Can I get second mortgage with bad credit?

ckalvesmaki · Posted: Tue May 01, 2007 4:49 pm Post subject:

There are other options than fannie mae........the majority of second mortgages are done by investment banks.......with no limits

sagarthakar · Joined: 15 May 2007 Posts: 71 27.05 Dollars($)

The best way : Visit Option One Mortgage website they have ample of Second Lien products available with them and also lend for poor credit history.

Speak with a rep of Option One and ask for Double Decker Feature, your query might get solved

Guest

what is the maximum fannie mae loan limit that is allowed for second mortgages this year for a 3 unit property?

blue · Posted: Sat Jun 09, 2007 7:31 pm Post subject:

Hi Bphensel,

Welcome to Mortgagefit discussion board.

The maximum Fannie Mae loan limit for second mortgages this year is at $322,650 and it is $483,975 for Alaska, Guam, Hawaii and U.S. Virgin Islands.

But let me also tell you that the sum of original loan amounts for the 1st & 2nd mortgage cannot be more than the maximum loan limit fixed for 1st mortgage by Fannie Mae.

Do let me know if you have any other questions.

Thanks
Blue

terry16844 · Joined: 11 Jul 2007 Posts: 1 1.62 Dollars($)

For information on bad credit mortgage loans go to "http://freecreditinfo.biz"

[Link Deactivated - As per Forum Rules]

Guest

Im looking for a second mortgage of $100000. with the first 3 years interest only, I have medium credit and plenty of equity! But I work for myself and I have no way to prove income!

Niicss · Posted: Sat Jul 12, 2008 3:18 am Post subject:

Welcome steven.

So you want to have home equity loan... right. Your credit is medium and also you are self employed. So the rate of interest is going to higher comparatively. By the way you can request for no-obligation free mortgage quote to the community lenders. You just need to give minimum details.

Hope it helps. Let me know if you have any further queries.

Guest

I just moved into a home and would like to finish my basement and consolidate bills. Is there a way that I could get another loan on my home? My credit is good but I'm not sure what is available for people that just moved in and want to finish their house off. Does anyone have any suggestions? Places I could visit?? Thanks for your help

Niicss · Posted: Mon Dec 29, 2008 2:33 am Post subject:

Hi kuddle!

If you want to consolidate your credit card debts, then you can either look for a debt consolidation or a debt settlement. In debt settlement, your outstanding balance will be reduced by 40%-60%. In case of debt consolidation, the interest rates are reduced. As far as finishing the basement is concerned, you should check out with the lenders whether you can get a home improvement loan or not.

Thanks.

cupovic_kristina · Joined: 28 Jan 2009 Posts: 1 1.34 Dollars($)

I'm in a situation where I recently bought a house for $280.000 and because of a bad credit history we were asked to put down $72 000. I'm having dificulty getting all the money, so I was wondering if I could apply for a secon mortgage to cover the cost of downpayment. It's our first time buying a house, and I don't know much about it.

jameshogg · Posted: Thu Jan 29, 2009 12:23 am Post subject:

Hi cupovic_kristina,

I do not think taking a second mortgage will be a good option. You may try to go for a private mortgage insurance if you are unable to pay the down-payment required by the lender.

Thanks

Guest

I retired in 2007, and at that time had good credit but a life event happen which took all my savings, I feel behind on my mortgage and credit cards, My credit score now is at the bottom. I have 2 jobs but still lag behind and my home needs repairs. I have 43000.00 left to pay on my home and it has been appraised for 77000.00. What are my best options.

jameshogg · Posted: Tue Jul 28, 2009 9:01 pm Post subject:

Hi Dandea,

Your query has been answered in the given link:
http://www.mortgagefit.com/second/behind-loan.html

Take a look at it. I hope it'll help you.

Thanks

lx2702 · Joined: 05 Sep 2009 Posts: 1 1.43 Dollars($)

If you are considering investing in real estate or plan to buy a home and need a mortgage to finance it then you should be ready to do some research. There are many options to choose from when it comes to selecting a real estate mortgage lender. Each lender varies in the loan products they offer and you will also want to shop around to get the best real estate mortgage rate. Then I would recommend considering royalcrownrealestate.com, you will get more ideas residential real estate. Those interested in residential real estate in California will find many types and styles of home.

lovegreg77 · Joined: 03 Sep 2009 Posts: 34 0.00 Dollars($)

Hi Dandea,

you have already paid good amount of your mortgage. you try to reduce your monthly payout. discuss with your lender for refinance.

All times are GMT - 7 Hours
Previous 1 2 3 Next
Page 2 of 3