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Tom Said:

Need info on mortgage loan modifications?

We Answered:

Find someone else.

Danielle Said:

Where can I find more info on mortgage lending?

We Answered:

I would be happy to help you. You'r right. There is no one place to go for this. I teach a course called Mortgage 101. I can send you the book we use in the class if you'd like. Please contact me at dparks@buyusa1.com.

Ashley Said:

Can somehow give me some info on Mortgages and how they work for a 1st time homebuyer?

We Answered:

Right now you really don't earn enough to purchase a home over $150,000. One of the key factors in getting approved for a mortgage is debt to income ratio or what percentage of yourincome your liabilities take up. This can be up to about 45% or in your case $1162 of you monthly income and needs to include all liabilities including mortgage, taxes, insurance, (mortgage insurance if less than 20% down payment) and other credit debt, such as loans or credit cards. With a $150,000 house you'd pay about $1000 a month in principle and interest only allowing $162 for your other liaibilities this probably wouldn't even cover the insurance and taxes. Wait until you earn more and are able to save some for a down payment. Besides the debt to income ratio your credit scores and history, as well as assets, and down payment will play a role in what interest rate you can receive.

Caroline Said:

Need help on 1st and 2nd mortgage info?

We Answered:

a; it is unlikely that for at least 6-10 mo, you will not lose your house
if at all--the gov has stepped in to help "hurt" homeowners.

b; see if you can convert bedrooms to assisted care.

c; see if you can start up 1-2 home based businesses
that YOU think of to solve local supply needs......never
buy into a home based biz.

d; find 2 temp tenants to occupy bedrooms

e; rent out your garage

f;; you will draw unemployment; it will cover many expenses.
if you find junky employment, you may be able to cover
some of the debt

you did not volunteer what your job was

I have never ever head of anyone having CC debt over 5k
and yours is 125k? NO clue how to deal with that.

i will guess you were a bank officer, or union officer
or something.......or even an actor.

i can guide further on the employment if I know more

Irma Said:

What obligation does a listing agent have to obtain sellers mortgage info and any liens on home?

We Answered:

No, they are not liable. Obtaiing information on liens falls on lenders and title companies, not RE agents.

The agent does have to disclose that the offer is a short sale though. 90% of them fall through.

Rene Said:

80/20 Mortgage, info on it and is it good?

We Answered:

Okay....let's please all stop giving this poor person wrong answers. An 80/20 loan is NOT where you put 20% down on the home. This type of loan refers to two separate mortgages. The 1st mortgage secures 80% of the purchase price, then the 20% takes care of the remainder. Example: $100,000.00 purchase price. 1st mortgage @ 80% is $80,000.00; then the second mortgage @ 20% is $20,000.00, thus giving you a total of 100% financing.

Also...bankrate.com is not a good source of info on different types of mortgages. There is nothing wrong with this type of financing when you do not have the type of money tp put down on the home. Very good choice. Although you may get a better rate on a government loan (FHA/VA) and you only have to secure 1 mortgage.

If you would like to know some more about this type of financing or other types, please contact me at timothy.kazee@americanhm.com. and we can talk further. You can also visit my website at www.americanhm.com/timothy.kaz ee. Feel free to apply online there also. Great question!!!!!!