Question by CharChar76: How is the amount of a home loan decided?
My husband and I have been approved for a $ 120K home loan. However, some other couples we know that make the same or less than we do were able to buy homes for up to $ 20K more than our approved loan. I know some of them also have more monthly bills than we do. So how is something like that decided? Should we shop around more?

Best answer:

Answer by golferwhoworks
they may more bills now than they did have when purchasing. The housing ratios should be around 29% of gross wages (principal + interest + taxes monthly + insurances monthly) the total expense ratio for all other accounts reporting in your credit file should be around 43% with the new purchase included. This is how the loan must be structured or less ratios if so desired by you the buyer. So if you buy less then your ratios will be less. You also when making your statement do not know what types of loans these people have. Some may have qualified on an interest only note when it was possible to do so several years back. So there is no way for me to give you a best answer with out knowing all the facts
I am a mortgage banker in TN & KY

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Question by michaeldorian: Trying to qualify for a home loan. Will adding my name to my parents savings account help?
I’ve been doing alot of research in terms of qualifying for a home loan and can’t seem to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don’t have that but the monthly mortage is not an issue. Will my parents adding my name to their savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!

Best answer:

Answer by lobo
No, proof of income, job time and your debt ratio is what will qualify you. The bank statements are to verify you have the down payment. Lenders will usually not let you payment exceed 40% of your gross income.

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Question by Mx: Can someone rent a home that they purchased with an FHA loan?
If you purchase a home with an FHA loan (and you still owe on that loan) can you use it as an investment property? Furthermore, can you purchase other properties when you have an FHA loan? Can you live in another property other than the home you purchased with the FHA loan? What are the restrictions?

Best answer:

Answer by ScorpionSDGuy
Yes, yes, yes.
You can only have one FHA loan at a time. When you buy the property with an FHA loan it must be owner occupied. If for some unforseen reason you have to move, rent it out, and buy another place then that’s OK. If however, you buy the place stating to FHA that it will be owner occupied, but you have no intention of ever living there then that’s fraud. Fraud is a major No NO….

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Question by zaphod84: I received an email from Fast Friendly Loans. Anyone know anything about it? Is it spam?
It says they don’t do a credit check which is something I’ve never heard of so I’m skeptical.

Best answer:

Answer by K~E~G
I would delete it. It is spam.

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Question by Ms Tee Arrow Condos: How Can an FHA Loan get approved if the by-laws have a Right to First Refusal?
I am a Condo Association president. Recently, a unit was purchased with an FHA Loan. Our By-laws have the Right to First Refusal, we also have a pending lawsuit with Illinois Department of Transportation and an individual ownership of a common element 2.78%. According to FHA Condo Approval Checklist having these would deny the approval of a loan. Tell me how did this FHA Loan get approved? And, what can we do about it?

Best answer:

Answer by Ed Atun
No FHA loans are supposed to be permitted in complexes that retain the right to “screen” buyers or “reject” buyers. Your Right of Refusal would usually be cause for FHA to deny financing to a buyer.
FHA loans used to go to the local office of Housing and Urban Development for approval. That was so time-consuming that HUD offered local lenders “direct underwriting approval” for FHA loans. The underwriter for the loan in your complex failed to do her job.
You could get her fired but the loan will probably remain in place. There is no process in place to “undo” a loan.

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Question by : How soon can you use a VA loan to purchase a home after a shortsale on an FHA loan?
My husband and I did a short sale on our home 15 months ago on an FHA loan, because we were stationed over seas for three years it became to hard to hold onto the home. We would like to purchase another home using my husbands VA benefits now that we will be stationed stateside again. How long do we have to wait to use the VA loan?

Best answer:

Answer by Real Estate Guy
a shortsale is basically the sale as a FC. You will need to wait at LEAST 3 years, to 5 years.

Talk with a lender.

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Question by norcam343: How do we go about getting a FHA loan?
Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $ 75,000/yearly. Right now, were clue less as to which direction to turn. Do we try and get approved for a loan first, then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?

Best answer:

Answer by Chillin K
If your credit is bad, you are not yet ready to own your own home. Buying a house with your sister is also a bad idea. What will happen when one of you loses her job, or decides to get married, or move? The other person is completely responsible for the rest of the loan for 30 years. If you are “clueless” like you say you are, that’s a clue for not getting into a situation that you can’t get out of later.

Save your extra money and work on your credit, both of you!!!!

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Question by U.S. Army Combat Vet: Where can I go in the St. Louis area and get a loan with a co signer?
I have a co signer to either help me get a car or to get a loan so that I can pay for my car in cash. I was wondering if anyone in the area might know of a place that is friendly and will give me a loan based on my friend’s great credit.

Best answer:

Answer by David S
try a bank

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Question by : What is a good loan consolidation program for Federal and Private student loans?
I am looking for a good student loan consolidation program that will take on both my Federal and Private student loans from Sallie Mae. If you know of any good ones that you have heard of or used in the past, please leave a description or website so I can look into it. If you are a loan company, don’t bother answering the question as I will mark it as Spam. Thanks.

Best answer:

Answer by stressedandconfused
I used direct loan consolidation. It took about 2 months.

http://www.loanconsolidation.ed.gov/

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Question by JH: What credit bureau do loan officers or underwriters look at to calculate a 620 credit score for a FHA loan?
There is Experian, Equifax and Transunion I have different scores for each, but which one do loan officers and underwriters look at to approve you for an FHA insured loan? Do they look at the highest, lowest or average?

Best answer:

Answer by SPIFIMAN1
They will look at all 3 and use the middle score.

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