Posts Tagged ‘fha’
Sunday, April 25th, 2010
We couldn’t sell our first home (bought it when the market was high) and so we refinanced under Obama’s plan that enabled you to do so even if you didn’t have the equity in your house. this enabled us to lower how much rent we needed to charge. we’ll only be making about off our renters a month.
We want to buy a second home because our family is getting larger, but now we are running into all kinds of issues we didn’t know about. first, our current mortgage holder says we need to make our first house our secondary residence (he said we need to refi again) and then we’ll need to wait at least a year and put down 20%.
We didn’t know any of this. We knew we’d have to prove we had renters, and that they were paying us. (we were told to get copies of the deposit, first months rent and deposit slips)
Can anyone tell us what we should do? does this differ from place to place? We don’t have an FHA for our first loan, so we were going to try and get one for our second house and save up the 3.5% down for the house. We just don’t have the time to save up 20%, no matter how cheap the house is!
let me clarify a few things….we re-fi’d our house so that we could rent it out at a comparable rate to houses surrounding us. when we did the re-fi, we were asked if we were going to sell our house, which we weren’t. no one ever prohibited us from renting it out. if we have to lower our rent in order to show we are basically breaking even, then we will.
Bottom line is that we just want to know how, with having rented our first house, that we can buy a second one.
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Tags: bottom line, cdl, current mortgage, deposit slips, fha, fi, first house, home mortgage refinancing, job search, jobs, liberalism, money, mortgage holder, moving companies, muscle gain tips, nutrition facts, word of praise
Posted in Home Equity Loan Refinancing | 3 Comments »
Friday, February 12th, 2010
I can’t find anything about this situation.
My house has a 1st and 2nd mortgage (Home Equity Loan). The Home Equity loan was used for repairs & updates on the house so I’ve been claiming it all along on my taxes (the interest payments).
The house is going into foreclosure. The main mortgage is FHA insured, but the 2nd mortgage is not. I make just a little too much to be eligible for Chapter 7 Bankruptcy, which is the only way to totally discharge debt.
I could do Chapter 13 (or maybe it is 11), but that is just restructuring and paying back what is owed. The 2nd Mortgage bank is willing to work with me on lower payments and longer payback time and they know the house is foreclosing – which would at least avoid lawyers fees for them & me.
I’m just wondering if anyone thinks there is any chance at all that those payments could remain tax deductible (the interest portion) after the house has foreclosed and I am no longer the owner of it. The loan WAS for my home and the funds WERE used in accordance to the rules which have made it eligible for tax deductibility.
What are your thoughts? Am I dreamin’?
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Tags: amp, amp electric, bankruptcy case, bankruptcy chapter 7, bargains, chapter 13, chapter 7 bankruptcy, electric snow thrower, fender custom shop, fha, filing bankruptcy, foreclosure, guitar amp, Home Equity Loan, interest payments, interest portion, lawyers fees, mortgage bank, mortgage home equity, proof of claim, tax deductibility
Posted in no equity home loan | 1 Comment »
Saturday, February 6th, 2010
Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?
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Tags: alamo city, auctions, canada, conventional loan, dear baby, dollar down, fha, fha home loan, fha loan, fha mortgage, loan comparison software, mortgages, patient zero, prototype, realtors, rental property owner, retirement, software escrow, zero down
Posted in zero down home loans | 1 Comment »
Monday, February 1st, 2010
How does a home equity loan bank deal with a sort sale. The original loan belongs to another bank..
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Tags: american veterans, bank loans, cash advance, cash vault, creative financing, fha, Home Equity Loan, home equity loans, home loan, initial repair, loan bank, loans payday, payday loan, wbbm newsradio 780
Posted in what is home equity loan | 1 Comment »
Saturday, November 28th, 2009
My husband and I are in the process of buying a house.. we were told by our realtor and mortgage broker that the house appraised for 30k more then what we are paying for it.
If this is true and we buy the house would we be able to take out an equity loan on the house as soon as we buy it since the house is worth more then we are paying?
