How does applying for a Home Loan Affect your credit score?
by marsmet526 Question by Ana H: How does applying for a Home Loan Affect your credit score? I want to apply for Home Loan and see how much we qualify for. My question is that if we do not like the number and want to wait how will it affect our credit score if we decide to wait and save for a bigger down payment. I want to avail the $ 8000.00 tax credit. Does anybody know if it is an ongoing thing or it is only for the year 2009. Best answer: Answer by golferwhoworksthere is just 2 points for the credit pull that is all. Give your answer to this question...
Read MoreDo I have to pay off state taxes before applying for FHA loan?
by SS&SS Question by xazilizax: Do I have to pay off state taxes before applying for FHA loan? SERIOUS ANSWERS ONLY PLEASE. I am currently on a payment installment to pay my 2009 STATE taxes. I live in Georgia. Because I did not pay it, physician treatment a state tax lien was put on my credit report. I would like to purchase a house with an FHA loan within a few months. Will my loan get rejected if I do not pay it off? Best answer: Answer by troit will definitely affect your credit report and affect any chance of a loan Give your answer to this question...
Read MoreQ&A: How long does it take to get an answer when applying for an FHA loan?
Question by SKFB: How soon can someone get a mortgage after a short sale? It has been over a year since the sale of the property. The individual has purchased a property in cash – owner occupied. This would be an additional property on a mortgage. Credit is unblemished besides short-sale. Best answer: Answer by BobThe financing guidelines are very clear. If you have no other blemishes on your credit and were not 30 days late on your mortgage in the past 12 months the short sale will not disqualify you for an FHA loan. Conventional financing will require a minimum of two years after short sale before you will qualify. What do you think? Answer below! by SS&SS Question by wermiller: How long does it take to get an answer when applying for an FHA loan? I faxed all the paperwork needed to get a pre-qualification on an FHA loan today and our lender will probably submit the documents tomorrow morning. About how long would it be to get the answer? And after getting the pre-qual. how long does it take to close on a property once picked? Best answer: Answer by keepyoureyeswideopenA pre approval can be done in about 5 minutes Full approval can be done in a couple days after you submit all the required documentation. Every company has different times frames of course. You could close in about a month after you find a property, prostate a lot of that depends on the seller. Give your answer to this question...
Read MoreQ&A: What factors do lenders consider when applying for a home loan?
Question by catchi: home foreclosure HELP where do we go and how do we start refinancing? Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process? Best answer: Answer by tkahrs12122No the bailout did not include help for delinquent homeowners. You need to deal with the refinancing on your own. Start with your current mortgage holder and see if the will lower the interest. What do you think? Answer below! Question by TD: What would be the best possible Home Loan I could get buying a co-op? I heard that you cant use the nothing down or 3% mortgages on a co-op purchase. Is this true I live in NY. WOuld I hav eto put down 10% no matter what. Also FYI Most one bedroom co-op go for atleast $ 130, hospital 000, and 10% of that is 13,000 and the HUD and FHA mortgage and program say that they can only give you 3% or 5,000 down. Best answer: Answer by Blue Octoberthe best possible home loan is going to depend on your credit. i want to suggest that you speak with your local banks…they know you the best, and they are local -in case you need them in the future. I am sure you are aware of the large amount of foreclosures across the nation. This lends itself to the way that banks and lenders are now doing business. The days of nothing or very little down are almost gone. You will need to come up with a min of 20% down and stick with a 30 years fixed no prepay penalty loan. Do not accept or get into any creative financing or ARMs (adjustable Rate Mortgages)…these loans have a high failure rate to foreclosures. stick with your local banks…good luck on your purchase 🙂 Give your answer to this question below! by eyewashdesign: A. Golden Question by anpresco: What factors do lenders consider when applying for a home loan? My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, seek but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, treat or will it not matter? Best answer: Answer by Beverly SYour loan officer makes the decision based on what you need to qualify. Most likely you won’t qualify with just one income. The fact that his credit is less established won’t hurt him as long as its not “bad”. Lenders are looking for 2 years steady employment, order 2 years good credit, & property of enough value & re-salability in case of problems. Sounds like you need him (boyfriend) & he’s gonna help not hurt. Add your own answer in the...
Read MoreDoes my unemployment income count when applying for a home loan?
Question by Juanito: Does my unemployment income count when applying for a home loan? I recently filed for unemployment and I am getting a steady check from the unemployment office. My girlfriend is still employed full-time and her job seems to be stable. We want to see if we qualify for a home loan using her income and my unemployment income. Do you know if my unemployment income counts and if it will help us in getting approved for the loan or if it will hurt us? Best answer: Answer by alexYES….. What do you think? Answer...
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