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Asked 06/21/2007 07:16 pm CT (Memphis, TN)

I purchased my home last week. I would like to do some immediate reoairs for which I don't have the money or ability to obtain credit. I have only 10k in equity. When will I be able to get either an equity loan or a heloc? Thank You

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You are looking for a 2nd mortgage with a "no seasoning" requirement. There are a few products that...

[ Total Answers: 1 ]

 
 

Asked 06/20/2007 04:53 am CT (east herkimer, NY)

my father had p.m.i. insurance on his loan through mortage company he passed over 5 years ago i pay loan payments now and mortage company is still taking loan payments and p.m.i. insurance for the last five years from me the daughter should the p.m.i. insurance pasid that loan off do they owe me that money from 5 years ago please help me if you can

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Primate mortgage insurance protects the lender in case the borrower defaults on the loan. The type ...

[ Total Answers: 1 ]

 
 

Asked 06/19/2007 08:14 pm CT (ocean springs, MS)

My parents gave me their property with a life estate on it. Can I take a loan out against that property even though they still live on it?

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Asked 06/17/2007 04:52 pm CT (Hudson, NH)

HI there, My wife and I are buying a home but my credit score is higher so they are only putting my name on the loan. Since we are married aren't BOTH our incomes together considered the houshold income used for the qualification? Is it possible to have your income from your wife counted without using her credit score?

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Being Married doesn't really automatically make it household income. Do you know what your wife's c...

[ Total Answers: 2 ]

 
 

Asked 06/09/2007 08:22 am CT (Mentor, OH)

I bought my house in December of 2004 $154,000 (including tax and title). At that time I was a single first time home buyer. I put 0% down and was put on an 80/20 loan. Two and a half years later I'm married with a child and the house is getting smaller. I make more money now then I did back then and my wife makes a decent living. We are looking to sell our house and build in a new development. We have some money saved up for a down payment. My question is - Is it possible to sell my house without taking a huge hit due to having that 80/20 loan. Thank you. Steve

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[ Total Answers: 2 ]

 
 

Asked 06/07/2007 01:30 pm CT (Panama City Beach, FL)

I am trying to close on a property,but we cannot get a loan because the appraisal says,it needs to be fixed ($40.000) to make it liveable.I think that amount is way too much.Since the house on sale "as is",we can't fix it before closing,but we need the loan to buy it,but no one give loan before it is fixed.Please help.Thank You

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Peter, some lenders will allow for an escrow account to be set up to make the repairs. Also, others ...

[ Total Answers: 1 ]

 
 

Asked 06/05/2007 09:45 pm CT (wimberley, TX)

I am currently working with a mortgage broker who is trying to get my husband and I an FHA loan. I, however, have not worked for the same company for the last two years. She seems to think this is a big problem. Will this prevent me from getting a loan?

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Hi Lisa: This is a much easier question to answer with me knowing all the facts. There are 27 diffe...

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Asked 06/01/2007 01:19 pm CT (Lynchburg, VA)

i just purchased my home on december.. the loan company that i was dealing with no longer handles the type of mortgage that i have so they sold my mortgage..well, i am not pleased at all with this new company..not only have they lost my payments(which i have proof of)but when they cashed one they didnt put in the correct amount and it was less and they are now asking for all this interest. i am so afraid that they are going to be the cause of me lossing my home.. this is my first one and i truly love this house. i dont know what to do... thanks.... daphne :)

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Asked 05/31/2007 07:12 am CT (orange, VA)

we have a 4 year old mint conditioned doulblewide in a rural area, on prime realstate. The home is considered realestate because it is on a permanent foundation. Says "modular home" on the paper I signed declaring it to be realestate. The home itself has appreciated 30,000 dollars since we bought it. The property we put it on is worth 140,000. We owe 74,000 on this property.Equity in the home is 166.000. My spouse has an excellent credit rating. Her income is not high but we have a employed daughter who lives in the house and is willing to co-sign a loan We are trying to refinance to reach a property settlement agreement.I do not live in the house. I will sign a quit claim to all rights to the property, so my question is why with all that equity, a perfect credit rating, and a longtermed employed cosigner, my wife cant get a refinance loan, or at least, a some what less predatory one?

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I can help you give me a call 347.573.9799 / 212.213.5120 or visit my website....

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Asked 05/22/2007 06:17 pm CT (Severna Park, MD)

When is the best time to close on a loan? At the beginning of the month or at the end?

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Regina, It actually depends on the type of transaction and loan. If it is a purchase or a refina...

