|
| Notices |
Welcome to the Infinite Credit forums.
You are currently viewing our Free Credit Repair Forums as a guest which gives you limited access to view most discussions and access our other features. By joining our free credit repair community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content. Due to bandwidth constraints, PDF files can only be downloaded by registered Members.
Fix your own personal credit, the same way a credit repair company would. Registration is fast, simple and absolutely free so please, join our community today Please note that we are not attorneys, we are not selling anything, nothing on this site may be construed as legal advice.
If you have any problems with the registration process or your account login, please contact us. |
| Mortgage and Home Equity Forum Credit requirements pertaining to Mortgages, Sally Mae, HUD, Foreclosures, home equity lines of credit. Discussions about Real State in general belong on this forum. What you need to know prior to buying and selling a home, real estate investing ideas. This and more can be forun here. |
05-09-2008, 10:07 PM
|
#1 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
Down payment
A real estate person told me that for every 1k down it is 8.00 off of each monthly payment?
__________________
____________
"Be surprised at what people won't do and not at what they do."
|
|
|
|
05-11-2008, 01:32 AM
|
#2 (permalink)
|
|
Administrator
Join Date: Nov 2004
Location: Greater DC area
Posts: 7,121
Casino Cash: $1094839
|
It would depend on the interest rate.
__________________
The answer is 42!!
|
|
|
|
|
05-17-2008, 06:13 PM
|
#3 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
Ok, why does a mortgage application ask if I am party to any lawsuits? Because they wanna know if the house is at risk of a lien?
__________________
____________
"Be surprised at what people won't do and not at what they do."
Last edited by roybean; 05-17-2008 at 06:58 PM.
|
|
|
|
|
05-17-2008, 06:48 PM
|
#4 (permalink)
|
|
If You Do Not Like It, Kiss My...
Join Date: Nov 2004
Posts: 5,334
Casino Cash: $962700
|
Quote:
Originally Posted by roybean
Ok, why does a mortgage application ask if I am party to any lawsuits? Because they wanna know if they house is at risk of a lien?
|
Yes.
__________________
How come "phonetically" is spelt with a "ph"?
|
|
|
|
|
05-17-2008, 11:12 PM
|
#5 (permalink)
|
|
Administrator
Join Date: May 2006
Posts: 2,123
Casino Cash: $844000
|
Quote:
Originally Posted by roybean
Ok, why does a mortgage application ask if I am party to any lawsuits? Because they wanna know if the house is at risk of a lien?
|
and if you are litigious.
__________________
It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
|
|
|
|
|
05-18-2008, 12:19 AM
|
#6 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
Quote:
Originally Posted by Enigma
and if you are litigious.
|
so if I know my way around the court system I am a risk?
__________________
____________
"Be surprised at what people won't do and not at what they do."
|
|
|
|
|
05-18-2008, 12:35 AM
|
#7 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
And I need to to tell them about the class action insurance action I am involved in and that I may have sued one or two creditors and their agents when they dissed me, right?
__________________
____________
"Be surprised at what people won't do and not at what they do."
|
|
|
|
|
05-18-2008, 04:49 AM
|
#8 (permalink)
|
|
Administrator
Join Date: May 2006
Posts: 2,123
Casino Cash: $844000
|
Quote:
Originally Posted by roybean
And I need to to tell them about the class action insurance action I am involved in and that I may have sued one or two creditors and their agents when they dissed me, right?
|
What is the "exact" wording of the statement/question?
__________________
It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
|
|
|
|
|
05-18-2008, 12:16 PM
|
#9 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
"Are you a party to any lawsuits? If yes, please attach an explanation"
__________________
____________
"Be surprised at what people won't do and not at what they do."
|
|
|
|
|
05-19-2008, 07:26 AM
|
#10 (permalink)
|
|
If You Do Not Like It, Kiss My...
Join Date: Nov 2004
Posts: 5,334
Casino Cash: $962700
|
Short and sweet is the name of the game.
"member of injured group in class action"
"plaintiff in FDCPA case", etc.
Its only unresolved cases.
