Finance Metric - Q&A: Home Loan

Question: #1: home loan??
my house is worth about $550k.. My credit score is 559 right now, due to my excessive credit card and student loan debt.. nothing has ever been late, it's just that i have excessive amounts of these debts.. i make about $2,600 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off.. (my house is 100% paid off).. will i have a problem getting this home equity loan?? should i even both applying or should i just wait until i pay down my credit cards more?? advice anyone?? - asked by are we there yet

Answer: ... - answered by: farran abat
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Question: #2: Can I take out a home loan for land and amanufactured loan?
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face? - asked by Jak K

Answer: ... - answered by: thinking-guru
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Question: #3: How long at the job to qualify for home loan?
I have been at my job for several years and currently own a home. My fiance is finishing college shortly and will start a new job hopefully by the end of the summer. My credit score was just under 800 when I got my first home loan and should be the same today. I don't know her score but she claims to have good credit, but limited. She never makes any late payments. Our debt, other than my home loan which would be sold before we get another home loan is about $3000 left on her car and she has about $20,000 in student loans. How long will she need to be at the same job before we can get a loan using her income? I do not make enough money on my own to qualify for the house we would like to purchase. - asked by Jim

Answer: ... - answered by: davidt5w6
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Question: #4: How can I get approved for a home loan if I ammoving to another state?
Hi! My husband and I are trying to move to Arizona in the next year and buy a house. This will be my first home. We both work full time jobs in California now. Any home loan advisors out there? Can you tell me how I can get approved/pre-approved for a full 30-40 year home loan when we have not yet gotten new jobs in the state we're planning on moving? One thing I heard is if we plan to rent out the property, then we can get approved for a loan. Please help! - asked by Gennie Goose

Answer: ... - answered by: baconshmals
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Question: #5: Can i sell a home which is on home loan before 5years which was claimed for tax deduction?
I am planning to sell one of my flat bought in 2004 on home loan. I have claimed for tax deduction for 4 years already. I have a seen a clause in the yearly bank statement that i will not be entitled for tax saving on home loan if flat is sold before 5 years. Is it true? Please provide more information on this clause. - asked by sandeepagarwals

Answer: ... - answered by: Rajababu
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Question: #6: Is clearing the home loan a better option orshould I go with the regular EMIs for the entiretenure ?
I already have a home loan with ICICI on a floating interest rate. I'am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end)."Clearing a home loan" is what I meant of getting rid of the loan by making a pre-payment. - asked by Itsme

Answer: ... - answered by: xplorshinji
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Question: #8: Trying to qualify for a home loan. Will adding myname to my parents savings account help?
I've been doing alot of research in terms of qualifying for a home loan and can't seem to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don't have that but the monthly mortage is not an issue. Will my parents adding my name to their savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks! - asked by michaeldorian

Answer: ... - answered by: GEE-GEE
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Question: #9: How can you get a home loan with really poorcredit?
My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $6500.00 loan?There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else. - asked by lil_shortiesunshine

Answer: ... - answered by: Tanil
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Question: #10: Is it possible to get a home loan with bad credit?
My credit score is around 530 and My husbands is around 630. I have charge offs from 2005 (that will be on my credit report until 2012) We both have good jobs and bring home around 7000 together each month. We also have around 30,000 saved up for a down payment. Since our income is decent, and we have a down payment (more than 10%) is it likely we will be able to find a home loan for a new home? - asked by twosis

Answer: ... - answered by: SmartyPants
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Question: #12: What happens when your home loan switches to theadjustable rate?
My home loan goes into an adjustable rate in June of next year. I am wondering what to expect. I currently have a so-so rate... with interest rates dropping or staying the same, what will my adjustable rate do if the market stays like it is now? - asked by Jeanette

Answer: ... - answered by: Ask M
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Question: #14: What kind of home loan can I get for a fixer upperthat won't pass inpsection?
I'm looking at an old Victorian home (built 1889) and wish to restore the home. The problem is, I know it will never pass inspection.What kind of home loan can I get for something like this? - asked by Chris R

Answer: ... - answered by: Carolinahomerates.com
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Question: #15: How to get a home loan and start paying on baddebit?
My spouse and I are wanting to purchase a home. We pay our rent every month so we should be able to pay a house payment. We have some very bad credit issues in the past and would like to take care of them either by settling or paying the debt off slowly. But how does one go about this? I know I can get a government loan if I start paying on the bad debt, but companies want lump sums and dont want to work with us. They demand payment now and dont' care otherwise. Any suggestions? - asked by Daisy

Answer: ... - answered by: Quicken Loans
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Question: #16: Is there a home loan for people who have not soperfect credit?
We have a 5 bedroom, 3 bath double wide home that is on approximately 2 acres. We would like to sell this and either build or buy another home. We would like to do this quickly if possible. Will you please let me know ASAP about someone who would loan money to someone who doesn't have good credit with no money down? - asked by dbjbrb

Answer: ... - answered by: gtofinancial.tomvoli
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Question: #17: What type of home loan is best for someone with680 Credit score, no money down?
I'm looking to buy a home. My credit score is 680, but I have no money to put down. What is the best loan option for me? A friend is buying a home and he says his rate is 1% and his mortgage increases by 1% per year. Not his interest rate, but his mortgage payment. That doesn't sound right to me. Any advice? - asked by The Skizzanator