We’re doing FHA so we only have to put 3.5% down. So.. I’m assuming that means that we will have to pay into the house for a while before we can
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Tags: 203k mortgage, article directory, buying a house, conveyance, cordero, degree in special education, equity line of credit, equity loan, fha, fha 203k, fha mortgage, home equity line, home equity line of credit, Home Equity Loan, hous, loanamerica, mortgage broker, mortgage brokers, mortgage loans, process of buying a house, pvc windows, realtor, second mortgage
Posted in Home Equity Loan | 5 Comments »
Tuesday, November 17th, 2009
We just purchased our first home back in March of 2009 at a 30yr fixed 5% interest rate. It is an FHA insured loan and we are eligible for a "streamline" if the interest rates drop below our 5%. If the rates do drop below 5% over the next couple of months, would we be able to get cash with the new refinance? We would go with another 30yr fixed below 5%. We bought our home for 0k in March 2009 and our payments are ,400+ a month with everything included in that payment.
The reason I ask is because we really need to get ,000 asap. What about equity line of credit? Is it possible that our home is worth a little bit more than what we paid back in March 2009? We did a lot of cosmetic modifications to it. But I know equity loans are much higher than our current 5% interest rate.
I am new to all of this. Thanks.
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Tags: adhd child, american actress, asap, bridging loans, cosmetic dentistry, cosmetic modifications, credit mortgage, decibel, enterprise rental car, equity line of credit, equity loans, fha, first mortgage, home equity line, home equity line of credit, Home Equity Loan, home equity loans, interest rate, interest rates drop, little bit, p band, quot, self improvement newsletter, tefl jobs, tempation, ybm ecc
Posted in home equity loan interest rate | 1 Comment »
Friday, November 6th, 2009
I owe nothing on the house,but I want to buy a another car instead and do some things around the house too. Can I use the money on a home equity loan for anything I want without restrictions? Thanks
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Tags: amp, arnold kling, easiest way to make money, easiest way to make money online, econlog, europe, fha, germany, Home Equity Loan, home make money, loan financing, loan mortgage, money, mortgage processing, ottawa, reverse mortgages, seniors, student loans, truth about, way to make money
Posted in best home equity loans | 1 Comment »
Thursday, November 5th, 2009
I looking to get a Loan for 00.00 – 00.00 to fixup my house. I’m a first time home owner and purchased the house as a forclosure through an FHA Home Morgage Loan. I don’t have much equity built up, but I’m looking for any options available. Government Loans or Grants, First Buyer Home Improvement Loan, Any advise will be appreciated. Thanks
Tags: fha, first time home, first time home owner, forclosure, government loans, grants, home improvement loan, home morgage, morgage loan
Posted in equity loans texas | 1 Comment »
Friday, October 30th, 2009
When someone says they have cash for your home equity loan, what does this mean? Does it mean they will give u the cash for the downpayment of the home (as a loan) or what??? I’m having trouble comprehending….
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Tags: central vermont, conventional mortgage loans, downpayment, fha, first time buyers, forum topic, Home Equity Loan, home equity loans, land contract, loan money, mortgage home equity, south news
Posted in best home equity loans | 1 Comment »
Wednesday, October 7th, 2009
We are in dire straights. We have lived in our home in Charlotte area 15 years. Home is financed with Chase. Never had a late payment, not even 1 day day late on home or the Home Equity Loan we have.
Took out a Home Equity Loan 3 years ago. Never a late payment there either.
All total our bills are killing us. Want to Refi. Balance on home is K and Home Equity Loan balance is K.
Husband lost job, just got rehired on another contract but want start his new job till next month. He is a government contactor so makes good money but when the contract stopped the money dried up quickly.
His credit score however is absolutely no help, in the 500’s.
My FICO scores are 691 Equifax, 726 Experion, and 686 Trans Union.
Problem is I only gross 33K or so a year.
We applied online for a refi to payoff bills but were told my husband is no help on the loan because of his FICO scores.
With the DTI I am at 90% so I cannot get approved to refi.
The home is worth about 5,000. We have about ,000 in Credit Card Bills and Loans we want to pay off.
Can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
What about going FHA with my husband as the co-x since he has the low FICO but has very good income to lower the DTI ratio? He makes about ,000 per year and it will be Federal Taxes tax-free as he will be working overseas for a year.
We really need some professional advice.
Tags: 3 years, 686, charlotte area, chase, contactor, credit card bills, credit score, dire straights, dti, equifax, experion, federal taxes, fha, fico scores, Home Equity Loan, loan balance, loans, new job, professional advice, trans union
Posted in online home equity | No Comments »
Related ‘fha’ sites :
 | Federal Housing Administration Provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. www.fha.gov |
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 | Florida Hospital Association Promoting the ability of member hospitals and health systems to serve the health care needs of their communities through representation, advocacy, and service. www.fha.org |
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