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Search: "Closing costs"

 
 

Asked 06/04/2009 09:55 am CT (Asheville, NC)

I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year???

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Yes, but you need to get your scores at or above 620. Credit score standards have become more stric...

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Asked 12/18/2008 04:44 pm CT (Fort Lauderdale, FL)

I received my commitment documents from the lender along with the final closing costs. One of the line items is 5 months of county taxes. I don't own the home yet, so how can they charge me county taxes? I live in Palm Beach County.

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That means that you are escrowing for your taxes. An escrow account is an account that the lender s...

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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 05/12/2008 07:32 pm CT (Yuba City, CA)

My husband and I have lived in our home for 5 years. We have never been late on our mortgage and refinanced and obtained a 2nd mortgage. Currently our 1st mortgage is 345,000 and 2nd is 80,000. My husband is being relocated with his job and we have to sell the house because they are moving us out of state. I know that our home is worth about 350,000 to 360,000. Employer will pay all penalties and closing costs on new home. I am worried about our second mortgage not being satisfied. Any suggestions. I would hate for our credit to be in jeopardy.

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Ask the new employer to cover the difference. Rent or lease option it out. Attempt to short sale t...

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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 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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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 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 06/24/2007 08:05 pm CT (maywood, NJ)

i need to know if you take out a motgage for a home can you take out extra money for closing costs and etc?

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Not likely. Most over 100% financing options are now gone. You can negotiate for the seller to pay...

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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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Asked 04/12/2007 06:08 pm CT (South Bend, IN)

I currently have two mortgages on my one house and i'm wanting to move, If i sell for what i think i can i will be about $7,000 short of paying off both mortgages (after closing costs) What are my options for covering this? Do i need to get a personal loan? Is there a way to roll it over to my new Mortgage (this option would be ideal for me) Any help is appreciated. Mark

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How much closing cost are you paying? It would be best to find a buyer that will not request for yo...

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Asked 04/04/2007 09:33 am CT (Pembroke Pines, FL)

I need 100% financing on a 180,000$ condo, credit score is 689, less than 1 year on the job but 7years in the industry. I was eligible for several My Community Mortgages from Fannie Mae but I have 9,500$ in charge-off in 2003 and they require that to be paid off. Anyplace else to look for a mortgage? I also have no money for closing costs but the seller is contributing 5000$ Please help, I am a single parent. ML

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Ms Lyon, good afternoon. I apologize we didn't get to your questions sooner. If you are still intere...

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Asked 03/26/2007 08:16 am CT (Kirkwood, MO)

I am trying to buy a house with my fiance', but she doesn't have much income right now in college. Her credit score is high 700s and mine is 640ish. I make in the high 40s per year. We want to buy a house in the 190,000 range so we are using her grandparents as cosigners. It will be just me and them on the loan, not her. They make great money and have credit scores in the 800s. My current loan guy is a relative and i think he might be screwing us. He seems to think that a 3% FHA loan is my only option. He says we can't do an ARM, interest only, 80/20 or anything else. i want to spend as little as possible out of pocket. The ONLY way we've been able to put a contract in is by having the seller's front our closing costs and the 3% down. No one has really been keen on the idea of the 3%, but they all agreed to the closing costs. We don't want to drain our savings to get this house and then be strapped when an emergency comes up. Do you know of any other options. I'm also in the Army if that helps.

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Bryan, you are wise to consider being House Rich and Cash Poor. It sounds like other programs (like...

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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 12/16/2006 07:24 am CT (Turnersville, NJ)

My husband & I have 2 yrs. left on a 5 yr. fixed rate @ 4.75%. The lender, a savings bank, could not include our real estate taxes in the loan. What a mistake! Too hard for us to budget. I would like to know, if I can pay off what I owe(approx. $35,000) and maybe an additional $10,000 with another 5yr. or less fixed rate that would include our real estate taxes. Would I need to finance with a bank, mortgage co., or other to have our RE taxes included? Would I have to pay closing costs? Etc... Please respond! thanks!

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Michelle, You definitely do not want to pay closing costs simply to satisfy this situation. As Prest...

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Asked 05/23/2006 02:51 pm CT (Dallastown, PA)

I was approved for an FHA mortgage for $130,000 - I make approx. $30,000/yr. When I went to sign the contract, it was for a Conventional mortgage for $131,000. With the FHA, the seller was paying $3500 in closing costs. With the Conventional, they are paying $6500 in closing costs. Is this a benefit to me or the seller?

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Hi Linda, It would appear that you are getting the better end of the deal by $2,000 ( $6500-$3500...

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Asked 04/02/2006 04:31 pm CT (Syracuse, NY)

My fiance and I are looking to buy a HUD home. Is it possible to include the closing costs and the costs of some repairs in the mortgage? We put a bid in of 122,000. What would the down payment be like?

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