Question by Brian V: Are there any Federal Programs to low income/ disabled people get affordable home loans?
We need some financial aid fast, pilule patient or we’re going to lose the house we’ve been living since 2010! Help!
Best answer:
Answer by Cathi K
Go to your home lender. Maybe HARP. If you do not already own a home you must qualify just like anyone else.
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Question by Don: Income vs. Auto loan amount?
I am 19 and will have around a 700 FICO score after I pay all my credit cards off at tax time. I have had a full-time job for over a year now and make $ 9.25/hour. That puts my monthly gross income around $ 1, symptoms 600. I am currently living at home with no housing expenses. I know most banks have a minimum income requirement of $ 1,500, but I am wanting to get approved for a maximum $ 12,000 used auto loan. I would like to carry the loan out over 60 months which would make my payment lower than I am paying now for a car payment. I would make sure the car I would get should have a great Loan to Value rate and would be reviewed highly. Is that good enough to get my loan?
If I need a co-signor, the only one I have makes about $ 27,000 yearly, but only $ 300/week is verifiable via paystubs (she is a waitress). Her credit score is about 630. Would that be enough to raise the combined income to get approved if I would need a co-signor?
Best answer:
Answer by Inquisitive125
Congratulations on being so diligent in your research! If only more people would do what you’re doing. I would suggest that you wait approximately 90 days after paying off those credit cards so you can be assured your credit score has had the positive effect.
Secondly, visit a credit union near you (you can find one a www.ncua.gov in the Resources for Consumers section) and get pre-approved for a loan. This will give you more bargaining power in negotiating the price of the new car since your pre-approval amount is the maximum you can spend. (For more info on bargaining for a new car visit www.clarkhoward.com. He has some great advice and tips!)
Is the co-signer related to you? If not, don’t bring someone else into your finances. Stand for your loan yourself as you may not be able to count on that person in the future to assist with the payments. ( A co-signer is legally obligated to make the payments just like the main borrower!)
Also, check with the credit unions in your area to see if they have any good repossessed vehicles. You’ll be pleasantly surprised at what’s available. The only caveat is that you will be buying the vehicle “as is” so you’ll want to get it checked out by a reputable mechanic….there’s no returning the vehicle because of problems.
Good Luck!
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Question by Eric L: Does FHA offer Adjustable Rate Mortgages?
I am curious to know if you can acquire an FHA loan that is a 7/1 ARM? Do these exist or does FHA only offer fixed rate loans?
p.s. the ARM isn’t for me. Please only knowledgable people answer, page not looking for opinions on why the market is where it is.
Best answer:
Answer by chatsplas@sbcglobal.net
You DON’T want an ARM, prescription that’s what the whole mortgage crisis is about. Get a good FHA fixed rate and know what you owe over the life of the loan.
Whether it’s for you or some one else, ARMS rarely make sense, particularly in this market with low interest rates.
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