Archive for August, 2008

What is a good way to get a mortgage loan for a first time home buyer with bad credit?

Tuesday, August 26th, 2008
home mortgage loan credit
neworleanshawtie asked:


I have paid off all delinquent things on my credit report and all I have on there is my carnote and my student loan which are both in good standing. I still have a low credit score which is what is damaging me right now. Any suggestions of lenders or companies that can assist me with purchasing a home?

William

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Posted in Renting & Real Estate | 9 Comments »

Can you have a home equity loan and a home equity line of credit?

Saturday, August 16th, 2008
home mortgage loan credit
Donna S asked:


My husband and I have two mortgages (an 80% and a 10%). Our banker uses the term for the “second mortgage” interchangeably with a “home equity loan”. Is it possible for us to take out a home equity line of credit at the same time we are paying the second mortgage?

Ruben

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Posted in Renting & Real Estate | 3 Comments »

Why is Stafford loan showing up as 6 accounts on credit report? Will it affect his credit for a mortgage loan?

Friday, August 15th, 2008
home mortgage loan credit
Senatorkatie asked:


I just ran my husband’s credit report and noticed that six different accounts appear for his Stafford Loan for graduate school. The loans are all through the same bank - Wachovia. Each semester they take out these loans so therefore it looks like he gets a new student loan every 6/7 months. First, can we correct this? Second, why are there six different accounts? Third, will this affect his credit score and therefore our chances of a lower interest rate on a home mortgage? Any information would be very helpful - I don’t even know where to begin.

Cory

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Posted in Credit | 2 Comments »

Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?

Friday, August 8th, 2008
home mortgage loan credit
Stephen C asked:


Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that actually makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you unless you have good credit. If your actually low income you can’t afford to buy anything on credit (even if you could find someone to extend you credit), thus your credit is considered poor because you don’t have any credit history. The catch 22.

Jo

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Posted in Renting & Real Estate | 3 Comments »

Does a VA home loan, help people with bad credit? Can you purchase a HUD home with a VA mortgage?

Thursday, August 7th, 2008
home mortgage loan credit
photofemale810 asked:


There is an HUD home for around $30000, my husband an i are thinking about purchasing, we’d need a mortgage for around $50000. We don’t have good credit, can a VA loan help with that? Any other suggestions?
Just to clarify, the house is valued at $78000, but has been on the market for 2 years, which is why the broker has lowered the price to 30000.

Rosa

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Posted in Renting & Real Estate | 3 Comments »

My credit median credit score is 760. Shouldnt I be able to get the best rates available for a mortgage loan?

Tuesday, August 5th, 2008
home mortgage loan credit
t_williams_1 asked:


When I tell a mortgage company about my credit score, it doesn’t seem to help any in getting the best rates available. How much does your credit score “HELP” you? I know that it can hurt your chances of getting a good rate on a home loan.

Raymond

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Posted in Renting & Real Estate | 9 Comments »