tell me mortgages qualifications PLEASE
There are three things to consider.1. Credit - your score needs to be above 620. To get the best rate you need a score of 700+. For a score of 620 you are looking at a rate of 5.5% to 5.75%. 2. Income - you need to have an income of about 30% housing cost to income. So if the mortgage payment (with taxes and insurance) is...

Does a refinance affect my credit score
No, a refinance should not affect your credit. In fact, in the long run if refinancing to more affordable payments helps you pay down some of your other debt (particularly credit cards), it may help your credit. You should go into a refinance with a long term financial plan that considers credit and your...

Will the rates hopefully stay the same until end of year? Someone please confirm.
I think rates will remain below 5% through the end of the year. That's what I am reading in all the info I look at - but also know the expert really don't know either. However, any bump in rates will hurt the fragile economy and I doubt they want to take a chance until unemployment goes down.You...

My rental property is a money pit! Help
I am sorry to here you have had so much trouble with this triplex and I understand how exhausting it is to try to do the right thing when everything seems to be working against you. I can't really give you any legal advice and would suggest you go to a real estate attorney. If you want to contact me I could...

FHA mortgage with paid collections?
You are doing all the right things especially planning ahead and working on your credit. I wish more of my clients would thinking about putting a plan in place before they go house hunting. To answer your question - your middle score needs to be 640. Regarding the paid collections - they shouldn't...

Refinance or pay extra payments????
You could do a no appraisal FHA streamline loan. The requirements on this type of loan are that the balance cannot exceed your existing balance. 5% is about right for the 30 Year. I could do 4.875% today. I would not do a 15 year since you want to sell in the next couple of years. You might want to consider a 5/1 ARM...

What interest rate can i get with the VA loan and how much money do i have to make to get the loan?
The answers below are excellent. As mentioned for someone to give you an accurate quote on rate and income qualifications they need to talk with you and get a few more details about your specific situation. Rates are excellent right now - as low as they have been since last November - but rates are...

Another twist on the partial refinance question
I really like the 15 year fixed rate loan. Since you only have two years into your existing loan by going to a 15 year you will shorten your payment term by 13 years and save a ton in interest payments. If you can afford the increase in your payment it is definitely an option you should look at. For example: If...

fallin behind
James, call your lender. Be patience you may get transferred a couple of times. Once you get to the right person most lenders are very helpful about putting a plan together for you to catch up. However, write everything they tell you down and make sure when you do this you get the name and id number of who you...

Is a HARP my best option here, and what do I need to do?
As the guys below have suggested, it appears with the info you gave that you might benefit from the HARP program. Changes are being made right now to the program that might even make it easier for you to qualify for a refinance at today's low rates. One of the changes is that the 125% loan to value...

Can i qualify
A conventional loan with a score of 650 may be difficult in Utah. However, you might qualify for an FHA loan which generally has a 640 criteria. I do not know of any lender who will do an 80/20 loan. If you are worried about a down payment, an FHA loan requires 3.5% down and you may get the down payment as a gift...

How long after a bankruptcy has been discharged can a mortgage loan be gotten for a home purchase?
You can generally get a new FHA loan after two years if there was no home involved in the bankruptcy. If you had a home and it was foreclosed or you agreed to a deed in lieu you will have to wait three years for an FHA loan. Conventional loan guidelines are much stricter. Criteria for conventional loan...

FHA loan refinance to conventional loan?
If your numbers are correct - particularly the value of your condo - then you should be able to refinance to a conventional loan. However, you will be above the 80% loan to value and the lender will require Private Mortgage Insurance. You should check with a mortgage professional in your area. There are...

I have a middle FICO of 692, can I apply for a new home loan?
You are a loan officer's dream. Good FICO, money for a down payment and a good income. Now is the time to buy, interest rates at historic lows and home prices are about as low as they are going to get. I know some experts are saying they might decrease a bit more - but usually when people wait for the bottom...

Home refinance with middle FICO score of 751, can I get a 4% rate?
Absolutely you can get a loan and today's rate is 3.875% for a conventional loan with a credit score over 740 and 80% loan to value. Please give me a call at 801.550.1222. I am in Salt Lake and we can do most of it over the phone. Linda Miller, Utah Mortgage Advisors...

Middle FICO Score of 675, can I qualify for a home mortgage?
More information is needed on your expenses - but based on the info you provided I think you would qualify for an FHA loan. You may also qualify for a conventional loan but it may not be the best option for you with a 675 middle score. Your best bet is to find a good loan officer in your area. Tommy Peoples...

can i get a home loan after a forcloseure
Unfortunately you will not be able to get a loan from a traditional lender for 3 years (FHA) after the foreclosure - but I would find a reputable mortgage advisor and realtor in your area and see if there are any local loan programs or seller financing type of properties available.

Refi now or Wait for 2012 Refi relief plan?
As mentioned in the answer below, your interest rate will likely go down - you might have a couple of years before rates are back to 5.875%. Your loan may or may not revert to a regular principal and interest payment. You will need to review your NOTE to answer most of your questions. There were so many...

getting out of VA loan and switching to another loan? upside down in our home.
Who is holding your loan now? Different lender's have different requirements for an appraisal for a VA streamline. The VA streamline is the best way for you to go - less costs and fewer requirements. I am in Salt Lake City and might be able to help you. Just need a bit more information. Give me a call at...

Are HARP 2 interest rates the same as if someone is buying a home with a 20% down payment?
I agree with most of the answers that HARP rates will be higher - but they are not that much higher. I just quoted a HARP loan and it was only .125% higher than same loan with 20% down. The borrower was saving over $200 a month so it was still worthwhile for her to refinance. Find a good broker in your area on Lender...