Residential Mortgage Loans

Mortgage rates are surging to 25 year highs. Mortgage rates for 700 plus credit score borrowers are 7.5% on FHA loans. Lower credit score borrowers with credit scores down to 500 FICO are priced at 7.75% with as much as 3% in points. Mortgage rates on conventional loans are 8.125% for 720 credit score borrowers.

Do any of you have any idea or heard anything about where Mortgage Rates are headed or anticipate any form of correction?

I paid credit off for about 2 years and brought it down to 2 stateside creditors. one credit card loan with 30% interest, and a car loan at 18%. The balances were too high to pay them off quickly and I could not handle the interest rate so I just recently obtained a loan at my bank at 8% to pay them off over 12 months. I know I am saving a ton of money but just wondering if a consolidation loan will be a negative when my credit is reviewed down the line? Increase my credit score, eliminate all high interest credit, eliminate stateside debt.

I have 90 date late on one of my student loans. I will have this loan paid in full in the next few months. Once the loan is paid in full, will the lates be removed from my CR? I applied for a CC and in the letter explaining why I was denied it said a 90 day late on an account with a balance greater than $200 so that is why I am asking if paying it all off makes a difference or not.

What Happens Between Clear to Close and Closing?

My credit score is over 620 and I meet the mortgage lending requirements lenders ask. But then say I cannot be approved. My foreign earned income falls on the W2 line, and a previous underwriter said it needed to be amended – what can I do?

If my middle score is 600-610…can I get an FHA, or USDA mortgage? Can I get a USDA loan with a 600 credit score?

Can I get an FHA loan with a 600 credit score? How big of a loan can I get with a 600 credit score? What is the lowest credit score FHA will accept?

• This discussion was modified 4 months, 2 weeks ago by  Sapna Sharma.

How much money should you have after closing on a house? How much should I have saved to put down on a house? What happens if you don t have enough money for a down payment? How much money should you have leftover after a down payment? How much money should i have saved if I am not planning on any money down and lender or seller credit for all of closing costs?

• This discussion was modified 4 months, 2 weeks ago by  Peter.

How far back do mortgage underwriters need to see child support payment history? How do underwriters review child support payment history and how many months of child support payment history is required? What are the agency mortgage guidelines on child support payment history on HUD, VA, USDA, FANNIE MAE, AND FREDDIE MAE AS WELL AS JUMBO AND NON-QM LOANS?

Many homebuyers with less than perfect credit or marginal credit and/or income are afraid of entering into a real estate purchase contract in the event they get denied. However, mortgage lenders like GCA FORUMS MORTGAGE GROUP, powered by Gustan Cho Associates offers TBD Mortgage Approval, which is a full loan commitment issued by the underwriter with the exception of the subject property. Our viewers and borrowers get a lot of Frequently Asked Questions from homebuyers on how TBD Mortgage Approval works. Can you please detail the most FAQs on To Be Determined Mortgage Approval from consumers, renters, first-time homebuyers, and homebuyers with bad credit?

How long does it take to clear conditions for a clear to close?

How Solid Is Your Pre-Approval Letter? How reliable is your pre-approval letter? What does a loan officer do during the qualification and pre-approval process before the pre-approval letter is issued? How long does the pre-approval letter take? Can you get denied for a mortgage loan after the pre-approval has been issued?

HOW DO MORTGAGE LENDERS VIEW OUTSTANDING COLLECTIONS AND CHARGE OFFS?

What are closing costs on a home purchase. What does closing costs cover? Is there closing costs on both purchase and refinance mortgage loans? Who pays for closing costs? Do all mortgage lenders charge the same amount of closing costs? How can you not pay for closing costs on a home purchase? What is seller concession and lender credit and how can you pay for closing costs with seller concessions and/or lender credit? How much are closing costs?

Do you know any banks that offer 10% down on second mortgages or 90% CLTV or HELOC with a 700 credit score or better with income of over 70,000 yearly?

Mortgage loan originators will initially interview a mortgage loan applicant during the qualification and pre-approval process. If I am a loan officer, how would I go about interviewing a borrower? What types of questions would I ask? How can I interview the mortgage loan borrower and make sure they are telling me the truth so nothing goes wrong with me issuing a pre-approval letter. HOW TO INTERVIEW A MORTGAGE LOAN BORROWER?

What is a 1003 Mortgage Application? What type of information is asked on the 1003 mortgage loan application? How do a mortgage loan applicant complete a 1003 mortgage loan application?

What are discount points in mortgage loans? What is the purpose of discount points? Why do I need to purchase discount points? Who charges discount points and how does discount points benefits the buyer? How do we know if a discount point is worth the cost?

Do you service loans in Northern California? What kind of loan can you offer which would give me the highest Debt to Income Ratio?

My income is short, however, up to 825 credit score, clean credit and steady income documentation. Have a townhome, which would have to sell and put down up to 50% on my next purchase, however, am not meeting DTI. Looking for a single family home, would be my primary home, after selling my current townhome. Need 57% to 60% DTI. Maybe FHA? Not tried that route yet.

• This discussion was modified 4 months, 3 weeks ago by  Dawn.
• This discussion was modified 4 months, 3 weeks ago by  Dawn.

Can I buy a house via FHA loan with high student loans?

Can I get a mortgage with under 580 FICO credit scores?

Can switching to extended student loan payment help with DTI?

Can I get mortgage with good credit scores but recent late payment?

Can I use previous W2s and a current YTD paystub if the current has OT?

Can a Non-Occupying Co-Borrower be a friend and not a family member? I realize that HUD Guidelines require non-occupant co-borrowers to be related by law, blood, or marriage. Fannie Mae and Freddie Mac does not require non-occupant co-borrowers need to be related to the main borrower by blood, law, or marriage.

Can I use my spouses income on an FHA loan even though her credit is bad?

Can i get a cash out refinance if i had a forclosure 6 years ago my score is 650?

CAN I QUALIFY FOR A MORTGAGE WITH A 580 CREDIT SCORE IN CALIFORNIA?

Can I qualify for a no tax return W2 loan if commission is large part of my pay?

CAN I GET A MORTGAGE WITH JUDGMENT OR DO I NEED TO FILE BANKRUPTCY?