 Would I qualify for a loan on a $525000 house.? |
| The Home appraised for $560000 and I realy want to buy it. My base salery is $60,000 and I will have roomates cover all but 1000 a month(based on a $3200 a month pmt). and i think my FICO score is ... |
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 Get away with Pet fee? |
| I am moving to a new apartment and I am getting a puppy as a gift from my husband. I found out that the pet fee is 250 and we do not have that money right away because we have to pay all the deposits ... |
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 I am considering selling my deceased mother's home to a "we buy houses for cash" company.? |
| The home is paid for but is in bad condition. It needs new ceilings, LOTS of work on the interior and exterior, paint inside and out...you name it. If nothing else, it could be torn down and ... |
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 I have purchased a home, I had my boyfriend's name put on the deed of the home, is he liable for the mortgage? |
Additional Details
His parents just recently found out and his father is an attorney, now everyone is worried that he has taken on a huge debt, but since the loan is in my name and he ... |
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 Need help understanding a specific question about the Sale of Real Estate.? |
| Scenario: The payoff balance on my home is approximately $120K. Can I sell my home for $100K? If so, what type of an arrangement is made to pay the remaining $20K to the mortgage company? Can the ... |
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 Any Realtors want to tackle this question? What are your thoughts on this situation? |
| I'm considering buying a commercial property in another state. It's a depressed, rural area with a charming "old town" area that is starting to make a comeback. There are ... |
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 How much would it cost to build a house using Illegal Immigrants? |
This is just a question out of curiosity. But how much would it cost(assuming you already have the land), to build a 3 bedroom house using illegal labor.
Additional Details
Christ, the ... |
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 My husband and I are divorcing. I moved out of the house into an apt. My husband let a friend of his move in |
| Who was going to pay $600 a month toward the mortgage. The friend hasn't paid anything yet and has been living in my house for 3 months. Do I have the right to ask him to leave? There is no ... |
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 I have money for a down pymt on a home, but my credit is awful. Is there help for me? |
| I am in SC and need to purchase at least 3 acres and a home, but my credit is trashed. Are there people that will assist with getting approved for a home purchase?... |
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 If you live in a townhome, can you hear your neighbors? |
Additional Details
how bad is it? Don't most townhomes have a 4-ft firewall that dampens most noises?... |
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 How can I evict someone from my home who is threatening me? |
| So I live in Michigan and have owned my home for 11 years. Recently I rented out two rooms in my home to help with the bills. One of the roommates has only been here for a week and a half and ... |
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 Effect on judgment lien on my house? |
| I was involved in a car accident and at fault. The plaintiff is suing me and her claims are far over my policy limit. Obviously i do not have enough cash to pay her. I pay mortgages to the house that ... |
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 Can a landlord increase private sector rent by 75%? |
| Been living at same rented house for 13 years & have good relationship with landlord who has only increased rent twice over the years, by small amounts, now her money grabbing son has decided ... |
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 The house i was buying needed to many repairs, and now the owner doesnt want to give my escrow back.Any ideas? |
| I was purchasing a home, We set up the escrow on a good faith judgement. Our home inspector told US, that the repairs where major. The clause "was anything over 1000 dollars " We could back ... |
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 Renting out....please help? |
How do people make money when renting out a house, flat etc when they still have to pay the mortgage at the same time?
eg. Having to pay the mortgage company lets say £350 p/m plus ... |
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sinfully_inked06 | I'd like to buy a house on a semi low budget but have no idea how to start the process. Any tips? |
I am self employed and make enough money to get by but I am not rich. I would like to buy a house but really don't know where to start or if it's even possible on my income. I'm wondering if anyone out there can give me some serious pointers.
Additional Details
Last I checked my credit score was fair (don't want to give an exact number) and my income is less than 20k give or take. This January will be second year filing taxes. I'm looking for a home in either Mi or Ny. |
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Mike
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first time homebuyers loan. |
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John P
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Ok,
Here are some pointers if you are self employed and you want to purchase a home.
Most self employed borrowers tend to write so much off on their taxes that they don't show much income, in fact some that I have seen actually show a loss on their tax returns.
If you haven't been self employed for two years then you will find it difficult to purchase a home without a down payment.
Otherwise, get a copy of your last two years tax returns and find a lender that specializes in self employed borrowers. The reason I say this is because 90% of mortgage companies will automatically try to put you into a stated income loan since you are self employed.
They will evaluate your tax returns and determine your income by adding some of your deductions back into your income and hopefully find an income high enough to go full documentation (this means lower rates and fees.)
If your credit is good and you can't establish enough income through your tax returns then you may need to use a stated income loan (higher rates and fees) and have a downpayment.
Since I don't know your income or credit then it is difficult for me to answer any further but there are many options available. |
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cordwainer
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Before you get a real estate agent, you have to first "pre-qualify". This means that you go to a mortgage lender and make sure that you can get a housing loan. There are various levels of pre-qualification- basically before you go out looking for a house you have to know that you can get a mortgage. Lenders are tightening up what with all the bad loans lately, so you might have some difficulty getting a mortgage, but I don't know your credit score or what kind of documentation you can provide. The better your credit score and the better documentation of your assets and income that you provide a lender, the better (lower) the interest rate you can get on your mortgage. Shop around for the best deal on a mortgage- meaning the lowest interest rate. Don't borrow more than you can pay back per month. Avoid ARMs (adjustable rate mortgages) and get a fixed rate 30 year. Also, you have to figure on a cash down payment (varies- often 20% of the cost of the house) and closing costs (a few thousand). Once you've got your financing all lined up, then you get a real estate agent to show you the houses. I'm a real estate agent in Baltimore Maryland so if you want a house there, email me! ;-) |
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BaeC
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will whatever happens don't get scammed i heard ditech is very popular but it's a scam, i'm telling you because that site is everywhere. first time home buyer is a good idea though. |
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richard t
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save some money for a down payment///get a two family.use the rent to help with the mortgage............. |
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Jeanne B
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The first step is to get prequalified for a mortgage with a reputable broker or lender. That will tell you how much you can afford/will qualify for.
The second step is to find a real estate agent who will work hard to find what you are looking for. Ask friends, acquaintances, family members, etc. who own their home whether they liked their agent. If they did, that's the best way to go. If they didn't keep asking!
If you want to let me know where you live, I'll be happy to see if I can make any recommendations. I'm a REALTOR and my hubby is a mortgage broker...it's possible we know or know of someone in your area.
Good luck! |
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Carly M
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If you have good enough credit you shouldn't have a problem. You'll need to provide 2 years federal tax returns to your processor. The first thing you need to do is get a prequalification. The best places for rates are your local credit unions. Most of them are not paid on commission and are not as pushy. As far as the lower loan amount, it's against the law for any lender to descriminate based on loan amount. |
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ingodibel
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just go see a real estate agent to see how much you can finance get your tax returns together to verify you income good luck |
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CIFYACAN
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Contact a local lender, I believe a bank is your best option and they will know all the first time homebuyers programs in your area. There is most likely a first time homebuyers class in your area that you can attend that will help you a lot. |
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