I i want to buy a how for 200k and have a downpaymnet of 10% and my credit is below national average.\n\nHow do i know an aproximate of my monthly mortgage?
211434
Not a problem:\nhttp://www.mortgage-calc.com/\n\nQuick, easy calculator
269648
There are plenty of lenders that do loans down to 500 fico score. You just need to not have any forclosures or repos. Find a great mortgage broker that specializes in shopping for lending for those with credit issues. Push comes to shove, you can seek a credit repair specialist that can get your score up to a 560 so that you can qualify for a 80/20=100% financing loan in your area. Credit repair is costly, usually $45/line item/credit agency to get rescored, but you must be willing to either pay the debt or have a lawyer "fix" your credit using their methods.
15888
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
4363
You must live in North Jersey if you are seeing those kind of prices.  If you put 20% down on a $500,000 house that would be $100,000.  That leaves $60,000 in savings.  Hold on to that.  Setup automatic withdrawl so the mortgage payments come from that account.  Continue to add additional money to that account and you will have a nice buffer if one of you were to loose their job.
271927
I think you have a lot to take into consideration here. First and foremost you should know how your credit report looks if you have a spouse you'll need his too. You'll also need W2's from the last 2 years from your job,tax W2's will do, proof of income and earnest money to put down when you sign a contract at least but no more than $1,000.00. The most important thing to look at right now is the interest rates. The better your credit the better the rate you'll get. Please go to a local bank or other surrounding banks and see if they could lock in a low interest rate for you why you shop around. They don't have to know exactly when you're going to buy. When buying your home always ask the seller to pay for your down payment and closing costs. The way to do this is to give him or her close to the asking price when you bid and stipulate in the contract that they are to pay your down payment and closing costs. Usually if they are getting close to full asking price they'll take the offer because they were leaving room to come down anyway. When looking at homes don't show to much emotion especially if you really like a house because if you do they'll know you really want it and they may not be willing to negotiate with you. Showing a lack of interest while your in the home is always better, even though you're dying inside to make an offer. It'll be in your best interest to wait till you talk to the realtor if you choose that route to show your enthusiasm. You can always buy a forsale by owner home too! It's less complicated and easier all the way around. The seller will and should be the one to get the lawyer to handle everything. This is quite simple, because you can call the lawyer and see how everything is going to. They do the appraisal, title search, closing and anything else that needs recorded and done. Before you know it you'll be sitting in your new home. I'd start now so you have everything in order. The loan already approved is the most important thing of all. Ask some people who have mortgages with banks not mortgage companies for referrals. Mortgage Cos. have a lot of hidden fees that you have to pay where as a bank doesn't. Good Luck...Happy House Hunting.
667874
Hello - \n\nThe good news is that their are numerous lenders that will allow you to utilize your good credit scores and still include your husbands monthly income.\n\nIn regards to Stated loans, there are two major types. What we call a SIVA (Stated Income Verified Assets) or a SISA (Stated Income Stated Assets) The lower monthly payment would be on a SIVA loan. On this loan you would have bank statements to verify your monthly income.\n\nMonthly payments could be as low as $600 per month. However, you also will want to look at how long you wish to borrow the money, and at what point do you want to reach the freedom point of owning your home.\n\nThere are a few important questions you need to make sure you ask your mortgage company.\n\nQuestion 1: Is your mortgage portable? In some cases, your mortgage may be 'portable', which means you can carry it with you when you buy your next home and avoid having to obtain a new mortgage. NOTE - These types of loans are not available in all cases.\n\nQuestion 2: Is your mortgage assumable? The term 'assumable mortgage' means that when you sell your house to a buyer sometime down the road, that the buyer can 'assume' your mortgage, instead of having to apply and receive their own mortgage. This is very attractive to some buyers and may help you during negotiations.\n\nQuestion 3: Is there any 'pre-payment penalty' if I decide to sell or refinance my home before I have paid off my existing loan? This is a very important question, since you might be forced to a penalty if you pay off certain types of loans before they are due.\n\nDid you know that with certain loan types, you can shave off years of payments and thousands of dollars in interest? It all depends on what payment schedule you pick. Using additional payments and/or 'bi-weekly' payment programs can save you enormous amounts of money and time. For example, with a bi-weekly payment plan, you could save up to $46,701.00 on a $125,000 loan. Or if you have money trapped in an IRA or 401K plan, we could show you how to get that money out TAX FREE, by utilizing a different strategy.\n\nIn some areas, a seller may not even deal with you until they can verify that you can actually afford to purchase their home. To them, a pre-appon lineroved buyer is essential. But even in cases where pre-approval is not mandatory, it is still wise to consult with a reputable mortgage company and receive a pre-approval. Especially considering that the pre-approval process is fast and easy.not to mention AT NO-COST TO YOU!\n\nOnce you are pre-approved, you can embark upon your home buying journey with confidence, knowing that once you find your dream home, obtaining the money to buy it will be the easy part!\n\nMy company provides this as a free service at :\n\nwww.victorylenders.net \n\n-How to get the best rate and payment on your next loan\n-How to get started with a bi-weekly payment program\n-How to pick a payment amount that fits your needs and lifestyle\n\nPlease let me know if you have any further questions.
