 Does my landlord need to replace the broken refrigerator? |
| When I signed the lease and moved into my apartment 3 months ago, a refrigerator came with the apartment, and it worked fine. Well this week it broke. My landlord came over to inspect it, but doesn&... |
|
 How do I get my mothers house? |
| My mother lives by herself in a huge 3 bedroom house in Hampstead that she's been in since the late 1960s. It's a (Camden) council house. She unfortunately is an extremely agressive nasty ... |
|
 If you live in an apartment or rent a house.....? |
| How do you pay for it? Like do you have a good paying job? Just wondering. I make $10.40 an hour and it seems like I will NEVER be able to afford my own place. :(... |
|
 Girlfriend and I bought a house together. We broke up and I want the house in my name whats the first step? |
| We seperated over a year and a half ago. I have been paying the mortgage myself since without a problem. She has told me she will have her name taken off the mortgage but it hasn't happened ... |
|
 Does the seller have to lower his asking price? |
| We are In the process of buying a house, we had the property we are wanting to buy surveyed (home buyers pack) and the bank (barclays) value the property £13,000 less than the asking price we ... |
|
 Please help? I am selling my home and my buyer wants to move in before the closing day.? |
| We tried closing twice before but it was contingent upon him selling his house in Maryland, which eventually got sold on Friday. Would you let someone lease or possess the house before closing? A... |
|
 Rent is dead money ? |
| heard so many people refer paying rent to money down the drain, but what about interest from mortgage ? isnt that money down the drain also ? only interest go to brank's drain , while rent go to ... |
|
 Do I have to tell my landlord I lost my job? |
I've been retrenched from my job and I'm looking for work, I have enough money to keep paying rent for another 3 months.
Do I legally have to tell my landlord I'm currently ... |
|
 What else do estate agents do? |
From what I can tell they…
1: Take bookings and show people around your property.
2: Advertise your property.
3: Inform you of any bids made on your property.
Is ... |
|
 What to do about noisy neighbors? |
| I live downstairs and the other neighbors live downstairs as well. They play there music loud to annoy me and I have to turn my TV up, but then they blast there's and I still can't hear ... |
|
| Should I buy a 900 sq ft home for $70,000 or a 1300 sq ft mobile home for $55,000.? |
The house is complete but basic. The mobile home has all upgrades.
Additional Details
I'm 42. No children at home. House or mobile home would go on same land which is not in a ... |
|
 Can a 16 year old get an apartment? |
| Im almost 16 and Want my own apartment. Im not kidding, I have a job and Is already supporting myself. No dumb answers.... |
|
 Am I as a landlord allowed to do this? |
| My tennant broke the garbage disposal - I've had to have it repaired twice and now I have to have the whole unit replaced. I purchased the new disposal and met with the plumber at the house ... |
|
 Home mortgage loan question!? |
When applying for a loan do you need all your emplyment history or do they just go by your credit history to lend you the loan?
I used to work full time but only work part-time nowadays but want ... |
|
 With perfect credit and $3200/month, can I afford a $200-250k home in TX? |
| I'm 20 years old making around $3,200/month and have $15,000 in the bank that I saved up while living with my parents. I currently have no debt, my credit score is perfect, my car has been paid ... |
|
|  |
flirtyangel | Can we qualify for a home loan with these scores? |
I have a middle score of 637, and my boyfriend has a 577, both with credit cards with high balances so I am sure they will go up a little if we pay them off. He has some collections from a few years ago, one from an apt. I make around 26k a year and he makes about45k a year. He is in the business of building homes and he runs a store that sells the materials needed so he has good friends that would build us a home and give us lots of equity. We are looking to get around 150 to 170k to build. Do you think it is possible, or do you know of any loans that would work?
