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We will be out of debt this month, but i have found out recently that paying off your debt wont really change your credit until you start to rebuild, so i want to go ahead and start to see what kind of home loans/ VA loan i can be approved for. However, i want to know if applying and being denied or applying too many times will effect my credit. This will be our first home so I want to look around to get the best offer, but i dont want that to look bad on my credit. My husband is military so VA loan is a possability too. Please let me know if you have any info. Thanks
Can you get a quote on an interest rate without it effecting your credit so you know what to expect before you actualy apply for a loan? Like doing the qoutes online through certian compainies, will that effect my credit?
Does pre-qualifying effect you credit?
My husband is on active duty in Arizona right now, but were from Mississippi so were living out here but were going back to Mississippi at the end of the year, we have no home there so we have reseach everything out here before we go home, thats were some of the problems start. how do you get pre-qualified from across the country?

Well, first of all, go to a Mortgage Company and get pre-qualified.
They will look over all your expenses (bills) and assets (income) and see if you can even buy a house. They will also determine how much house you can buy. No sense falling in Love with a 150,000.00 house if you only qualify for a 80,000.00 house.
Then go from there. OH, also if the first Mortgage Company denies you, try another one. I had this experience and almost quit looking; then I tried another company and they qualified me and also financed me.
Good luck.

Potential buyers of our parents home were "pre-approved" for a loan greater than the selling price, yet were denied approval of their official loan application.

Preapproval just states that if everything is exactly as the borrowers described to the loan officer they should get approved for a loan. It's nothing concrete, if their employment history is different, or income is less, or their debt ratios are higher, these are all reasons why it could then be declined later. preapprovals are granted without any documentation being provided or reviewed by an underwriter so even if only minor things change it can kill the loan. That is why sellers should requires a preapproval upon signing the contract and then make a contingnecy that they receive a loan commitment from the borrowers lender within 2 weeks to make sure they will be approved.

Interview with Faith Bautista with Mabuhay Alliance on Countrywide Home loans. Freezing home loans and not notifying the cosumer that their account has been frozen and suspending any future accounts with Countrywide.

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My friend is moving and she has not been able to sell her home. She asked me if I want to get the house by transfering the loan to me. I never have own a home, so I have been thinking about it…How can I do that? what are the risks and advantages of doing that?

You can't just hamd her First Mortgage Loan to you!

It's NOT that simple!

You would need to visit a Mortgage Consultant at your Bank and get APPROVED for a First Mortgage Loan.

Your neighbor can SELL the home to you!

You can get the MORTGAGE LOAN and payoff her loan directly through her lender through a Title Company to transfer the lien from her Lender to yours.

The property will them be recorded in your name, then you will need to get Title Insurance, and Homeowners Insurance to protect your interest in the real estate investment property.

You need to determine if you want to purchase this home?

What is the value?

Maybe get an Appraisal?

Get a Home Inspection Report? To check the real condition of the property.

Check the price of comprable homes SOLD in your area to the price she is offering to sell it to you?

Check the County Assessors Office website for your county to see the Annual Taxes to be PAID by you for owning this property. Other bills would include utilities, taxes, insurance, mortgage.

If you get a Realtor to help you they will expect a FEE $ ?

You can consult with a RE Attorney, Realtor, Mortgage Loan Officer or TItle Company Agent to get some help or advice or check with one of your family members who may have experience in buying a home and they maybe able to help you answer your questions?

A good website is www.wellsfargo.com Wells Fargo is the largest Home Mortgage Lender in the US. Another one is www.bankofamerica.com

GOOD LUCK!

The underwriter has long past the timeline for clear to close on an Ameridream home loan. Who can I contact? Thanks.
I am the seller and the underwriter has taken way too long to clear to close. There must be a timeline of how long an underwriter can take to clear a loan. Or how can I put my house back on the market, and maybe get a seller who does not have to go through one of these "ify" type loans.

