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Mattie Said:

How long does a short sale take with two loans once the first mortgage loan has already accepted?

We Answered:

the first mortgage is usually the easy one, as they get paid off first. Is there anything left for the second? If not, then why would they approve it?

What are the numbers? 1st, 2nd, and amount offered?

Bradley Said:

What are all mortgages loans for first time buyer? What is the current interest rate on mortgages loan?

We Answered:

There are no "first time home buyer" loans as such. There are loans available from FHA, VA and the USDA which don't require as a big of a downpayment as a conventional loan. For example, the FHA only requires 3.5% down as compared to a conventional which wants 10%.

If you're looking in a few months for a house, start saving for a downpayment NOW. The more you can put down, the lower your mortgage payments will be. If you can put 20% down, you don't pay private mortgage insurance (PMI). Also, pull your credit reports from the 3 credit rating agencies. If there are any errors, get them cleaned up.

When you're ready, get pre-approved for a mortgage. This will require the lender pulling your credit report, checking your last two years tax returns, last two months bank and investment statements and a month's worth of paystubs. If you are approved, they will give you a letter with your approved amount. This way you don't look at houses out of your price range.

Next, get a buyer's agent. This is a realtor that works on YOUR behalf. Ask other people you know who have bought houses recently to see who they use and if they'd recommend them. They will show you houses in your price range with features you're looking for. When you find the house you want, they will help you write the purchase agreement and make the offer. They will negotiate with the seller's agent and help make you stay on schedule with items that need to be taken care of when buying a house. You don't pay anything out of pocket for them as they split the commission with the seller's agent.

When the seller accepts and signs the purchase agreement, go back to the lender who gave the pre-approval and officially apply for a mortgage. They will have the property appraised and if the sell price is less than the appraised price, they should approve the loan.

Also, you need to contact your insurance company and get homeowner's insurance for the property. Mortgage lenders require this.

One thing you will want to do is get a home inspection. Your buyer's agent should be able to recommend some home inspectors to you. They will go through the house inside and out and tell you of potential problems and things that will require maintenance.

If everything checks out, then all you'd have to do is sign the papers, get the keys and officially become a homeowner.

Glen Said:

Combo Loans on First Mortgage?

We Answered:

Nobody will loan you more money than what a place is worth and what the place is worth will typically be the lesser of the appraised value or the purchase price. Even if you are buying a house way below FMV, the bank will assume FMV is your purchase price, nonetheless. Also, nobody will loan you money for your house and personal debts in one loan.

Its possible to get a really, really good deal where you structure it in such a way that you get cash back at settlement - but this is tricky and nearly impossible in todays market (unless you really know what you are doing).

So, no you can't really do a combo loan. Maybe you could buy the house anyhow and just pay the mortgage and other debts off at the same time. This is an ok idea if buying the house wouldn't cost you much and would lower your total housing expense (so you could pay more towards you other debts faster). Still, it may be best just to pay off the other debts and then buy a house.

Best luck.

Glen Said:

What are some first time buyer options for mortgage loans?

We Answered:

the options are really up to you. for starters what are you wanting to do.
buy a home or move from your existing home to a larger one.
maybe is it buying a investment property .
next what is your are ability as far as paying for a mortgage.i suggest you you visit a mortgage calculator site such as www.mortgage101.com its free and it dosen't try to steer you to any lenders or things like that
once your there look at whats called debt to income(dti). which is pretty much self explantatory.
so now you pretty much know what you can afford as for as list price.
now hows your credit.if not wanting fha you'll need to have pretty good credit,no slow pays 30,60,and so., lates on credit cards, mortgage ,and other.if you dont, well you'll need at least five to ten prcent down payment or maybe more depending on where your located.if this is a first home for you, check local or county or even state goverment for first time ownership info and assistance.also where do you work sometimes employers offer assiatance with closing or down payment expenses.
or are you formerly or currently in the military,if so va has things to offer.
well thats about it , i don' t know why fha isn't for you unless your buying an investment or your credit score is below 580 0r 550 IF SO YOUR NOT GOING TO BE ABLE TO GO ANYWHER ELSE UNLESS YOU HAVE ANOUTHER PERSON(s) TO GO ON WITH YOU.good luck and i hope this helps.

Valerie Said:

Can I get a first mortgage loan in Sun City AZ for an older manufactured home?

We Answered:

call greentree fiance, also countrywide does mobile home loans expect to pay a higher interest rate a i966 and a 1974 will not have much value , I would bet less than $10,000 . the value is in the land. that is what someone will loan money on