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Asked 05/07/2009 12:05 pm CT (Greenville, SC)

Just got divorced. I was awarded the marital home. The mortgage is in my ex-husband\\\'s name only. My name is not on the mortgage or deed. I have received advice that I need to do a quit deed and then finance into my name. I have never owned a home. Will the quit deed dis-qualify me from any first time home buyer benefits/incentives?

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Asked 05/04/2009 05:06 pm CT (Albany, NY)

My credit score is 715 and my wife is 750 first time buyers,putting down about 5% what kind of morgage are we looking at.....thank you

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Penny, With your excellent credit and a 5% down you will qualify for an FHA loan to purchase your...

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Asked 04/29/2009 11:51 am CT (Atlanta, GA)

Hello, how much time is reasonable time for a seller to send my deed for property i bought and paid in full, i have a buyer for it, and i am stuck, thanks, Tom

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Sometimes it could take 45 days. I would call the closing attorney and find out if it has been reco...

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Asked 04/03/2009 09:39 am CT (Chicago, IL)

Hi, I have filed chapter 7 bankruptcy on 2003. My credit score is 610. My question is if I put down 25% down, will I be able to get a mortgage and I am a first time home buyer.

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Asked 01/27/2009 12:16 pm CT (New York, NY)

I am a first time buyer. I am looking to buy a coop. I have a 570 credit score, but the same steady job for 8 years. No judgments, bankruptcy, etc.. I've been paying all my bills on time for the past year. Will I be able to get a mortgage?

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p.s. - FHA loans are typically easier to qualify for...

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Asked 12/16/2008 06:18 pm CT (Albany, NY)

I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?

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Asked 11/06/2008 10:43 am CT (Mobile, AL)

HI , MY QUESTION IS MY HUSBAND AND I BOTH HAVE FILED CHAPTER 13 AND I HAVE CONVERTED MINE TO CHAPTER 7 , HE IS CURRENTLY STILL UNDER CHAPTER 13 . WE HAVE A COMBINE INCOME OF 65,000 YEARLY . WE ARE FIRST TIME HOME BUYERS . OUR CREDIT IS NOT SO GOOD . WHAT DO WE QUALIFY FOR OR IF WE QUALIFY TO BUY A HOME .

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Asked 07/20/2008 07:46 pm CT (Ansonia, CT)

My husband and I are first time home buyers in search of someone who is willing to give us a chance. We have had problems in the past with bills ETC, but currently we have been very faithly in keeping all of our current bills paid on a timely manner. Combine we have a gross income of about $66,000 annually, and we have not been able to find some one who will assits us in purchasing our first home. My credit score right now is 560 and my husbands is about 570, my husband does have a judgement that was filed against him last year for about $3200 dollars that we have been making monthly payments of $100 dollars for the past 7 months on. We are only looking to be approved for a loan in the amount of $160,000. Please contact me and let me know if there is anything that you can do to assist us, I am even willing to apply on my own even if it means a lower mortgage approval.

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Asked 06/11/2008 12:35 am CT (Saint Louis, MO)

me and my wife are first time home buyers and we are trying to get a loan.. but this is the problem i\'ve been on my job for 3 years and my credit is getting worked on but it\'s not that good.... but my wife however has perfect credit but no job....what do we do..

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Dre, your finances may well support loan approval just fine...but you need to discuss your situation...

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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...

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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 04/21/2008 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 02/28/2008 04:44 am CT (houston, TX)

I an currently paying over 1400 a month in rent. my credit score is low just over 500. although I was recently able to purchase a new bmw and plasma tv in my own name over the last 6 months. I have a dismissed chapter 13 (dismissed with prejudice) due to a change in state from where I filed and paper work not being filed timely by my lawyer. I more over 76k. I am in the process of paying off the remaining items that weren't paid through the chapter 13. do I even stand a chance at getting a mortage? I would be a first time home buyer and looking at price range between 190-160k condo.

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Work on paying off your existing debt before getting into a whole messload of debt w/ a new mortgage...

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Asked 02/01/2008 03:16 pm CT (Ashburn, VA)

We are going to make an offer on a short sale. On the good faith estimate, it indicates what the seller usually pays for closing costs. Does the seller/lender pay any of the seller's costs? Would we, as the buyer, be responsible for paying the costs the seller/lender generally pay? Thanks!

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Asked 01/22/2008 02:31 pm CT (brantford, Ontario)

Good Evening. I am currently looking at a home for sale in my neighborhood for an asking price of $219,900. My husband & I have never owned our own home. We are a little nervous with the way the economy is right now. Is now a good time to buy a home? Also, I don't even know if we need money down or we go to a private lender or a bank. We are , excuse the expression, virgin home buyers ( or hopefully going to buy this home at all.) I really don't want to loose another opportunity to stay in the area we are currently in. I love the area & you really could'nt find kinder neighbors.Thank you kindly for time & any advise would greatly be appreciated & needed.

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Asked 01/12/2008 08:19 am CT (PEQUANNOCK, NJ)

MY WIFE AND I ARE LOOKING TO PURCHASE A SECOND HOME FOR MOSTLY RECREATIONAL USE. WE HAVE PLENTY OF EQUITY AND NO OUTSTANDING DEBTS. WE HAVE 9 YRS LEFT ON A 15YR. MORTGAGE WITH AN INTEREST RATE OF 5 3/8%. WOULD WE BE BETTER OFF DOING A CASH OUT REFI USING THE PROCEEDS TO BE A MORE ATTRACTIVE BUYER, AVOIDING THE MORTGAGE TAX, AND PURCHASE QUICKLY OR TAKE OUT A NEW MORTGAGE FOR ABOUT 200K IN UPSTATE NY?

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Hi Chris, The best and or most complete answer can only be provided after a thorough review of your ...

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Asked 12/17/2007 11:31 am CT (lapeer, MI)

i am a first time homebuyer , my husband and i have about $10,000 in credit card debt and have been pre-approved for a 110,000 mortgage already but we want to buy a 90,000 home and borrow the extra to pay off the debt. can this be done so that it is all just the one mortgage payment?

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Asked 11/15/2007 05:02 am CT (beaumont, TX)

i am a first time home buyer and i am about to close but i was wondering if i could take a personal loan with a bank to help pay the closing costs will this affect me when i close (less than a month)

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Do not take out a loan or advance from a credit card money to pay for closing. Any new debt must be...

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Asked 11/14/2007 06:58 am CT (Schenectady, NY)

I currently have a mean credit score of 542. I have a steady income and work history and my current salary is $36K. Can you tell me if it is possible to obtain a mortgage with these credentials? I am also going thru first time home buyer programs to obtain down payment assistance. Thank you for your help!

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The answer to your question is - Absolutely! I routinely provide financing for clients with your pr...

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Asked 11/10/2007 12:42 pm CT (charlotte, NC)

I have a judgement on my credit report and I want to apply for a 1st time mortgage. My credit score is in the 600's. Are there any mortgages available for ist time buyers that will allow them to wrap their debt into the mortgage payments including a judgement. If not, what are my alternatives. I really want to buy a home. I have a good job history and salary.

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