FHA Mortgage Blog

Questions About Using The Va Loan?

FHA Mortgage — Mon, 01 Mar 2010 10:20:42 +0000

My wife and I bought our first house last year and we did not use the VA Loan. I am thinking about buying another house but no longer have the money to put up for a downpayment. We both have excellent credit and have an above average income for the area. I’m not sure where to begin and if using the VA loan will be beneficial vs. a regular lender. I’m just curious what are the pros and cons of the VA loan and if its safe to buy a home with no downpayment in todays economy. Any advice would be appreciated. Thanks!

Seeking A 100%-financing Mortage That Relies On Income Level; Is My Current Salary The Determining Factor?

FHA Mortgage — Mon, 01 Mar 2010 08:00:08 +0000

Lenders (through Fannie Mae or FHA or whatever) offer 100% (no downpayment) mortgages when your income is below the median for your county. My income had been below this level until a month ago. I’ve gotten a raise, but my income is now above that threshold. I know lenders want to see your W-2s. Will they only care about what my current salary as of July 2007 is, or will they look at my 2006 income or my 2007 income-to-date to determine qualification for this type of mortgage?
(One lender I spoke with gave me an iffy answer; I don’t think he understood my question).

I Have A Mortgage At 6%. Would A Re-finance Be A Good Thing For Me?

FHA Mortgage — Mon, 01 Mar 2010 06:54:43 +0000

I have had the house 5 years, had a credit card equity loan on it, but paid it off with a second equity loan. Never been late, have good credit and very stable job. I want a lower payment, but will it be worth it in the long haul? I plan to stay here forever.

Why Does America Have To Bear Most Of The Burden And Blame In Order To Keep The World Safe?

FHA Mortgage — Mon, 01 Mar 2010 06:54:41 +0000

The Middle East crisis is a global problem that demands international resolution. Military action is still available, but the US and UK must make sure it is the absolute very last option. While this will worsen our public image and deplete resources and capabilities, competitors such as Russia and China are gaining influence, wealth, and allies everywhere. Iran has already proven to the world that it is deceptive, even without nuclear warheads. The propaganda is unbelievable. The only goodwill to return is tougher international sanctions. If Iranian president wants to earn genuine trust, then help stabilize Iraq and find ways to prove that the nuclear program will always be peaceful. Their deceitful behavior has shown that they won’t be responsible enough with nuclear arms. Please, quit insulting people’s intelligence anymore with your propaganda.

Mortgage Payment Mostly Going Towards Interest?

FHA Mortgage — Mon, 01 Mar 2010 06:50:20 +0000

I purchased a house at the end of September 2008. My payment is $849. Only $112.86 is going towards the principle. How long does it normally take for more money to start going towards the principle? My interest rate is 6% if this helps. Thanks in advance.

A Question About Reverse Mortgages?

FHA Mortgage — Mon, 01 Mar 2010 06:50:18 +0000

If someone has a reverse mortgage and the payback on the reverse mortgage is less than the house is worth can the person sell the house at the current value and than pay off the reverse mortgage and than keep the profit?
For example if the reverse mortgage loan is 100,000.00 and the house is worth 150.000.00 . Can the person sell the house for 145.000.00 give the reverse mortgage company 100.000.00 and than keep the 45000.00?
Will the reverse mortgage companies allow this and is this legal?

How Do I Get A Va Loan (or Any Loan) For 65 Acres In Texas?

FHA Mortgage — Mon, 01 Mar 2010 04:22:45 +0000

I have been half-heartedly looking for a nice rural property (~20 acres with or without a house) for some time now. Today I finally stumbled across a very nice 65 acre piece of land for $130,000 (severely underpriced) and now I am scrambling to find a lender. I had not previously realized that my bank only grants loans for 10 acres and under. My realtor consulted 4 lenders and 1 broker, and was only able to find 1 lender who would finance up to 25 acres (she’s still looking). I am a veteran, so I figured that I would get a VA loan, but the Texas Veterans Land Board will only finance up to $80,000. I thought about one of those Farm Credit Unions, but I have heard that they only finance up to 60% or 70% and charge really high interest rates. I have a clever idea (so I think). What if I could convince the seller to divide the acreage up into 2 plots; one plot of 5 acres, and one plot of 60acres. He would charge me $128,000 for the 5 acres, onto which I would move a cheap mobile home and get therefore qualify for a land/home package loan. I could have a legal contract written up stating that he would sell me the remaining 60 acres for $2,000 (which I would pay out of pocket) contingent upon the successful closing on the 5 acres. This way I get my 65 acres and my VA home loan. It sounds too easy, so it’s probably the oldest trick in the book. Seeing as how I could just default on my loan the first month & still keep the 60 acres, it’s probably illegal. So, what are your thoughts?

First Time Homebuyer In Upstate Ny, Need Downpayment & Closing Cost Help?

FHA Mortgage — Mon, 01 Mar 2010 02:06:47 +0000

My wife and I are trying to buy our first house. We have been approved for a FHA loan. Our savings are drained, my wife has been on bedrest from a high risk pregnancy for the last 6 months and not collecting a paycheck. Our credit is excellent the mortgage payment wont be a problem, its the down payment & closing costs that we cant afford. are there any programs that help with these costs?

Can I Re-mortgage My Paid Off Home?

FHA Mortgage — Mon, 01 Mar 2010 00:46:30 +0000

I currently have a home equity loan as my primary loan on my house but am looking to pay it off with some help then refinace as a traditional mortgage. (benefits – lower interest rate, and full value of house equity available in TX)

The Direct Commissioning Program In The Army Reserves Has Expanded To Many Branches. Which Should I Choose?

FHA Mortgage — Mon, 01 Mar 2010 00:46:28 +0000

I’m thinking Quartermaster, but MP looks appealing—-especially because I’m already a veteran officer (though I realize military “policing” is a different animal). Any suggestions? Not many combat arms, if any, available. Officer Generalist, Quartermaster, Chemical Officer, and MP are some of the options available at the reserve areas in my region.