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Types of mortgage loans - Compare and choose the best option

The mortgage industry offers a variety of loan programs suitable for a wide range of borrowers. There are loans that require high payments but there are also programs specially developed to provide homeownership opportunities to low-income families. These mortgages have special features and one really needs to get a brief idea of their pros and cons before he applies for it.

This section provides you with an explanation of mortgage types and their features. Apart from highlighting the types of mortgage loans, this section also mentions who all are suitable for the different types of mortgages. The purpose is to help you explore the features of various types of mortgage loans so that you can compare and choose the one that's best for you.

Types of mortgages Features Eligible Borrowers

Fixed rate mortgage
(40, 30, 15, 10 years)
Fixed rate of interest and hence fixed Monthly payments throughout the loan term. [list:3a558a1514][*:3a558a1514]Borrowers who are planning to occupy the property for at least 10 years.[*:3a558a1514]Those who don't prefer higher payments.[/list:u:3a558a1514]

10/1 year ARM

Interest rate and the monthly payment remain the same for 10 years. From the 11th year, the rate is adjusted every year. This will change the payments each year for the rest of the loan term.
[list:3a558a1514][*:3a558a1514]Intend to occupy the property for more than 10 years.[*:3a558a1514]Like to make stable payments initially but can afford higher payments later on.
OR

[*:3a558a1514]Plan to leave the property within 10 years.[*:3a558a1514]Want to continue with the loan even if there are changes in the plan.[/list:u:3a558a1514]


7/1 year ARM

Interest rate and monthly payments remain fixed for the first 7 years. From the 8th year, interest rates are adjusted every year. The payments are thus changed every year till the loan period is over.
[list:3a558a1514][*:3a558a1514]Plan to stay in the property for more than 7 years.[*:3a558a1514]Prefer stable payments initially but can keep up with higher payments later on.
OR

[*:3a558a1514]Plan to vacate the house after 7 years.[*:3a558a1514]Want to carry out with the loan in case the plan changes.[/list:u:3a558a1514]


7/23 (2-Step)

Fixed rate and monthly payments for first 7 years. On the 8th year, the interest rate is adjusted according to prevailing market rates. The resulting payments will remain constant for the remaining loan period.
[list:3a558a1514][*:3a558a1514]Plan to occupy the property for more than 7 years.[*:3a558a1514]Those who can afford just 1 payment adjustment.
OR

[*:3a558a1514]Those who plan to move out within 7 years.[*:3a558a1514]Those who want to continue with the loan in case there is any change in the plan.[/list:u:3a558a1514]


5/25 (2-Step)

Interest rate and monthly payment remain the same for the first 5 years of the loan period. The rate is adjusted on the 6th year to reflect the prevailing rate. The resulting payment remains constant throughout the rest of the loan term.
[list:3a558a1514][*:3a558a1514]Borrowers intending to stay in the property for more than 5 years.[*:3a558a1514]Those who can bear with one payment adjustment
OR

[*:3a558a1514]Borrowers who plan to move within 5 years.[*:3a558a1514]Those who want the loan to remain in force in case of any change in the plans.[/list:u:3a558a1514]


5/5 and 5/1 year ARM

For the first 5 years, the interest rate and monthly payment remain constant. But from the 6th year, the rates adjust after every 5 years and 1 year respectively.
[list:3a558a1514][*:3a558a1514]Those who can put up at the property for more than 5 years.[*:3a558a1514]Borrowers who like stability in monthly payments initially although there may be increase in payments later on.
OR

[*:3a558a1514]Those who may leave the house within 5 years.[*:3a558a1514]Borrowers who want to continue with the loan in case plans change.[/list:u:3a558a1514]


3/3 and 3/1 year ARM

The interest rate and monthly payments remain fixed for the first 3 years. From the 4th year, the rates are adjusted in every 3 years and 1 year respectively.
[list:3a558a1514][*:3a558a1514]Borrowers who plan to stay in the property for than 3 years.[*:3a558a1514]Those who can accept initial payment stability and any changes later on.
OR

[*:3a558a1514]Borrowers willing to abandon the property in less than 3 years.[*:3a558a1514]Those who want the loan to remain in force in case of any change in the plan.[/list:u:3a558a1514]


