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Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

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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 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 11/26/2008 09:55 am CT (Bowling Green, KY)

I'm a single father raising my 2 sons. I refinanced my house with a 95% loan a couple of years ago with a ARM after my divorce. I make all my payments on time but it's not always easy. With the drop in housing prices I'm sure my house is not worth what I owe and my rate changes next year. With all the buzz surrounding the "bailouts" does any of this pertain to me?..Does it help me at all?

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The bailout does not apply to you however the current economic environment is helpful in your situat...

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Asked 08/15/2008 08:45 am CT (Sebastian, FL)

On a 100,000 home purchase price with 15% down, what current interest rates for a 30 yr and 15 year $85K mortgage, with a 716 fico would I get? Thank you.

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Phil, I have a couple of questions. What city and state is this home purchase going to be in. Als...

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Asked 08/14/2008 06:53 am CT (land o lakes, FL)

I need to take out a second mortgage on my property for a down payment on a short sale house. I currrently have my property up for sale and the lender refused me. I have a 791 credit score and owe $245,000 on a house worth $425,000. I do not want to lose the short sale as i picked it up at a great price. What can I do I need about $65,000 for down payment?

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James is right. A bridge loan is your best bet. There are a few ways this can be structured. If y...

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Asked 08/07/2008 10:07 am CT (Ann Arbor, MI)

My husband and I are looking to purchase a property that is listed as Bank owned. The asking price of the house was recently reduced by $20,000 and the property is vacant. But it also says that it is a short sale. How can it be both? and where does that leave us in the negotiating process?

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It cannot be both. Who are you negotiating with on the purchase? Drew 248-356-3739 x301 x205...

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Asked 07/09/2008 06:35 pm CT (Ragley, LA)

We ordered a new mobile home. The seller has changed the price on the home twice. Now the home is on our land and the seller is trying to change the price again. Can he do this? Our home also has water damage and mold due to the manufacturer not tightening our water lines in the house properly. Can we send the home back without hurting our credit or am I stuck with a 115,000 home full of damage that no one will come fix?To top it off the seller hired contractors to due the improvements for the land and went over the cost we agreed on in writing. My runners have cracked and the contractor won't fix it, but wants full payment.Now my wall is cracking due to the crack in the concrete. What are my rights?

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Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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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 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 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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Asked 01/22/2008 05:10 pm CT (cambridge city, IN)

Hello. My situation is this. We have been trying to sell a house for 3 and a half years almost. It does need a little work but it's priced reasonably at 58,000. We went ahead and built a brand new home because we could afford two house payments. We are thinking of filing bankruptcy to get out from under that house because we don't see any other way. Our market is extremely terrible here where we live. Houses are sitting for years. If we were to file a chapter 13 bankruptcy how much of the 60,000 that we owe on that house would we have to pay back? Also would filing bankruptcy affect the new house? Would they be able to mess up our loan on the new house or take it away from us? Thank you for your information. Ray

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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 01/18/2008 02:10 pm CT (Knoxville, TN)

If your residence is foreclosed upon in Knoxville, TN how long before you can be evicted by successful bidder. Also what is the bidding price that would be accepted by lien-holder. Thank You

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Asked 11/09/2007 10:37 am CT (Sacramento, CA)

When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?

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David, I have access to an excellant loan program taht will take into account the future value of th...

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Asked 10/29/2007 02:13 pm CT (BRONX, NY)

I WENT TO A HOUSE OPENING, THE HOUSE WAS GOING FOR $659,000.00, I MAKE AN OFFER FOR $650,000.00 THREE DAY LATER , THE OWN SENT THROUGH MY AGENT,STATING THAT HE WILL ACCEPT $665,00.00. PLEASE EXPLAIN SOME OF THE REASON WHY HE WOULD INCREASE, AFTER STATE ONE PRICE FIRST. THANK YOU

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Ask your agent to ask their agent.

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Asked 10/14/2007 01:18 pm CT (Little Rock, AR)

My husband and I are first time home buyers and will have some money for down payment/closing cost. We were wondering if it is possible to get a loan for more than a price of a home to buy furniture or pay off a car etc?

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No and Yes. No you cannot borrow more than sales price to payoff debt but there are still 100% fina...

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Asked 08/29/2007 12:42 pm CT (New York, NY)

If i agree to purchase a house for $3 million, but the house is appraised at $13 million, can i borrow more than the agreed purchase price of $3 million from a bank (or mortgage broker)?

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Hello Joseph - Yes, but typically it would need to be in two loans. The first transaction would be ...

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Asked 08/18/2007 01:21 pm CT (westbrook, ME)

me and my girlfriend want to buy the house we live in the price is $231,000 we have $300,000. our credit scores are under 500. could we buy it out right (there is a house around the corner that we love) buying this house and get a 2nd mortgage to buy the other house I can rent this house and a small attached apt for $1800 a month. and how long will we have to wait to take a mortgage out on the house after we buy it

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You may want to consider private contracts with the sellers. They may require large down payments as...

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