If you are planning on buying a new home or refinancing with an FHA mortgage, it’s going to get tougher if you have bad credit. In a few months, FHA will not let people with credit scores of less than 580 buy a home with only 3.5% down.You’ll have to come up with at least ten percent! Continue reading ‘Bad Credit? Clean it Up or Start Saving’
(No Ratings Yet)
Loading ...Lenders are nosy. But they’re entitled to be, to a certain extent. If you were loaning a huge sum of money to someone who wasn’t your best friend, wouldn’t you want to know as much about that person as you possibly could?So, yes, lenders are entitled to ask some really personal questions. But there are limits. Here are three invasive things they get to ask you, and two they don’t. Continue reading ‘3 Rude Questions Your Lenders May Ask You – And 2 They Shouldn’t’
(1 votes, average: 5 out of 5) Loading ...As of January 1, 2010, lenders are required to use a new Good Faith Estimate (GFE) form that puts the important features of your loan right in front, and lists the fees and interest rates. The most powerful change is the requirement that if fees are different at closing from what they are on the form, the lender has to eat the difference–not the borrower. The new GFE also features a section for mortgage shoppers–you can compare the costs of several lenders and select your best deal. The only problem is that lenders are finding a way to avoid using the form. Continue reading ‘Are Lenders Side Stepping New Laws?’
(1 votes, average: 5 out of 5) Loading ...As the old ladies used to say, it’s an ill wind that blows no one good, and the hurricane of falling home prices is no exception. Property prices have dropped so much in many areas that owing a home costs only a bit more, and sometimes even less, than the cost of renting. Continue reading ‘Rent or Buy? Good Question!’
(1 votes, average: 5 out of 5) Loading ...I have spent hours searching online and have come up with zip. If you have bad credit, home loans seem to be out of your reach right now. Any search of sub-prime mortgages, bad credit mortgages, high risk mortgages, home loans for people with bad credit, or bad credit refinance comes up empty these days. But you still might have some options. Continue reading ‘Are There Any Subprime Mortgage Lenders Left?’
(No Ratings Yet) Loading ...According to a story in the New York Times, one of the nation’s largest lenders is being sued by government officials in Tennessee for discrimination in mortgage lending. The suit charges that some silly loan agents stupidly steered minority borrowers into more expensive sub-prime and bad credit mortgages than white borrowers. Now (CYA disclaimer follows), this lender may or may not have committed discrimination. And most loan officers at this and other banks are probably not discriminating against applicants. But, it does happen. So how can you be sure that your lender isn’t being dumb and discriminating against you? Actually, it isn’t that hard. Continue reading ‘Discrimination in Mortgage Lending?’
(2 votes, average: 5 out of 5) Loading ...The short answer is no. The long answer is maybe. Officially, your down payment has to be seasoned funds (that is, money you have had for at least a couple of months) that are legally yours. In the case of FHA financing, you can get down payment assistance only from immediate family and from certain approved community housing organizations. Continue reading ‘Can You Use a Cash Advance on Your Credit Card to Fund Your Down Payment?’
(2 votes, average: 5 out of 5) Loading ...It looks like FHA is planning to beef up its falling reserves by requiring borrowers to come up with a bigger down payment. Can you see your home ownership dream fading away? Well, don’t let it! Yes, FHA is likely to require 5% down instead of 3.5% in the near future. HUD Secretary Shaun Donovon says that’s a virtual certainty. But what about deserving sorts who really need some help? What if you know you could pay your mortgage but could never save a down payment while paying rent and other obligations? Is there hope for you? Continue reading ‘FHA Mortgages: Is My Down Payment Going to Increase?’
(1 votes, average: 5 out of 5) Loading ...It’s fairly common knowledge that bankruptcy can drop your credit score by hundreds of points and render you ineligible for a new mortgage for several years. You may have resigned yourself to renting for the foreseeable future. But you might not have to. Continue reading ‘Bankruptcy and Your Next Home Loan: Some Lenders May Cut You Some Slack’
(2 votes, average: 4.5 out of 5) Loading ...Some of the most affordable housing can be some of the hardest to get financed. Ever see commercials for those outfits that loan on mobile homes? Only 14%! Wow. Maybe I’ll just put it on my Visa card instead. So, can you really get an affordable mortgage on manufactured housing? Sure, if you buy the right kind of manufactured housing. Continue reading ‘Can You Get a Mortgage on a Manufactured or Mobile Home?’
(12 votes, average: 4.92 out of 5) Loading ...
Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
(5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5)
