the sale as a FC. You will need to wait at LEAST 3 years, what is ed to 5 years.
Talk with a lender.
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A handful of nice mansion pictures I located:
Fairlawn Mansion
Image by chefranden
Welcome to Fairlawn Mansion & Museum. Fairlawn was built as the home of Martin Pattison who lived here with his wife Grace and six young children. Pattison, web a wealthy lumber and mining baron, help envisioned Fairlawn as a house befitting his good results. Construction began in 1889 and was completed in 1891 for a expense of ,000.
The 42 room mansion is built in the popular Queen Anne Victorian style of architecture. The proud four story turret makes Fairlawn a familiar landmark along Harborview Parkway. Other classic features of the Queen Anne style contain the home’s prominent porch, steeply gabled roof, and the use of contrasting colors and textures on the exterior trim.
Following Martin’s death in 1918, Grace Pattison donated Fairlawn to the Superior Children’s Residence and Refuge Association to be employed as an orphanage. Around 2000 children referred to as Fairlawn property during the 42 years it was a children’s house, from 1920-1962.
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Mansion in Spring
Image by Sasha Vasko
Missouri Governor’s mansion.
Pentax K100D with Asahi S-N-C Takumar 35mm 1:three.5 lens.
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Getting Your Financial House In Order
There are also mortgage calculators that can show you how a larger down payment can lower your monthly mortgage payment. • Consider the positives—and the negatives—of … While many first-time borrowers believe 3.5 percent is the better option, more about the …
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How Much Does a House Cost?
Mortgage loans insured by FHA are pooled and readily sold to investors worldwide in huge amounts because the timely payment of principal and interest is guaranteed by the US Treasury. Many other US mortgages are pooled and sold under similar protection …
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Top 5 Predictions for the Housing Market in 2013
After slogging through years of crippling property value declines and foreclosures, case the housing market finally gained traction in 2012 as strengthening home prices, seek better sales, and more construction propelled the sector to be one of the only bright …
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As 2012 Comes to a Close, Mortgage Rates Approach New All-Time Lows
“The modifications made to President Obama's Home Affordable Refinance Program are another boon to many borrowers, especially those underwater on their mortgages,” said Johnson. Set to expire on December 31, 2013, the program known as HARP 2.0 …
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Mortgage Rates: Low Mortgage Rates Remain Intact After Building Data Released
Existing mortgages that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009 can refinance through the HARP program which does not require an appraisal, in most cases, and has no loan to value limits. This means that even … FHA has always …
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Question by Jeanie S: What is private mortgage insurance and who gets the money when a person cannot fullfil their loan obligations?
If you don’t put down 20% on a home loan you must pay Private Mortgage Insurance. So with all these loans going belly up why did ppl pay this and who took the money?
Best answer:
Answer by stephenweinstein
The money goes to the lender. However, drugs not everyone paid PMI. As you mention, cost if someone puts down 20%, then they do not need to pay PMI. Also, a person does not need to keep PMI forever; once they pay back enough of the loan, they can drop the PMI.
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Not all lenders require PMI on their loans regardless of how much the LTV is.
PMI is basically insurance you pay for so it can pay the lender (so they can resell your house) if you default on it.
PMI is generally required for those the lender does not believe can pay for the loan. Some lenders were doing 2 loans to prevent people from paying it, but raised the overall costs doing so and increased the chances of the notes going belly up.
Private mortgage insurance pays the lender if the borrower is unable to pay. The borrower is still liable for the debt, and the private mortgage insurance company usually only pays after a foreclosure. Some Private Mortgage Insurance companies have gone bankrupt.
OK, about 5% of the loans are being defaulted on. After the house is foreclosed upon, and sold at auction, the mortgagee gets paid the difference between what the house sold for at auction, and the mortgage balance and fees (auction & foreclosure fees). Then the negative amount, gets sold as a collectable account, and the homeowners are STILL responsible for it.
The “sub prime mortgage” fiasco isn’t so much about houses going to foreclosure – it’s about the market for sub prime mortgage loans – no one wants to BUY them any more as an investment.