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Asked 05/29/2008 10:11 am CT (Baltimore, MD)

I want to refinace my house to get caught up on bills but I\\\'m not able to becasue of my credit. I wanted to do a QuitClaim Deed to add my mother so that she could refinace. I was told that because she is not on the original loan I could not do that in addition to her not living in the house. Is any of this true? I was told this after the agent got all our info and processed it. He knew she didnt live with me from the beginning and also that I was the only one on the loan.

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Asked 05/20/2008 07:00 am CT (Phla., Alberta)

Is a co-signer responsible for a VA mortgage? My daughter and her husband are divorced. He lives in the house. He is the veteran. They got a VA loan, she co-signed, but she was not working at the time. The mortgage has not been paid, he is not doing anything about it. What can she do.

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Asked 05/19/2008 05:53 pm CT (atlanta, GA)

I want to get a 100% LTV loan with an intrest only payment option. I have a 746 niddle FICO. Is this possible?

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100% financing is hard to come by these days. My suggestion would be to do an FHA with an ameridrea...

[ Total Answers: 1 ]

 
 

Asked 05/12/2008 06:30 pm CT (North Dartmouth, MA)

can i include fiance's income on application for a mortgage if she will be on the title but not the loan itself

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Hi Jeremy, You can have your fiance on title, but in order to use her income she would have to be...

[ Total Answers: 1 ]

 
 

Asked 05/06/2008 05:02 pm CT (Marlboro, NY)

I'm getting married. My fiance owns his own home. The mortgage and deed are both in his name. He owes about 75% of the value of the home on the loan. We want to get a Home Equity, with me as the primary, for a better interest rate. Can he just add me to the deed? Does the primary mortgage holder have to OK me being added to the deed since I'm not on the mortgage? Also, if I need to be on the primary mortgage, can I just be added to the mortgage without having to refinance the primary loan?? Note: the primary mortgage has a great interest rate, so I don't want to refinance it. Also, I have excellent credit and have already been preapproved elsewhere for well over the mortgage balance.

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Asked 05/06/2008 02:58 pm CT (irvine, CA)

i am getting ready to buy a home for $800,000 and will be putting down $360,000. Given the current conforming loan limit of $417,000, what is the best way to handle the remaining $23,000? My credit is excellent and I am single.

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I would put it on a line of credit since Prime Rate is now at 5%...

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Asked 05/06/2008 04:47 am CT (Quakake, PA)

I am a teacher in a small town and I earn alil over 35000 a year. I also have excellent credit 740+. I have no credit card debt however I do have a school loan of about 35000. My fiance has been unemployed because he hurt his back so therefore he has little income. Is it better for me to just apply for the loan without him?? How likely is it for me to be able to get a loan for $50000? I know we would be able to afford the payments!! Thanks for your help!

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Based on the prelim information you have provided you can qualify for a mortgage of $50,000. It wou...

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Asked 05/03/2008 01:11 am CT (Hardeeville, SC)

we used to have a very good loan discount on our mortgage at the bank where she used to work.I am on disability and over the past 4-5 yrs. have been renovating our home.I have almost doubled its value.However my wife has a health condition since birth called syringual mieliea.her condition took a turn for the worse and she had to stop working.thus we have lost our discount mortgage rate and her long and short term disability benefits have been denied.we have retained an attorney but have only limited savings from a cashed out 401 K.are there any programs available other than bankruptcy that we could qualify for so that we could get a reduced rate on our mortgage even though we are not employed.we would like to avoid being a further burden on the state as well as keep our modest little home that we have put so much hard work into. please help. thank you, Tim and Denise Norris

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Asked 04/28/2008 09:32 pm CT (MINT HILL, NC)

I PURCHASED MY HOME 3 YEARS AGO FOR $235,000.00 CASH.IT IS NOW APPRAISED AT $280,000.00.WHEN I BOUGHT MY HOME I GOT A HOME EQUITY LOAN FOR $50,000.00.I NEED SOME CASH NOW BUT MT CRIDET SCORE IS 535 AND MY LENDER WILL NOT HELP ME DO TO MY CREDIT SCORE BEING SO LOW .IS THERE ANY WHERE I CAN GO FOR HELP? [GARY KLAUDER, MINT HILL NC]

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As a last resort, a "hard money loan" can work for you. These loans typically charge points up-fron...

