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I am currently being relocated and will be selling a home in Birmingham AL which will allow me the minimum $25,000 on $250,000 down payment with my current scores between 500-550… Do you write loans in the state of TN?
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Can anybody let me know where one can find the VA loans interest rate? Another thing, my score is significantly more than my husbands For Va loan can we use my score? Lender said she cant because I am new in the country and I am here just 1 year and 2 months/ But if my credit score is 768 why not. I think it discrimination because like if iam new and a foriegner. May be in my country I had good rating. They wanted me to be a co signer but then why dont use my credit score
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I wanted to know how long will one late mortgage payment hurt our overall credit scoring and FICO?
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I had credit scores of 480 on 1/07. I have paid all my collections and have not missed any payments or house payment since 1/07. My score is now 580 and 633. What else can i do, like removing lates for my credit history?
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replied 1 year, 6 months ago
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My credit score is high at 705, but my DTI ratio is rather high at 57% how can I get myself a low interest home loan for a first time homebuyer? Any advice would be greatly appreciated.
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That’s it, I’m looking to refinance. Initially quoted me a 30-year fixed at 6.5% in March, but when the underwriters got through with me it was a 30-year interest-only with 8.25%. Not happy! Nevertheless, my lender – LendingTree.com- grants returning customers a refinance at NO costs.
The general situation is here. Any advice appreciated.
I owe CC debt approx $60K (AVG. APR 6.5%)
I have Interest only Home loan (8.25% $366K, 100% financing)
I earn 7K/month
Net Current monthly liabilities $6,200 (cc payments, mortgage, insurance, etc)
I have cash of $20K
Credit score 680What to do with the cash? Am I to pay off some of my CC debt to boost my credit score or make a down payment to get a better mortgage? How about buying points, and which way is the lending market looking to go within the next 6 months?
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replied 1 year, 6 months ago
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I have an auto loan in my name for my wife’s vehicle. My question is that the loan is about 2 years old and down to about 11,000 owed. Do I refinance now with my credit union?
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Chicago, Illinois branded as the top three city in the .United States.
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replied 1 year, 6 months ago
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How hard is difficult to finance a boat and yacht? What is the maximum debt-to-income ratio you need to finance a boat or yacht? What is the maximum term can I get a yacht amortized for? `0,15, 25, 30 years? What credit score is required to finance a boat or yacht? Can you get a 30 year amortization on financing a %700,000 yacht? Where do I go for financing a boat or million dollar yacht?
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replied 1 year, 6 months ago
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I built a manufactured home from ground up in 2017. Beautiful home, with garage on concrete foundations on five acres. You cannot tell it is a manufactured home and more like a custom stick built home. This is the scenariou:
1. Aprraisal came in at $210,000.
2. I needed a $225,000 appraisal.
3. Now I am over debt to income ratio.
4. Credit Scores: Middle FICO is 660
5. Wanted to pay off outstanding debts including cars with the proceeds of the refinance.
6. Got a conditional loan approval at $210,000,
Anyone have any ideas on what I can do to make the cash-out refinance work? I cannot add a non-occupant co-borrower because it is an FHA loan and HUD does not accept non-occupant co-borrowers on cash-out refinace. I cannot get a piggyback 80-19-10 because all non-QM and traditional mortgage lenders in the United States do not allow second mortgages or HELOCs on manufactured homes. It would have to go conventional loan if there was a second mortgage lender that would allow a second mortgage on manufactured home? Any ideas would be so very much appreaciated.
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replied 1 year, 6 months ago
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I have a 705 credit score and zero late payments. I have a 16 year job history and make 80,000 per year. I also have a nine year rental history. I have the opportunity to purchase the townhome that
I’ve been renting but I’m concerned because my DTI is 48.5%. Do you think I will still get an approval? And if so, do you know if I will need mortgage reserves and if so approximately how much? I’m using a 401(k) loan for the down payment and closing costs. Any info would be appreciated! I’m so glad I discovered your website as there is so much valuable information to help educate first time homebuyers!
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I am a recent graduate 150k student loan debt, cc $11k car loan $450 a month. New job offer $53K starts 9/1. I did not work while in graduate school. My husband worked same job since 5/18. But income was significantly reduced last year( received unemployment) now he works 30-50 hours a week with mostly overtime and double time. His Ch 7 was discharged 7/19. Our middle scores are around 658-660. His hourly rate is 26 but his pay is more overtime and double time. he has small credit rebuilder cards of less than 1000 limits across all 3 reports. his income is around $60k, We are first time homebuyers Can he buy a home for $100k or less rent rooms out $850×3, and I do the same and use that to qualify for a home around $490K. We lived on savings this last year and are down to our last $5k we would each buy a home without any first time assistance programs that have a occupancy requirement. Once rented we would use our income and rental income to build savings to about 15k. And we want new construction and will finance our cc. Is this possible?