__________________
How come "phonetically" is spelt with a "ph"?
|
|
|
|
|
05-19-2008, 11:16 AM
|
#11 (permalink)
|
|
Member
Join Date: Nov 2007
Posts: 63
Casino Cash: $350050
|
Quote:
Originally Posted by roybean
"Are you a party to any lawsuits? If yes, please attach an explanation"
|
They just want to know who you are suing or who is suing you, and why.
I have had this come up only twice that created a problem and both times it was over a property line issue. If you are a member of a class action suit or something not involving your home it won't be a problem.
Charles |
|
|
|
|
06-03-2008, 12:38 PM
|
#12 (permalink)
|
|
Member
Join Date: Nov 2007
Posts: 63
Casino Cash: $350050
|
Conventional Down Payment guideline changes
Effective 2 June 2008, FannieMae & FreddieMac have changed their guidelines so that all loans must have at least 3% down. This is just another reason for people that are ready to purchase a home to use FHA programs.
Charles
|
|
|
|
|
06-03-2008, 01:21 PM
|
#13 (permalink)
|
|
Elite Member
Join Date: Sep 2006
Posts: 464
Casino Cash: $368945
|
Quote:
Originally Posted by Loan Doctor
This is just another reason for people that are ready to purchase a home to use FHA programs.
|
Why?
__________________
I represent intellectual violence.
|
|
|
|
|
06-03-2008, 01:32 PM
|
#14 (permalink)
|
|
Member
Join Date: Nov 2007
Posts: 63
Casino Cash: $350050
|
FHA Down Payment Guidelines
Under the current FHA Program, the buyer has to have 3% down, but it can actually come from the buyer using a DownPaymentAssisstance program. With Conventional loans, it has to come from the buyer-or as a documented gift from family/employer etc. With most Conventional loan programs the max that a seller can help with for closing costs is maxed out at 3% of the sales price, with FHA the max is 6%. In so many areas 6% will work but 3% won't because of the lower price of the homes.
Charles
|
|
|
|
|
06-03-2008, 05:27 PM
|
#15 (permalink)
|
|
Elite Member
Join Date: Sep 2006
Posts: 464
Casino Cash: $368945
|
Quote:
Originally Posted by Loan Doctor
Under the current FHA Program, the buyer has to have 3% down, but it can actually come from the buyer using a DownPaymentAssisstance program. With Conventional loans, it has to come from the buyer-or as a documented gift from family/employer etc. With most Conventional loan programs the max that a seller can help with for closing costs is maxed out at 3% of the sales price, with FHA the max is 6%. In so many areas 6% will work but 3% won't because of the lower price of the homes.
Charles
|
So to be more accurate your statement should say "This is just another reason for people that are ready to purchase a home but have no money down to use FHA programs."
__________________
I represent intellectual violence.
|
|
|
|
|
06-03-2008, 09:41 PM
|
#16 (permalink)
|
|
Administrator
Join Date: May 2006
Location: Okinawa
Posts: 6,861
Casino Cash: $2750400
|
I was told that many of the programs have been eliminated because of the slump.
__________________
____________
"Be surprised at what people won't do and not at what they do."
|
|
|
|
|
06-04-2008, 10:12 AM
|
#17 (permalink)
|
|
Member
Join Date: Nov 2007
Posts: 63
Casino Cash: $350050
|
Yes, actually not the slump so much (but that is part of it).
The conventional lenders, that use FreddieMac & FannieMae, starting 2 June 08 are limited to a max of a 97% loan. They also have had major rate increases for borrowers with less than 680 scores. Lastly, for borrowers that need to borrow more than 85% of the sales price, the MI/PMI rates have gone up a lot for most FICO ranges. And then for lots of areas of the country - and there are less of them now-the max for loans are 5% less than for non-distressed areas.
FHA has had their arms twisted by government officials to help those in distressed areas. There is no loan limit decreases for those areas and for the borrowers that don't have money for down payment, this is the loan program for them. MI is much less than for conventional loans.
Nice thing is that FHA is profitable I have been told. This means that the UFMIP (Up Front Mortgage Insurance Premium) account for FHA is showing enough excess that they donate it to the Federal Government. On top of that starting 7/14/08 they will be charging a higher rate for borrowers that have a more likelihood of going into foreclosure.
Charles
|
|
|
|
|
