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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 06/01/2009 01:27 pm CT (Mansfield, OH)

I went through a bad divorce in 2001.And I ended up with all of the dept.I had to file bankrupptcy chapt 7 I think.Well.with the economy I lost my job in November 2008.Had a house fire in December 08 2 weeks before x-mas.Well we lost all of our vehicles 3..and we are getting sued by ins comp ,student loans,the leftover balance on vehicles.We can not even keep our head above water.We are sinking.My question is.Can we file bankruptcy????We have no other choice.It is at a point where it is taking a toll on my husbands health?

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Asked 01/20/2009 04:18 pm CT (Bartlett, TN)

SHOULD I COMBINE MY CURRENT LOANS 30YR (6.75% OWE 25YRS) EQUITY (8.875% OWE ABOUT 7 MORE YRS). THE NEW RATE IS 4.8 AT 15YRS. GOOD IDEA OR NOT?

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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Asked 12/19/2008 11:46 am CT (North Las Vegas, NV)

I have a 4 bdrm 2 1/2 bth 2200 sq ft 4yr old home in a 1 story community. I paid $341,000 for the home and received 32,000 in free upgrades. It is a upscale home with a 17ft granite bar maple cabinets all with roll out drawers, Huge pantry and laundry room. Large lot with long flat drive landscape front and back with huge back covered patio. I put down $64,000 down and the home is now worth maybe $250,000. I took 1 of the choose yr pmt loans and have been adding $700.00 per month for about a year as I could no longer afford even the interest only pmt. What can I do if anything to keep my home or do I just walk away from $64,000 dwn pmt and all the pmts for 4 yrs??

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Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

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Asked 12/08/2008 12:29 am CT (Philadelphia, PA)

i have an 80/20 loan, which I had since i got my home. do i need to refinance both loans for an FHA loan

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The answer is no. Using a cash-out FHA loan, FHA will allow you to subordinate the 2nd mortgage to ...

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Asked 09/09/2008 04:57 pm CT (chicago, IL)

Are VA loans more stringent than the traditional home loans? Thanks,

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Asked 08/22/2008 06:16 pm CT (Oxford, MA)

I have a loan I refinanced. The interest rate jumped from 6.875 to 7.875 on day of closing. My broker's name was 'HLFS' who recieved $4k. My loan package contained a lock doc saying 'First Horizon Home Loans' was a broker with 1.000 at 6.785. First Horizon was the lender. Three questions: Did First Horizon take a 'base' commission in addition to HLFS? Did HLFS get a YSP in addition to $4k? Is there a base commission at 1.000? AND ... Are there any HONEST brokers out there????????????????????????????? I need to refinance.

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Hi Jim, Do have copies of all of your paperwork? It is possible that First Horizon, charged you a ...

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Asked 07/09/2008 04:59 pm CT (Huntington, WV)

I recently was approved for a VA home loan. When the paper work went to the underwritter I was required to write several letters. 1 explaining why I filed bankrupcy in 2002 2nd since I was retired What I was going to do to be sure I pay my bills on time/live within my means on a fixed income 3rd What I have learned from past derogatory credit history that will help me continue to make payments on time. Then they requested 3 months of bank statements on how I spent my money. According to the Veteran Admin website they should only hold bankrupcy against you if it is 2 years or less. My credit scores were in the 600's highist 658. They approved the intial loan application. But when the underwriter got it it was everyday want a letter treating me as a little kid. This company only does VA loans Can they do this? make you write letters, explain and prove how you spend your money?

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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 04/14/2008 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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Asked 03/21/2008 07:01 am CT (Sevierville, TN)

With the recent Fed rate cuts, do you think the interest rate on new home loans will come down and if so, how soon?

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Randy. Contrary to popular belief (and that of the media) when the feds "Cut rates" that can be vie...

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Asked 03/12/2008 07:34 pm CT (kitchener, Ontario)

Hi, I was wondering if you could help me with some information. I make $30,000 a year and have near perfect credit , no debts other then $1000 on a Credit Card and payments of about $15 a month , My work covers all my Cell phone bills , Gives me a Car and Fuel card , plus all upkeep , The only real bill I have is Rent. My Girlfriend on the other hand , has recently gone though a bankruptcy in the last 2 years. Has some Student loans and is trying to re-build her credit but don't have much of a new history since the bankruptcy. However she makes 50,000 a year and pays all the bills for the place we rent no problem. We are planning on buying a home in the future but are not sure what are price range would be. I have been looking into putting it just in my name but all the online quote calculators I try give me low numbers. Any info would be great. Thanks

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Here is how it works if the BK is over 24 months and with a good letter of explanation both of you c...

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Asked 03/05/2008 05:48 pm CT (fayetteville, NC)

MY LOANS HAS BEEN APPROVED BUT NOW IT IN UNDERWRITING. IT HAS BEEN 3 WEEKS SINCE I HEARD FROM THE LENDER ON YEA OR NA.WHATS GOING ON?

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3 wks is unacceptable if you haven't heard from anyone on status. That's a long, long time for under...

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Asked 03/01/2008 08:15 pm CT (South Bend, IN)

I have a credit score just over 700, a steady job, I own my car outright, and have about 12k of school loans. (no credit card debt). I make just over 33k a year and am wondering if I could ever get approved for a mortgage with such an income. Should I bother applying?

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Of course you can, Tracy. Questions are...can you afford the pymts AND is the approved loan amount ...

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Asked 02/29/2008 10:51 am CT (Minniapolis, MN)

I was wondering, there are several new construction homes going up for forclosure and My wife anfd I were wanting to try and get into one. The problem is our credit is not good, Im about a 545 and she is 530. the house we are wanting is 200,000. She does not work and I work seasonaly. I really cant prove my income. Is it possible for us to get into a home with no money down. I have a mortgage right now and have had it for about 7 yrs and have about 6 30 day lates...My wife is not on my hoe laon or car loans. Is this possible?

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It's not realistic. Work on building up a down pymt and improving your credit score. That will go a ...

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Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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Asked 02/02/2008 08:42 am CT (Bartlett, TN)

Someone told me you can't have 2 mortgage loans at the same time on property within 100 miles of each other. Is this true? I am interested in flipping a house and currently have a low balance on my existing mortgage.

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Racer, that statement may stem from having an owner occupied dwelling and a "2nd home". Some lender...

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Asked 01/27/2008 04:48 pm CT (The Woodlands, TX)

After a nasty divorce in early 2006 and a huge dispute with a loan, that has yet to be resolved, my credit rating is at an all-time low of 518. The dispute with the loan will be resolved and removed from my credit in September 2008. In the meantime, my husband (who has a FICO of 670, because he has new credit - no true negatives) and I have been building a house in Texas that will be ready in late February of this year. We have around 5% to put down (11-12k) on a loan house purchase price of $259,000. Our income combined is $112,000 per year. We both make exactly $45,000 per year, plus his military pension of $12,000 and an additional $10,0000 in yearly income (yearly gift from my parents). We were originally told we could get an FHA loan, even with my credit, and we believed it. Unfortunately, I was naive enough to not check deeply into the FHA loans and the person arranging the loan was from New Jersey and didn't find out that the FHA loan limit in TX was $201,000. Not having $58k for a down payment, this was not an option. Now, with a brand new house looming ready in four weeks, we are desperate. Is there any way we can get a loan for this house with my 518 credit score, his 670, our low down payment and our income???

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Dear Ready to Buy Your Home, I'm was sorry to hear about your experience withthe FHA. I am in D...

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