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This discussion was modified 1 week ago by
Sapna Sharma.
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replied 1 year, 6 months ago
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I am in the middle of the loan process with Cross Country Mortgage Brokerage in Schaumburg. I get a condition that needs realtors, sellers, and my signature and is called FHA AMENDATORY Clause. I asked my loan officer at least 5 times what a FHA AMENDATORY Clause means. I get different answers every time . I asked a processor from the Walden street branch of the the Cross Country Mortgage branch and the processors tells me that I need to talk to my loan officer. She says she cannot tell me because only licensed loan officers are allowed to explain it. I then reseached Cross Country Mortgage and they had the worst reviews. I think nobody at the Walden street branch in Schaumburg Illinois knows what the FHA AMENDATORY CLAUSE is. Can someone explain to me what the FHA AMENDATORY CLAUSE IS and is it supposed to be a secret?
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What is Judgment Day?
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Chase going on a ride on my truck to get trained
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This discussion was modified 2 years, 2 months ago by
Gustan Cho.
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replied 1 year, 6 months ago
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This discussion was modified 2 years, 2 months ago by
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I first got my auto loan when my score was a eq476 my score is now a eq575 and going up. I don’t have my other scores as of now because TU cannot generate a score for me for some reason, and ex is making corrections to my score so it’s not accurate right now. I know if you’re ready to do so soon, it won’t hurt you but sometimes give you a better rate. Any help?
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What is domain authority and domain rankings. What is Spam score and back link? What are toxic back links?
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replied 1 year, 7 months ago
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I am a Disabled Veteran looking to make a home purchase in California, but unfortunately I have around a 50% DTI with a 675 credit score, and 100% payment history. This has been very problematic with getting a mortgage approved due to my DTI. I am under contract for the home I wish to purchase with 8/27/18 being the close date, and I would like use the VA loan to avoid a down payment. What are my options?
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Veterans and Credit Mix: Diversifying the Financial Portfolio
Welcome to Day 17 of our series, where we continue to aid our valiant veterans in their voyage through the world of civilian credit. Today’s focal point is credit mix—a somewhat lesser-known yet integral component of credit health.
Deciphering Credit Mix: More than Just Cards
Credit mix pertains to the various types of credit accounts you hold, such as credit cards, mortgages, installment loans, and retail accounts. It accounts for about 10% of your FICO score. A diverse credit mix can demonstrate your ability to manage different kinds of credit responsibly.
Why Credit Mix Matters for Veterans
For veterans who might have been away from mainstream financial systems during active duty, understanding and building a diverse credit mix can be instrumental in establishing a robust credit profile in civilian life.
Strategies for a Healthy Credit Mix
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Start with the Basics: If you’re new to credit, begin with a credit card or a small installment loan, ensuring timely repayments.
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Consider Diversified Borrowing: Over time, if you find the need for larger loans (like auto or home loans), these can enhance your credit mix.
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Avoid Unnecessary Debt: While diversifying is good, taking on debt unnecessarily just to “mix it up” is not advisable. Only borrow what you need and can repay.
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Seek Secured Options: For veterans finding it challenging to get approved for traditional credit, secured credit cards or loans can be a stepping stone to building a credit mix.
Veteran-Centric Viewpoints on Credit Mix
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Leveraging VA Loans: Veterans have the unique advantage of VA loans for home purchases. This can be a valuable addition to your credit mix while offering better terms than conventional loans.
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Utilizing Military Lending Options: Some credit unions and banks cater specifically to military members and veterans. Exploring these can offer avenues to diversify your credit types.
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Financial Transitioning After Service: Post active duty, there may be opportunities to engage with various credit types. This transition phase can be an opportune time to thoughtfully diversify credit.
Challenges in Building a Diverse Credit Mix
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Overextension: While seeking a varied credit mix, there’s a risk of overextending financially. Always be cautious of your capacity to manage and repay debt.
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Misconceptions: Some may believe that having several credit cards equates to a good credit mix. In reality, diversification across different types of credit is what counts.
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Short-Term Score Drops: Initially, when you open a new credit type, there might be a slight drop in your score due to hard inquiries. However, in the long term, responsible management of the new credit can be beneficial.
