*MacDaddy* asked:


My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home.

Caffeinated Content - Members-Only Content for WordPress

Larry asked:


What are the pro’s and con’s associated with non-qualifying loans?

Caffeinated Content

Nathan H asked:


My wife and I are young college graduates, and with the falling housing market, home ownership is looking better and better. We live in NW Wisconsin, where a decent home will cost you $115,000 - My question is this; how does the cost of taxes play into this? The average home tax around here is $1500 - $2,000 / year here. Does this mean that our loan of say $100,000 becomes $160,000 ($2k/yr/30yr)

Caffeinated Content

tikki asked:


I’m getting ready to buy my house. I know to do a 30-yr fixed rate. I’m just wondering what is the buzz about subprime home loans? It seems to really be hurting people and mortgage companies. What are the advantages and disadvantages? Thanks.

Caffeinated Content

Ana C asked:


Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?

Caffeinated Content for WordPress

Yogi asked:


I have a home in MD and want to move to FL and turn the MD house into a rental and purchase a foreclosure in FL.

I have an agent in FL and an agent in MD to manage my rental. The problems I am running into are: 1. I have no savings. 2. I make less than $40K annually. 3. I need to borrow money to prepare my rental, pay downpayment/closing costs and moving expenses.

I’ve spoken to lenders but have not allowed my credit to be pulled since I am still doing research. I’ve been told that I can get a loan for the foreclosure and repairs to it once I have a job in FL and a tenant agreement in MD (not a problem).

Will I jeopardize my new home loan by applying for a $10k loan to cover the expenses? I have no equity in my house since I refinanced my car and debt last December so there is not much equity hence why I won’t sell. Unless there’s equity loans for $10k (closely maxes my equity).

Investment programs, tricks of the trade, advice and tips are all greatly appreciated.
Renting’s an option but foreclosures under $75k is cheaper monthly and I have options of equity funds of $25k+ or 80% after repair value. This money is for repairs and can be used to pay off the $10k loan and expenses on both homes like taxes and Home Owners Insurance.

Friends in FL who own pay $700 for HOI (my MD is $500). I’ve seen the taxes on FL homes and yes they’re scary. My car is paid and I have no other debt just the MD mortgage. I can break even on rent since I am paying HOA fees and Property Management fee (no profit) and it’s a small sacrifice to keep my house until I can sell for a profit or worse case scenario I need to move back.

My income is not a lot and will probably remain the same in FL but after everything is said and done, I will own two homes, one for about the cost of renting or cheaper and another that I is being paid off for me by the renter.

If I’m still in FL a year from moving and I equity in my MD home I may sell but it’s circumstantial.
I have heard horror stories about tenants and I am willing to take the risk. If it became that bad I would put the house on the market and pay the repairs from the proceeds.

I can’t buy the second house without a tenant agreement so the house wouldn’t sit vacant. I am not accepting short term leases and worse case scenario is I will have to sell the MD house.

As far as not being in the position, the only reason I’m not is because I don’t have my own funds to use for the transaction. The $10k loan was for 5%downpayment and also closing costs so no 100% financing. In addition, I have a job and I am not in a hole so I can afford most of my moving expenses but PODS from MD to FL are expensive which is what I will need while doing repairs in the new home.

I appreciate all of the advice, but I haven’t gotten from the lenders or agents that I’m not prepared to do this and they all know my whole situation at this point. However, the lenders don’t know about the $10k loan I need.

Caffeinated Content for WordPress

jeff asked:


I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $900. I currently owe $12,000 on my mortgage and my house is worth anywhere between $600,000 and $800,000.
I want an equity loan of $100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.

Equity Loans

baby girl asked:


Was just wondering if a person is already on a loan for a home as a cosigner can they be used as a cosigner for another. I already asked my realtor and he doesn’t know.

Caffeinated Content - Members-Only Content for WordPress