FHA/VA/USDA are the ONLY ways to get 100% financing today. In my area, most U/Ws have 20+ files added to their desk everyday. Turntimes are often 2 weeks for initial underwriting, 2 days for conditions, 2 for docs etc.

Sellers must be made to understand this. So, talk with your realtor about giving the seller GOOD information about your lender's turn times. In today's markets (buyer's market), sellers can't just drop your contract. It is hard to get qualified buyers.

So… don't worry! It will close.

Best of luck!

How long does it take for a home loan to go through once you have been preapproved and found the house and signed the contract? They got the closing date scheduled in a month i just dont want to start packing untill I know everythings a donr deal.

That depends on the underwriters at your lenders. I've had real good credit clients go as fast as two weeks and if there are a number of things on your report that need to be expl;ained or cleared it could go as long as seven weeks. It all depends on your credit report and the underwriters.
Ask your agent and loan officer.

I have an Australian wife, and she is looking forwards to moving to Australia one day, however, the home loan rate over there is usually above 7% which is much more than the relatively low 4,25% offered here.

Is it possible to pay off a house in Australia with a home loan from my country? If so, what kinds of fees are there? Any personal experience is appreciated.

What you ask is possible but you must use the right words.
If you can buy the house in Australia, the banking establishments
want you to make the mortgage payments. They do not care
how you do it.

If you can borrow the money here against the property you
have here and use the funds to pay the mortgage there, all is
well as long as the banker here gets their mortgage payments.
If one of the properties is rented, or used for housing for a
relative (who pays enough to make the mortgage payments)
again all is well.

In no case does Australia or America Bankers want to hear
that you are sending funds to another country. (DON'T TELL
DON'T ASK) Pay all bill Early and in full.

The usual way to handle this problem is to buy an income
producing property in the country where you are currently
living. And an income producing property in the country
where you want to live. As a result of two income producing
properties, you will have assets that will pay for the property
you want when your decide to move.

The sooner you start this project the better off you will be.

I am planning on buying a home for 63,000 dollars I have about 35,000 dollars saved up in my bank account is it wise to try to pay off the house as quickly as possible in order to save on interest? I live at home with my parents so I am buying the house as an investment. I plan to put about 25 or 30 thousand down on the house and leasing out the house and I am going to try to pay it off in about 2 years….Is it wise to do this or should I just give a small down payment on the home and just save my money….Banks don't pay that much on interest 4 or maybe 5 % at most, but I would be gaining about 200-250 above my monthly payment on the loan if I gave a large down payment because my payments on the home loan would only be about 400 dollars and I would be renting out the home for about 650 dollars….Is it wise to put a large down payment and try to pay off the home quickly…Or should I just give a 20% down say about 12,000 dollars and then try to pay it off later when I've saved up?

Putting down 20% sounds good. Most of your interest is paid at the beginning of a loan, and goes down gradually, so whatever your payment would be add an extra 20 dollars or more if you can. All this goes on the principle and you would be surprised how it can actually cut the life of the loan off considerably, possibly by several years. Save your money,there may be unexpected expenses you have to shell out while owning the home

We're a military family, and I believe eligible for a VA home loan. We have about 30K in credit card debt, but are hoping to pay it off before applying for the loan. Just wanted some info on what to expect.

Got to get your VA certificate first, then apply like any other mortgage. I wouldn't use a VA home loan if you don't have to. You have to pay a funding fee ontop of your regular closing cost. But good luck.

My husband will be taking a job in Atlanta soon, but I will be staying in Los Angeles for a few months until he gets situated. I will be staying with my parents, so I will not be paying rent. Would it be possible to obtain a home loan for a primary residence under this circumstance?

Depending on whether or not you have a job lined up, but if you go to an exception based lender, something like the olden days of sub-prime, now called level 2, 3-they should be able to work around it. You will need a VOR (Verification of Rent) from your parents, and a lot is still going to be dependent on your credit and the home you are actually buying.