Answer: ... - answered by: ScottMortgageExpert
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Question: #18: How long to get a home loan with no credithistory?
How long of a credit history do you need to establish to be considered for a home loan? There is no bad credit history, just haven't established credit with anyone. - asked by BellyRubz

Answer: ... - answered by: NONAME
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Question: #19: How close to good faith estimate will my home loanbe?
I'm just about to sign on my first home loan but want to know how close to good faith estimate will my loan be? I don't want to pay much more than what I was quoted. The loan agent at the mortgage company (referred by builder) has told me that the good faith estimate is a breakdown of what I can expect but he estimates it will be a bit lower. I don't want to lose my earnest money and money for upgrades if at closing it looks wrong. - asked by Annie

Answer: ... - answered by: glenn
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Question: #20: How do I find a guaranteed home loan for badcredit with no down payment and amount of loan notlimited?
I am trying to find a home loan that I can get that is guaranteed for bad credit regardless of income, no money down payment and amount of home purchase is not limited.. We started into this home with a land contract. We put all of our money into it and now they are selling it right out from under us in just a few days. This has been checked and is legal. Please give me an answer as soon as possible. - asked by nikki

Answer: ... - answered by: kishaloy_bhowmick
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Question: #21: How do I choose a bank for pre-approval on a homeloan?
I'm currently renting an apartment and want to purchase a home. I first need to get pre-approved for a home loan so I know what type of house I can afford. What should I look for in a bank when considering a home loan? Should I stay with the bank I currently have a bank account with or look at other banks also? If I contact a bank, are there specific questions I should ask to know if they'll give me the best loan offer? - asked by ★skyblue

Answer: ... - answered by: chonudi
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Question: #22: What factors do lenders consider when applying fora home loan?
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, but need my boyfriend's additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, or will it not matter? - asked by anpresco

Answer: ... - answered by: Beverly S
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Question: #24: Is it wise to try to pay off a home loan quicklyin order to save on interest ?
I am planning on buying a home for 63,000 dollars I have about 35,000 dollars saved up in my bank account is it wise to try to pay off the house as quickly as possible in order to save on interest? I live at home with my parents so I am buying the house as an investment. I plan to put about 25 or 30 thousand down on the house and leasing out the house and I am going to try to pay it off in about 2 years....Is it wise to do this or should I just give a small down payment on the home and just save my money....Banks don't pay that much on interest 4 or maybe 5 % at most, but I would be gaining about 200-250 above my monthly payment on the loan if I gave a large down payment because my payments on the home loan would only be about 400 dollars and I would be renting out the home for about 650 dollars....Is it wise to put a large down payment and try to pay off the home quickly...Or should I just give a 20% down say about 12,000 dollars and then try to pay it off later when I've saved up? - asked by Suave

Answer: ... - answered by: 6.1fishbob
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Question: #25: Is it possible to obtain a home loan when spouseworks out of state?
My husband will be taking a job in Atlanta soon, but I will be staying in Los Angeles for a few months until he gets situated. I will be staying with my parents, so I will not be paying rent. Would it be possible to obtain a home loan for a primary residence under this circumstance? - asked by jeddmusicgroup

Answer: ... - answered by: Salesgirlgonewrong
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Question: #26: Is it possible to take a home loan on a houseabroad?
I have an Australian wife, and she is looking forwards to moving to Australia one day, however, the home loan rate over there is usually above 7% which is much more than the relatively low 4,25% offered here. Is it possible to pay off a house in Australia with a home loan from my country? If so, what kinds of fees are there? Any personal experience is appreciated. - asked by dane

Answer: ... - answered by: whatevit
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Question: #27: How do you transfer a home loan from a friend?
My friend is moving and she has not been able to sell her home. She asked me if I want to get the house by transfering the loan to me. I never have own a home, so I have been thinking about it...How can I do that? what are the risks and advantages of doing that? - asked by Orinoco River

Answer: ... - answered by: JEDI MASTER YODA
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Question: #28: How long does it take for a home loan to gothrough?
How long does it take for a home loan to go through once you have been preapproved and found the house and signed the contract? They got the closing date scheduled in a month i just dont want to start packing untill I know everythings a donr deal. - asked by shygirl

Answer: ... - answered by: ogrendle
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Question: #29: What government agency do I contact regarding homeloan underwriters?
The underwriter has long past the timeline for clear to close on an Ameridream home loan. Who can I contact? Thanks.I am the seller and the underwriter has taken way too long to clear to close. There must be a timeline of how long an underwriter can take to clear a loan. Or how can I put my house back on the market, and maybe get a seller who does not have to go through one of these "ify" type loans. - asked by Judy P

Answer: ... - answered by: David Beasley
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Question: #30: How far out can I apply for a home loan?
My family will be moving in about 4-5 months. If I applied for a home loan now, how long would the approval amount be good for before I had to reapply? We would like to know what kind of price range we are looking at and possibly have the new home picked out so that we can close on that home as soon as our current one closes. Also, does anyone know how soon after selling your home (when the loan is closed) I should expect to receive the profit from doing so? We purchased our home for 75,500 and can expect to sell for right around 90,000 and we were hoping to use the profit towards the new home (landscaping, new dishes, etc) We don't need it for a down payment because we will be getting a VA loan. Any other info that you may have as well would be GREATLY appreciated! Thanks so much!! - asked by mama of 2

Answer: ... - answered by: Yanswersmonitorsarenazis
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