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Asked 08/11/2009 12:20 pm CT (Camden, NJ)

hi i am currenly looking to buy my first house i have an icome of 30000 my wife bring about 40000 but have a defalut in his student loan can we have a mortgage togerther i dont have credit .i want a mortgage of 150000 or do i need co sign and can i have a joint income with my wife or it is wise to go it alone

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Asked 07/22/2009 08:53 pm CT (Atlanta, GA)

i am self employed and my taxes don't show enough income to re-fi- my wife job net about $225 amonth and i had a loan modication 2 years ago and it is coming to a end and my mortgage lender say's i can only have one per life of loan. what can i do now if that is true and if i still can afford the payments

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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 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

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Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 02/10/2009 01:39 pm CT (Montgomery, AL)

HELP!!! My husband and I are trying to refinance for a lower payment, but we cannot find a lender to refinance. Our interest rate is a 20yr fixed @ 9.25% and we owe @105k. My credit score is 715, but my husbands is 566. My debt to income ratio is too high to refinanace by myself. What should we do?????

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p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ ...

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Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

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Asked 01/26/2009 11:02 am CT (Boise, ID)

My father passed away in June and left my sister and I his home which has 60k owed.I have been living here and paying the payment monthly as well as keeping insurance and such on it. I don`t think I would be able to qualify for a new loan even though we have excellent work and income. How could I buy my sister out and stay in the home.I don`t have cash on hand right now.. Thanks

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Consult a local mortgage broker who can determine whether or not you can qualify for a "cashout" ref...

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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...

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Asked 01/07/2009 08:28 am CT (Hempstead, NY)

I want to buy a home and all my credit scores are above 750 and I own a business. Problem is, even though i make enough, I do not have all the proper documentations to prove all of my income. I also saved up about 17000 as a down payment. My question is, can i still get approved in this economy for a home loan with what I have? And if so, who is best to turn to? I am Twenty seven yrs old

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Hi Angela! Congrats on yoru business and being financially disciplined to save up the money. T...

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Asked 01/03/2009 06:33 pm CT (Columbia, SC)

I am interested in purchasing a rental property that has current leases on both apartments in the duplex. Does the rental income count towards my income when applying for the loan?

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Asked 12/29/2008 02:35 pm CT (San Francisco, CA)

I just got married. My credit score is 795 while my wife\'s is 550. We are still a couple years out from house purchase but want to qualify at the lowest possible interest rate. Some have suggested that we buy the house in my name only. If we do so, how is income qualified? Should we be filing our tax returns seperately as opposed to joint? Thanks for your help. Dave

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Hi Dave, If you are still a couple of years out from purchasing a home then I'd suggest focusing ...

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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 11/12/2008 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 11/11/2008 01:18 pm CT (Waterloo, IA)

My husband and I are currently renting a two bedroom house, but 4 months ago we had our second child so we are now looking to BUY our first house. I have poor credit and my husband has no credit. We are current on all of our bills and my husband just got a new job 3 months ago. My husbands take home pay is about $3200.00-$4000.00 per month. I get paid an hourly wage, but also make commission which makes it so i can't prove my income but I bring home about $1200.00-$1600.00 per month. My husband did have a judgement against him because someone didn't pay a bill they were suppose to pay- but we are now paying it. We need to move to make room for our family.

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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 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 10/07/2008 07:42 am CT (St. Petersburg, FL)

Me and my fiancee are in a bit of a mess. He is not working as much right now due to not enough work going on so the only income is mine which is not enough. Our 2 yr fix rate will be up April 2009 so getting very scared. We are having a hard time getting people to help us either refinance or anything. We talked to our mortgage company and they seem hopeless. We owe more on our house then what is worth. Is there anywhere we can go that can help us? Pretty much have given up.

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Celeste - you still have time on the 2 year ARM, so don't get discouraged yet. Are you at least abl...

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Asked 08/11/2008 10:12 am CT (Prescott, Ontario)

Who qualifiies as a co-signer? Does someone who's only sourse of income, a pension, qualify?

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Yes they will qualify as a co signer but remember they will count that persons debt in the ratio....

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