122328
Kat,\n\nYou leave out some important details.  \n\nI'm going to assume from your comment that you don't have credit right now because you purchase everything in cash, right?  I did that when I was young.  Paid cash for my car and did't have a card.  Had $20,000 in the bank to put down for a mortgage.  They wanted to refuse my loan because I didn't have a credit history!  Lucky for me, they had a loan manager who had sense enough to look beyond a credit report.\n\nWhat about your husband?  Does he have a credit history?  Good or bad credit?  Remember that they will be looking at his score also if you both plan to be on the loan.  If he has good credit you may not even have a problem.\n\nAs the others mentioned, you need to build a credit history.   How long from the time you buy this car on credit, until you start looking for a home?  Credit Guru is correct, it won't help you much to pay it off immediately.\n\nHaving a big down payment for the home may impress the mortgage company into giving you the loan without an impressive credit score.  Worked for me.\n\nIf you really need the car right now, consider paying it off in cash when you buy it. Many car dealers will cut you a very good price if you are paying up front.\n\nBefore you go any futher, go to the link I supplied below. You are trying toimprove your credit score, so you need to understand exactly how they calculate it.  MYFICO is the folks to developed the scoring system, and their site has lots of information on establishing and improving your score.\n\nAfter your have educated yourself you can make better decisions on how you can proceed.\n\nI sure wish I had your problems. Wanna trade?
105411
1) Loan to Value (LTV) - If you have excellent credit, you m,ay qualify for 100% financing if the property is to be your primary residence (not rental property). However, this also means that you are borrowing all you need and your payment will be higher. I recommend at least 5-8% down if you have some savings set aside.\n\n2) Value - try and get something in your price range. This sounds like common sense but you would be surprised. Price out your monthly loan payment options (but don't get an interest only loan just to afford it..that is never a good idea). Get you mortgage broker/lender to help you with this so that you can know in what price range to shop for....\n\n3) Expenses - Utilities are dependent on the condition of the property and your usage. But you do need to remember that you will have to pay annual real estate taxes and annual home-owner's insurance. These are conditions to your loan and you cannot get around it.
145455
Call a random mortgage company and ask them this question.
441803
I am amazed at some of the responses:\n\n1. "Its' pretty rare to get more than 90% of the property's value."  This is plain wrong! It is rare to get financing greater than 100% of loan-to-value, but it's very common to get financing for 95%, 97%, and 100%.\n\n2. "It has to appraise out at $200,000 [to get a loan for $200,000]." This quote needs clarification. If the agreed upon sales price is $185,000, conforming/conventional (FNMA) lenders will loan a max of $185,000.  Conforming lenders will loan on the LESSER of the appraised value or agreed upon sales price.  There may be some non-conforming lenders that will lender on the greater of the two, but you will pay through the nose for a high rate.\n\n*** Guys, if you haven't worked in the mortgage business, please be very careful as to the information you pass along.
598810
You first have to clear your bad credit. If you are low income, you don't live above your means. If you want a house, you must tighten your belt and save money, not spoil your credit. After your credit is fixed, call a broker...mortgage broker and they will give you more details after studying your situation. Also there are some grants to help in certain areas.But without a good credit, you won't be able to buy now. Call the credit burea and find out exactly what you problems are. Deal with them one at a time until you are finished. Good Luck. I know you can do it!
