Archive for May, 2011

Will we be able to get a mortgage loan?

My husband and I want to move to his families ranch and buy a double wide, but we are having some credit problems. A couple months ago, his score was in the mid 600′s and we weren’t worried about it, but we checked last night and one score is 600 and the others are like 530. We are stressed out about it, wondering if we will qualify for anything. We have a 10% down payment for the house we want, and his debt/income ratio looks really good. His credit had 2 negatives, hospital bills from 2005 but only totaled $ 425. We just paid them off, and he also has one hospital bill we are making payments on. ($ 1400). All of his vehicle loans(2) look really good. One is paid off, the other is not, but in good standing. Do you think it’s still possible to get a mortgage loan? Is it easier on a mobile home than a house? Any help would be greatly appreciated.

25. Each of the following is an example of a financial intermediary EXCEPT a:?

25. Each of the following is an example of a financial intermediary EXCEPT a:

A. commercial bank.
B. credit union.
C. bond market.
D. savings and loan association.
E. mutual fund.

26. Two reasons savers keep deposits at banks are to:

A. secure mortgages and to purchase stocks.
B. earn a return on their savings and to facilitate making payments.
C. lower interest rates and to increase the money supply.
D. equalize loan supply and demand and to earn interest.
E. participate in international capital flows and to raise domestic interest rates.

Educational loan to study abroad – can I apply after reaching United States ?

Hi, I want to pursue MBA at University in USA. The yearly fee for tution+food+house+msc comes to 21 K $ , since its a 2 year course the amount is 42 K $ . I have liquid cash of approx 47,000 $ , however I am sure about spending this money directly on college. I prefer to take an educational loan by mortgaging my house (550 sq ft in good area)and then plan on repaying it after my 2 year education is over by running a business/working(if am not able to run business at all). However, due to problems with my house, I am having difficulty mortgaging the house. Will it be easier, if I came to US showing my liquid cash and then applied for a loan from there ? Or, If I show a business under my borthers name and generate a profit of 4000 $ a month, will that be helpful ? how easy/difficult is it to generate that amount of profit running simple business in the United States ? I prefer to take loan though from some american bank like BOA/Wachvia and then repayingthe loan amount after completion of college, I have 10 more days to join college, Please Advice..

Would working as a mortgage loan officer be recommended or is a selling homes (no license req.) better?

Any good business loans out there with low credit score but good equity?

My wife and I have lots of credit card debt that we got building our business this brings our credit scores down But we have lots of equity in our business property there is no mortgage on the business property or equipment. This totals about $ 200,000+ value, we would like a loan of about $ 50,000 value Seems like local lenders do not want to help because we are self employed and our credit score any ideas out there!

Can somebody give me a clue on my mortgage payments?

I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.

The first was $ 114,000 @ 6.75% 30 year fixed.

The second was for $ 38,000 @ 9.436% 15 year balloon.

Monthly payment on the first is: $ 1014.12
Monthly payment on the second is: $ 316.05

I can pay this. Its far from ideal but I’m paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $ 35K bought $ 350K houses and I’m thinking the chances of my doing that right now are slim especially since I’ve paid down next to no principle at this point.

Let’s leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I’m plugging $ 114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I’m paying. Any help?
Was supposed to be 6.75% used for calculations…typo.

stated income home refi?

I would like to refinance my home. I am self employed and claim deductions so i had to get a stated income loan. I just purchased in July. I know the rates are getting better and I would also like to get rid of mortgage insurance. My home appraised for $ 142 and i financed $ 119. My question is will i be able to refinance with stated income with no more money down, just refinacing fees. And since i allready have the loan will it be as complicated as it was in July? I have a thirty year fixed loan.
Kerrville Texas real estate prices don’t go down just up. And I have done way more than $ 3000.00 in upgrades I am positive it would appraise higher.

Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I’m 20 and I make 30K a year. My husband does as well. I want to pay an extra $ 50 monthly and $ 5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I’m ready to pay this off and start on my next property. Can I do this myself? Please help!

Additional Details

0 seconds ago
So anyone who answers knows…I closed on my mortgage with 6.625% for 30 years fixed. I don’t need a recommendation… I would like a solution to my problem. Thanks!
Hey guys..the bi-weekly calculators are awesome. But I need a different kind of calculator.

1. Bi-Weekly
2. monthly prepay and
3. yearly prepay included.

I have already used the bi-weekly calculator from Banksite and included monthly pre-payment. But I want a yearly pre-pay function in addition to these two.
Can I do these functions on my own, without a calculator?

Statement of Service for a VA Loan?

My husband and I are buying a house. Our lender asked us to get a statement of service from his CO so that she can request a certificate of eligibility.

I’ve googled sample statements of service and I’m curious…how formal does this document need to be?

Does it need to be printed in letterhead like this one: http://www.yourvahomeloan.com/xSites/Mortgage/FlatBranchMortgage/Content/UploadedFiles/stmt%20template.pdf

Or can I just type up a basic thing in word for his CO to sign (like the one at the bottom of this site http://utahhomegroup.com/what-is-a-statement-of-service-letter/ )
That’s not what I’m asking about. Our lender can get us a certificate of eligiblity in about 2 minutes via her web portal. We need to furnish OUR LENDER with a statement of service so that she can get the certificate of eligibility.

I know I can apply for a cert. of eligibility online, but in order to do that we have to first request login for VA ebenefits, which takes 10 days. Therefore, it’s easier (and faster) if we just get the statement of service for our lender. I don’t know about going to the VA. We only have 1 car, that he uses to go to work, so it’s easier if he can just complete the SOS while he’s already at work, rather than having to drive all the way to nearest VA benefits office (which is an hour away).

Is it possible for him to get an SOS from his S-1/personnel office?

• how to get statement of service
• VA Statement of Service letter

Do you think with a credit score of 714 I would be able to get a mortgage with no money down?

I’m looking to buy a cheap property, like a co-op or a condo and I have pretty good credit but I don’t have a lot to put down. I make good money but I have a lot of student loans and stuff. I know with a weak market the time is near to get a mortgage and I am just looking at my options.