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Asked 05/22/2007 08:33 am CT (Suitland, MD)

My sister got a house with her boyfriend and both of their names are on the mortgage or deed or whatever. (sorry I don't know the proper terms). They got the loans from both of their imcomes combined. Now they are seperating and my sister can't afford the house by herself. What should she do????-

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Hi Tiffany, I would like to help with this issue. However, I need to know a bit more about your ...

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Asked 05/15/2007 01:06 pm CT (houston, TX)

I currently have a home equity loan as a second mortgage. In Aug. 2006 we had a pool made in our backyard. My question is, can I do a refinance and a cash out on my home at this time? I have asked Bank of America if I could do this and they said that they were willing to stay as a second mortagage just to send them the proper paperwork. Can this be done in Tx?

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Sure Amanda, I would be happy to help! Call me anytime for a free consultation. 562-544-2355...

[ Total Answers: 4 ]

 
 

Asked 05/14/2007 06:01 am CT (PHILADELPHIA, PA)

We found a house for 160000 in New Jersey My wife is making over 45k ad she has good credit. My credit is 523 and I make around 55k. We need 100% to 97% loan now Can somebody help me??? Thanks Stan

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Hi Stan, We have 100% programs for mortgages. Since your wife's credit is good and your credit is l...

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Asked 05/09/2007 06:32 pm CT (Athens, IL)

I currently hav a first and second mortgage. First one is 885.00 a month, I owe approx. 110,000 on thios loan.(30 year) Interest rate 6.25 fixed(1st) the second mortgage is approx. 375.00 every two weeks, I owe approx. 62,000 (10.75 fixed on this loan, (15 year loan) My last apprasial was for 150,000 approx. 1.5 years ago. my salary is approx. 75,000 a year.I need more cash flow to make it and to be able to pay down on my loan. What is your suggestion? Also, my wife gets approx. 1,000 a month clear. Please email me with a suggestion soon.

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Edward, There are many programs out there that can help improve cash flow. Some of these program...

[ Total Answers: 3 ]

 
 

Asked 05/08/2007 11:07 am CT (phoenix, AZ)

I would like to sell my house to a friend; however, he has less than perfect credit. His credit score is in the 500's, and he makes about 2000 dollars a month. Most mortgage companies have indicated to him that they would finance the loan if he could put down 10,000 dollars. Is there some way I could wrap uf the down payment in the cost of the home. I would like to sell the house for about 125,000 dollars?

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Rolanda, one way that might work is for you to lease the property to him while he works on his credi...

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Asked 04/25/2007 05:53 pm CT (Fort Lauderdale, FL)

I am 2 years into a 2/1 Arm with a 3yr PPP and I am looking to refinance as my rate will climb 2 pts. My property is unique in that it is a Co-Op with a separate Land Lease. There are very few banks that currently offer this type of loan, but more and more are offering loans to Co-Ops and I'm shopping for more lenders. Do you know any lenders in Florida that will do loans on this type of property? Regards, Derik

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While the 2% jump is tough, you should look at how much teh prepayment penalty is and see if the inc...

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Asked 04/23/2007 07:10 pm CT (Greensboro, NC)

My wife and I filed a Ch13 in 4/04. We continued making paymets on the first and second mortgage. We kept the Ch 13 and primary mortgage paid up but did get behind on the second lender. All loans are now current. We are currently selling the home, have paid off the Ch 13 (expecting discharge letter any day) adn will be paying off the first and second lender off in full. Our credit scores are 620+. We expect these to also rise by paying off 80-90% of our credit card debt from the home sale proceeds. We need 100% financing for a new home purchase. Can someone please point me to a reputable (non predatory) lender who can help - if possible....

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Ron, I would be more than happy to help you with your financing. This is the whole reason I start...

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Asked 04/20/2007 04:15 pm CT (Dallas, TX)

I was recently declined for a home loan. I asked my loan officer to email me a copy of my credit report. He stated it was against the law for him to do that. That I would have to contact equifax to get it. Is that true? What law is that against?

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did you sign a credit disclosure if not he does't have to give you a copy? ...

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Asked 04/20/2007 12:12 am CT (Las Vegas, NV)

Hi I bought the house I'm living in about one year ago . At the time when I was looking for a home I couldn't find anything for 300,000 now the house is worth 275,000 which means I'm upside down on my loan. I have an 80/20 sub prime loan with a two year interest only/arm I want to refinance but from what I hear it's gonna be pretty impossible. Do I have any options besides losing my house when the 2 year is up. By the way I have no prepayment penalty. Can you give me any advice greatly appreciate . Adolfo Sanchez

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Hi Adolfo, If you can give me more information I can possibly help you, please e-mail me at rama@...

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Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

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