Credit Mix in the Grand Financial Symphony
A diverse credit mix, while influential, is one instrument in the grand orchestra of credit health. It needs to harmonize with other components like payment history, credit utilization, and credit inquiries to produce a favorable credit score.
Concluding Day 17: Charting the Course with Diversified Financial Instruments
In the vast ocean of credit, having a diversified fleet of financial instruments can aid in navigating turbulent waters. For our veterans, understanding the value of a varied credit mix is akin to understanding the significance of varied skills and tactics on the battlefield.
As we culminate today’s segment, our unwavering goal shines bright: to arm our nation’s heroes with comprehensive financial knowledge, allowing them to sail smoothly through their civilian financial journey.
Stay tuned for Day 18, where we’ll dive deeper, unearthing more facets of credit and finance, ensuring our veterans are always a step ahead in their financial quests.
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I am looking to use my VA Loan in California but I am having a hard time finding a lender with no or little overlays. My current credit score is 600 and my DTI is anywhere from 48-56% depending on the loan amount. I do not have any collections or late payments on my report. I have almost 3x the residual income required for a family of 3 in California. I wanted to see if you would be able to help me out. DONE
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I live in Texas in community property state . I need to qualify for $240,000 FHA LOAN. However, my wife has a $10,000 judgment . How will this affect me in getting approved for a FHA Loan without going through a legal divorce.
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I’m looking into purchasing a modular or manufactured home on my own land to be purchased. I will also need to finance development costs such as utility hookups, etc. can I use FHA and are the terms and requirement different than for stick built homes?
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I am paying $950 a month in child support. How can I get a mortgage with that high payment?
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Why do I need to get counseling before applying for a reverse mortgage?
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Can you explain the concept of “debt layering” and its impact on mortgage underwriting?
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What is private mortgage insurance (PMI), and when is it required?
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What Happens Between Clear to Close and Closing?
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Analyst’s forecast for homebuyers for 2024 is not good. Real Estate media giant ZILLOW NEWS forecasts home prices will keep increasing into 2024 despite skyrocketing Mortgage Rates. ZILLOW estimates a 4.9% increase in home prices from August 2023 to August 2024 due to short housing inventory. There’s a shortage of homes Nationally and many first time homebuyers are getting priced out of the housing market. Many homebuyers are finding it more difficult coming up with the down payment of a home purchase.
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This discussion was modified 2 years, 8 months ago by Sapna Sharma.
biggerpockets.com
Zillow Predicts a 4.9% Rise in Home Prices by Next August—Is That Possible?
Zillow is really bullish on housing, but are they right? How much are they projecting prices to grow? And who's in disagreement?
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This discussion was modified 2 years, 8 months ago by
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EPM EMPOWERED DPA program is the best down payment assistance mortgage grant program in the nation. You need a 620 credit score, front and back end debt to income ratios of 48.99%, rate of 7.75%, borrower paid compensation, and need an automated underwriting system findings approval. The EMPOWERED DPA PROGRAM is for first time homebuyers, first Responders, Veterans, Volunteers, teachers, medical professionals, veterans, government workers, and families who have income no greater than 140% of the areas median household income. Here is a guide on the EPM EMPOWERED DOWN PAYMENT ASSISTANCE PROGRAM. The EPM EMPOWERED DPA PROGRAM is available in all states except for Washington state. If you are interested in qualifying for EPM EMPOWERED DPA PROGRAM Contact Gustan Cho Associates dba of NEXA Mortgage LLC at gcho@gustancho.com or call 262-627-1965. Text us for a Faster Response. GCA MORTGAGE GROUP is licensed in 48 states including Washington DC, Puerto Rico, and the U.S. VIRGIN ISLANDS.
https://www.gustancho.com/down-payment-assistance
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Inflation rates are soaring like never in history. Mortgage Rates are at 25 year highs. Mortgage rates we 2.5% 18 months ago and today is 7.625% for prime borrowers. Borrowers with sub 680 credit scores are paying 7.75% plus 3.5% in discount points. Home prices are at historic highs. Many would be homebuyers are priced out of the housing market. The mortgage industry lost 50,000 licensed mortgage loan originators from 140,000 to 90,000 and is expected to see more loan officers leave the mortgage industry. Every thing is going up. Car prices have skyrocketed and continues to go higher. Homeowners insurance premiums are increasing like never before. Joe Biden makes a speech a few days ago saying that Inflation is low under his watch. What is this guy thinking?
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