Here’s my situation: Looking to buy a home. I have little (K max) to Zero down (preferably zero). I have NO DEBT. ZERO. I owe nothing to anyone. My credit cards have a zero balance, my car is paid for. ZERO DEBT. I personally make K a year. I will have someone living with me who makes K a year. I have been employed steadily for 15 years (I’m 33) and have rented the same apt for the duration of that time never having been late even once on the rent. I’m employable in multiple fields so if my current job goes south I wouldn’t have trouble finding another job. I had a couple collections issues in my early 20’s for medical bills (One of which I disputed) but have since had two loans (both paid off early) and a few credit cards (all open and with no balances and again, never been late or had collections issues). I’ve got a 401k and life insurance with equity I can borrow from. Anyone have any idea how likely it is for me to get a home loan with zero down? Or a home loan at all? I’d be looking for possibly up to 0K. If you think I could get approved anyone know what a good lender might be? Lending Tree? BoA? US Bank? Any advice appreciated.
Posts Tagged ‘loans’
First time homebuyer with zero down?
Wednesday, March 10th, 2010Any loan officers out there? What to refinance?
Sunday, February 28th, 2010I had a setback, lost my 20yr job to bankruptcy. I made a few good choices, and survived for 18mo, until I found a new ok job. meaning I now make more then my bills, instead of using part of my saving or adding debt to my credit cards to make ends meet. So now I make 30,000, and would like to take advantage of the interest rates. I have a 6.25%. and was told by at least 5 banks or loan companies I could get 4,75% I have over 20% equity, in my home. After I start the loan process, it always falls through. Either the interest rates goes up a 1-2 points, or they want me to put down an additional money. Sometimes it is for the loan process, which is above the usual 2,000-5,000 closing costs I was exspecting. Sometimes it is to increase the down payment.I have a 120,000 house even after the housing crash, and owe 92,000. I actually was going to put 10,000 down to help lower my payments even more. But that still is not enough. The loan never happens. I have a great credit score, and make more then enough to pay my bills. So why am I not getting these refinance loans?
Income to debt is very good. I have other proterty that now only pay for themselves. I uses to make a little income. But I have no other debt, or other loans out.
Can a bank foreclose on a home equity loan after ch.7 bankruptcy, or just lien my property?
Saturday, February 27th, 2010As part of my re-grouping process, I need to know if the bank would take the property if I can’t pay for a time, or if they could only lien it. There are no other loans on the property, and it is a rental that is temporarily empty. Also, would the lein continue to grow with interest, etc.?
I am refinancing my mortgage at a lower rate and am considering a new car purchase. Is this wise to do?
Thursday, February 18th, 2010I dont have any other major loans or home renovations to do but I am in the market for a new car and would rather avoid financing a new car. I do have an equity loc(variable rate) thats open if i ever need in an emergency but I think it might be better just to go through refinancing. Any opinions?
Personal Finance and Business Question. Any advice for me?
Monday, February 15th, 2010I am going to get my masters in Physicians Assistant in a couple of years and I am going to go into Cardiovascular Surgery as a Physician Assistant when im 23 years old. They make about 120k+. However I don’t plan on getting married until 28… I realized its better to be older before getting into a real relationship. But I want to know what side business I could open up and focus on after my shift as a PA is over. When im 23 and I would have payed off my loans because Im going to work part time as a PA when im 21. I will also take out a 150k home equity loan on my parents house, Yes i understand the risks but I will pay off the payment of about 2.5k every month myself. I’m going to take out the loan as a downpayment on a 2 family house. That mortgage will be likely payed off using the rent income from my house, trying my best to keep intents in there. But I plan on selling the house after maybe 10 years hoping to get 300k for a downpayment on a bigger house. But what type of business Could i do ? My uncle has a very successful limo service making millions yearly and my other uncle owns 2 two family houses and is very successful. Any advice for me?
How to get my girlfriend's ex-boyfriend out of her house?
