What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

I am considering a FHA loan. I would like to avoid mortgage insurance if at all possible. Am I allowed to put 20% down or get a piggy back loan for 10-15%? Basically, I'm not sure if a FHA or conventional loan is best.

First-time homebuyer

Credit = 725ish

Pre-qualified for $80k

Probably getting a $70k home.

Please give me some advise. Thanks in advance!

What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

With your score, and 20% down payment, it's a no brainer. Don't go FHA. Get a conventional loan, 80% LTV, no PMI.

I wish all my buyers were like you.

And smart too! Buying less than you qualify for. I'm proud of you!

What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

Hi Amanda ,

I have had a home Through FHA (Farmers Home Admintstration)

Fixed rate ...varies . They do go by your income monthy.

You can get a fixed rate as low as 6% if you meet requirments.

I would never use anyone else !...lol...lisa

What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

All the help you will need! With your credit you probably will get somewhere around 5-6%, but it doesn't really matter because we have a software that will show you how to pay your home off in 7-10 years anyway, eliminating your interest! Honestly go to www.savingthousandsininterest.com and watch the video and give us a call!

Glad to be of help!

Loan Repayment?

I will be contributing around $40K of personal loans to purchase my business.

What is the best way to pay myself back? Can I charge the corporation an interest rate higher than the one given to me from the bank?

Loan Repayment?

It doesn't have to be the same interest, but it shouldn't be excessive. You should have lined up a tax accountant for the new business, I would ask his advice.

Loan Repayment?

That is called embezzling.

You need to research interest rates and make it competitive w/the current market.

Loan Repayment?

Yes, but this will qualify as income for you and you'll be required to pay tax on it.

My home loan is in default again, what can I do?

This is the second time. I'm a single mother of three and thought buying a house would be a great idea. Now I'm stuck with a high house payment and an almost 100 year old house that seems to be falling apart. I really don't have the money to fix it up and can't seem to keep up with the payments and bills. Refinancing is out of the question, with it being in default now and even just before I was told my rates would actually go up about 3%. I don't think I could sell it for as much as I paid for it and I've only had it less than 2 years. Also I have a second morgage from the seller which is behind. I'd like to just walk away from it and let them take it but I don't really know what would happen. I just can't keep it up. Please if you know anything about this give me your advice. I really don't want to have to contact %26quot;this agency%26quot; or %26quot;that agency%26quot; or anything like that though. I don't like the house, area, or school and just want to get away from it all as soon as possible.

My home loan is in default again, what can I do?

Okay, as a lender, I can't believe I am saying this but it really sounds like you got a sour deal. There are laws that protect you against lenders that give loans without regard to your ability to repay, etc. This is called Predatory Lending and you might be a victim. Check out your states Division of Banking and see if there is more information. (I'd help if I knew where you were at). As for being in default right now, I am not sure what to suggest outside of selling or refinancing so good luck with that. Hopefully your state has a good anti-predatory lending policy in effect.

My home loan is in default again, what can I do?

You could walk away, but know that your credit is going to take a huge hit.

My home loan is in default again, what can I do?

Would you consider a roomate? What about somebody doing a lease to own deal with you.. Good Luck

My home loan is in default again, what can I do?

Sorry about your situation. The best route it to put it on the market and make an attempt to sell the home. Also you should call your lender and talk to them. Tell them you are going to try to sell the home. Sometimes they will take less since it's cheaper then foreclosing. If you walk away they will go ahead and foreclose. It will have a major affect on your credit score and will stay on your record for several years. Good luck.

Are the GFE rates ridiculous?

A friend of mine with credit scores of 648,622 and 621. No late payments for almost 4 years. Lines of credit is Auto, Installment and 2 revolving credit cards. Middle score was 634 but dropped because of to many inquiries searching for a mortgage loan. DTI around 30%. But they was quoted on the GFE of 90% LTV at 10% and on 95% LTV at 11%. With the way the market is today and lenders tightening standards and squeezing borrowers out with these scores. What do you suggest

1. Take the deal before you can't get a loan and refinance later after your score continue to rise.

2. Take a chance on finding another lender (which may be impossible in todays market.

3. Wait it out. But his lease on a townhome he has been renting for 2 years is up Sept. 15th.

Also I forgot to include he is getting a Alt -A loan becuase they are using his bankstaements as Income as well as his rent cancelled checks with lanlord verification of no late payments of arrears as documentation for qulification

Are the GFE rates ridiculous?

Subprime is the only division that uses bank statements at this point. At 90% ltv, my rates would probably be around9% but you'd have to pay a couple of points. 95% is probably the same, but there' s a good chance if you can use bank statements I could go 100%.

Are the GFE rates ridiculous?

The credit scores are too low...that is why the rates are so high.

They are using his bank statements as income, because evidently he must work at a job where he can't prove enough income to qualify for the loan...that is a common %26quot;fix%26quot;, but you'll pay through the nose in an interest rate for it.

Are the GFE rates ridiculous?

The rate is higher as it sounds like they are doing one loan to finance this property. Any loan over 80% LTV would result in a higher interest rate if there was not a second loan added on the property. I would shop around (with a mortgage broker) an office that deals with several different lenders instead of a mortgage banker ( in house lender like Washington Mutual, Wells Fargo, etc.).

