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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi bengal!
Welcome to forums!
As far as I know, for conventional loans, the dti ratio is 28/36 whereas for FHA, it is 31/43. The VA limits are only calculated with one DTI of 41.
Feel free to ask if you've further queries.
Sussane |
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g
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Post subject: no notes |
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| i bought my home paid cash no notes cost just 60,000 can i take a 2nd mortgage out |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi g,
You've mentioned that you purchased the property for cash. Thus, there's no mortgage on it. In that case, if you take a mortgage on the property, it would be your first mortgage and not second. However, in order to get a loan, you'll have to qualify for it. You should have a good credit score and a stable income for getting a loan.
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Procrastination is the enemy of your financial success |
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23902390
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Post subject: 1st and 2nd mortgage |
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| Looking to sell a home that has a first mortgage and home equity line. Total balance is 80,000 more than the home is worth. If I sell and pay off mortgage and a portion of the equity line, will i still be able to pay the balance of the equity line over time as im doing now? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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that's a question for your second mortgagee to answer.
what you've just defined is a short sale. you need to negotiate with your lenders to even begin to contemplate such a step.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Ray
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Post subject: new home |
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| was wondering if i should take a home equity loan for 50,000 or to do a mortgage to pay for a new home. right now i owe 11,000 on my current loan, with the 50,000 loan i would pay of the 1st mortgage of 11,000 and use the rest to put down on the new home.. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Ray!
Welcome to forums!
You can take a home equity loan and pay off the first mortgage and use the rest of the amount as a down payment towards your new home. However, you should note that though you pay off your first mortgage, you would be liable to clear off the home equity loan along with the mortgage on your new home.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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a home equity loan is certainly the easiest way to borrow $50K. most lenders will turn up their noses if you propose that as a first mortgage amount. if you can find a reasonable rate and good terms, then go for it.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Angelaw
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Post subject: 2nd Mortgage |
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| I am not 100% understanding what a 2nd mortgage is. Does a home have to have equity in order to request a 2nd mortgage? We bought our home last year but due to the economy do not have any equity , we are considering a 2nd mortgage to pay off high interest rate credit cards. What is our options? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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angelaw, a second mortgage is simply an additional mortgage on a home that is subordinate to the first mortgage. first, second, etc. are merely the sequential notations. in order to obtain a second mortgage, one must have equity in a property...not just equity, but a good portion of it. if you only bought your home last year in this troubled real estate market, the odds are awfully strong that you lack the equity that would allow you to borrow in that fashion. depending on how much you are seeking, and on your income, credit, etc. you may consider a personal loan. rates on those, of course, are higher than on mortgages, to account for risk.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Anne
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Post subject: 2nd mortgage to relocate |
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| Can I use a 2nd mortgage on my home to buy a new place in a different state and then sell this one? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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If there is equity in the property, then you will be able to take a second mortgage on it and use the money to buy a new property. However, as you sell off this property, you will have to clear off both the mortgages for the present property.
_________________
Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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though my move was only 8-10 miles, i used the equity built up in my former home to make a purchase of a new family home with substantial more land than previously i had owned. when my old home's sale date came around, i simply paid off that loan. i consider it substantial blessing that i had the opportunity to cash in from a sale and came out whole on the other side.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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help
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Post subject: mortgage |
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| Can you get equity cash out of your home at purchase? I would like to know if it is legal to receive cash at closing if mortgage company is aware that you are getting cash back? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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not on a purchase, help, no you cannot. i will add, however, that lenders used to offer home equity lines of credit to new purhasers in the past, hoping that they'd use the lines to increase their indebtedness. if anyone is still doing this, i'd be quite surprised. the problem that arose is that people did, indeed, increase their indebtedness and then ran into difficulties with paying those accounts.
and here we are in january of 2010 dealing with those issues.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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