1 year ARM

The interest rate is adjusted every year as a result of which the monthly payments also vary each year for the entire loan term.
[list:3a558a1514][*:3a558a1514]Borrowers who want to take advantage of low rates.[*:3a558a1514]Those who can bear additional costs due to yearly payment changes.
OR

[*:3a558a1514]Borrowers who cannot qualify for high rate loan programs.[/list:u:3a558a1514]


5 year Balloon Mortgage

Interest rate and monthly payments remain unchanged for the first 5 years. After 5 years, the borrower must [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan (which is largely due) at the prevailing rates.
[list:3a558a1514][*:3a558a1514]Borrowers who plan to occupy the residence for more than 5 years.[*:3a558a1514]Those who can refinance their previous loans at the prevailing market rates.

OR

[*:3a558a1514]Those who intend to vacate the property within 5 years.[*:3a558a1514]Those who like stability in payments.[/list:u:3a558a1514]


7 year Balloon Mortgage

Interest rate and monthly payments remain fixed for 7 years. At the end of 7 years, the borrower should refinance into a new loan at the prevailing market rates.
[list:3a558a1514][*:3a558a1514]Borrowers who want to live in the property for a time period exceeding 7 years.[*:3a558a1514]Those who can refinance at the available market rates.
OR

[*:3a558a1514]Those who are planning to move out of the property within 7 years.[*:3a558a1514]Borrowers who prefer payment stability.[/list:u:3a558a1514]

Related Articles[list:3a558a1514][*:3a558a1514]Fixed Rate Mortgage
[*:3a558a1514]Adjustable Rate Mortgage[/list:u:3a558a1514]

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

want to remortgage the property in both mine and partners name and then sign the property over to partner

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi frank,

It seems that you want to take a loan in order to remortgage your property. But you haven't provided us with all the details regarding your loan request, your credit score, and the state where you reside.

Our Community comprises of a group of lenders offering different types of mortgage loans for borrowers having various income and credit profiles. So if you can give us some more details, then I can send your query to our loan department. They shall consult the lenders and then contact you as soon as possible. So please sign up with us with the details, so that we can proceed further.

Regards,
Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife and I want to purchase a Mobile Home in CA. We don't have the greatest credit (each of us is around 590) but we have a good combined income around $95,000 annually. Could we still qualify for any of the types of mortgage loans?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Welcome to the forum.

Your credit score is not too good but your combined annual income is very good. so I think you can go for FHA loans as these are not a score driven program.

Check out the article at http://www.mortgagefit.com/mobile-homeloan.html and get an idea about the various types of mortgage loans available for purchasing mobile home.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Have a recent foreclosure and bankruptcy and want to know how this affects the ability to purchase a home with the help of different types of mortgages.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi lilcash,

Welcome to the forum.

How would you face the foreclosure and bankruptcy together? Can you please explain your situation a bit more?

BTW it will have a huge negative effect on your credit report. It will drop your credit score by 250 to 300 points and will remain on your credit report for 10 years. So you may not get approved for any program out of the different types of mortgages in coming 3 or 4 years. From now on pay all the bills and payments on time and try to improve your credit score.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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charw812's picture
charw812 | Joined: August 3, 2008 11:45 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and I both have bad credit, we are renting a home and have to purchase it by 2009, everything on our credit is collections and charge offs, what is the best way to achieve this. we have a combined income of 110,000. advise on how to settle and clear our credit and get our scores up so that we're able to choose the best out of the types of mortgage loans.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Charw,

Adonis has already given you a suggestion at http://www.mortgagefit.com/credit/collections-chargeoff.html#56982 . Please have a look at it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what types of mortgage loans are suitable if you have land but no down payment-land is estimated at $30,000 + want to put man. home at approx cost of $90,000. on land

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s.mckaybiz's picture
s.mckaybiz | Joined: April 24, 2008 08:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good deal Jessica! It's in plain english and very informative. Thanks for investing some of your time to make things a little easier for the rest of us!

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Scott. Just tried my best to put things in a simple way. :)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband has this guy that is refinancing on our home and we are getting some cash put in our pocket. We can't figure out what is taking so long, to find a processor and lender. We have been waiting since Sept. 2008. We had been told for 4 weeks now, that we will close next week (repeat). We are getting very frustrated. Any suggestions about this situation.

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kpatrick's picture
kpatrick | Joined: October 29, 2007 05:46 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

CRT,

One of two things is happening, either you have a mortgage person who doesn't know what they are doing, or your loan pkg is a challenging one.

