Archive for June, 2008
Sunday, June 29th, 2008
Deby asked: We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
Arlene
Tags: Bad Credit, Credit Scores, Mobile Home Loan
Posted in Renting & Real Estate | 2 Comments »
Saturday, June 28th, 2008
Kayak Queen asked: There are credit issues and the loan package has gone to underwriters. We’ve been dangling for nearly 3 weeks without a ‘yes’ or ‘no’ on our loan status. We’re considering taking our data and seeking another mortgage company to service our loan, but we don’t know if the long wait is normal or if we’re being put on someone’s “back burner”. Are we being strung along or just impatient?
Thanks for all the answers! We were able to resolve the problem today!
Vanessa
Tags: Long Wait, Mortgage Loan, New Home Loan
Posted in Renting & Real Estate | 5 Comments »
Saturday, June 28th, 2008
bubbaboeing asked: Do they still have to obtain their own copy of my credit report?
This is for a home mortgage loan; first time buyer.
Caroline
Tags: Credit Reports, First Time Buyer, Mortgage Lender
Posted in Renting & Real Estate | 7 Comments »
Friday, June 13th, 2008
loulu asked: Many years ago when my husband divorced his ex-wife, he was self-empoyed and missed several payments. Four years ago, he filed necessary documentation to have the arrears included with his monthly payments, increasing his payments monthly to include an additional $100. After four years, the Texas Attorney General’s office is showing it outstanding and consistently late. We are trying to purchase our first home but are having trouble getting the financing as his FICO score is reflecting this issue. What can we do to get around this issue and get approved? We have documentation that shows he is current on child support and current on the agreement to pay arrears.
Kristin
Tags: Child Support, Mortgage Loan, Necessary Documentation
Posted in Personal Finance | 1 Comment »
Thursday, June 12th, 2008
Fancy Mc Pants asked: My credit is absolute crap from my former marriage (wife spending caused me extreme financial burden). When I say crap I mean bottom of the barrel.
I work from home and make between 5-7k a month. I want to move from California and relocate to GA where the housing is very cheap compared to here. I can easily afford a 500/mo mortgage on my income… But could I even get a loan despite my horrible credit? If so how much down would it take to get the loan?
Andrea
Tags: Bad Marriage, Bottom Of The Barrel, Mortgage
Posted in Renting & Real Estate | No Comments »
Thursday, June 12th, 2008
angelablnt asked: I have had credit trouble in the past. I am now trying to rebuild. I am finding it hard to get a mortgage loan or a major credit card. I have read stories about people getting loans with credit scores lower than mine. I found National City bank on a web site with stephen’s life after bankruptcy newsletter. Where are people getting these loans, with low credit scores. I live in Alabama. I can’t get a bank loan. I am not in bankruptcy. Please tell me the names of the mortgage companies that can work with me. I have read stories where people credit score is in the 500’s. They are buying cars and homes right after they file bankrupt. Thank you
Gladys
Tags: Bank Loan, Credit Card, Mortgage Loan
Posted in Credit | 13 Comments »
Thursday, June 5th, 2008
outtahere asked: We want to help my nephew buy our little condo. He and his wife pay 800/month rent now and probably can’t afford much else.. We would sell it to them for 142,000. We don’t want mortgage brokers to contact us….we just want information on the types of special loans available to first time home buyers (low interest rates, etc). Could they afford to do this with very little or no money down?
Thanks in advance!
By the way, we don’t own it free and clear. We have a loan on it now and our payment is around 800/month but we put quite a bit down.
Florence
Tags: First Time Home, Nephew, Thanks In Advance
Posted in Renting & Real Estate | 5 Comments »
Sunday, June 1st, 2008
PrincessB asked: Today I have 564 588 654…I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for $160,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at $162K, I am paying over $5K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?
Howard
Tags: 100 Financing, Debt Ratios, Fixed Rate
Posted in Renting & Real Estate | 3 Comments »
