Sarah B asked:


My husband and I were trying to get our finances in order to purchase a house in the next 6 months. We are paying off a few small loans, all totaling around $4000 and we were going to save $1000 to have in savings just to show financial security. Now I’m worried that if we wait 6 months, we won’t be able to get a mortgage loan. You see, we filed for Ch. 7 bk 4 years ago. We have one situation on our credit where late payments show up, but this was a car that we sold to someone else who was paying the payments. We have proof, via the contract and bank statements, that we weren’t responsible. I was told that should do the trick for those late payments. Other than that, we have not had any in the past 4 years. My credit score is around 630 and my husbands around 600. On one hand I believe that this sub prime bust will lower home costs and be good for us, but on the other I have to wonder whether we’ll even qualify. Help!
I realize that they will be available but would we be better off to go ahead and try to get the loan now vs. waiting 6 months?

Gene

e.sillery asked:


I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were not mine. I contacted the proper people and they agreed to remove them. Only one was removed and I have been trying for 6 months to get the other off. I have a letter stating they both were to be removed, but when applying for a mortgage online they pull my credit report and see a collection against me.
My debt to income ratio is pretty low so I sould qualify for a home purchase loan, but I have been turned down by my credit union.
Who offers home loans for people with credit problems?

Jackie

chitownj12 asked:


I am interviewing for a F&I position right now with an auto dealership. I don’t have much if any experience with auto sub-prime lenders and lending. However, I have been in the mortgage industry and have worked as both a loan officer, analyzing credit and assets of individuals and shopping sub prime lenders to find the best deal and also worked for a lender and qualified sub prime borrowers to fund their loans.

My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?

April

Betty T asked:


my husband brings in the most benefits as we are pensioners if anything happens him would i have the same payout

Marilyn

nabailey44 asked:


I think they are great when you have a commission based job/career. We have a fixed interest only loan, so if things are tight we can pay bare minimum and when they are more relaxed we can more than make up for that loss of principal by paying more…….And every time you pay principal your actual (interest) payment goes down…..So over time, adding lump sums will reduce your payment versus paying a fixed mortgage for forever/or until its paid off.

William

April R asked:

I just wanted to know besides a great credit score and job history. In order to qualify for a no down payment loan do you need to have a decent amount of money in your savings or does it not make a difference.

Tonya

Gary C asked:

I funded a private mortgage loan for two individuals. Can I report this loan to the credit bureaus so it will be included in their credit score?

Victoria

Ally asked:

what is an average interest rate for a 200,000 home loan???

Milton

HoustonJustin asked:

My wife and I owe over $150,000 in student debt with interest rates around 9-11% on each loan. Is it better to just refinance our house and pay it all off, for a lower monthly payment and interest rate?

Shirley

Mrs. G asked:


better way to get approved for mortgage loans, and are overall better. Is this true?
Thanks!

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