633836
Consult a local mortgage broker.  Check your yellow pages and make an appointment with a loan officer.  Each individual's situation is different and there are a lot of variables affecting the loan process.  Only a detailed look at your credit history, employment, assests, and the home itself can get you approved for a home loan.\n\nBut...even if you get it, why would you pay it off in the spring?  I assume you plan on a lump sum of cash coming from somewhere, but KEEP IT!  Use the mortgage to your advantage (tax benefits) and put that cash into something more profitable.
74500
When you close escrow on selling your house you will get a check for the net equity in your home. You can use some or all of it for the down payment on the next house.\n\nGo to www.bankrate.com and use the mortgage calculator "How much house can I afford"\n\nGood Luck
136345
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
465141
Yes you can. You will have to go with a non-conforming lender. There are a lot of lenders that will give you a mortgage one day out of BK. Depending on the lender you can get 90% to 100% financing. Your best chance of getting 100% financing is if you no lates for the last 12 months on your current mortgage or lease and no new negative credit since your BK. \n\nYou won't be able to know what your rate will be until you speak with a mortgage broker and he reviews your credit report. I work for a large non-conforming lender. With your scores and no new negative credit, you should be able to get a 7% to 8% interest rate being a year out of BK, which isn't bad. If you are planning on moving soon, I would go ahead and call a mortgage broker in your area and get the ball rolling. You just need to find a broker that is licensed to do business in Texas, which shouldn't be a problem. Many brokers are licensed to do loans in many different states now. Look in your yellow pages for morgage brokers or mortgage loans. You will probably see many that work with people who have credit problems. Find one that you can work one on one with as opposed to trying to do your mortgage on line.You won't get the kind of service you need trying to do your mortgage on line.\n\nPlease don't believe it when people tell you that you can't get a mortgage because of your BK or that you will have to have a huge down payment, because that just isn't true. There are tons of programs for people with bad credit. If you can't get a clear 100% loan, there are 80/20 combo loans and all kinds of different programs. Just make sure to pay all of your payments on time and don't go out and make a big purchase, like a car, before you get your mortgage.\n\nIf the first broker you talk to doesn't sound like he can help you, don't be afraid to call several. Just remember you are looking for one that works with less then perfect credit. They are a dime a dozen now a days, so it shouldn't be a problem.\n\nYou can get a mortgage!!! Good luck!!!
309776
Depends on how much you are needing. Second mortgage on the house maybe (if you have one). Anything of value. Is your vehicle paid off? Just shop around. You can find a good deal with some shopping. Just remember, if it sounds too good to be true...it always is.
347861
First the bad news.  Your scores are way low and what really hurts more than anything is the late payments on your mortgage. So even with the low scores, the late payments on the mortgage  hurts you the most. The other thing that could hurt you also, is when you paid off your credit cards, you closed the accounts as well.  If you paid them off and kept them open, this is a good sign.\n\nNow the slightly good news. Even with your scores you could possibly get a home mortgage, but only with a subprime lender and you would get very high rates. Now if you are buying another home and keeping your current home you will have to put down at least 10-20%, but only if they allow you to buy another home. And even if you are going to sell your current home in order to buy another home, with your scores, you will have to put money down anyway. \n\nBut the best advice I have is wait a year so you can have 12 months of on time payments; this will raise your scores. Also if you closed those credit card accounts, see if they will reopen them and if they do, use them and pay them off every month; this will also raise your scores.\n\nLenders want to lend their money, but they don't want to lend to people who are late on any secured loans, especially HOME loans. Most people will tell you to wait at least 3 years or more to get your credit scores up.  But being that I worked in the mortgage business before I was pregnant (which was last year) and I helped people to raise their credit scores, you only really need one year of on time payments to get a subprime loan. But if you're going for a prime loan, wait at least 3-4 years of on time payments and please stay on your job as well. The more job time with the same employer, the better.  It shows stability!\n\nRight now your middles score is a 567\nSo here are some Credit Score Goals below.\n\nSubPrime: 580 middle score\nPrime: 680 middle score\nBest Interest Rates: Over 720 middle score\n\nHope this helps!