Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $75,000/yearly. Right now, were clue less as to which direction to turn. Do we try and get approved for a loan first, then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?
Archive for February, 2010
How Do We Go About Getting A Fha Loan?
February 28th, 2010If You Have A Car Loan But Want To Get Rid Of The Car What Can You Do?
February 28th, 2010I have a high car loan payment and i’m lokkng at ways to get rid of the payment. So if I can get rid of the car that would be nice. What are some option I have?
Senior Reverse Mortgage Loans
February 28th, 2010As the economy slumps further into recession Senior Reverse Mortgage loans become ever more popular. There is some confusion though, as to the nature of the reverse mortgage loan. What is it, how does it work, etc. Here is a short list of key points to understanding senior reverse loans:
1. Senior reverse loans are a unique way for retirement age seniors to cash in the equity from their primary residence. Reverse mortgage loans allow you to borrow equity from your home, without having to pay the mortgage, or even pay back the loan in your lifetime. You still retain ownership of your home with the senior reverse mortgage loan.
Senior Reverse Mortgage Loan Benefits
The money you receive is tax free income
No payments as long as you live in the home
No credit or income requirements
Reverse mortgages are supported by Senior organizations and celebrities
Reverse mortgages are insured by the FHA
2. Senior reverse loans (most of them) are sponsored by and insured by insured by the US Government. This feature makes them safe, and sets them apart from similar loan products. Senior reverse loans carry the support of numerous senior organizations, and are touted by many financial planners as alternative way to fund retirement. They are not the best option for all seniors, but they are one option, in this tight economy.
Senior Reverse Mortgage Loan Qualifications
Borrowers must be Age 62 years or older
Own their home and have enough equity in to qualify
Occupy the home as primary residence
The home must be in generally good condition
Must meet with a certified HUD/FHA counselor
3. Senior reverse loans now offer more equity to the borrower. Rates were recently raised so more equity can be drawn from the homes value, allowing for loans. This becomes especially important in high cost areas. Many pensioners have a valuable home, with huge capital, but living on a fixed income. Senior reverse mortgage loans allow them to join the capital and live more comfortably.
Senior Reverse Loan Payments
Lump sum costs
Monthly Payments
Credit line
The combination of the above
Mobile Home Financing – quickly and easily
February 28th, 2010Are you considering purchasing a mobile home? Do you already own the land or are you considering putting it in a mobile home park? There are many different ways to get mobile home financing, but most likely you will be going one of three different routes. Here are the most popular options for mobile home financing.
First, you can go the conventional way and get a loan to cover the purchase price of the mobile home the land, or both. This is a great way to get the financing you need for your new home. Even if you do not own the land or if you do not have a large down payment you can get a loan. If you need down payment assistance you can check into FHA loans. They do have two different programs for mobile homes that can help you out.
Second, you can finance your mobile home and the land on a private land contract. This is usually a one to five year contract where you pay the owner of the land and mobile home and they act as your mortgage company. The great thing about this is that you can go ahead and refinance it at the end of the contract without any money down. This also gives you time to build up some equity in your home.
Last, there is always the buy here pay here lots that have been popping up all over the place. These are great for mobile home financing with bad credit because they do not care about your credit. They will accept anybody and as long as you make your payments on time will be able to continue living there without any issues.
Understanding Home Equity Loans and how you can Help
February 28th, 2010In simple terms, a home equity loan allows you to borrow the equity you’ve built up in your home by putting up your home as collateral. How much can you borrow? It will vary with each individual.
You can figure out the amount you can borrow by taking the current appraised value of your home and subtract off the loan balance owed against it.
Home equity loans, and home equity line of credit have become immensely popular over the last 15 years, but especially during the last 5 or so years.
Home values have soared in recent years and homeowners are taking full advantage of the situation. In many cases the value of a home has doubled and tripled in only a few short years.
Consequently, homeowners are borrowing against this windfall by taking out a home equity loan. Almost anyone can qualify for a loan regardless of credit rating. Even with less than desirable credit you can easily find a bad credit home equity loan.
The cash from these loans can be used for whatever you wish. Paying off debts is the most popular, but people will use the funds for home rebuilding, vacations, new cars, appliances and other luxury items.
As far as interest rates on these loans, in most cases they will be lower than the standard mortgage rates. Loan repayment periods can be anywhere from 5-20 years. If you sell your house within this time will have to payoff your first mortgage and then pay back the home equity loan.
If you look for funds to pay off debts, etc., then home equity loan may be just what you need.
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