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Stacy Said:

How can I get a USDA home mortgage?

We Answered:

You have to meet certain income restrictions, and you have to live in certain specified rural areas. Here's info on the program:

http://eligibility.sc.egov.usda.gov/elig…

Remember that legitimate info on government programs can always be found at dot-GOV sites, not necessarily at dot-COM sites.

Joel Said:

How can my fiancee get out of a home mortgage?

We Answered:

He can't just have his name removed from the mortgage contract. And assuming he co-signed with the ex-wife, he is still responsible for the debt. The options are to convince the ex-wife to refinance the loan in her name only, so replace the original mortgage with a new one for her. Or, sell the house and pay off the mortgage.

Both options require the ex's cooperation of course. One would assume this would be discussed and decided in the divorce proceedings.

Joanne Said:

someone tell me how a married couple can get a home mortgage living on a income of 1250 a month?

We Answered:

With an income of $15,000 per year, the couple should be able to afford a $30-40,000 home. Such homes may exist in some areas of the country, but most homes cost much more. There is little hope that the couple will qualify for a mortgage on a home unless they find one for sale in that price range. And even then, with so little income and a history of bankruptcy, lenders would be reluctant to offer financing.

There is no law or requirement for every married couple to own a home. There is nothing wrong with renting, working hard and saving money for a possible future purchase.

Cindy Said:

How hard (and expensive) is it to change names on home mortgage/deed?

We Answered:

I hate to say it, you can't. Once you are on the mortgage, the only way to get you off is to refinance in his name only. This is even the case when a couple gets divorced: even when one person is awarded sole rights to the home, the other person stays on the mortgage until they refi.

When you sign final mortgage docs you are locked in for 30 years or until you pay that mortgage off (either through selling, refinancing, or simply paying off the total). I'm sorry, but you are stuck on there until you do one of the above.

And I can't say for sure without looking at your entire situation, but I think I can safely guess that it will cost you a lot more than $1,200 to refi. :)

Kenneth Said:

how do i remove a name on a home mortgage, without damaging credit?

We Answered:

You would need to refinance into one of the names. There is no way to just get someones name off of the loan. If you can't refinance it then sell it. If you can't do either then you have to accept that you will be responsible for the loan and if the other person tells you that they are going to pay it and they default then the bank will hold you both accountable.

Charlotte Said:

How long can I get a mobile home mortgage?

We Answered:

Yes You Can get a federally insured mortgage for 30years. If you are looking for the best home mortgage rates or want to reduce your mortgage loan payments, check out this site

http://Best-Mortgage-Refinancing.com

Here you can get free quotes from all available companies in your area. its the best way to find an affordable payment with a reliable company.

Hope this help,

Roberto Said:

How much of a home mortgage will I get approved for?

We Answered:

Hello - There are programs out here to help you (ok) There is the My Community Program, Flex 100 program - if you talk to a lender / bank / broker they know about these programs. You can get a 100 percent loan with no problem based on your credit score alone. The type of program is a different matter. FHA @97 percent, My Community Program at 100 percent just to name 2 programs - and believe me there are many types of programs.

Lenders look at your middle credit score, of 776 and YOU would have no problem. You could go full doc, and used your income, or use 12 month bank statements. 12 month bankstatements is also considered full doc. Employment will be verified on these programs. You can also go No Doc at 95 percent of the appriased value (bring in 5 percent) and have the seller help you with 3-6 percent of the closing costs.

Please talk to someone that is knowledgeable - DO not have them pull your CREDIT - a Direct Lender/Broker only has to pull your credit ONE time and use that credit report. Some banks are limited in what programs they offer - so when you talk to someone check they out (ok)

Your rate would be anywhere from 6.125 30 yr fixed to 6.5 percent depending on lenders. That is considered a par rate.

If your debit ratios are high (lenders look at your DTI) Debit to income. For FHA and VA the ratios are 43 percent. Than the No Doc program or No ratio program would be good for you. Or you could go with a 40 year term to lower your hose payment.

Ratios used to determine whether a borrower can qualify for a mortgage. They are based on a borrowers housing expense as a percentage of income and his total debt as a percentage of income.


Debt to Income Ratio or DTI can be improved by paying down liabilities with high monthly payments compared to the balance on the account. In some cases some of your debts can be excluded from the calculation of your DTI. For example if you have an auto loan and you have less than 10 payments left you can exclude this monthly payment from the calculation thus reducing your DTI.

There are several loan types that can help you if you have a high debt ratio with good credit. One is called a No Ratio loan: The Borrower's source of income is verified, but the income amount is neither disclosed nor verified. The second type of loan is called No Income No Asset: The Borrower's employment, income, or assets are not disclosed or verified. A third type of loan usually associated with FHA is the Streamline loan: No income documentation or disclosure is required.

When evaluating your Debt-to-Income ratio, the Back DTI plays a more important role than the Front DTI. The Front DTI is calculated by dividing the proposed housing expenses, also referred to as PITI, by the borrowers' total gross income. Housing expenses or PITI is defined as the inevitable expenses incurred as a direct result of owning the subject property, such as mortgage payment, property tax, hazard insurance, (hence the acronym for Principal, Interest, Taxes, and Insurance), homeowner association dues, private mortgage insurance, etc. The Back DTI is calculated by dividing the borrowers' total monthly obligations by the total gross monthly income. Total monthly obligations includes not only the housing expenses, but also all installment debt payments such as leased/financed vehicle and creditcard payments. Most lender banks would allow a borrower's Front DTI ratio to go above 45% if the borrower has no other obligations.

Qualifing ratios also called your debit to income ratios or dti consist of your total verifiable gross monthly income divided by your new proposed payment, all your other monthly debits such as Minimum Payments on charge cards, auto loan or lease payments, student loans, consumer loans, child support and alimony.

A debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met. Qualifying ratios are guidelines, an excellent credit history can help you qualify for a mortgage loan even if your debt load is over and above the limit. Typically conventional loans have a qualifying ratio of 28/36. Usually an FHA loan will allow for a higher debt load, reflected in a higher (29/41) qualifying ratio. The first number in a qualifying ratio is the maximum percentage of your gross monthly income that can be applied to housing (including loan principal and interest, private mortgage insurance, hazard insurance, property taxes and homeowner's association dues). The second number is the maximum percentage of your gross monthly income that can be applied to housing expenses and recurring debt. Recurring debt includes things like car loans, child support and monthly credit card payments.

If your ratio is high, but you have other great factors, like Zero (O) debit as mentioned, and you have savings - than yoiu would have no problem Many times, borrowers fall outside the guidelines, but have strong compensating factors that reflect low credit risk. Some compensating factors are history of savings, long-term job stability, a substantial down payment or excellent credit history will influence the decision to approve or deny a particular loan.

Hope this was not too lengthy - and check out this site.

www.hud.gov
www.bankrate.com