 What is a mortage? |
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 First time renting help? |
| im 17 at the moment but in about 2 years time i want to rent a flat with my friend can i hav some facts and advice please. i currently hav no job at the moment but plan to when i finish college next ... |
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I believe they make you a cash offer ,however they ask for an upfront fee before they even come out to look at the house.
Is this a scam because they offer a really bad price or just to ensure ... |
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 Real estate investing question? |
| If I put a down payment on a house, can I immediately begin renting it out, using that rent to help pay down the mortgage? Is this feasible or am I missing some dynamic? There must be a downside. P... |
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 What are my rights when buying a house? |
| I am buying a house i UK. I have already signed the contracts and made a deposit of 5% of the mortgage through my sollicitor. I was told I will get the keys to the house as soon as I do this.After ... |
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 We are renting to own a home and Landlord has told us that his homeowners insurance has gone up to $625.00? |
| monthly. Our monthly payment with this increase is $2150.00 per month. I am a Stay at home Mom and we can not afford this!! He told us to try to get our own coverage when we moved in 2 months ago ( ... |
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 Can the landlord keep my stuff and let other renters use it, if they never gave me a chance to go and get it? |
| My boyfriend and I were out of town for a month. We gave the rent money to a friend who was staying there to watch our cat while we were gone. She ended up not paying it so we got an eviction ... |
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 Can I sue my Landlord?!?!? |
| Okay, so here is the deal. I came home from my father in-laws house fixing an computer problem for him to come back to my place to notice and pretty big crack in my ceiling. Looking at the crack I ... |
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 Can I afford this Apartment? |
| Its really nice its 2 bed room for $1600. I make about $3000 a month as a nurse. Cell phone is $100. car payment is $260 insurance is $145. Tv and internet is $135. The website says the apartment ... |
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 Is my friend entitled to housing benefit.? |
| A friend of mine has never worked and has two grown up children living at home,her husband has just walked out on her.Will she be able to claim housing benefit.The rent is paid for the next month,but ... |
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 Which is cheaper building a buying a house? |
| Me and my husband are thinking of building a house even though we dont have land so we will have to buy a site plus build on it. So would it be cheaper to build or just buy a house in Ireland??... |
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 If apartment building is being sold do I get my deposit money back? |
| The apartment building I'm currently living in is being sold to a new owner. What do I do about my deposit money? Technically, when it's sold to a new owner, the previous owner would still ... |
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 I have no proof of income and need to rent? |
Hi All,
rather than beat around the bush like other questions i thought I could just be straight forward.
I am an escort, i work for a company. However, I make cash only, and i ... |
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 Why can't I find a cheap property in London? |
The Press are full of stories about the fall in property prices, and people defaulting on their mortgages, causing the Banks to re-posses their homes and sell the properties on.
As a want-... |
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 Should i rent a house that has no central heating? |
i am house hunting at the mo and have found a really nice, 2 bed end of terrace.
the house is fairly big an has lots of character.
the only problem is....its got no central heating!!!
... |
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 I purchased a home with countrywide in august 07.we are in default of the loan.How do I know if Its a subprime? |
| mortgage.And if we are going to get help or not.We dont want to lose our home,but are facing foreclosure.last time I talked to countrywide,they said we would recieve a foreclusure notice by dec 11th.P... |
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| Why is this house so cheap? |
The OTHER ones in that area are about $100,000 more expensive but why is this : http://www.roseburg-prop
only $49,000??
Additional Details
http://www.... |
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 Am i able to buy a house with this salary? |
| ok so i work 2 jobs and make 20$ an hour together and i get paid bi weelke my boyfriend makes about 8 an hour and also gets paid biweekly. about 2400 a month all togehter what type of house ... |
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rsf | Question about subprime lending.? |
I have a question for lenders. I keep reading about all of the issues with subprime lending and foreclosures. I hear that it will be harder to get a mortgage and interest rates will be higher for those without perfect credit.
What qualifies as a subprime loan? What if your credit shaky but you have paid a mortgage on time, never more than 30 days late for like 4 or 5 years.? Would it be hard to get another mortgage? We are thinking of selling and repurchasing a home somewhere else but I don't want to get stuck with some crazy interest rate or put our life savings down.
Any suggestions? |
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Quicken Loans
|
“Sub-prime lending” can mean different things to different financial institutions. In a nutshell, it refers to a loan that is high in risk because of credit history and/or a lot of debt that could make it difficult for the borrower to pay the loan back.
The good news? Even if you are a candidate for a sub-prime loan, it doesn’t mean you are unable to receive a mortgage.
Although the number of loan options have recently decreased for people who have less than perfect credit or extremely high debt, there may still be quite a number of choices available for you.
