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Search: "Excellent credit"

 
 

Asked 02/28/2009 01:54 pm CT (ogden, UT)

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done?

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Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a...

[ Total Answers: 2 ]

 
 

Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

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Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

[ Total Answers: 1 ]

 
 

Asked 01/10/2009 05:33 pm CT (Peoria, IL)

We purchased our house in September of 2008. We have excellent credit but did not receive a good rate. We think our rate should be lower than 6.5%. We would like to refinance but do not know where to turn and a couple places said to wait a year. What should we do?

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Jane, I would need more information to advise you. I need to know what your loan is compared to th...

[ Total Answers: 1 ]

 
 

Asked 08/10/2008 05:07 pm CT (Vero Beach, FL)

interested in purchasing $900,000 house... will put 20% down... excellent credit... what is best option for lowest payments, etc, as I hope to stay in it for>10 years

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Although combining a conforming first with a HELOC may give you the best rate on the first mortgage,...

[ Total Answers: 3 ]

 
 

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 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...

[ Total Answers: 1 ]

 
 

Asked 01/24/2008 05:55 am CT (tobyhanna, PA)

Is there any way to get out of a ARM mortgage with a high rate of 8.150% without paying a $5,000.00 penalty fee? I owe $108,337.00 and I have never been late with a payment and have excellent credit. I have 2 more yrs. on the Arm.

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Maureen,. You should give me a call to discuss the details. I am very local to you and would like t...

[ Total Answers: 1 ]

 
 

Asked 08/27/2007 12:40 pm CT (New York City, NY)

What are the possibilities to get a mortgage if you\'re an illegal in this country? (Have a SSN, pays taxes, excellent credit rating).

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Illegal aliens do not have SSN's or Tax IDs. Atleast not legitimate ones. Are you referencing a No...

[ Total Answers: 1 ]

 
 

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....

[ Total Answers: 1 ]

 
 

Asked 04/14/2007 09:02 am CT (san diego, CO)

My brother purchase my cousin's home to help him out. My cousin was about to loose his home and asked us (my brother and I) for help. So in the end we bought his house last August 06 and he in turn will continue to live there and pay for the mortgage. To make the long story short, my cousin now is giving us a run around and is always late to a point where according to him he can't really afford this house. What can we do? The house is worth 362k bought it for 350K. Not sure if we can sell enough to pay for closing cost, etc because the house is in bad shape. Needs lots of cosmetic work. Can we return the home to the bank without foreclosure. My brother has excellent credit and we don't want to ruin his credit score. What are our options?

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Hi Wendy if your brither turns the house over to the bank then he will have a foreclosure on his cr...

[ Total Answers: 1 ]

 
 

Asked 04/02/2007 03:22 am CT (Billerica, MA)

I am renting a single family home. The owner lives in another state and has decided that he can no longer carry the mortgage as he is charging me less rent than he pays out monthly on the property. He says to stop paying him rent as he is going into foreclosure and will negotiate with the mortgage holder (holders?) to try and sell short and get me into the ownership of this house. I have zero money down but could pay closing and have an excellent credit rating/history and both my wife and I have scores from the mid to high 700's. Should I bail out or try to fing the mortgage holder (how?) to negotiate a deal?

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Hi Stephen: The main concern you need to ask yourselves is this: Are we happy living in this home ...

[ Total Answers: 1 ]

 
 

Asked 11/07/2006 07:26 am CT (Rolling Meadows, IL)

hello, I have a few questions I wanted to ask: 1. If a house / condo has equity (lets say $15,000) - Can I take out that equity at the closing to help pay for renovation or to simply help make monthly payments on mortgage? 2. If so, is there a limit in equity amount I can take out at the closing, or I'm free to take out as much equity as there is in a house? (for example, if there is $20,000 in equity - can I take all $20,000 or only a certain percentage) 3. I'm buying a condo right now and I will have $180,000 mortgage. This is my first mortgage. I do not have money to qualify for an additional standard mortgage. If I find a property that has large equity that I can take out at the closing to help pay monthly fees, can I quality for an "investment property" loan in that case? 4. If so, having a excellent credit rating (775), using interest only loan - do I have a chance to quality for let's say $300,000 loan? 5. If I'm a disabled veteran with 30% documented disability and I'm currently a student - does it make any difference (interest discounts, etc) when qualifying for an "investment property" loan?

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Vadim, I would suggest that you find a trusted mortgage advisor in your area that you can sit and t...

[ Total Answers: 1 ]

 
 

Asked 07/12/2006 06:24 am CT (Atlanta, GA)

My wife and I are in the process of buying property on a lake in Georgia. While the value of the property is in the lot/property, there happens to be a 1988 mobile home on the property. The structure is in decent shape and is definately liveable. In the long run, we will tear down the mobile home and rebuild when we are ready to retire, but until then we could at least use the property on weekends etc. Here is where my questions come in: 1) Although we have excellent credit (both of us have scores around 800) and a 10% downpayment, we are having a hard time finding a lender because of the mobile home. Appraisals in the area clearly show the increasing value of the property and it's hard for us to understand why lenders seam to be against lending where mobile homes are concerned, especially when compariable lots with no structures are selling for the same proice? 2) In an effort to get around the mobile home issue, we have tried to by the property as a "land only" purchase. If you are buying just the property, why would lenders have issues with the mobile home? For some reason we are encountering this issue as well. 3) Finally, why is it that you seemingly cannot secure a 30 year fix rate mortgage for just property/land (no house on property), but are forced to use 15 or 30 year adjustable rate mortgages? If you are putting down 10-20%, have excellent credit, and the property appraises at or above the selling price, what is the rational for not providing 30 year fix rate mortgages? Thanks for your answers.

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Hi Randy, It looks like you've done your research. All of your intial thoughts are accurate. Mos...

[ Total Answers: 2 ]

 
 

Asked 06/02/2006 05:56 am CT (Orange, NJ)

My mother has signed over her house deed to me about a month ago. My goal since is to get a new mortgage paying off her mortgage balance of 87K and using 30K for repairs and upgrades. The house is worth about 250K. I have no debts beside my own mortgage, a steady job and excellent credit. I am told that I cannot refinance the property for another 5 months and I must live there as well to get the best rates. What is the best way of getting a new mortgage now before the rates climb even higher.

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Pete, You need to find a broker that can do a non-owner occupied home with no seasoning on title....

[ Total Answers: 1 ]

 
 

Asked 03/28/2006 07:14 pm CT (birmingham, AL)

My wife has excellent credit ,and my credit is only fair. We both make close to 30,000 dollars a year and we are first time home buyers. How will my credit affect our mortgage approval?

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Your credit can affect your options if you want 100% financing you with need a 580 or better (midd...

[ Total Answers: 2 ]