Is it difficult to obtain a new home mortgage under current economic conditions?
VA Eligible / Low Debts and high income / current homeowner with no late payments on current mortgage which is almost paid off / but 4 very old medical collections So, what are my chances?- You will get a loan. Veterans always get a break
- Hi There! As you probably know, a VA Loan also known as a Veterans Affairs Loan is a fixed - rate loan guaranteed by the U. S. Department of Veterans Affairs. The VA home loan was created to make housing affordable for eligible U. S. veterans. VA home loans are available to veterans, reservists, active - duty military personnel, and surviving spouses of veterans with a hundred percent en lement. If you're eligible that's great!, you will find that qualifications are made to make getting a mortgage easier for Veterans to answer your question. Here's how: Eligible veterans may be able to buy a home with no down payment, no Private Mortgage Insurance, no cash reserve, no application fee, and possibly lower credit than other financing options. Talk with a Mortgage Banker you trust who can help you see if refinancing could benefit you, and help you see which home loan program you qualify for - - if they're older, your medical collections may not be a factor. Your Mortgage Banker can help you find out for sure. Hope this helps!
- It is difficuly unless you have almost perfect credit. Your chances do sound pretty good if the medical collections are old enough. Another issue to look at is your income compared to the mortgage payment
- NO! . Lenders are still giving mortgages. the only problem for you would be the medical collections. Please talk with a lender. There is a lot of BS going around that you can not get loans or mortgages, etc. THIS JUST ISN"T TRUE
- Yes. It's very difficult even with excellent credit and 20% to put down
- yes. but what everyone is calling hard is how it used to be before banking was deregulated in 1999
- The government FHA / VA / USDA still represent some of the best options for home buyers for high loan to value. The FHA has been making changes lately, but the VA is still pretty much the same as it has been with the exception that loan limits have been increased lately. Can you pay the medical collections? It used to be that medical collections were not consider derogatory and did not necessarily need to be paid underwriter discretion. Lately, that has not been the case so much. I encourage you to apply for a VA loan and get an answer before you go out and write a contract. Pre - approvals are usually free and should be good for about 120 days. Call around and get some quotes on rates and costs before you apply as there should be a fair amount of compe ion for your business. Good luck
Knowledge Base
Federal Interest rate vs. Home Mortgage Rates?
so when the rate is cut how long does it take to reflect the cut for home mortgage rates? i am thinking about buying a house and i just heard the federal interest rate is being cut to 1% historic low. when will home mortgage rates reflect this cut? how (home loan mortgage)
how much do you pay for your home mortgage?
online mortage calculators seem like they are fulll of lies. i exact same info used has be from 700 a month to over a 1000 for a loan of about 122, 000. i know taxes and interest rate will change, but about how much is your loan and what is (home mortgage rates)
Do we need to get a new le insurance when we refinance our home mortgage loan?
we bought a le insurance when we first got our home loan. we are now refinancing with another bank and they are requiring us to get a new le insurance. is this right?. i work at a mortgage company, and most banks require le insurance for every mortgage that they (home mortgage calculator)
Knowledge Base: Home Mortgage
Is this mortgage calculator accurate?
i found this mortgage calculator provided by a home builder. this one not only includes principle and interest, it also appears to include taxes and insurance although, not sure how accurate. in the link, c up top on "how much can i afford" and select "find out how much my (home mortgage)
Is it possible to sell a house with negative equity, and roll that into a new home purchase mortgage?
i want to sell my current home, but think i will get about $30 k under what i owe. would i be able to take that amount, and roll it into the new mortgage on the loan of a new home?. probably not. your present mortgagee will require the mortgage (home mortgage)
Can I use my current owned home as collateral on new home mortgage loan?
my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (home mortgage calculator)
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?. hi ronnie, your credit has to be at least a 640, so i am uming you will (new home mortgage)
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 rates)
Knowledge Base: New Home Mortgage
Is it really possible to get a new home mortgage loan with a recent foreclosure?
my house was foreclosed on this year. i want to know realistically how long do i have to wait before i can purchase another home. if you have enough income something changed ? then you can get one but your % rate will be high, high, high. realistically, about seven (new home mortgage)
If I just refinanced my home mortgage, can I finance a new investment property soon after?
i just refinanced my home last month and got a much lower rate and payment. of course, this means my mortgage was paid off and a new loan was initiated. does this affect my credit in a way that would hamper me being approved for a mortgage on a new (new home mortgage)
What do you think about the new government home mortgage plan?
based on your understanding do you think its a good plan? will it help stop the deterioration of either the stock or real estate market? i heard the executive office will release details march 4. all this uncertainty is bad. if they would just stay out while the home prices (new home mortgage)
Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
amidst this struggling economy, i am looking to sell my townhouse and purchase a single - family home. i know i will not sell the house for more than i originally purchased it for, but will i be able to transfer the remaining balance of the mortgage after i sell (new home mortgage)
Is it difficult to obtain a new home mortgage under current economic conditions?
va eligible / low debts and high income / current homeowner with no late payments on current mortgage which is almost paid off / but 4 very old medical collections so, what are my chances?. yes. it's very difficult even with excellent credit and 20% to put down. yes. but (new home mortgage)
