Jan
9
With this buy out proposal will it allow people who have faulted on their home loans stay in?
Filed Under Government | 2 Comments
David C asked:
With people who got their faulted loans refinanced by Fannie May (or however it’s spelled) buy out the poor credit loans and they are looking at getting the buy out will that mean those who have loans faulted by them stay in their homes they didn’t pay for?
With people who got their faulted loans refinanced by Fannie May (or however it’s spelled) buy out the poor credit loans and they are looking at getting the buy out will that mean those who have loans faulted by them stay in their homes they didn’t pay for?
I mean I have a legit loan through GMAC why can’t I fault on my loan and get my house for free?
I am not sure if this is the truth behind part of the buy out is this true can someone explain?
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Jan
9
I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal?
Filed Under Personal Finance | 6 Comments
Ram asked:
I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal loans here in the US. If so who should I contact. Please advise. Thanks.
Mortgage Loans
I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal loans here in the US. If so who should I contact. Please advise. Thanks.
Mortgage Loans
Jan
8
Smaller down payment with PMI vs. home equity loan, no PMI?
Filed Under Renting & Real Estate | 4 Comments
wayfoxy asked:
We are buying a house that’s appraised at $575,000, but is being sold for $500K. We can put down up to 20% (though it would eradicate our savings). We have been approved for 10% down, $350 PMI, or 20% with no PMI. We would have to use $50,000 to make necessary renovations, the sooner the better. Is it better to pay the PMI and hope we can make it go away in a year based on hopefully increased value (or at least same as appraised) or not to pay PMI, but have much higher monthly payments for the home equity loan, and worse yet, risk not being able to get the home equity loan to do the renovations?
The $575K was the bank’s appraisal. But I believe the bank uses the purchase price to determine LTV for PMI purposes, initially. They let you do a re-appraisal after 1 year.
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We are buying a house that’s appraised at $575,000, but is being sold for $500K. We can put down up to 20% (though it would eradicate our savings). We have been approved for 10% down, $350 PMI, or 20% with no PMI. We would have to use $50,000 to make necessary renovations, the sooner the better. Is it better to pay the PMI and hope we can make it go away in a year based on hopefully increased value (or at least same as appraised) or not to pay PMI, but have much higher monthly payments for the home equity loan, and worse yet, risk not being able to get the home equity loan to do the renovations?
The $575K was the bank’s appraisal. But I believe the bank uses the purchase price to determine LTV for PMI purposes, initially. They let you do a re-appraisal after 1 year.
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Jan
6
In relation to mortgage loans what constitutes a low credit score?
Filed Under Renting & Real Estate | 9 Comments
Boat Junkie asked:
I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.
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I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.
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