Archive for February, 2008
Thursday, February 28th, 2008
kajemarine15 asked: I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly $1500 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?
Albert
Tags: Funny Thing, Mortgage Minnesota, Rent
Posted in Renting & Real Estate | 4 Comments »
Wednesday, February 20th, 2008
cjt asked: We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.
Jack
Tags: Closing Costs, Loan Balance, Refinance Mortgage
Posted in Personal Finance | 1 Comment »
Tuesday, February 12th, 2008
c murk asked: My husband has limited credit (590 credit score) But nothing bad on his credit. Does anyone know which mortgage company is most likely to approve us for a loan as first time homebuyers and 100% financing?
Shirley
Tags: Best Mortgage Company, Credit Score, Home Loan
Posted in Credit | 5 Comments »
Sunday, February 10th, 2008
cornfed asked: im 41, single mom. ive got bad credit
good work experience(6 years same job) and can prove address stability?
Yvonne
Tags: Bad Credit, Home Mortgage Loan, Work Experience
Posted in Renting & Real Estate | 3 Comments »
Sunday, February 10th, 2008
ehauber33 asked: My husband passed away 2yrs ago, we didn’t have credit life on our home equity loan. He ran a family business next to our home, needless to say his fanily messed me over. I was left with nothing but a high mortage payment. Does anybody know if some banks still might pay off your mortage, or are there any programs out there for assisting me. Any info would be greatly appraciated. Thanks
Gerald
Tags: Banks, Family Business, Mortgage Loan
Posted in Renting & Real Estate | 2 Comments »
Thursday, February 7th, 2008
badgirl asked: BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
Comments/suggestions?
BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their “interest” back.
Floyd
Tags: Interest Rate, Rebuild Credit, Shitty
Posted in Credit | 11 Comments »
Wednesday, February 6th, 2008
karma l asked: looking to get home loan, my relative has both excellent credit score of 790 and has income of about $ 2100 monthly and my relative has documents like pay checks and tax return documents to prove his income. I myself too have very good credit score of 756 and I do a self job and can’t prove my income as I don’t have any documentations to prove income.
Will that be a problem to us for getting approved for a loan amount of about $250k?
I am going to file tax return very soon so I can prove my imcome to home loan lender.
Will we both be subject to income verification despite the very good credit score?
What do we need for approval process? documentations?
Thanks
Robert
Tags: Checks, Excellent Credit Score, Proof
Posted in Personal Finance | 1 Comment »
Wednesday, February 6th, 2008
Shawn asked: Currently renting and the home owner is putting the house up for a short sale at 60% less then the original value of the home. But our credit is terrible. However we have a solid income.
Joan
Tags: Private Loan, Renting, Short Sale
Posted in Renting & Real Estate | 6 Comments »
Monday, February 4th, 2008
shon h asked: For example, we are buiding a home for $300,000. We need a loan for $200,000 and our land is worth about $30,000. Do we receive “credit” for a clear lien - making the loan amount actually $170,000?
Bernard
Tags: Building House, Home Mortgage Loan, Lot
Posted in Renting & Real Estate | 2 Comments »
