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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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go for it, khan. your history ought to be sufficient to satisfy most lenders, and you can always supplement what they feel is lacking with alternative sources of credit (utility bills, rental payments, etc.).
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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msnover92571
Joined: 10 Feb 2009
Posts: 146
Location: California
0.45 Dollars($)
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| very nice post and yes im lookin into a fha loan how hard are these to qualify for? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi msnover,
Fha loans are available to the borrowers at a credit score of 580. But the borrowers should not have any late payments or collections in their credit report while applying for loans at such a low credit score.
Thanks |
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merlindcat
Guest
0.10 Dollars($)
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Post subject: somewhat complex loan |
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| My wife and I have just divided land and sold one lot. We have paid off most of our debt, caught up the rest and are improving credit scores (it was really bad.) We still have our other lot and are trying to build on it. The land is worth $110,000 (what we sold the other land for) and we want a loan for $212,500. We have a cushion of $50,000. We are looking for a lender. Any suggestions? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Hi merlindcat,
It's good to hear that you paid off most of your debts and also caught up on the rest. This will give a positive boost to your credit report. You have mentioned that you are improving your credit score. What is your credit score right now?
Getting a loan will largely depend on your credit score. Keeping in mind the present market situation, the lenders won't give you loan if you have a credit score less than 650.
_________________
Procrastination is the enemy of your financial success |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 488
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| Quote: | | We have a cushion of $50,000. We are looking for a lender. Any suggestions? |
with this cushion and with worth the $110,000 land you will surely get a good credit to purchase a new land.but i am not sure about your credit score.because so many lenders will look for it because some of your payments are not on time so surely they will re-look in this aspect. |
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davidh
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0.10 Dollars($)
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Post subject: First Mortgage on the home I own. |
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I own my home outright with no mortgage. I want to buy a second home in another country. What are my options on getting a first mortgage to finance the purchase of a second home?
htnaks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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david, you can readily obtain a cash out refinance on a primary residence, and your purpose isn't necessarily relevant. you'll find that there would be a pricing adjustment for the cash out as well as for credit score, depending on what yours is.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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bestmortgages
Guest
0.10 Dollars($)
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Post subject: loan |
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| in case the job in whose basis loan was guaranteed is lost before loan is sanctionedis there any chance of loan being rejected? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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yes, indeed, bestmortgages. loss of a job/income can severely hamper a borrower.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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manoj_gopale
Joined: 16 Feb 2009
Posts: 488
0.00 Dollars($)
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| Quote: | | in case the job in whose basis loan was guaranteed is lost before loan is sanctionedis there any chance of loan being rejected? |
It is the sole reason why lenders lend a good sum to those who are having good financial position or having stable jobs i.e.government jobs.
But one must notify the bank when one looses the job so that they can either rearrange the debt for you or cancel it all together. |
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sunil87020
Joined: 04 May 2009
Posts: 339
26.96 Dollars($)
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Does there any specific age limit for getting loan ?
Does the age is same in every country? |
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corcorrank
Joined: 26 May 2009
Posts: 1
1.55 Dollars($)
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Post subject: Thanks |
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Hi,
Just found this site, a lot of useful info just reading through all the discussions. I can say outside of this site I did find a free e-book, kind of random, it's a part of a foreign currency site but it gave a break down of all the things you need to look at before you decide to buy or refinance and a worksheet as well. I have been trying to get as much info before I buy in the Phoenix market and outside of this site that book really has helped . It didnt cost me anything and if anything was too much info but i like how there are specific questions on this site as well- thanks for all your information. the book is on a site called "www.lowerfxrate.com" and then there is a tab for a free mortgage manual its worth a look - thanks again didnt think about the insurance policy or stocks aspects
[External link deactivated as per forum rules] |
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dan t
Guest
0.10 Dollars($)
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Post subject: age |
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| Can I get a mortgage loan at age 52 for 30 years? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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dan, lenders are not allowed to discriminate based on a variety of factors, one of which is definitely age. yes, you can get a 30 year loan at the age of 52. you can get a 40 year loan if you wish, in fact.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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