No, they wont LOAN us the 50% (sm)

Posted By: anon on 2009-01-30
In Reply to: Why can't you take the loan for the 50% they - - XXX

Not a single bank wanted to loan us the money unless we paid all kinds of points and had a ridiculous interest rate - and only 1 out of 10 said they would do that. The others turned us down flat.

I guarantee if I had half a dozen kids and was on some kind of government assistance we would qualify.

We will keep on keeping on, and hopefully something will change for the better.

thanks everyone for your responses.

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Trying to do the right thing. - anon
- they know what is going on - american girl
- Why can't you take the loan for the 50% they - - XXX
  - No, they wont LOAN us the 50% (sm) - anon
- kit kittridge - american girl
- It seems that's how everything is going - MT in PA

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If your loan is an FHA-backed loan, you can contact the
to help you. Each state has one assigned to it by the FHA. I'm talking the FHA loans that are 5% down, sometimes bond money is available, etc. Not the one where payments are based on your income, etc.

Whatever you do, contact your mortgagor TODAY. Do NOT delay. Be realistic about what you can do financially to recover -- do not agree to terms you cannot realistically carry out.

You should have several options available to you before foreclosure is started. You might even try to do a quick sale of your home. You have until the very moment they auction that title off.

Try looking for information here:

http://articles.moneycentral.msn.com/Banking/HomeFinancing/FacingForeclosure9Options.aspx

http://www.hud.gov/foreclosure/index.cfm

http://www.hud.gov/offices/hsg/sfh/nsc/reliefop.cfm

Why can't you take the loan for the 50% they -
offered and then payback immediately what you don't need? As long as there is no payback early penalty that is how I would get around that problem, that is if I am reading and understanding this right.

we just had to ask our in-laws for $500 loan
they're like a bank to us ;)

FHA loan might work for you
Your credit score can be lower than for a conventional loan and you can get into the house with a down payment of only 3.5%. But I don't believe you can have BAD credit--more like fair. If you have anything unpaid (old bad debt, etc.), then they'll make you take care of those before they give you a loan.

Telling you the appraisal from 3 years ago isn't right, and he knows it. Valuations are down practically everywhere and, depending on your region, could be down substantially. And this business of getting his friend to appraise the house is shady, too. You sure this guy is a good guy?

Lots of people got into big trouble by buying a house before they were ready financially to do so. Tread carefully.

Has anyone had experience with a consolidation loan?
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Stated Income Home Loan

I am a self-employed IC and have purchased 4 homes in 4 different states as a single person. I was able to obtain a Stated Income Mortgage based on my credit, rather than my W2. No tax info was used, needed or requested. I guess, if your income is needed along with your husband's to qualify for a loan, then you would need the W2 info. But as a single person you can obtain a home loan based on your credit and not your tax info. Also, if you don't have enough for a down payment, you can take out a "second" against the house you are purchasing to finance your downpayment. You will have a short-term payment for the downpayment and your 30 yr note on the home. I was also able to obtain very low interest rates based on my credit rating.

Good luck, I did have to provide extra documents when I purchased one home with my exhusband.

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Have you considered a home equity loan to
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I could loan you my husband for a week. I'm not frugal,
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single wide are only kind to depreciate; hard to get loan
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Guess he can take out a loan for future schooling! Son found a phone
s