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Elmer Said:

so far all mortgage lenders are asking us to wait two years until we can buy a house.?

We Answered:

Acermill is correct. This is not normal, there must be something you need to correct and for some reason they think it will take 2 years to correct it. I can't think of what that could be unless you are 18 and have no credit.

The loop hole is to pay cash.

Penny Said:

Need a good mortgage lender and program for us?

We Answered:

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

Joanne Said:

Do mortgage lenders get gov money, etc for houses they have losses on?

We Answered:

Most lenders received or were trickled down bail-out money that was supposed to be used to help people in your position.. They were given blank checks in essence--and pocketed the money rather then use it to help people in trouble. This was done while Bush was in office and Obama also asked how this can happen. Chalk it up -to a second term lame duck president who cared more about his corporate buddies then the American public.. Also -any business that has a loss-can deduct that from their taxes. Your question is a good one-and I am sorry to say it is probably more profitable for them to resell the house and take the loss as a write off then do the right thing and work with you.

Jesse Said:

Do you think the US mortgage lenders will put the US into a recession?

We Answered:

The ones who put people into adjustable rate mortgages (ARM's), yes, they may very well do that.

In the coming year many ARM's are set to readjust to rates that will literally drive many families out of their homes, into forclosure, and God only knows where after that. Lucky for me, I get to help families out of situations like that.

The economy does move in cycles, like a clock. Consider 12:00 as the boom in the economy and 6:00 as the recession periods...like the crash of 1987, Y2K, and 9/11. Eventually, the economy rebounded from all of these events. Just as the hands of the clock move around and around, so the economy moves through it's cycle of "boom and bust."

Our current savings rate is suffering also. Average Americans spend $1.22 for every $1 they earn and the average family has about $9,000 in credit card debt.

I just feel bad for people who do not understand the economic and stock market cycle and will pull their money out when things start to look bad, only to miss out on all of the growth their money could have experienced once the economic cycle starts to move toward the favorable direction again.

The smart people bought, or at least stayed in, after 9/11 while many people sold. Buy low, sell high, often not as simple as it sounds but it is how the rich get, and stay, rich.

So yeah, you're right, many mortgage companies will not help the situation and many more will indeed make things worse for a lot of people.

Paul Said:

US Mortgages for buying property in India?

We Answered:

No, they will not because they can not enforce US foreclosure laws in India if you decide to flake.