If your scores are below 580, you have open collections, or recent judgments, have an unstable work history, or late pymts on credit over the past 2 years...then it is probably a credit issue. If this is not the case, then it is the mortgage person.

Kim

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello: Is it possible to use a bank account or bonds as collateral in a loan?
Could you send the reply to me email? "profjdyme@gmail.com"
Thank you,
Prof. J Dyme

[size=9:d7693b6785][color=Red:d7693b6785][Link deactivated as per forum rules. Thanks][/color:d7693b6785][/size:d7693b6785]

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JHD!

You can use bonds and stocks as collateral but it will depend upon the bank or the lender whether it will accept it or not. Not all bonds are accepted as collateral. As far as bank accounts are concerned, I don't think the bank or the lender will allow you to use it as a collateral.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

where can i find the one i can get time's running out for me.. i am a student and get money for school but not to live? i have ruined my credit in the past but i need a mobile home now.. my parents are letting me use a place for the home so i don't need no land..

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi joey,

If the home has a permanent foundation, then you can look out for [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url]. You can take the mortgage either on the home or on the land. But if the mobile home is located in a rented lot, then you will not be able to to get a mobile home loan. In that case, you will have to look for a personal property loan. To know more about mobile home loans, check out the given link:
http://www.mortgagefit.com/mobile-homeloan.html

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We would like to take out a mortgage on a mobile with land. The mobile is already set up (single wide)
What are the best rates put there.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi KJT,

If the mobile home has a permanent attachment with the land, then you may look for mobile home loans. But remember that before approving the mobile home loans, the lender will check your credit score and income history. The rates you may receive will also depend upon your credit score.

You may check out with the local lenders offering mobile home loans and get an idea of the type of rates they are offering. You can also seek a no obligation free mortgage consultation from the lenders of this community. This will give you an idea of the type of rates and terms you can expect to get.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is there anyone out there that will finace a 1982 mobile home in a park

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome eric,

If the mobile home has a permanent foundation and if you have a good credit score and income, then I don't think you will face problems in getting a loan. You can contact the lenders of your area and check what types of rates and terms you can get.

You may also speak to the lenders of this community and seek a no obligation free consultation from them. This will help you to know the rates and terms you may expect to get.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am a graduate student at Iowa State University so that means limited income and student loans. I have a debt to income ratio of 56% so I am having trouble finding a mobile home loan even though my credit is good. Suggestions?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Lhuntimer,

As far as I can understand, your debt to income ratio is too high. As a result of which it will be difficult for you to get a loan. In order to get conventional mortgage, you will require a debt to income ratio of 28/36 and for FHA you would require 31/43.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We live in a double wide on 5 acres, the land is free and clear, is it possible
to get a loan to pay off credit cards against the land, we have lived on the land for 20 years

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cc

You can get a land loan provided if your credit score and income is good. However, I think it would be better if you could go for a debt settlement plan or a debt consolidation program. In debt consolidation, the interest rates for paying your credit card debts will be reduced whereas in debt settlement, your payments will be reduced by 40%-60% depending upon your financial situation.

Thanks.

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chef1905's picture
chef1905 | Joined: March 5, 2009 12:49 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need to refinace my mobile home because i'm paying 14 1/2 percent I live in a mobile home community? Where can i get a laon??

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi chef,

You can get your mobile home refinanced provided if there is equity in the property. Moreover, you should have a good credit score and income in order to qualify for the loan. Apart from this, the mobile home should have permanent foundation. You can speak to the local banks, lenders, mortgage companies or brokers for loans to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] mobile home. To know more about mobile home loans, check out the following link:
http://www.mortgagefit.com/mobile-homeloan.html

Take Care.

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emmylou36's picture
emmylou36 | Joined: March 29, 2009 08:54 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a friend that I work with who is selling her mobile home. She is selling it for a low price and I really would like to buy it and actually own something. I just filed bankruptcy so I am not sure if that is going to have a negative impact on getting a loan. She is selling the mobile home for $5000.00. I have done a lot of figureing and I can save more money by purchasing the mobile home then renting at $618.00 a month. I just wanted to know if there are any loan companies that would help me out or if it is a lost cause? Thanks

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi emmylou!

Welcome to forums!

