Is it possible to get a FHA loan on a condo?
Amy, anyone can get a condominium project appproved. I've done that for some of my borrowers. The problem is that FHA takes 6 weeks or so for the approval after all the paperwork has been submitted. That's fine for a refinance but many sellers might not be willing to wait that long just to see if...

2 single individuals - Qualify for FHA?
As the others have pointed out, this is not an issue with respect to financing. Since California is a community property state you may wish to ask your attorney about making certain each of your rights is protected.

Wife has a worse credit score, but better income.
Both are good scores... I wouldn't hesitate to recommend that you both be on the mortgage.

Can my husband and I purchase a home at a decent rate with a 565 credit score?
Even when there were decent programs for lower scores the rates were not favorable and getting an actual approval was tough because it's not just the score but the reason behind the score that matters. If most of your bad debt are medical collections then you might be better off than most. The key...

Can I get a 100% mortgage with a 590 credit score?
Not without a generous friend or relative. Your score would limit you to equity programs with high rates and large down payments.Sorry! If you have a copy of your credit report I can go through it with you to point out some areas were you could improve.

I am 52 yrs old and have rented the house i live in for 21 years. During the course of that time I raised 3 children alone and put myself through nursing school. I have been a nurse for 15 yrs and do not even no where or how to begin to see if I can finally own my own home. any help would be great.
Agreed - a mortgage pre-approval puts things in perspective. Don't go looking for the maximum you can afford - think of how much you would be comfortable paying per month and get a pre-approval based around that payment amount. I can send you a government booklet about the closing process and...

My score is 777,my hubsands 750; I am a recent stay at home mom, will the lender use my score w/out income?
Short answer is Yes, but in "using your score" without income then what are your showing the lender in terms of ability to pay back the loan. Add your husband to the loan and stop fretting over a small difference in credit score; it's inconsequential.The problem may arise where you add...

should we wait to buy a house
Congratulations on your engagement!Purchasing a home is a great idea. Waiting will likely mean higher prices and higher rates, even if not by much. In most states, being married or not doesn't matter for your mortgage. Being unmarried would simply mean separate applications. In community...

603 Fico
I'm sorry that your qualification for financing wasn't done during the so-called "pre-approval" Most of us look at your income and assets then obtain your credit from each of the 3 repositories and submit your loan to electronic underwriting to get approval before telling...

Are there income limits for an FHA 203K Loan?
If you're looking for a fixer-upper HUD (FHA) foreclosed homes are available in some areas with as little as $100 down and some repairs can be financed. Likewise check out FannieMae's REOs at www.homepath.com - I offer both of these programs plus 203(k) and none have income limits.

Retired Person
I'm confused... is the retired person's condo an investment property or the one that the son intends to purchase? You used future tense there ("...does not intend to live in the property." sounds like a property that's not yet theirs.) If the retiree lives in the condo you can do a...

What is the minimum credit score requirement for a USDA Loan?
USDA itself has no minimum credit score, however, most lenders do. Ours is 640. Keep in mind two things:(1) even if there was no minimum credit score that does not automatically qualify anyone's credit as being acceptable. Often the reasons one has a low credit score are the same ones that may...

Do I get a better rate if I impound Tax and Insurance?
Yes. Impounding reduces the lender's risk so most loans are quoted assuming that there are impounds. Impounds are required in many situations. If one chooses to pay for the additional risk of not impounding as a fee versus affecting the rate then your APR increases to reflect that added cost. ...

my father took a reverse mortgage out on his beach house in Oregon when he passes can my siblings and I keep the house do we have to pay off the loan does he have to leave it to us in his will..or do we have to sell the house can we keep the difference ...
As Helen stated, it's a mortgage and yes, it would have to be paid off either through the sale of the property or by one of you purchasing the home or refinancing (if you are already on the deed.)Reverse Mortgages are non-recourse loans so the balance owed can never exceed what the home is worth.

how much would a duplex be cash?
There's no difference in cash or financed prices - ask your realtor to find a home within your budget.

Wanting to buy very badly
Hi! Thank you for your service in the Navy. As long as you are not self-employed or a contract (1099) employee and the type of work is similar as you said it was then only one paycheck would be needed. If you are paid commission only, self-employed or starting a new career in which you have no experience then...

New Job previously self employed and getting married need mortgage
Assuming it's similar work to what you've done in the past then only your base income could be considered. Lenders would not consider any commission income without a 2-year history IN THE SAME POSITION with the same firm. I don't know what the loan officer you spoke with saw or asked but...

Request advise in combining two mortgages into one
There are programs for homes that are valued "under water" -that is, more is owed than the property is worth, but yours exceeds those parameters. Refinancing won't work since banks sell their loans to FannieMae or another GSE they won't find a buyer for yours. See if your present...

Help with refinance of 2 rental properties in Ohio...
It sounds pretty straight forward but I need a few more details. How long have you owned these homes (to use the rental income it has to be more than 2 years)? Concerning the bankruptcy, under what chapter was it filed and what are the filing and discharge dates?TomThomas.Stevens@flagstar.com

2% rule of thumb in refinance
There was a time when homes were priced $25,000 or below when it made no sense to refinance unless you were saving 2 percentage points on your interest rate or more. That rule-of-thumb is oudated but still persists. There is no magic number. In general, homeowners with higher loan amounts will see...