If you are concerned about your credit, here are some things you can do to improve your credit score.
• Check your report for inaccuracies
• Keep paying your mortgage and other bills on time.
• Pay off debt rather than move it around.
• Have credit cards, but manage them responsibly. It's better to keep some and pay them on time than to cancel them all. This can raise red flags for the credit reporting agencies.
Finally, since every situation is unique, your best bet is to inquire about your specific situation with a mortgage lender that you trust. Get referrals from friends and family members who have worked with mortage professionals they like.
Hope this helps. |
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tracymoo
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First - get used to the fact that ALL debt is BAD debt.
Imperfect credit is one mark of a sub-prime loan; also, no downpayment, not verification of employment/income, and "teaser" rates that escalate quickly if a payment is missed. |
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Amanda H
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Shakey credit pretty much automatically qualifies you as subprime, unless you've got good equity (20%). Also, "More than 30 days late" suggests you HAVE made 30 day late pays, which is a big red flag and suggests you got into a little bit of trouble here and there.
Go talk to a mortgage broker. They'll tell you what you can get before you sell, so you know if its worth it. |
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jmrob29
 |
Just an added note...evidently mortgage companies consider your payment late if you ever have to pay a late fee - at the 16 day mark. Not necessarily the 30 day mark. We were shocked about that when we went to refinance our home. My husband doesn't get paid until the 20th so I always just paid the late fee and paid on the 20th - but those count as "lates" on your payment history. Bummer. |
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jonnigail@sbcglobal.net
 |
I believe your credit score combined with Loan to Value ratio ( i.e. how much equity do you have in your home) and how many 30 days late you've had are deciding factors. If only one and it was 4 or 5 years ago that shouldn't affect your ability to re-finance at all. subprime lenders work with many people who have less than "A" credit scores. Like almost everyone I know. If you interested I may be able to help you. Let me know. |
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Latigo
 |
Subprime loans are generally at a higher interest rate because of the higher risk of loaning money to a less creditworthy borrower.
You definitely do not sound like you would be in that category of borrower unless your FICO credit score is less than 630 because of other debt problems.
Before you sell your home or contract for another home purchase, get pre-approved by your bank or mortgage broker so that you will go into the transaction knowing exactly the terms of your loan will be including the interest rate you will be paying. At the same time this will smooth out and speed up the purchase of your new home. |
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Yanswersmonitorsarenazis
 |
One major problem is that most brokers and bankers have no concept of what non-subprime companies will actually accept, specifically Fannie Mae, Freddie Mac, and FHA.
These 3 agencies offer the best rates, generally speaking. All have some level of forgiveness or acceptance of less than perfect credit. Certainly, the lower your debt-ratios are, the amount of equity/downpayment/cash assets you have, and your actual credit history all play a part in what you could qualify for.
Few people realize that Fannie Mae will give you a great fixed rate loan, even with some pretty crappy credit (but with a decent mortgage history). Most brokers see a credit score under 620 and assume Fannie Mae wouldn't do it. But with the right loan-to-value, they'll literally take almost anyone, at least with fully documented income.
FHA is still quite lenient on credit, they have no minimum credit score requirements, and most of the time, they'll approve you as long as you have perfect payment history for 12 months, and it's been at least 2 years since any bankruptcy or foreclosure. And FHA rates are as good as anyone else's, roughly 6% today for a 30 year fixed. And they only require a 3% downpayment. They're going to start doing a lot more loans than they have in the past few years, since subprime loans stole lots of their business, in most cases wrongfully so.
The sky isn't falling completely. Some of the riskier people won't be able to get financed anymore, especially those that need stated income (no income actually verified) loans with weaker credit. But if your income qualifies you, that's a big hurdle out of the way. |
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boston857
|
Subprime lending refers to loans made to borrower's with less than perfect credit history. This means that the such a borrower does not conform to the conventional lending model/policy. So that borrower is "of greater risk" than the conventional borrower. People who are considered to be in this category typically have fair-poor credit hisotroes that may include derogatory accounts (showing 60-day & 90-day lates and collections. Typiaclly, 30-day lates are usually only relevant if within the last 12 months but each bank has its own policy) ), bankruptcies etc. Also, from a cash flow perspective, they may also not qualify for a P&I product at the time so an adjustable or interest only product is devised for them.....
You probably don't fall within this category but if in doubt walk into bank and talk to someone...or see a broker... |
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moonman
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You will be fine. Things are getting tighter, but there are still plenty of lenders still working in subprime. I get an email just got an email yesterday from a new subprime lender I have been approved to work with. If you are willing to provide documents and your credit is in the 600's you will have no problem getting a reasonable rate. |
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