sunnysideup asked:


I feel a little taken avantage of. Hubby and I qualified for a $100,000 loan in Ohio (FHA loan). We are first time home owners and feel that we got the raw end of the deal. The loan itself is nice. We bought our house for $96,900. We didn’t put down a deposit on it, the lady that we bought the house from put down One Thousand and something dollars. We have a fixed intrest rate of 5.9%. Well they have also added on a second mortage for the downpayment that we didn’t put down. (I think that is what the 2nd mortgage is for) It was almost $4000, with a 7.9 fixed intrest rate. I am really confused (BTW, we have lived in our house over a year now), isn’t it like this : we bought our house for 96,900 (lady put in an extra thousand something)…but have a 2nd mortgage of around $4000. It is like we have spent $100,900 on our house??? This is probaby confusing, but I don’t want to sound silly calling up our bank and asking them. If someone can make sense of this to me…
I hope it makes sense!

Jeffrey

Jimmy B asked:


1) My credit score is 612 (Im working on improving it right now), and my wife’s is above 700. We will be looking to apply for a home mortgage mid-2009. Our combined income is over 100,000, and we are first time home buyers. We plan to apply through our credit union for the mortgage. Will we be approved?

2) Also, need help understanding debt-to-credit ratio. Will our student loans affect our chances of being approved? (we are not late on any payments)

3) Also, I am an authorized user for my wife’s credit card, so my debt-to-credit ratio is higher because she has almost maxed it out. Should I be taken off the card so my ratio goes down?

William

col E asked:


we have credit scores of 711 and 789
we would put 3.5% down =$5775
first time home buyers
We live in PA
Thank you for your help!

Kathleen

lcassociate22 asked:


Im in the Mortgage business and I would like to get some advice in expanding my leads for potential clients for Refinancing their homes or If someone is interested in getting a loan approved for a house..thank you

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Fast Pace asked:


having 668 on credit score and being first time home buying. Today, what docs do we need to present to refinace? Thanks, I appeciate your help.

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