My debt to income ratio is on the high side and the purchase price is less than 40000. We want to buy this starter home. Also does not qualify for FHA bc no central heat/air. What can I qualify for?
You may want to try the USDA Direct Loan. Contact the local USDA Rural Housing office located near you. Good luck!

No Cash Out Mortgages For Those In The Rural Country?
Hey Daniel,Personally, I've never heard of that before. Who is your current lender? I would be more than happy helping you out with your refinance (if in MS or TN). Just let me know what you would like to do.Thank you!Doug Capps, Fairway Mortgage 662-429-5100 Ext. 105

what is the policy of the first home buyer in Nashville, TN
Hi Joshua,I'm licensed in TN, but I don't originate many loans outside Memphis, TN - which is more our local market, so I won't be as familiar with your area.Purchasing in general - whether your are a first-time home buyer or not, will greatly depend on your current credit score and...

Can I get a 100% mortgage with a 590 credit score?
I cannot speak for other lending institutions, but we require a 620 for VA and a 640 for USDA financing. Both loans are 100%, but you would need to be a Veteran for the VA.Have you talked to a lender regarding what you could do to improve your credit scores?

can u finance a manufactured home?
Yes we can, but double wide only. Additional restrictions apply, but we can offer both conventional and FHA financing.

Can I use VA loan to buy a foreclosure house that needs roof replaced?
Hi!I'm a veteran myself and currently have two VA loans. About a year ago, me and my wife bought a builder foreclosure that was about 99% complete. It didn't have roof issues, but the house was not completely ready to occupy.VA is very protective of veterans purchasing homes - which is a good...

My Credit is 650 and my fiances is 600 is there any hope in getting a loan for 218.000?
Hi Heather,Based upon credit score, maybe. There are other factors a lender will look at other than the credit scores to determine how much you can qualify for.Our minimum credit score requirement is 620 for VA, 640 for everything else. I would suggest a few things:(1) Do you think you could qualify by...

cost of 203(k) loan
You will have some additional fees/cost associated with the FHA 203k(s) loan: 10% contigency (which if not used, can be applied toward your principle), inspections/title update - probably $250.00 and a supplemental origination fee of $350.00 or 1.5% whichever is less. The interest rate...

What does my employment history need to be to apply for a mortgage?
You're probably going to get A LOT of responses to your questions. On your existing job time, you should be fine. To address your other questions: Yes, the loan amount matters. Lenders need to insure that you have the ability to repay the mortgage based upon your current level of income and debt. ...

I am presently out of chapter 7 bankruptcy but I need to purchase a home for my family the house cost $70,000 probably can get it for $63,500 what are my avenues I must take
Purchasing a home outside a Chapter 7 bankruptcy can be done, but most lenders will require a minimum credit score and acceptable payment history on the BK and on any existing credit. Your mortgage options will be limited, but there are loan programs that you could potentially qualify for. To further...

VA loan for army reserves
Hi Jordan,There are a few variables with eligibility. Here's the website link that will be able to answer your question: http://www.benefits.va.gov/homeloans/elig2.aspThank you for your service!

VA Loans
Hey Dennis,There are some good answers on here. I just wanted to step in and say Thank You for your service! Go Army!

Is there anyway to get a mortgage with stated income?
Hi Sara,I'm located in Hernando, MS (close to Memphis, TN and Southaven, MS) - not too far from Tupelo. I would like to suggest working on your credit. There may be things you can do to improve your credit much sooner than a year. My credit advice is free, so it won't cost you anything except a...

I want to refinance my mortgage credit 660
I would suggest looking at your options now, it wouldn't hurt! Of course having a higher credit score will help with a lower interest rate (with a Conventional loan), but depending on the type of mortgage you have now i.e. FHA, Conventional, other, it may be worth the look to refinance. If you have an...

Refinancing from a FHA 30 yrs to FHA 15 yrs - Do I get UPMIP back on current
Hi Jeremy,I wanted to mention this to you... if you are looking at refinancing now with FHA, you may want to consider waiting until after 06/11/2012 because FHA is about to change to make it better on the FHA streamline refinance program. Both the UFMIP (Upfront Mortgage Insurance Premium) being...

USDA
Hi Roy,There may be a different answer if you have USDA Direct Loan versus a USDA Guaranteed Loan. On the USDA Direct, you would need to contact your local USDA office. If you have a USDA Guaranteed loan, USDA is not going to penalize you if you have to "move" out or relocate and rent out your...

can I have a good chance of an auto loan 2 1/2 years after my foreclosure?
Hi Diane,Auto financing is MUCH different than mortgage financing. Since I'm not in that industry, you may want to check with your local auto dealership.

will my secured credit card continue to raise my credit score?
Hi Lonnie, Yes it will - assuming this credit card reports to the major credit bureaus. There are a few things you need to consider (#1) Make sure you make your monthly payments on time, (#2) Never "charge" anymore than 30% of your credit card limit, (#3) When you pay down the credit card, try...

where to get a mortgage
I've worked at a bank, a mortgage broker and a mortgage lender. There are pro's and con's to them all. The best suggestion anyone can make to you is compare - compare rates, costs, service and reputation. Sometimes it doesn't matter "how many" loan programs you can...

Qualifying for a mortgage after Chapter 13 Discharge
You may be able to qualify, but your mortgage options will be limited due to the BK. With a FHA loan, you can actually get mortgage financing "while you are in Chapter 13 bankrupcty" and "one day" after the discharge of a Chapter 13. Of course, specific qualifying guidelines will...