Friday, February 12th, 2010My girlfriend and I have been dating for just over 2 months now. She’s in an ugly situation with her ex-boyfriend. A few years ago, she bought a house with him when they were dating, then later got a home equity loan; both of their names are on the loans. More than a year ago, she broke up with him, but he didn’t leave. He’s been sleeping inthe master bedroom while she’s in another room; her 19-yr old daughter is in a 3rd bedroom. He has refused to make payments on the home equity loan, claiming that he’s getting no benefit from the items purchased. Also, their agreement in the past had been that she paid the electric bill and he paid the water bill, but a few months ago, he stopped paying the water bill without telling her. Recently, the water was shut off. My girlfriend didn’t want to back down, so she had been living in the house with her daughter; they use bucket water to flush the toilets, and shower at the gym. He now wants to foreclose on the house. She consulted with a real-estate lawyer who said that’s what she should do: not make payments and save the money to use when kicked out. She wants the water back on, and sent him an e-mail stating that she will let the house go into foreclosure (he won’t agree to a quick claim) and wants him to pay to have the water back on. He didn’t respond, so she’s going to take him to small-claims court to try to recover the money he hasn’t paid on the home-equity loan and the water turn-on fee. So far, he has not made any threats to her or her daughter. I know this is a bad situation, and would appreciate any advice any of you have on what she can do to get him out. Thanks–Bill in Phoenix
Do most people get a loan for swimming pools?
Wednesday, February 10th, 2010We are thinking about adding an in-ground, vinyl pool. We just bought our house last year and with the housing market being what it is, I doubt that we have any equity – even considering the down payment that we made. So a home equity loan is out. We are estimating the whole cost for the pool will be around k, and we would like to get a 10 year loan with no more than 20% down. We have excellent credit and a score of around 750, and have plenty of income to make the payments. So, is it common practice to get a loan for a pool? And if so, what type of loans are used?
BTW- I am already aware that we will not see a return in our housing value. We live in Tennessee, and want to do this as a luxury for our family. Thanks!
Upside down in my house…what can I do?
Tuesday, 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.
Why aren’t lenders willing to modify mortgage loans?
Saturday, January 16th, 2010I have friends who bought a home in 2006 for 5,000. They obtained conventional financing with 10% down and were making their mortgage payments. The subsequent real estate meltdown from zero-down-pay-what-you-want loans destroyed the value of their property. Their lender refused to even discuss loan modification. They walked away figuring their credit would recover faster than the real estate market. Their old house is now on the market for ,000. They would have been happy with a mortgage at DOUBLE that valuation with no interruption in revenue or foreclosure costs to the lender. It makes no sense to me. Any insider input?
There’s more to it than personal responsibility. Banks and mortgage brokers hawked unjustified loans to naive buyers. Other buyers took advantage of an opportunity to buy property they knew they couldn’t afford. Countrywide CEO Angelo Mozillo made millions building the real estate house of cards and walked away when it collapsed. This doesn’t change the basic question.
Jeffrey- Thanks for your response. When my friends contacted their lender they were told they needed to miss three payments before the lender (Countrywide) would talk to them. Their response, "Okay, if that’s what you want." It made no difference. They missed six payments. Still no difference. They consulted a real estate attorney and walked away. They now rent a nice home for 0/month less than their old mortgage payment and invest the difference. In seven years when their credit recovers they’ll have close to K-0K to get back into the market.
can you get a loan to pay off home equity loan?
Monday, December 14th, 2009my home equity loan interest is too high and is to be paid for 10 more years, the amount still owed is 000 is there any way I can get any other loans?
Related ‘loans’ sites :
| Bank of America Loans Offers mortgage, home equity, and auto loans for qualified borrowers. Explore rates, home and loan calculators, and get advice on home buying. www.loans.com | |
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| E-Loan Offers refinancing for home loans, first and second mortgages, home equity loans, and lines of credit as well as saving account and certificate of deposits. www.eloan.com | |
| C-Loans Commercial Lenders List and Commercial Loan Application Commercial mortgage loans from 500 hungry commercial lenders. Enter your commercial loan needs. The 20 most suitable commercial lenders will appear, ... www.c-loans.com/onlineapp | |
| Loan - Wikipedia, the free encyclopedia A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. ... en.wikipedia.org/wiki/Loan | |
| Commercial Loans Portal to 750 Commercial Lenders ... Submit to 700 commercial mortgage lenders and let them compete for your commercial loans and get the best commercial financing available for your real estate property. www.c-loans.com | |
| GovLoans.gov - All Loans GovLoans is a partnership of many Federal agencies and organizations with a shared vision - to provide improved, personalized access to government loan programs. govloans.gov/ | |
| Lending Tree Online loan center featuring mortgage, auto loan/lease, home equity, credit card, personal loan, and debt consolidation services. www.lendingtree.com | |