 ARM vs. Fixed Rate? |
We can either get a 5/1 ARM or my parents can loan me money and we can get the fixed rate for 30 years. Which would you do right now???
Additional Details
I will pay my parents back by ... |
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 How do I get into real estate business? |
| Everytime I ask around to find out how to get into the business they always tell me you need a lots of investment. It is very discouraging..so I need help! Is there a webstie?... |
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 I am moving into a new apartment July 31st and came to agreement that this would be okay. Apt managemis tryin |
| to change move in date to the 20th of july whis is total bs and will cost me an additional 400 dollars that I am not willing to spend. My rent is paid through the first at the place I live at now. I... |
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 Can a tennant give a 30 day notice and assume the security deposit will be used? |
| When you give a 30 day notice for example of the 27th, on the 1st do you still have rent due? Is it fair for the tennant to ask that the security deposit be used as rent?... |
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 Question about refinancing my home.? |
| Say, for the sake of arguement, that I currently have a mortgage for 100K. I heard that I can refinance my home (at whatever the current market interest rate is, which just happens to be lower then ... |
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 My Mother in law has messed up our mortgage payment and I'm worried? |
OK this is going to be long so bear with me.
Last year we fell into arrears with our mortgage. We went to court, a suspended possession order was granted, but we managed to raise the ... |
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 NEW home buyer question?? |
| Im looking to purchase a new home if i find a house selling for 80,000 but worth 100,000 can i get the loan for what the house is worth so i can have extra money to take care of other things???does ... |
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 I'm looking to move down south. I need suggestions and/or recommendations for which city to move to? |
Hello,
I am currently a resident of Buffalo, NY. I have about a year and a half of school left (I'm in grad school).
Anyway, 27 years of cold weather, high taxes, and a ... |
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| People who rent - I need an idea of how much I can expect to pay on bills each month? |
It will be a small house, not sure which council tax band. I know it varies, i just need a rough estimate
Additional Details
I'm talking about bills, beside rent. i.e water, gas, ... |
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 When you purchase property, are items left on it yours after closing? |
| I recently purchased 2 acres of land in the country. The day of closing, I went first out to look at it again, and I noticed that there was still a box blade for a tractor on the back of the ... |
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 If a potential landlord says he'll call tonight, but doesn't, should I call him? |
| I was told that I was on the "very short list" of people he would rent a house to. He said he would probably be making calls tonight. If he doesn't call me by 8 PM, should I go ahead ... |
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 Can i sell property by eBay? |
| i would like to sell my old house in Bulgaria, can i use eBay for this purpouse?... |
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 I own my own condo. I am going to be travelling abroad? |
| I own my own condo. Lovely condo. All mine. Right by the lake. I will be travelling for a few months, back to my country. Some people will be coming into redecorate, and a co-worker coming in a ... |
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 Any lawyers in the house ? |
| I took out a mortgage to purchase my home before my husband and I got married although he did come and live in it with me. We are married now and I was wondering, if we split up, would I have to ... |
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 How to resolve foreclosure? |
Where do I start...
Ok, My boyfriend foreclosed on a house about 2 years ago now after trying to sell it for about 5-6 months. This all spiralled from losing his job when his company shut it'... |
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Direktor | Can theses two credit scores get into a house? |
656 and 660?......Can we get a loan?.How much of a loan can we get? |
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ogrendle
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Yes, you can get a house. The lower your credit scores the more interest you will pay. Low score= high risk. It isn't really true but that is how lenders see it. Get a Buyer Agent and have them refer you to Rural Development and your state Housing Authority. For buyer agent info go to jackosullivan.net and go to kinks page and click on the REBAC link. Rember sellers pay the agents. Not the buyers
Good Luck |
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Daron C
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yes. you could go with pretty much any lender. most lenders will give you 100 % financing with a credit score of 580 or better. How much will depend on your income. If they think you won't be able to afford the mortgage. They may lower your loan amount. |
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Morpheous
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Yes, you can get a house. Your credit score and history aren't the only factors on the ammount of money you can borrow. There is also income and job history that banks will look at. Talk to a mortgage broker. |
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gtofinancial.tomvoli
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Score rates you as a B paper product and definitely worthy of credit but the amount depends on other factors.
Here is some helpful info |
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David P
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those scores are great, i'd do you'r loan for you all day, thats an "A" loan for sure. |
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sheristeele
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I was told when going for a first-time homebuyers loan, that 620 was the minimum. Would also depend on other factors though: your spending routine, your income, the amount of money you have in bills. When you go to the bank, ask about speaking with an individual that can explain these things to you. Your credit scores are ok. |
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brayn r
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yes they can. And I will Help. Call me @ 404-644-6119 |
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NONAME
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Yes, most likely.
Since you only have two scores, it's likely you have very "thin" credit, meaning you don't have many accounts. No score with one bureau means there's no active account in the past 6 months, typically.
This can potentially mean that your scores might not be considered "valid". Usually, lenders want to see 3 different tradelines with at least 2 years of reporting. Some will be ok with less. Hopefully you have a verifiable rental history?
You question of how much of a loan you can get is impossible to answer. It depends on your income, down payment, and other liabilities (monthly debts).
Figure out your gross monthly income (BEFORE taxes and any other deductions). Add up your monthly debts (not utilities like phone, electric). Just stuff like car loans, student loans, credit cards. The monthly payments are what we qualify with. Take your monthly income and cut it in half. Then subtract all other monthly payments. The number left over is a very rough (and aggressive) amount of what your total monthly mortgage payment could be, including taxes, insurance and mortgage insurance.
So, for example, let's say you make $4000 per month. Half of that is $2000 per month. Let's say you have a car loan for $300/mo, and two credit cards with $50 in minimum payments. Subtract $350 from $2000, and you've got $1650 available for a housing payment. I'd take 75% of that as what's available to pay the mortgage, 25% for taxes & insurance. $1237.50 at 6.5% will get you a loan amount of about $195K.
At 6.5%, you should be able to multiply whatever number you get as your mortgage payment by 158 and get a very rough estimate on what you could qualify for.
Or you could call a couple local mortgage companies and get some real quotes... |
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Josi
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You shouldn't have a problem getting a loan with those scores.
You won't get the best interest rate being offered right now, but if you've decided to buy a house, that probably won't stop you anyway.
The amount of the loan depends on many things, like your income, and your disposable income.
Just because you qualify for a huge loan, though, doesn't mean you have to spend that much. It doesn't mean that you can afford the big payment or want that much house.
I hope all works out well for you!!
Good luck! |
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pontooner
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Those scores should be fine with or without money down. The reply that suggest to find your local Rural Development is right on. Most areas qualify, not just rural properties. Probably the best loan out there for no money down! Most lenders will do Rural Developments "Guaranteed" loan. That means no mortgage insurance for you if less than 20% down. You should also get the best rates avaliable on a 30 year fixed on this program and they let you borrow your closing cost too! Good luck. I've been a mortgage banker for over 6 years. |
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