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Asked 12/08/2008 12:29 am CT (Philadelphia, PA)

i have an 80/20 loan, which I had since i got my home. do i need to refinance both loans for an FHA loan

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The answer is no. Using a cash-out FHA loan, FHA will allow you to subordinate the 2nd mortgage to ...

[ Total Answers: 1 ]

 
 

Asked 12/04/2008 10:57 am CT (Newark, NJ)

i am approved for a mortgage in california and i am buying the townhome i live in 4 months out of every year. i need to get the fha loan, so that i can get 3% down; this can be done by having a co signer.does the co signer have to be a family member, or can the person that i live with their co sign???? thanks

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Asked 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

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If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

[ Total Answers: 1 ]

 
 

Asked 11/26/2008 09:55 am CT (Bowling Green, KY)

I'm a single father raising my 2 sons. I refinanced my house with a 95% loan a couple of years ago with a ARM after my divorce. I make all my payments on time but it's not always easy. With the drop in housing prices I'm sure my house is not worth what I owe and my rate changes next year. With all the buzz surrounding the "bailouts" does any of this pertain to me?..Does it help me at all?

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The bailout does not apply to you however the current economic environment is helpful in your situat...

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 11/20/2008 02:11 pm CT (Toledo, OH)

can a mortgage loan be used for more than just paying for a house?

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Asked 11/16/2008 01:35 pm CT (Seattle, WA)

I would like to build an Auxarilly Dwelling Unit on my parents property. Zoning laws permit this in my negighboor which is zone for muti family residences. Can I obtain financing for the project without a lien or 2nd mortage place on my parent property. My fico scores are above 750 and one is above 800. I want total responsibility for the loan

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It completely depends on the amount your parents owe on their property compared to what it is worth....

[ Total Answers: 1 ]

 
 

Asked 11/13/2008 05:54 pm CT (Everett, WA)

Hello I'm currently In a Loan with Well Fargo 5/1 Arm (intrest only). I have been in the house for almost 3 years and I'm looking to re-finance. My loan amount is 403500. Is it a good ideal to try to refinance now or wait until my loan (5/1) is at the end of it's term. My Fico score is 800. Do you have any sugestions?

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Hi Leroy - Since your question, rates have come down enough to make a refinance very timely. Are yo...

[ Total Answers: 2 ]

 
 

Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

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Asked 11/12/2008 08:02 am CT (Tulsa, OK)

How long does it take to get an answer to a question that is posted? Are they only answered if there is a chance a loan officer can make some money out of the situation? Just curious...

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Asked 11/05/2008 03:35 pm CT (State College, PA)

First I must say that you do not have the city I live in on your list so I just picked one. Anyway here is my situation. I need to refinance my home to lower my payment, repair my roof and lower my interest rate and I have done everything that I have been asked to do. I have a manufactured home and land appraised at 75,000. My credit is good and I actually pass FHA inspection and have released the title to my home. The only problem I run into is there is no properties such as mine that have sold in the past two years. Now I do live in the smallest county in PA we only have 5300 people and sales are a little slower. There are a lot of manufactured homes being purchased as they are affordable for folks but no one is selling. I am at my wits end and don't know what to do. I am struggling to maintain my house payment the way it is and am afraid I will have to let it go back. The current lender will not consider refinancing the loan. Do you have any suggestions?

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Asked 11/05/2008 01:08 pm CT (Bend, OR)

My father-in-law died 2 1/2 years ago. He was a widower. There may or may not have been a will... a mystery. The payments have been kept current but my in-laws have never notified the mortgage company. Their credit scores are horrible at best. What could happen if they can't qualify for a loan? What happens about the last 2 1/2 years will there be a penalty if the did qualify? What should their first step be?

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Asked 11/03/2008 12:57 pm CT (Tulsa, OK)

I signed a quit-claim deed and let my ex husband have the house in our divorce 4 years ago. The divorce decree states that I shall be "held harmless" when it comes to the mortgage My name remains on the mortgage. He rarely makes a house payment on time and has trashed his credit right along with mine. I have defintely been harmed. I am unable to obtain a credit card, a car loan, or any type of loan whatsoever. He only owes $11,000 on the house and it is worth around $150,000. Still yet, with his poor credit and low cash flow (he is self-employed) he says he can not find anyone to refinance the mortgage and release my name; nor does he have the cash to pay it off. He does seem to come up with money when he wants to...e.g. a new Harley Davidson, 2 SUV's, a boat, 2 sea-do's, etc. etc., however, that was before the economy got so bad. My parents have hired an attorney on my behalf and plan to take this matter to the court's in hopes of the issue being resolved. I have researched the matter and am afraid that they might be wasting their hard earned money. Am I completely out of luck, or is there a possibilty this could be resolved somehow? Thank you in advance for any advice you can give me.

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

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Asked 09/19/2008 12:49 pm CT (Whitefish, MT)

I have a house that I am on a repayment plan that is killling us. Is there any hope I can get my mortgage company to redo my loan to a fixed rate and a payment i can live with.

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You always have the option to modify you loan. You should make sure you speak with someone who knows...

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Asked 09/09/2008 04:57 pm CT (chicago, IL)

Are VA loans more stringent than the traditional home loans? Thanks,

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Asked 09/02/2008 06:29 pm CT (Bryson city, NC)

Need a loan... 156,000 property 100,000 new modular (4 bdr) 20,000 site work and septic Need one loan for both transactions..... any ideas

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Asked 08/31/2008 02:33 pm CT (centerville, MN)

My husband and I own a townhome (with a mortgage) We have had some credit problems recently, but have gotten it mostly cleared up. We would like to be able to move into a home with a yard since we have a toddler, and a surprise baby on the way. Is there anyway we can trade homes? Can we get a foreclosed home for what we owe on our townhome and just trade it? So we can keep the same mortgage, payments, and not have to re apply for a loan? Im pretty sure there isnt but thought I would ask. Thank you!

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Hi Amy- You would need to sell your home, retire the existing mortgage and get approved for new fin...

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Asked 08/26/2008 10:45 am CT (BEACHWOOD, NJ)

WHAT IS THE LOAN ORIGINATIONFEE AND AN APPLICATION FEE AND WHO SHOULD WE BE PAYING THIS FEE TO? QUESTION NUMBER 2 IS SHOULD THE LOAN PAY OOFF TO THE BANK ACTUALLY DIFFER FROM THE AMOUNT THE MORTGAGE COMPANY RECIVE?

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