Additional Details
Yes he has collections owed, and we havent always made this much money. We moved here for his job, and he doesnt actually do the construction. He runs a store similar to home depot and has job security like no other (he will never lose his job.) The credit card debt will be paid off probably this month or next month, thats why I said our scores would probably go up. Thanks for all the replies |
 |
 
Krinta
|
First go to a bank and see how much they will loan you on a home. They will give you all the info on the score that you will need to secure a loan. They usually require you pay off any debt that is still outstanding on your credit. You both have a good score but sometime even with a score like this they want more down to get the loan |
|
CowboyBill
|
You make over 70K a year, why do you still have credit card debt?? Clean up your mess first, then check out www.churchillmortgage.com
They will do a manual underwriting (no credit score needed) based on income, employment, debt ratio and payment history. I had a rotten credit score two years but they gave me a loan @ 6.25%. |
|
mmorganloans
|
Yes, you can qualify with the score, but as for your boyfriend it might be harder. It can be done, but the rate might be high.
I live in Washington State and I am a Mortgage Broker. Most banks will not give a loan to someone when their credit score is under 580; I work with over 140 lenders.
When was the last time that you ran both your credit? Remember that lenders will use your credit score for 60-90 days, mostly 60 days.
Don't run your credit too much; every time you apply for credit or have someone do a credit check, it will bring your score down. When you find a good Broker, let them know when the credit was ran last.
Most lenders that I work with do not care about old collections, depending if it had to do with a foreclosure. There are lenders that will use the best credit score and the best income between the two of you. I have lenders that will also do construction loans up to 95%.
If you would like more info please email me at mmorganloans@yahoo.com, and I will email you back all the info that you need. |
|
Darren Meade
|
Hello -
I note that you said you are looking for a loan to build. This means you would then be looking for either a pre-construction loan and or lot loan.
The pre-construction loan would require that you break ground on your new home with the first 12 months.
It would also require that you have your building plans prepared. In reagrds to your yearly earnings, have they been consistent for the last 24 months?
The reason I ask, is that they will take what you made an average it over 24 months. If not, we can still get you a loan, but the rate would be higher.
Studies show that most Americans would rather see their dentist than have an appointment with a mortgage loan officer. The likely reason is that they are afraid of rejection - afraid of the big bad loan officer who will stamp a big red NO on their application. This is far from reality. Remember, Commissioned Mortgage Originators are in the business of saying YES. We've heard it all and seen it all and we are willing to help you, no matter what your situation is.
- Credit Problems are OK - You might be confused about how a lender determines if your credit is good enough to qualify for a mortgage loan. Let's clear up that confusion right now. Basically, if you've had credit problems in the past, the mortgage company will look at those problems and ask the following questions:
a.) How far in the past are your credit problems? (i.e.- if you had multiple delinquencies on your credit card this year, you might not be able to obtain a loan)
b.) If your credit problem is in the past, is it likely to recur again?
c.) Is whatever it is that caused your credit problem gone, or is it still present today?
d.) How good is the probability that you will pay your bills faithfully every month from now on?
- Judgments - If you have a judgment against you that has not been satisfied, you will not be able to obtain a mortgage loan. To obtain a mortgage loan, the mortgage company will require title insurance. Title insurance cannot be applied against your loan if you have an outstanding judgment.
- FICO Score - Although lenders look at much more than just your 3 digit FICO (credit) score, you should try to keep your credit as clean as possible, because the higher the score, the better!
- No Credit History - Even if you don't have any credit history whatsoever, you can qualify for a mortgage loan. As a matter of fact, it's not all that difficult. If you have a stable income, proof of employment, and a small down payment, you too can qualify for a mortgage loan!
New! - We are now offering a NO-COST Pre-Approval Service for First-Time Home Buyers. It's fast, easy and at no cost to you. You'll get a copy of your credit report, as well as a NO-COST mortgage analysis.
- If you qualify, we'll provide you with a certificate that you can show to home sellers to prove that you are qualified to purchase their home. We'll also allow you NO COST Access to our VIP Home Buyer Service, which will allow you to find out about HOT New Listings before even some Realtors find out about them!!
- If you don't qualify, we'll be honest and professional, giving you the same respect we would give an A+ credit borrower. We'll show you why you don't qualify and then give you a specific plan to follow so that we can provide you with home financing sooner, rather than later.