You have mentioned that you have just filed for bankruptcy. In that case, it would be difficult for you to get a mortgage. If you have filed Chapter 7, then you need to wait for 2 years after the discharge to get a FHA loan and 4 years to get a conventional loan. If you have filed [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url], then you would have to wait for a year after the discharge to get FHA loans and 2 years to get conventional loans.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my wife and I have about 499/498 credit score but most of the problem is a repeat on the credit or things saying charge off but have been paid and we have a title! but we are wanting to buy a new mobil home is there any financing avil. in the State of Texas?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own a home and 5 acres and another house that i rent out monthly. i have 3years and 10 months left on my chapter 13 , my problem is that with the economy right now, my income has dropped and i am behind on my payment i just got Feb. payment in and am working on March payment and its April. since i haven't been on time with my payments , can i still qualify for a home mortgage that would pay off my chapter 13 and give me a lower payment each month?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi scp,

The credit score of 499 is not impressive at all and under the current market scenario, it is very difficult for you to qualify for a loan. If most of the negative items are repeats on the credit or charge offs that have been paid, you should first try and remove those items from your credit report and then go for a new loan. It will help you qualify for a loan at an affordable rate and terms.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

David, the way the current market is behaving, you might not be able to get a new loan to pay off your chapter 13. Instead, I think you should try and get your existing loan modified. A modification of loan under [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]chapter 13 bankruptcy[/url] is possible, subject to the bankruptcy trustee's approval. This will help you lower your monthly payments and be current on the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello, I filed [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankrupTcy[/url] 1 year ago.I have a credit score of 637. My husband has a score of 647. He was not part of the bankruptcy. I would like to get a loan as a first time homebuyer. He owns a home. I have never bought one. Will I be able to get a loan 1 year after bankruptcy to purchase or home or should we purchase together? We make approx. 80,000 a year and we have both been at our jobs for at least 10 years. Thank you!

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

Have you been discharged from chapter 7 bankruptcy? To get loans on good rates and terms, you should wait for atleast 2 years after a discharge. Not many lenders would be interested in offering you a loan after a chpter 7 bankruptcy. Those who would offer a loan, will charge a high rate of interest from you. You can purchase the home together. But I think you won't be able to avail the first time buyer tax credit in that case..

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i want to lower my rent

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

please help refinenance

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi silverfox,

Are you the same person as tracy?

Well, I need some more information to understand what the issue is and whether or not a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] is an option for you. What is your credit score, by the way? Do you have a stable income?

Thanks,

Jerry

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pat.frank's picture
pat.frank | Joined: April 21, 2009 08:07 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

How does a v.a. loan worl

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How do I get a loan to do this?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

patfrank: to obtain a va loan, you must be a veteran. you can borrow up to 100% of the price of a home. rates are quite fair, equivalent with rates on fha and conventional loans.

cleeclee: "do this" means what? in order to get a loan at all, you must qualify. that means a lender must review your credit, your income and debts, you assets, etc.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchased a home back in '99 using the available VA loan option. Due to circumstances, I refinanced in '04, and am now paying on a conventional mortagage (with the dreaded PMI). My question is, could I have refinanced using the VA route?
I know it's possible to use the VA option if your prior use was 'assumed' but isn't that essentially what I've done is 'assumed' the mortgage?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

You could have refinanced using the VA route through a streamline VA refinance or some other VA approved refinance programs. What I understand by 'assumption' is that this is a process of taking over the responsibility of mortgage from the original borrower. But when you refinance I don't think you take over the loan liability from someone else. So, I don't think you 'assumed' the mortgage when you refinanced the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i borrowed 48,000.00 dollers from a morgage broker at 14% intrest and a one year morgage i was despert at the time so for i have payed back 21,000.00 and still owe 33,000.00 the home i put up for calatearl is not even worth 50,000.00 is this a legal process and is there a loan that i can qulify at a lower intrest

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

No way of knowing what you qualify for without more details.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

17,000 CREDIT CARD, 1STMORTAGE 6PECENT 241,000, HOME EQUITY 7PERCENT 94,000. CREDIT SCORE 640. IS THERE ANY HOPE ANYWHERE

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

WHERE DO I START

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eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can start by telling us what the value of your home is. Also, what state are you in?

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Where can I find a loan for 10 acres with older mobile home and new shop?

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Where can I get a lone?

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