1st Mortgage Loans

Vickie Said:

Including credit card debt as part of mortgage loan - 1st time buyer?

We Answered:

Not the way most lenders know about. But there is a way to do such that will work. You have CC on your file and most lenders look at that almost the same as a BK. To qualify for a conforming loan the underwriters will need to see 1 year post CC program history so they know you have learned better credit habits. Your income will allow a non conforming lender to finance you including those payments as long as there are no liens or judgements. Your hardest obstacle will be that of getting a decent purchase loan and there's the traditional mindset and solution most agents and lenders answering this question will know ( as most here have shown). Heres your best solution and while not simple it is easier than most think. Forget about doing it as a purchase and instead make it a re-fi. I have done many of these and its just a matter of taking title subject to existing liens and cash out refinancing. You roll all costs into the new loan and can leave closing with cash and no previous out of pocket expense. This isnt a Carlton Sheets method, it is far better than even he teaches. I have done this on a condo while it was in foreclosure and the buyer had debt, an IRS wage garnishment, and a low 500 credit score. The key is to find a property that will appraise high enough to absorb all costs. The timetable for this is under 30 days also. Locating a desperate seller isnt tough these days and make sure you run the numbers to cover your debt and costs.

Shelly Said:

Mortgage Loans - 1st Time Buyers?

We Answered:

ALMOST anyone can get a house, yes. people with scores below a 520 middle score have a very very hard time getting ANY loan, but it is still feasible for them to get a loan. not a great one but a loan anyways.

little debt may likely mean very few tradelines which is something that lenders look for in your credit report. keep in mind no credit is just as bad as bad credit. either way you're a lending risk. Tradelines means a variety of different credit types in your possession. the "best" tradelines to have are generally 2-3 credit card, a mortgage, and an auto loan. this in addition to alternative credit like utilities, phone bills, cell phone and insurance can also help as well.

generallym anyone with a middle score of about 650-680 can qualify for a 100% loan depending on the lender. anything lower than that will usually require a down payment of anywhere between 3-20% depending on how bad the credit is.

Cory Said:

Current market for 1st mortgage residential loans?

We Answered:

The lender requires a down payment from the borrower's own funds. The reason is that a buyer who has a lot to lose if they default on the mortgage is less likely to default. If a buyer borrows their down payment the buyer has nothing to lose by defaulting on both loans besides their intangible credit rating. The lender simply is not willing to to hold too much of the risk.

But, you can be gifted up to $13k per person (I think) without being subject to gift taxes and can have "under the table" loan agreements with the giving people in your life. As long as these loans do not exist as liens on the property you are buying, they can exist.

Lucy Said:

Who do i turn my keys to if i have a 1st and 2nd mortgage loan?

We Answered:

(ahem)... the other answers are better than mine, I rescind

Herbert Said:

1st/2nd mortgage loans; paying off just one?

We Answered:

Your friend doesn't know what he's talking about. You can pay off the second anytime you want. I've never seen a second lien with a prepayment penalty--they're illegal in most states. You don't necessarily need to put money down to refinance, but there will be costs involved (closing costs). Those are usually rolled into the new loan. Usually the only out-of-pocket expense for you is the appraisal--about $325.

Rick
http://www.fairwaymortgagelending.com

Eleanor Said:

If I want to combine my 1st and 2nd mortgage what type of loan would that be?

We Answered:

a second...

Jessica Said:

mortgage loans for 1st time buyers with not so perfect credit?

We Answered:

Try First Horizon...you can look them up on line.

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