Mortgages for the disabled and shared ownership - where do you start?
I've read that people who are disabled, on DLA etc can get help with mortgages and one option is sharede ownership.
I believe I may qualify for some level of help and am absolutely desperate to get a mortgage.
Where do you start? It seems such a daunting minefield!
Question answered by poodles1046
I've never heard of getting help with mortgages because you are in receipt of the DLA.
I have heard of shared ownership where you own 50% of the property and the developers own the other 50% so the low income can afford them. They are usually part of any new Development you can see them for sale on www.Rightmove.co.uk online in your area.
As for a mortgage, its all about how much income you have coming in. They can take into account any benefits you receive too.
Talk to your bank to give you an idea of how much they will lend you.
Alternatively ring citizens advice For Wales call 0844 477 2020
For England call 08444 111 444
What happens to mortgages if the bank goes out of business and no one wants to buy them?
I hear that if a bank goes under other banks will buy these mortgages. But with so many mortgages exceeding values of homes, many banks might not want to buy the mortgages. What would happen if a bank goes under, and no one wants to buy their crappy mortgages?
Question answered by acermill
It would not happen. Some other lender would purchase the mortgages, simply because there is value there. No bank has ALL crappy mortgages. Another lender(s) will analyze the quality of the 'paper' and make a decision what the entire package is worth, and would purchase same, perhaps for less than the actual outstanding amount.
How to get more than 10 mortgages on investment properties?
We own 10 investments properties and have 10 mortgages (with Bank of America) on each one. The bank is saying that they can do only 10 mortgages per person. How or where can we go over that limit, with reasonable rates and closing cost.
Thanks for looking.
Question answered by matzael
You can still find a few conforming lenders willing to exceed the 10 property max. It's only going to be lenders willing to hold onto the mortgages as opposed to sell them to Fannie Mae so they're few and far between. You have really 3 options.
1. Look into purchasing in the name of an LLC or escorp or some such. Obviously this would be a commercial deal and they'd start looking at things like DCSR of the property so it may not be the way to go.
2. Look around and find a reputable mortgage broker who does this type of business. Ask them upfront if they have lenders that deal with more than 10 mortgages and compare a few offers.
3. Look into restructuring the mortgages. Depending on your equity situation you may be able to use some of the properties to pay off some of the other mortgage in full. This is typically the most expensive option as every mortgage you refinance to juggle equity has closing costs.
It can be done, for this type of loan I'd suggest looking at brokers as they tend to have more programs than any single bank. Even a big bank like BOA only offers a fraction of mortgage products available.
What are some stocks that could benefit from the expected boom in reverse mortgages?
Reverse mortgages are expected to boom in coming years as baby boomers look to retire. Anyone know of good stocks to consider to profit from this trend?
Question answered by Jeff C
Nothing that isn't REALLY risky right now with the subprime mess. You need to ask this question again in six months or a year after the whole thing has settled down! There isn't a safe harbor in mortgages until that blows over.
A list of public mortgage companies --
But I think you'd be smoking crack to touch them until subprime worries either blow up or blow over.
Another, possibly safer option would be to invest in any of the big players in mortgage derivatives... Bear Stearns, Sachs, etc... But there again, you've got obvious exposure to the fallout from subprime mortgage debt.
I think the subprime/foreclosure issue is going to keep reverse mortgage market in limbo for some time. What retiree wants to even consider the possibility of mortgage default and foreclosure which is talked about daily in the news?!? You know the financial-planners are having a field day telling their clients to keep their money safe and secure, preferably in one of our vanilla funds or better yet a annuity life insurance product!
What are all mortgages loans for first time buyer? What is the current interest rate on mortgages loan?
I am looking for some personal experience from the first time buyer.
Where is the best place to get mortgages loan?
Is there a federal mortgage loan?
I am looking to buy in the next few months and I need some one to guide me on loan and everything about home buying for the first time.
Question answered by BigD
There are no "first time home buyer" loans as such. There are loans available from FHA, VA and the USDA which don't require as a big of a downpayment as a conventional loan. For example, the FHA only requires 3.5% down as compared to a conventional which wants 10%.
If you're looking in a few months for a house, start saving for a downpayment NOW. The more you can put down, the lower your mortgage payments will be. If you can put 20% down, you don't pay private mortgage insurance (PMI). Also, pull your credit reports from the 3 credit rating agencies. If there are any errors, get them cleaned up.
