What are the key factors in obtaining a home mortgage loan?
My credit is not bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?- Well getting pre - approved is the action you need to take. You need to go into any banking ins ution, fill out and application and let them determine how much you can afford. From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford. It's extremely easy
- I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank
- Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc. , they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent! As a thank you to me for answering your question! :
- Up until about a year ago all you needed was a pulse seriously. They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant And now they wonder why our entire system is imploding. But to answer your question. since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid. and that's just to buy a car! lol
Knowledge Base
No Doc, Bad Credit, First time Home Buyer Purchase Mortgage?
i want to buy a single family home in louisiana for 165, 000. i have never filed bankruptcy. but i have a poor credit score, student loans and am self - employed. that's the bad stuff. the good stuff is that i have cash in the bank for a down (home equity mortgage)
bad credit home mortgage where ?
maybe you would like to ask a question perhaps?. nowhere. you best chance is with an fha lender but you will still need a credit score above 620. look for a mortgage company that does manual underwriting. this is how they use to do mortgages they make sure you have (home mortgage loan)
What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
the recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. big businesses then had to (bad credit home mortgage)
Knowledge Base: Home Mortgage
What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
the recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. big businesses then had to (home mortgage rates)
What would happen to your home mortgage loan in this case?
say if me and a co - buyer buy a home together both first - time home buyers, and get a conventional loan from a bank. if later, one of us wants to take our name down the le, would that be allowed? would the bank re - acess the (home mortgage rates)
Is there a way to group my car loan and student loan into a new home mortgage?
i have student loans of about $7, 500 and about $13, 000 left on my car loan. i am looking to purchase a house and wondering if there is any way to add my car loan and student loans on to the mortgage?. not on the mortgage. a mortgage has (home equity mortgage)
Home Equity Line of credit Or Second Mortgage Loan which is better ?
i am confuse in home equity loans with second mortgages. second mortgages and home equity loans can be used for the purpose of cashing out equity in home;. this confusion, it seems to run deeper. the purpose of a home is to have a house in which to live. without (home mortgage loan)
Is it possible to get a new home mortgage after having a house foreclosed on you?
i think you have to wait a few years and clean up your fico score. most definitely!if it has been seven years since - a person can "start over". you must have a plan in place before you see a mortgage spe t. yes, you will be able to get (home mortgage)
Knowledge Base: home mortgage loan
what company is the best home mortgage loan lender?
i am interested in refinancing my home and have a current loan with chase home mortgage. which home loan lender it most popular or best to use?. mortgage loan is a term used for the loans secured by a property. mortgage loans refer to a loan secured by residential property, (home mortgage loan)
what's the easiest bank to get a home mortgage loan from in florida? I am a first time buyer?
i am a first time buyer and am trying to get qualified for a home loan. i am scared that if i go to the wrong banks they will just keep runing my credit and lower my score so i want to go to one bank and run it only (home mortgage loan)
What would happen to your home mortgage loan in this case?
say if me and a co - buyer buy a home together both first - time home buyers, and get a conventional loan from a bank. if later, one of us wants to take our name down the le, would that be allowed? would the bank re - acess the (home mortgage loan)
Can we get a home mortgage loan with poor credit?
my soon to be husband and i are renting a home in our area and paying $1100. 00 a month in rent. this is quite a bit for the area that we live in we are wanting to buy a home and feel that we have sufficient income around $90, (home mortgage loan)
Can a conventional home mortgage loan be refinanced using FHA?
i know that if a person already has an fha loan, they may refinance using the fha streamline process. if a person currently has a conventional mortgage loan, can they refinance using fha? if posible, can you please provide me the resource where i can read this information. only if (home mortgage loan)