Another thing to remember: Most likely this loan will have a pre-payment penalty (an extra fee if the loan is paid off early) ask the loan officer about that. When signing loan documents always look at the promissory note (it will be under if you pay the loan off early - it will list the term and cost to pay it off early). The pre-payment penalty is generally 6 months worth of interest payments.

Are the GFE rates ridiculous?

The Alt-A market has all but evaporated in the last few weeks and there are very few lenders offering the program at any rate.

Why does he need to use bank statements for his income documentation?

Are the GFE rates ridiculous?

The scores aren't really the problem. It's his inability to document enough income to make the payments using traditional methods, like W-2's and tax returns.

If you took his taxable income, what would his DTI be? If it's under 65%, he can probably get a Fannie Mae loan right now. Seriously.

Best CAR Loan in India?

Hi,

I would like to buy a new car[not decided which one] , so I need onroad finance upto 95%. Can I get that In BANGALORE ?

Which are the banks offering onroad finance for cars, which give better rates of interest and which is easy ?

Thanks

Sudhindra Joshi

Best CAR Loan in India?

LIC

Best CAR Loan in India?

100% finance at instantlend.com

Can I get a car loan if my job doesn't start for one month?

I am looking to get a car loan for about $30,000 and my job does not start for a month. I just finished grad school and have a letter of employment that states my start date and salary of $140,000. My credit score is above 700.

Is there anywhere that I could get this loan? I know that there is college graduate financing at many dealers, but will the rates be too high? Will my bank help me out?

Can I get a car loan if my job doesn't start for one month?

I seriously do not know of one good reputable place that will take you (with a good rate) if you don't start your job for another month. And if they do, you will have to put a huge down payment down.

You might be lucky because you have a letter of employement.

The very best place to go is a credit union or your bank, because the car dealerships will *** rape you into a HUGE interest rate.

Good luck!!!!

Can I get a car loan if my job doesn't start for one month?

Car Loan Guide: http://carloanguide.automobile... Report It

Can I get a car loan if my job doesn't start for one month?

Auto finance is what I do for a living and you should not have a problem.

I have been through this with customers several times and it's not a big deal if your credit is good.

I would try your own personal bank or credit union first.

Can I get a car loan if my job doesn't start for one month?

go to your bank for the loan with all your paperwork it should not a problem. The amount of 30K could be depending on your past credit history

Can I get a car loan if my job doesn't start for one month?

Auto finance--they'll figure out a way (at the car dealer). At a bank, maybe more difficult--bring letter of employment.

Can I get a car loan if my job doesn't start for one month?

My friend, you will not have a problem. Others have mentioned going to your banking institution - with whom you have a financial relationship. I also think this is the way to go. But, if your a good haggler, you may have some luck right at the dealership. My husband got an incredible lease with a hard purchase price (a good one) after five years.

The only thing about the dealership is you have to walk out if they're not willing to play ball - also, go at the end of the month.

Congratulations on your fantastic salary - it sounds like lending institutions would be more than willing to loan you 20% of your annual salary (especially with your credit).

Can I get a car loan if my job doesn't start for one month?

I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try....

http://thnlnk.com/deal4-you/Auto.Loans/0...

Good luck.

Question on refinancing a home?

My friend has a home loan of $80,000 at 6.5% interest.

I believe the current loan rate is about 5.75%.

Should she be thinking about refinancing the 80k.

She doesn't want an adjustable rate mortgage.

Thanks for your response.

Question on refinancing a home?

find out how much the refi will costs her. A.

how much will a lower payment P%26amp;I be. B

how much difference old payment minus new payment. C

take 'A' divide it by 'C' equals to number of months she will need to stay in the house to recoop the money spent.

example 5000$ refi costs, 100$ monthly difference of payments.

5000$/100$ equals 50 months or 4yrs 2months before she breaks even.

all on FIXED rates only and no equity drawn out.

Question on refinancing a home?

There are costs associated with any re-fi. No one does this kind of work for free. She should explore all the costs and see if it is to her advantage to go through with it. Just shaving 75 basis points off won't matter much, unless she's staying in this home for good.

Question on refinancing a home?

You don't say how long of a term remains on the 6.5% loan?

Assuming closing costs on the refinance is about $1,600, it will take about 3 years to get back to even with a refinance reduction of 0.75%.

So if your friend is going to remain in their home for longer than another 3 years, and the total closing costs are $1,600 or less, it probably makes sense to refinance.

Hope this helps!

Question on refinancing a home?

As others have correctly commented, it will not be worthwhile to refinance unless costs related to the refinance (at 5.75%) are low to nothing. One option that could work is (but only if she/he currently has an FHA loan) is an FHA Streamline Refinance, which has no associated bank fees. However there will still be a title insurance update required as well as any local recording fees. At relatively low loan balance of $80,000 it may not be worthwhile with any fees. To really be sure, you need to check with a lender on all fees that would be incurred related to a refinance, and calculate then how many months it would take to recover this cost based on the savings you will get with the lower interest rate.