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Asked 04/26/2008 03:54 pm CT (east grand forks, MN)

i'm in foreclosure. single mom of three. i've tried quick sale,everything, working with the lender. i'm four months behind. can i sign my deed over to my friend and file bankruptcy on my loan and put the place up for sale... which is going to take a long time..... rural area... takes forever to sell..i'm also in flood zone by river. i don't know what to do? lost!

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Signing the deed over & declaring bankruptcy will not extinguish the lien on the property.. The bank...

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Asked 04/25/2008 08:23 am CT (Margate, FL)

I'm interested into buy a house in Broward (Florida) that doesn't have the appliances. It doesn't have the refrigerator and the stove but i have (own) those appliances in my apartment that i can take them with me. Can i still get a loan? or the bank (appraisal) will have a problem with it. Thanks

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Johanna, This would not be a problem. You do not need t an addendum. Im a lic. loan officer in fl...

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Asked 04/24/2008 10:37 pm CT (little rock, AR)

We are set to close on our house next Wednesday, and we had some of our closing costs rolled in, and the seller paying some as well. However, we were still told we need $1100 to close, and we do not have the money in the bank (or will have it by Wednesday) Can we put the closing off for another 2 weeks until we have more money? And/Or, should I consider taking out a personal loan to pay for the costs, we already have been approved for the mortgage, it's just the darn closing costs.

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Didn't you get a Good Faith Estimate at application about how much you'd need to close? Putting the...

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Asked 04/24/2008 05:53 pm CT (mesa, AZ)

I have a credit score of 631 with a bank in collections and a judgement for not paying rent ( which is paid now) and I have no established rotating accounts. I have little income, part time job at Quik Trip. And my husband has a 450 score with 5 collections, with little established credit, but he has a income of 3000 a month. How would be start as 1st time buyers for a small house or mobile home loan? We tried thru a bank and got deneid when using him on the credit, can I use him as extra income but not include him on the credit/ cosigner? Thanks. Jenna

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Can't be a cosigner without looking at credit. i would suggest looking for a rent-to-own property a...

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Asked 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

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Asked 04/21/2008 02:58 pm CT (Independence, IA)

My wife and I are renting and would like to buy a house, for 79 thousand, we are frist time home buyers. My wife is a Art teacher and I cut meat and attend college. I have 1 yr. left in order for me to receive my bachlors degree. we have two car loans, and my wife has three college loans, I have two, but since I am still attending college I am not paying on any of my loans. My question is can we receive a frist time home morgage loan, or will our dedit hurt are chance for frist time home buyer.

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You have to be able to qualify to make the payment or you'll lose the house to foreclosure. Try FHA...

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Asked 04/17/2008 10:20 pm CT (Louisville, KY)

My husband & I would like to purchase our 1st home. I have a middle FICO score of 556 & my husband's is 585. We are having difficulty finding a lender to approve us for a loan due to our low credit scores & I took 10 months off work last year to care for our child. Are there any lenders out there who will consider a 556 score? We do have some collections on our credit report. We make roughly $50,000 a year & are hoping to buy a home for $132,000 We also have 20% down in the form of gift funds from my father. Does anyone out there know a lender who will approve us with our credit scores & collections on our report? Thank you in advance for any help or advice.

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Asked 04/17/2008 01:18 pm CT (Tolleson, AZ)

I have a pay option arm on my 1st mortgage and I also have a second mortgage on my primary home. My question: Is there any options to get my loan into a fixed rate loan even though the value of the property has dramatically dropped?

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Asked 04/17/2008 07:50 am CT (NY, NY)

Currently, I am renting an apartment. However, I would like to move in the next 5 months. My credit score is 566 and I need a credit score of 560 to qualify for an FHA loan. Since I pulled my credit score, I paid off one credit (which was in collections) and requested some updates to be made by the bureaus. How long will it take to increase my score by 4 points?

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FHA does not impose any min credit score requirement. However, each lender may impose their own min ...

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Asked 04/17/2008 02:01 am CT (Desert Hills, AZ)

Not married, allowed SO name to be placed on deed/loan against banks advice. SO has paid 0 against mtg. Is there any way to remove SO without a legal battle.

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What's an SO? In any case, you cannot remove someone from title w/out their consent. Change perspect...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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