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Search: "Downpayment"

 
 

Asked 07/27/2008 03:23 pm CT (Cedar Rapids, IA)

I have a credit score of 566. My husband has a forclosure on his record. We are seeking to purchase a home in the 120,000$ range with 20,000 downpayment. Is there any options for us that would work best?

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Asked 06/05/2008 04:46 pm CT (aurora, IL)

My husband and I are first time home buyers. His score is 680 and mine is 585 will we still be able to get a home and a decision rate? What downpayment assistance programs are offered for first time home buyers?

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Hello Kim, Even though your score is a little low you can still qualify for a mortgage. Your bes...

[ Total Answers: 1 ]

 
 

Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

[ Total Answers: 4 ]

 
 

Asked 07/08/2007 02:08 pm CT (Henderson, NV)

I am buying a new condo in Henderson, NV. Will be giving about a 65% downpayment, have a credit score of 740. What is the best rate for a 30 fixed rate with no points?

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6.375 tdy contact me directly i have low overhead so i can pass on great rates...

[ Total Answers: 2 ]

 
 

Asked 07/04/2007 10:20 am CT (Lafayette, LA)

I apply for a home. The cost of the home was ,$140.000.The seller paid the closing cost and some of the downpayment,which was$5000.My income is less than $29.00for the years,Igot a grant payment of $5.600for the houseI wanted to knoe if I can a anotherdownpayment from oother downpayment assitance program.

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Asked 03/09/2007 01:44 pm CT (MEDFORD, NY)

MY HUSBAND AND I ARE IN CONTRACT RIGHT NOW FOR A HOME. WE ARE DOING 106% FINACING AND WE PUT DOWN LESS THAN 1% FOR DOWNPAYMENT TO GET IN TO CONTRACT. THE BANK IS NOW ASKING FOR 2MONTHS OF PAYMENTS AND INSURANCE TO BE SHOWN IN OUR BANK ACCOUNT BUT I HAD TO BE THERE FOR 60 DAYS. WHAT WOULD HAPPEN IF WE CANT SHOW THAT. I CAN GET THE MMONEY TO PLEASE THE BANK BUT IT WOULDN'T SHOW FOR 60 DAYS.

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It depends on the lender and the type of the loan. Some will allow gifted assets or no seasoning. Yo...

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Asked 03/02/2007 10:51 am CT (Brenham, TX)

I will borrow funds from a 401k account for a downpayment/closing costs on a home. Will this payback obligation to the 401k count as debt when applying for a mortgage? Will it be considered negative in any way? Thanks

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401K debt will be included in claculating debt payment ratio unless the debt will be paid off in 10 ...

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Asked 10/11/2006 08:48 am CT (Cartersville, GA)

Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment. I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery. Should I try to refi both into a fixed or just the 1st? (is that even possible?) Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit? I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible. I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it. What is my best course of action? Please help me with some good advice?

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Kevin: I do loans in GA. There are several pieces of information that I would need in order to pr...

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Asked 09/11/2006 06:56 am CT (Tallahassee, FL)

We would like to buy a new property and do a lease option sell on our current property. Can we refinance for the downpayment on the new property before we do the lease purchase? Or can we refinace it as an investment property so that we may obtain a new primary mortgage for the new property?

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I am not really sure either of these strategies would be the best approach. When transferring equit...

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Asked 08/25/2006 10:13 am CT (Virginia Beach, VA)

My fiance and I are planning on relocating to CT. We are both gainfully employed here in Virginia. His annual salary here is about 46K and has had his job for over 10 years, and my salary is 44K and I have had my job for just under a year. We have no debt except our mortgage payments. His credit score is about 650, and mine is 788. He owns a condo that is about to go on the market. Once his sells, I wil put my condo on the market. My question is, can either he or the both of us purchase a property in the state we are locating to and get a mortgage while still employed here in Virginia, with my condo not sold yet? We are planning on putting down about 80-100K as a downpayment from the proceeds of his condo, and are looking for a property in the range of 200K. We would prefer to do this prior to relocating and starting new jobs. Neither of us have secured jobs in CT yet. Are there any programs for him or us together?

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With your credit score and at least a 5% down payment you should be able to qualify for a No Doc loa...

[ Total Answers: 4 ]

 
 

Asked 07/12/2006 06:24 am CT (Atlanta, GA)

My wife and I are in the process of buying property on a lake in Georgia. While the value of the property is in the lot/property, there happens to be a 1988 mobile home on the property. The structure is in decent shape and is definately liveable. In the long run, we will tear down the mobile home and rebuild when we are ready to retire, but until then we could at least use the property on weekends etc. Here is where my questions come in: 1) Although we have excellent credit (both of us have scores around 800) and a 10% downpayment, we are having a hard time finding a lender because of the mobile home. Appraisals in the area clearly show the increasing value of the property and it's hard for us to understand why lenders seam to be against lending where mobile homes are concerned, especially when compariable lots with no structures are selling for the same proice? 2) In an effort to get around the mobile home issue, we have tried to by the property as a "land only" purchase. If you are buying just the property, why would lenders have issues with the mobile home? For some reason we are encountering this issue as well. 3) Finally, why is it that you seemingly cannot secure a 30 year fix rate mortgage for just property/land (no house on property), but are forced to use 15 or 30 year adjustable rate mortgages? If you are putting down 10-20%, have excellent credit, and the property appraises at or above the selling price, what is the rational for not providing 30 year fix rate mortgages? Thanks for your answers.

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Hi Randy, It looks like you've done your research. All of your intial thoughts are accurate. Mos...

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Asked 07/02/2006 11:44 am CT (Corryton, TN)

My wife and i filed for bankruptsy in march and were wondering how soon we could buy another house.We own now and we reaffirmed our current mortgage.We make over 50000 a year and will have money for a downpayment.My credit score is 650 i am not sure what my wife's is. thank you

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Hi Mark, Dawn is correct. 1 day after the discharge of your bankruptcy is ok {With your credit s...

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Asked 06/12/2006 02:54 pm CT (Sudbury, Ontario)

I would like to know how much money is required for a downpayment for a morgage of $170,000.00 What else is required to get a morgage

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To answer the 2nd part of your question, you would have to have a stable job for a year or so (2 yea...

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Asked 03/02/2006 05:39 am CT (Minnetonka, MN)

We are moving to SC. I have a credit score of 799, my husband 618. He is currently going through debt reduction and will have his cc bills paid in 3 months. Can I apply for a mortgage with only my name on the house? I will need his income stated on the application. We will have $70,000 for a downpayment on a $170,000 home. Thank you!

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Both of your scores are good enough to get the best Fannie Mae financing available. If you have tha...

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Asked 02/21/2006 10:14 am CT (ottawa, Ontario)

Hello i am just starting to think about buying a home. I am a first time home buyer and I would be buying it on a single income. I am hoping to buy a home for less than $175K. I currently have approx $30K saved up for a downpayment if I was to buy now. My other option is to coninue to rent for another year ($9000 annually) and save probably another $20K towards the downpayment. Which is a better option?

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Jen, I am not sure if your question is about timing the real estate market or avoiding the CMHC fee...

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