I am trying to engage in a cash-out refinance on my home to get some extra cash for home improvements. My credit score is excellent but my income to debt ratio is too large. I will certainly have enough finances to pay off the additional monthly fees but lenders do not think so. They will not approve my applications and there are no detectable no-doc or stated income loans out there anymore. Without this type of loan it seems impossible for me (in my situation) to get anywhere. Also, even though I owe only one third of the total property price, I have already pulled equity out of the mortgage. I’m stuck! Any ideas?
Any suggestions on how (or who I should contact) to get a loan?
February 7th, 2010If I assume a mortgage will I still qualify for the 1st time home buyers credit?
February 7th, 2010My Landlord made me what seems to be the deal of a lifetime. They are willing to let me assume the mortgage on their house without having to pay them for the equity gained through their payments, which I am estimating is 5-10yrs of payments. I have been doing my research and I am aware I would have to assume the loan at their current interest rate, but two questions come to mind…If I assume the loan would I qualify for the first time home owners tax credit? and How soon can I refinance the assumed loan to a lower interest rate if at all?
Any Zero down home loan out there?
February 6th, 2010Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?
Can’t refinance without a job? Nor home equity loan? Divorced? Its complicated.?
February 5th, 2010I have a divorce settlement that left me with my house and my exwife relinquished the home. I have a tenant who pays my mortgage and everything is fine. Its just that when i want to make a move like
refinance, I am pretty sure i cant because i dont have a job (unemployed). Also i would like to get a home equity small loan but i feel like again it will be the same thing. Should it be this difficult for a home that is in good standing, i have great credit too. One of my problems is that the divorce doesnt take wife off of note. I even did a quit claim but still i am told i have to refinance to get her off the loan. But i cant refinance cause im not working…..do i got the vicious circle right or should i try a different banker?
What does it take find an equity financing for a mining project?
February 4th, 2010I know whether this is the right place to ask or not? Anyways.
Suppose I own mining and exploration licence close to China, somewhere in Asia.
The hydration, infrastructure is poor and no JORC study has done yet. But the deposit is a good one.
Whatever the conditions are what does it take to raise money for a mining project? What are the necessary steps?
Thank you!
Have you tried to get a loan lately?
February 4th, 2010I would like to get a home equity loan but am scared because of the obvious, my house is paid for and I have good credit, I would like a loan for about 1/3 its value. How hard is it right now.
Upside down in my house…what can I do?
February 2nd, 2010I’ve lost approximately 55% on my house (along with a huge amount of other people across the nation). For easy numbers, lets use 50% that I’ve lost. To break even, I now need to gain 100% on it’s current value. Using the "Rule of 72", assuming I gain 10% per year, it will take 7.2 years to break even. At the time of economic boom, I believe the average gain was 10% and that only lasted 6 years before the economic downturn. Under normal market condition, a gain of 3-4% per year, it will take me 24 years to BREAK EVEN on my house. I don’t qualify for a home modification because I’m not backed by Fannie or Freddie. I don’t qualify for refinance because my income is greater than 31% of my monthly loan payment (as long as I can keep my job). I don’t qualify for a "short refinance" because my loan to value is greater than 125%. Everything is pointing to 3 options…1) Keep making payment on a house that I will likely never have equity in. 2) Short sell. 3) Foreclose. There has to be a better option. I am current on my payment…which is probably why I can’t get anywhere with my banks. Does anyone out there know of an option I may not have explored already or am I just plain out of luck?
Jill – You’re point number 3 identifies EXACTLY my moral delima. I signed a piece of paper that said I’d pay my loan. However, if I were to refinance my house to current value, that would cut my monthly payment in half! That’s a lot of money.
Arbor Mortgage — do you have a source? I have a first and second. I was told both need to be with the same bank. My first bank sold both loans to two different companies. In addition, they said there are absolutely no programs available for a loan to value of greater than 125%. Basically they will only write off 25%. Do you have more information?
Arbor Mortgage — ignore my question "do you have a source"! I just realized Arbor Mortgage IS your source. I do still need more information though if you have it.
What is the best way for me to finance a new home A/C.?
February 2nd, 2010My bank was offering home equity lines of credit, but I have no equity so I don’t know that I would qualify for that and I really don’t need that much money, only 00-00. I read about Title 1 home improvement loans, but not sure if I would qualify or if it is the type of loan I would need. What are my options? I have a few maxed out credit cards already.