NLIC.org

Tommy Said:

Need a different type of home loan with lower payments?

We Answered:

You can't touch a 5.5% fixed rate right now if you searched every state in the country, without paying points out the wazoo.

If you have no equity, then you cannot do a debt consolidation loan.

However, if you are moving in 5 years, my recommendation is to sit tight until you sell. Between closing costs, etc. There is no way you are going to "break even" in 5 years.

I wished you posted how your down payment assistance program worked, but at only $20K, when the bulk of your mortgage is at such a low rate, again, you are in the best situation you can be for now since you are wanting to sell so soon.

Olga Said:

what type of home loan can i get with my credit score being 667.and i make 26k.my fiance 630 and he makes 45k?

We Answered:

Don't email people in here spamming for business. If they cannot follow the simple Yahoo TOU that says they cannot solicit business here, what other unethical conduct would they engage in?

Ask friends and family for recommendations for a reputable lender in your area that can assist you. Internet lenders will not know about local programs that you may qualify for, and local lenders will.

Salvador Said:

What type of home loan is best for someone with 680 Credit score, no money down?

We Answered:

Actually 100% pay option loans DO exist. There are 1 loan 100% with lender paid Mortgage Insurance and there are the now popular 80/20 with a negam/payoption 1st. You do need good credit to qualify but you can get a first loan at say 7% where you can pay as little as 4% interest only and then a 2nd mortgage behind that first. Now this means your balance could be higher than the home is worth but nowadays buyers are getting homes WAY below value.



I also do not want you to think 100% should be done as an 80/20. There are MANY lenders that offer 100% one loan with no PMI and it looks like it just became official that PMI is now tax deductible so you may want a 100% loan with PMI. There are many options with your score.



Now lets talk closing costs. If you have no money to put down, you have the thousands of dollars required to use towards closing costs? If not, do not worry. In this day and age, sellers are desperate to sell and are willing to pay buyers closing costs, all of them, if they get a good enough offer. Most lenders will limit you to about 3% of the purchase price but many mortgage brokers can get you up to 6% seller paid closing costs. I personally have closed a loan for a buyer that put down a $5,000 deposit at contract and walked away with that $5,000 at closing. We financed his entire purchase price plus all of his closing costs. Do not be fooled into thinking the seller is actually paying your closing costs and doing you a big favor, they usually make you raise your offer price to include the seller paid closing costs coming back to you. Just get on the phone with an honest mortgage broker and they should help you out. Don’t forget, it is NOT just about the rate! Check the term of the loan, is it fixed or adjustable, interest only or principal and interest. You can email or ask me any questions anytime.

Connie Said:

Is there a type of home loan that you can use to buy a house at the county auction?

We Answered:

Hey Buya,

To answer your first question, yes, you can get pre-approved for a mortgage that would be contingent upon the signed purchase agreement. As soon as your bid wins, you would get the mortgage in process, and should be able to close within the 30-day time frame.

However, the second part of the question is not possible. A home is worth what one is willing to pay for it, i.e., if you purchase a home for $100,000 but it's worth more, let's say $150,000, the maximum amount any mortgage company could lend you would be $100K, or 100% of the PURCHASE PRICE rather than the value. Most lenders require a seasoning period of 90 days to 12 months, in which you must use the purchase price as opposed to the appraised value until the seasoning period which the lender requires is met.

Leah Said:

Whats type of home loan is easier to get?

We Answered:

The typical obstacle with the VA loan is the appraisal/inspection. I know it says that VA does not require an inspection, but the VA appraisal is an inspection too. Some sellers do not want to deal with all the picky stuff that VA/FHA want to make a home qualify, and some of it is a bit picky. It is hard to beat the VA deal, stick it out there and get yourself a great house.

Sue Said:

How much does my job factor into the type of home loan i get?

We Answered:

After 4 years, maybe not. Lenders are looking for stability. VA isn't going out of business, however, your specific job responsibility may be what limits you. Are you minimum wage or a manager or major decisionmaker?