DON'T WAIT! - TAKE 7 MINUTES AND FILL OUT OUR NO-COST, SECURE ONLINE PRE-APPROVAL FORM.
P.S. - One year from now, you'll be looking back on this as the best decision you've ever made. Start living the American Dream today.
P.P.S - Don't forget that we are in the business of saying YES. We can't wait to shake your hand and tell you 'Congratulations, You're Approved!'
Call us at 866-676-4325. |
|
tnbroker1
|
From experience:
I advise people to not buy a home with someone they are not married to. What happens when the relationship is over? No spousal rights here kiddo. Not good for either of you.
You think you have troubles now, wait until you do buy together and then split. You really should reconsider.
If he has bad debt from a few years back an has failed to reconcile it, he has set a pattern that will go for a long time. You really need to think long and hard. |
|
Price is what you pay for value.
 |
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having good credit.
Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.
For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.
* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.
Another important factor to consider, home price may not appreciate as much anymore. In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm |
|
Skip
 |
I must say few things first in this scenario. Not being married can cause some difficult problems,as I have seen in the past. Not a problem with me personally but being in this business as long as I have I have seen some interesting problems that developed over unmarried indivduals purchasing a house together.
The next thing, do you want a construction loan so your boyfried can build a house? This is what I surmised from your question.
If that is the case, you are in for a bit more difficult situation than just trying to get a loan. If you want to build a house most lenders will want to see that you own the land already. After you own the land then you apply for a loan to build your house.
Now in answer to your question, if you wanted to purchase a home not build a home, but purchase a home your boyfriend don't have the very best score in the world but yes he could purchase a home.
The reason I said your boyfriend is because he makes the most money and in that he would be the primary borrower. You can and should go on the mortgage as a co-borrower.
Now the $150,000 to $170,000 is that the value of the house once you have completed the building or is that what you want to pay to build your house.
There is a great difference.
#1 if you build a house worth $150,000 to $170,000 then it would cost approximaely $80,000 to $90,000 to build.
#2 If you build a house that cost $150,000 to $170,000 then after completion of building your house the value would be approximately $320,000.
Since your boyfriend is in he business of building houses, might I suggest that you and he find a fixer upper in your area that you can purchase below value, let him work and fix it up on the weekends or when he has free time. After about 2 years sell it for a profit and do the same thing over.
You will be establishing credit with the mortgages you will be paying and after about 2-3 houses you will have better credit and perhaps could qualify for a 100% loan.
If you want to do the loan bit and buy your home or build your home, find a mortgage "broker" that deals in construction loans, take 2 yrs of W2 and taxes for the both of you, a month of pay stubs, 6 months of bank statements and statements from any 401k and pofit sharing from your jobs. Once the mortgage broker has these documents he will get a cr edt report for the both of you. Once he has done that he can now tell you if you are qualified for a 100% loan, if not the amount you will have to bring to the table.
He should also be able to get you a permanent loan after the construction loan. Most lenders now do one loan for everything, however, you should make sure that you have a construction loan as well as a permanent loan.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
|
fr_chuck
|
almsot anyone can find a lender if you don't mind paying high enough interest rates. |
|
cruelf82001
|
No way JOSE sorry to say. You need private money. Put together a business plan and submit it to a hard money bank. If you can show them your plan and the equity they may loan you the money to build and then give you a high rate until you qualify for a better loan. PS its not just your credit but debt ratio and cash on hand. |
|
leah_ifft@sbcglobal.net
|
You shouldn't have a problem. But definitely pay those credit cards down to below 50% of the balance limit. Then wait a month or so and contact a mortgage broker and get pre-approved.
If you are looking for a construction loan, it will be more difficult to get approved, especially with your boyfriend's score. You will also be expected to come up with at least a 10% down payment.
Purchase loans work differently. They are easier to qualify for and there are many lenders that will not require a down payment with your credit scores.
Best of luck! |
|
sexytrojan
 |
Yep, you'll qualify but you will have a high interest rate. |
|
john john
 |
whatever you do,
do one thing for sure........
