I want to purchase a condo in southern California. I'm hoping to get a loan for about $400,000. What kind of income do I need to qualify for this?
The conventional wisdom here requires that you can borrow up to 3 times your annual salary to be able to easily afford your mortgage payments. This would mean that if you wanted $400K loan, you must make at least $130K annually. Not everyone adheres to these conservative and prudent rules and hence the...

First time home buyer questions
Well as for where to find a lender, looks like you are already here. I believe there are several lenders here (me being one) who lend in IL. What is GOOD interest rate really depends on several things: your loan amount, your loan type (fixed vs adjustable), your credit score, your Loan-to-Value ratio,...

Hello, Here is my situation, I got divorced about a year ago and I need to refi my house.
Well the days of getting 100% financing (specially on a REFI) are over. It seems as if your option is to pay down some of the loan you need with your cash (if you pay 30K that is almost 10% of your total loan amount and would make your loan a 90% LTV).At that ration, you will still have a tough time finding a...

OK, I'm currently (by my estimates) about 20K-30K underwater with a 30Y fixed mortgage @ %5.75 and an interest only HELOC @ %7.63.
You've got a lot working against you - a near impossible situation for you desire outcome.I know of no mortgage insurance company that will issue MI on a "cash out" refinance and so you are limited to 80% -- higher if you refinance the first mortgage only and have the HELOC subordinated....

Hi - I noticed in the contract that there is something about job verification after closing. This closing company sells all its mortgages. So, if the closing is in the middle of February,and the first payment is due in April, do I risk losing the refi if
They often do the verification prior to the closing, I have not ever heard of them doing it afterwards.

Hello everyone... My wife and I have stellar credit, excellent salary and income history, and are looking to refi our 5/1 arm that's at 6%.
Graham, who was the lender/bank? This does not completely surprise me. Many banks are nervous about home values. Just read the message boards and see how many people owe more than their homes are worth. Banks are getting stuck with thousands of homes that they cannot sell at a loss even.What do you think an...

Can I buy a house with these scores: 590, 594 and 602.
While a VA loan does not have a minimum credit score, most lenders have instituted their own minimum requirements. Not to mention that credit score was never really as important as the information contained on your credit report ie. your credit profile.Now my guess is there is a reason your scores are in...

Rates in the next 10-12 months
I think rates have already hit bottom. I would refi this year before we come out of the recession.

Need some money for home improvement....
If your bankruptcy was chapter 7, you will have to wait 2 years from the date of discharge.

My middle score is 580 - Can i still do it?
Someone might be able to, but I gotta tell you, it is very very difficult. Your low down payment combined with low credit score is definitely not in your favor. most lenders require a minimum score of 620.

Which Loan Scenario is better - Large Down/Large Prepayment?
This obviously also depends on how long you intend to stay at the house. If you are looking to stay in the house more than 5 years, I would certainly take loan#2 since u have the same interest rate but u have put less money down and not tied up your cash in down payment

Two part question...PMI and refinance
$300 per month for MI is hard to compute on a $125K mortgage. Are you sure you have this amount right.VA is not a bad alternative for refinancing - you'd avoid LLPAs (read that as higher cost) for your FICO scores. Your scores have improved but with conventional standards and costs have been raised....

Using vehicle loan for FHA down payment / closing costs?
"Not really" but the door is open a crack ... at least used to be. I have seen refinancing of cars used in the past under the "old" 4155 - 2-10 D "Collateralized Loans. Funds can be borrowed for the total required investment as long as satisfactory evidence is provided that the...

Anyone knows about ways of loan modification?
I guess the three ways usually loan modification takes place are 1. making changes to interest rate 2. principal can be reduced 3 .Payment term can be extended. The first and third are the most common types. Also it depends on your credit score.

Adding name to my deed?
Hi,quit claim deed will help you in this case. you can use quit claim deed to add your brothers to the title of your property.

Second mortgage charge off - What does it mean?
If the lender wants to charge off second mortgage debt, it means that the unpaid loan amount with interest will be reported as a loss for the creditor when he uses an accounting method for calculating tax purposes.A Second mortgage charge off does not mean that you no longer owe the debt. The creditor has...

Short Sale vs Forclosure?
If you go for a deed in lieu foreclosure, the lender will forgive the deficient amount resulting from the sale of the property. In such a situation, the lender will not place lien on your other property. So you will not have to worry about the property you inherited from your brother.

FHA Co-signer rights
As a co signer, you are as much responsible for the loan as the primary borrower. When you signed the loan docs as co signer, you agreed to pay the loan in case the main borrower defaults. Thus, you need to pay off the loan in order to save the property. Otherwise, if it goes into foreclosure your credit will be...

I am scared of rates going up in 2010. What is your prediction on the mortgage rates. I have an adjustable that resets next year
I agree. I think it's best if you go ahead and lock in a low enough rate, you will be better off than having to worry all the way till next year!

Will i be financially responsible if the loan defaults but will have no rights to the property?
If you are not on the property deed, you do not need to sign the mortgage docs. If your name is on the mortgage deed, then you will be responsible for paying the loan amount in case of default. If your name is not on the property deed, then you won't have ownership rights to the property.