When you're ready, get pre-approved for a mortgage. This will require the lender pulling your credit report, checking your last two years tax returns, last two months bank and investment statements and a month's worth of paystubs. If you are approved, they will give you a letter with your approved amount. This way you don't look at houses out of your price range.
Next, get a buyer's agent. This is a realtor that works on YOUR behalf. Ask other people you know who have bought houses recently to see who they use and if they'd recommend them. They will show you houses in your price range with features you're looking for. When you find the house you want, they will help you write the purchase agreement and make the offer. They will negotiate with the seller's agent and help make you stay on schedule with items that need to be taken care of when buying a house. You don't pay anything out of pocket for them as they split the commission with the seller's agent.
When the seller accepts and signs the purchase agreement, go back to the lender who gave the pre-approval and officially apply for a mortgage. They will have the property appraised and if the sell price is less than the appraised price, they should approve the loan.
Also, you need to contact your insurance company and get homeowner's insurance for the property. Mortgage lenders require this.
One thing you will want to do is get a home inspection. Your buyer's agent should be able to recommend some home inspectors to you. They will go through the house inside and out and tell you of potential problems and things that will require maintenance.
If everything checks out, then all you'd have to do is sign the papers, get the keys and officially become a homeowner.
How do house payments and mortgages work?
I have always wondered how house payments and mortgages happen, and how they figure out your monthly house payment. What would I have to do in order to buy/build a home with money?
Question answered by big stan
A mortgage is your montly payment for usually either 15 or 30 yrs. The interest is figured in and in most cases your insurance and taxes are paid from your mortgage as well from an escro acct.
How to shop for mortgages without dings on my credit?
I want to shop for mortgages for a new house without them needing to run my credit every time since having my credit run negatively impacts my credit (why is that anyway?).
How should I go about shopping for mortgages to get the best rates, lowest fees and best overeall package?
Question answered by smarttrader101
Your best bet is to go to a mortgage broker then. He can pull one credit report and find the best lender for your situation. Just be careful so you don't get ripped off on fees.
Can 2 mortgages be transferred towards the purchase of a new house?
My fiancee and I each have a mortgage on houses we bought just before we met. Both mortgages are about a year old. We are selling the houses now and purchasing a new one together. Is it possible to transfer the mortgages toward the purchase of the new house? My house has been sold already, his is on the market.
Question answered by Zarg222
mortgages cannot be transferred - they are tiled to a specific piece of property
YOU don't have a mortgage, since you house was already sold and all mortgages must be paid off when the property is sold
How will ending 30 year fixed rate mortgages affect real estate values?
With the plan to kill Fannie and Freddie, and having all mortgage financing done by banks, I am reading that 30 year fixed rate mortgages will not be available. Mortgages will be much more expensive, presumably with variable rates. With fewer people able to afford home purchases, will house values take a further hit?
Won't get fooled again.
Question answered by sophieb
I didn't hear about that. Thanks. I'll look it up.
Well when fewer people are able to afford home purchases that surely will mean the cost of rentals will rise and some will convert to condos. My impression only would be that house values can't take a further hit, or at least not by much if they do. There is a glut of homes on the market at the present time, so my question would be what will happen to those homes. Here in FL if a home sits vacant like when people walk away from their mortgages then the banks would take a hit and the homes would be torn down because the cost of taxes would be so high no one could afford to pay upfront for those property taxes. In years past we've seen the loss of many homes by being torn down rather than incur those property taxes. And, of course, homes can't be cheaper made here because of the tornadoes and hurricanes we experience, so something definitely has to give and soon. I like the 30 year mortgages.
How long after a change does it take for the fed prime rate to affect the lending rantes offered on mortgages?
The fed cut rates today 1/22/2008 by 75 points, but I checked rates offered on mortgages today and found that they have only dropped slightly. How long does it take before mortgage rates change with the fed prime rate cut?
Question answered by financing_loans
It doesnt change mortgages. Ive answered this question many times today but it doesnt affect mortgages.
It wont affect it, sometimes it can make it worse. Mortgages are sold like Oil, or Corn ect. They are sold on the open market. If China, Japan ect decide they dont want to buy mortgages anymore the rates go up.
The Fed doesnt control mortgage rates. The people that buy mortgage backed securities do.
People that think the Fed controls mortgage rates are wrong. Its like thinking the feds lowered mortgage rates and now the price of corn should go down. Its the same thing.
Its purely a market decision not a fed decision. Rates went down today because of what happen to China's market yesterday. It had nothing... absolutely nothing with what the Feds did.
Thats how it rolls.