Get a locked in rate.
do not get an ARM in a rising interest rate climate.
that would be a major mistake. |
|
Dwight D J
 |
pay the collections before you apply--that's a red flag for any mortgage lender, also keep proof of payment for those payoffs, then wait a month or so for the payoffs to record on his score
after that, you'll get a lower rate and not worry about getting approved...until collections are paid in full, you may not get approved |
|
helper
|
you should have no problem at all! |
|
Searchlight Crusade
|
Your score is good enough for 100% financing. The problem is that your boyfriend makes more money, and therefore will be primary on the loan, and he just misses (580 being a pretty universal minimum). If you have a down payment of 5 to 10 percent, or can get your seller to carry some back (very possible in this market) you should be able to get enough of a loan as long as you keep it to what you can provable afford. On the other hand, if you can improve his score a few points, you'll qualify for a better loan, and the further you improve both of your scores, the better the loan you qualify for. It is not difficult to improve credit scores into the 660 to 680 range. |
|
kathy r
|
Yes, but you need to find a good mortgage broker who you can trust, so he can get you the best deal. |
|
Kaz
|
Very important!!! Don't pay your collections.... until you run a credit analyzer report. Been in the business and I've seen it too often when people pay old collections and it actually hurts there scores. The most significant factor on your credit score, history wise, is the last 24 months. Old collections that have a last activity date older than 24 monthsare not hurting your score that much. When you pay one of these old accounts, it then reports as a paid collection(negative) but it updates the last active date to the month you paid it. That then makes it a recent paid collection, which will cause your score to go down. People misunderstand this factor. The credit limit to balance ratio is very important, pay down account but don't close them. Again, the analyzer will tell you what the optimal number is. Now on the loan, for a home that is already built, 580 is usually the number but try not to go subprime if possible. If you have 2 yrs of employment with w-2's yo ucan get a Fannie Mae Flex loan. It has a 4 level approval system and the rates are much better tha a subprime loan. The PMI may be high, but once you improve you scores a bit more you can then take out a 2nd mtg to get rid or just refi it, Fannie has no prepay penalties like the subprime loans. Also, they have a My Community / Neighborhood Advantage program based on the location your purchasing, you should definitely see if your area is in that program. On that program you may get a leve 2 approval but you'll get the top level rate. Also, the normaly PMI is significantly reduced.
If you're looking for a construction loan, it's more complicated. Some lenders base the amount they loan base on the project cost some base on the future value of the home once it's complete which may enable you to put down no money at all. You can finance the land purchase and the construction costs. Regardless, for the construction loan you'll need a higer credit score definitely over 600 and the closing costs are usually higer. I can point you in the right direction if you give me a little more info. But on the credit side, get someone to run the analyzer for you (you can get one for free) and tell you exactly what to do to improve your scores. Most don't know this but you can pay collections at closing instead of before applying if the analyzer shows that it will hurt your credit in the near term. Also, most subprime lenders don't care about collections older than 2 yrs, some 1 yr. On the application you can have the collections marked to be paid at closing.- kazflair@yahoo.com |
|
ron p
 |
If you make that much... why do you have high credit card balances?
Appears as if you are already spending more than you make.
Oh yeah, the bank will want a down payment on loan.. minnimum 10 percent.
He has collections he still owes?...
In Construction... not a steady job construction is....construction can be seasonal(lapses in income)
It is good to have friends, but will they pay your bills? |
|
This Is Not My Real Name
|
Thats a pretty good score. And wow, you guys barely make enough...poor you :( |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
18 | 34 minutes(s) ago
| | | |
18 | 3 hour(s) ago
| | | |
17 | 7 hour(s) ago
| | | |
18 | 8 hour(s) ago
| | | |
18 | 2 day(s) ago
| | | |
18 | 6 day(s) ago
| | | |
17 | 2 week(s) ago
| | | |
18 | 3 week(s) ago
| | | |
18 | 1 month(s) ago
| | | |
18 | 3 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
