I do not have great credit history and would like to apply for a home loan to see if I qualify, but I want to know who is best to go threw for a good shot if my history is poor? Answer: Most lenders/banks have the same mortgage products, your ability to get a mortgage …
Category Archive: Home Mortgage – Q/A
can you get qualified for a home mortgage if you have only been working for 5months but have decent credit?
Answer: It depends on the interpretation of investor guidelines by individual underwriters. I had always used the “2 years in the same profession or now working in a field of study” rule of thumb but the underwriters where I am currently say that their interpretation does not require that 2 year history.
My home mortgage was transferred to Fannie Mae last month. Why did my bank do this?
My loan was with Bank of America. Answer: Bank of America decided they needed additional money to lend, therefore they bundled a lot of mortgages they had to include yours and sold them to Fannie Mae, an agency formed by the federal government to purchase such mortgages. Bank of American might still service the mortgage …
If I foreclose on a rental property, can a mortgage company come after my other home?
if I currently own a home, and rent it out, then purchase another home to live in, and after a year the renters move out, and I can’t make the payments, and am forced to foreclose on my rental, can the mortgage company come after my new home? I live in MD. Answer: Yes, if …
Is it possible to get someone to take over the mortgage on you home?
Kind of like deeding it over to the person, like when you have someone take over payments on a car? Or is the only way to do it is to have them qualify for a loan and you sell the home to them? Answer: If you have a VA loan and you are selling to …
What happens if a home forecloses and the auction only pays off the first mortgage and not the second?
Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to …
What happens to a reverse mortgage after the person have to go to nursing home. How does that work?
What happens to a reverse mortgage after the person have to go to nursing home. How does that work? Answer: Generally, the loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months (for example, to go into an assisted living home …
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