Will I qualify for the FHA loans?
Have you been denied a loan recently by a bank such as Chase ,Wells Fargo or Bank Of America or had you apply for a F.H.A loan ?? Also using your mother as a co-signor and applying for the first time home buyer credit can all be done together ... I have had the same exact circumstances and funded the loans in the...

Do I have to wait for the purchase contract to apply for a mortgage loan?
To get pre-qualified you do NOT need a purchase contract - If you have a particular home in mind we would like to have the purchase contract .If you do not have it your approval would be contingent on having a copy of the purchase contract.Feel free to give me a call and I can give you a better answer based on...

Is it even possible for the rates to go any lower then this?
The federal funds rate is close to 0 - It is the interest rate at which depository institutions lend balances to each other overnight.I see rates going up in the next couple of months .... You can currently get a Home loan at the lowest rates in history I would not get to greedy cause you will be looking back six...

mike
(Interest Rate) An interest rate is a fee that a person pays to borrow money. Any time you borrow money from a lender you pay a interest rate and some loans are interest only --- (APR )The annual percentage rate is the yearly interest rate that is charged on the money you borrow it usually includes other...

Is there a refinance home loan that is based off gross income and not netprofit?
We are a direct lender that specializes in "Hard Money Loans" We usually charge 9.0% interest on our loans but being that you have some equity and it is a low loan amount I would be willing to do it at 7.5 % but it would be a interest only loan so your payments would be very resonable.Give me a call we...

Is it true that buyers now can select their escrow and title companies? If so, should we pick it ourselves or leave it still to our realtor to recommend?
Joe the answer to your question is yes you have the right to your own escrow and Title company they are supposed to be a non bias third party only.With the new changes to the law and updated requirements on disclosure mailings the rates tend to be on par with each other.If you do not have someone in mind you...

According to Lender 411, "Yes, you can a home equity loan after bankruptcy. In fact, taking out a home equity loan is one of the most sensible things you can do to help yourself recover from bankruptcy"Is this really true? Aren't the requirements impossible to meet?
The question is a little vague because I do not know how long it has been since the bankruptcy - But in general the answer is yes you can get a home equity loan after bankruptcy depending on such things as time,long to value,credit scores ,and of course the chapter of bankruptcy you filed.As you can see the...

I need to lower my monthly mortgage payment and do not have perfect credit, help.
Hello Jaime - We specialize in borrowers with credit issues ...if the home that you are looking to refinance is located in the state of California I can help !!! We have many programs that are available with fico scores as low as 600 and if your score happens to be lower then that we have a credit repair...

when does the $8000 credit end? Is it possible they might extend?
1.- The expiration of the tax credit. If someone is not under agreement by the end of April then they will not qualify. There are no signs pointing to an extension of the tax credit at this point. 2.- The Fed will stop buying mortgage backed securities at the end of March. For those of you who have read my previous...

I APPLIED FOR AN FHA MORTGAGE, WAS ALL APPROVED THEN THE APPRAISER CAME. HE HAD ME DO 500 DOLLARS WORTH OF WORK TO THE PROPERTY THEN THE BANK TOLD ME THAT THE LOAN WONT GO THROUGH BECAUSE THERE IS A LIST OF DEFERRED MAINTAINANCE THAT NEEDS TO BE DONE. DOES THIS HAVE TO BE DONE BEFORE AN FHA LOAN CAN CLOSE?
FHA mortgage loans require an appraisal by an fha approved appraiser and the subject property should be free of material defects and deffered maintenance or you may not be able to close on the loan until the property is brought up to these requirements.I can suggest going through another loan program...

What is the lowest possible down payment we need to come up with? This will be our first home. We have good credit but not too much to put down.
We have a couple FHA programs available with little or no down payment needed the 100% financing can be done with a "down payment assistance" program If you call me or go to my website www.FHASUBMISSIONS.COM it will be explained.We also have a 3.5% down payment program available ...there is also a...

Is it possible for someone with damaged credit to own a home?
Vonita it is important that applicants cannot have more than two 30 days late payments within a two-year period. We are a mortgage bank in California and recently closed a couple loans for borrower's with 580 and 610 Fico score's however they had begun to re-establish their credit the past...

Is a FHA Loan in the bag?
FHA has what's called Alternate Credit - I believe it is the HUD Mortgagee Letter 2008-11 that you will need.to use You can use the following - rental housing payments (subject to independent verification if the borrower is a renter), utility company reference (if not included in the rental...

WHat are the advantages of going with a broker? Would it not be cheaper if I go directly with a bank?
There are NO advantages of going with a broker -- Why ? Because I am the bank ....Read below - I'm Jeffrey Martino Young and I'm dedicated to providing you the highest level of service and care. With hundreds of loan programs available, I can find the best one for you at the lowest rate possible! How...

My lender is asking if I want my tax impounded. What does that mean?
This means that the Lender wants to include your taxes as part of your monthly mortgage payment. They take a portion of your payment every month, hold it in an account called an escrow impound account, and then disburse it according to the requirements of the county that your property resides in.They...

If we make a payment and it is received by the time due, can they deny our payment?
I would love to be able to assist you further however your question is a little vague ...I will need to know the following - are you in a loan modification, Forebearance agreement,or just making a typical mortgage payment ?? I have also seen that each lender has a different system regarding their loan...

FHA Mortgage Insurance Premium - Is it Deductable
FHA mortgage insurance (private mortgage insurance, also known as PMI) on your FHA home loan is now tax deductible. This means that now your FHA mortgage insurance can be written off for tax purposes. The Mortgage Insurance Fairness Act provides a good tax deduction from the FHA Mortgage Insurance...

Parent-funded Purchase Money Mortgage
To continue on what Michael said below here is another thing you want to keep in consideration - The expiration date for this program.This was taken from the IRS Website --A. Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8,...

Can someone pelase explain the FHA "Streamline" refinance ?
The FHA " Streamline" refinance is a quick option for lowering your interest rate with little or no out-of-pocket costs. Because it's a "streamline" refinance for customers who already have a FHA mortgage, there is no cash out with this FHA refinance. Its sole purpose is...

Has govenment stopped buying mortgages already ? Was it supposed to be on Apr 1?
Jim - March 31st 2010 loomed for months as the day when the U.S. Treasury would stop purchasing $1.25 trillion worth of mortgage-backed securities and effectively remove a major support to the fragile housing market.(The Treasury began purchasing these securities in 2008 and increased their efforts...