Soft Market = Buyer Market

IslandBreeze07 said:
I will, thanks!!! It's good to hear about the FICO. No worries! The market is still tanking, with so much inventory out there. I could be wrong, but it does not appear to pick up until mid 2009 or so. That's when we're looking at a move.

It's decently easier to rent for now. No PMI, no Florida insurance and property taxes for now. May look at agricultural areas to save on property taxes.......since we do want to add horses in the future.

Wouldn't it be hard to carry two mortgages? Pay one, pay other?
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Why pay two mortgage? If you live in one, rent out the second house. Allow the tenant to pay your mortgage. That how many house investors do.

Make sure you have rental certification to allow tenant live in your second home.
 
IslandBreeze07 said:
What programs? What strict requirements? High FICO score? Please let us know. Thanks
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Another requirement for this NO PMI is that your income will need to be 80% below the county average.

IE: If you live in Minneapolis's Hennpeins County. The average income would be 60k salary.

80% of 60k is... 48k. You will need to make below 48k in order to qualify for no PMI. Its designed for low income especially for SSDI community or low income with several kids. It will help out some. Few tens into few hundreds.

Dont get too excited about this program I am learning about. Its very strict program.
 
Pacman said:
Oh really? how is wrong colors?
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I have no idea...all I was told that the seller had to repaint the base of the house before the house could get qualified. Boy, he was so pissed!
 
Pinky678 said:
I understand that clear. Is this new build in 21 century? Why I couldn't have to paint on the wall to match the decorate?? If move out and can redo on white paint on walls. What do you think?



Wow! I didn't know that. My dad used to have a VA loan the house in 80"s. We moved to other house with wrong color from someone. It's very old house. It need to fix. My dad just died in 1997. I didn't know about 21 century VA's guideline rules. My dad discharged the army from Korea in 70's. Is mortgage different than from past to now?
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I didnt know that either until we applied for the loan and learned how strict the guidelines were.

I dont know if the mortgage requirements are different today than from the past. I am not an expert in that area. :dunno2:
 
shel90 said:
I dont know if the mortgage requirements are different today than from the past. I am not an expert in that area. :dunno2:
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The first post on the thread explains how much the mortgage requirements has changed since Jan 2008.

Those who purchased before Jan 2008 experienced easier guideline.
 
Deaf Mortgage said:
Another requirement for this NO PMI is that your income will need to be 80% below the county average.

IE: If you live in Minneapolis's Hennpeins County. The average income would be 60k salary.

80% of 60k is... 48k. You will need to make below 48k in order to qualify for no PMI. Its designed for low income especially for SSDI community or low income with several kids. It will help out some. Few tens into few hundreds.

Dont get too excited about this program I am learning about. Its very strict program.
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Hmmm, this may work. I'll ask about this requirement sometime in 2009. Thank you. I'm second tier but working on getting to first tier before getting anywhere near a Lender. Otherwise, renting is still fun! :dunno2:

:fingersx:
 
IslandBreeze07 said:
Hmmm, this may work. I'll ask about this requirement sometime in 2009. Thank you. I'm second tier but working on getting to first tier before getting anywhere near a Lender. Otherwise, renting is still fun! :dunno2:

:fingersx:
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Can you clarify what you mean by working to get on 1st tier?
 
IslandBreeze07 said:
Credit. Second tier is Good. I want to get to Excellent. Better rates when you have excellent credit. :bowdown:
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Interesting how you describe it as tier.

I don't remember if I wrote about what is bad and good credit score. I will type one when I get chance to.

As long your credit score is above 580, you will get a loan. If 620, better loan... If 680, better then 720+ is utopia. Do you have any idea where you are?

Do you know that mortgage with no debts will speed up your credit score up faster. Mortgage is the best thing to build your credit fast. Ironic?
 
Deaf Mortgage said:
Interesting how you describe it as tier.

I don't remember if I wrote about what is bad and good credit score. I will type one when I get chance to.

As long your credit score is above 580, you will get a loan. If 620, better loan... If 680, better then 720+ is utopia. Do you have any idea where you are?

Do you know that mortgage with no debts will speed up your credit score up faster. Mortgage is the best thing to build your credit fast. Ironic?
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By having a mortgage will increase my credit score faster? What about having a mortgage and other debts?
 
IslandBreeze07 said:
Hmmm, this may work. I'll ask about this requirement sometime in 2009. Thank you. I'm second tier but working on getting to first tier before getting anywhere near a Lender. Otherwise, renting is still fun! :dunno2:

:fingersx:
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I remember when I was working trying to build up my credit score and it was almost over 700 at one time. My car broke down so I had to buy a new car and to my dismay, it brought my credit score down by around 50 points. I couldnt beleive it!
 
My sister said when you get approved for a mortgage, it helps your credit. Weird but it happens that way. She bought quite a few.
 
Deaf Mortgage said:
Interesting how you describe it as tier.

I don't remember if I wrote about what is bad and good credit score. I will type one when I get chance to.

As long your credit score is above 580, you will get a loan. If 620, better loan... If 680, better then 720+ is utopia. Do you have any idea where you are?

Do you know that mortgage with no debts will speed up your credit score up faster. Mortgage is the best thing to build your credit fast. Ironic?
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Or with debts under 30% of the available credit balances. 740 now, but I have two balances that are high. One of them low rate so I threw debt all over up that one. Other, shoot down! I could get a house now but I don't wanna freak out over everything closing costs, PMI, Fl insurance, property taxes when my rent has not been raised in three years. One more of great rent. I can't complain. I feel fortunate. More time to get things in order for a good rate and a good deal.:fingersx::fingersx::fingersx::fingersx::fingersx:

I appreciate talking with ya deafmortgage. I read your blog. That's an awesome service!
 
IslandBreeze07 said:
Or with debts under 30% of the available credit balances. 740 now, but I have two balances that are high. One of them low rate so I threw debt all over up that one. Other, shoot down! I could get a house now but I don't wanna freak out over everything closing costs, PMI, Fl insurance, property taxes when my rent has not been raised in three years. One more of great rent. I can't complain. I feel fortunate. More time to get things in order for a good rate and a good deal.:fingersx::fingersx::fingersx::fingersx::fingersx:

I appreciate talking with ya deafmortgage. I read your blog. That's an awesome service!
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Thanks! The blog is to spread awareness. I will create outside blog for the entire USA Deaf community learn about their credit history and how to get a good loan etc...

If you have 740 as credit score number... that is very good. Get yourself ready to buy a home by at least 5-10% down payment. 15% is better. Interest rates will drop more as you increase your down payment.

Examples:

200,000 house priced

5% Down Payment = $10,000 and loan at $190,000 @ 6% interest

10% Down Payment = $20,000 and loan at 180,000 @ 5.75% interest

15% Down payment = $30,000 and loan at 170,000 @ 5.5% interest.

The more you put down on the house means you are less risk.

Higher credit score means you are less risk. These are just basic factors of High FISCO (credit score) and bigger Down Payment.

Don't forget to at least 5%. Depend on what county of state you live in. Review the Soft Market = Buyer Market's guidelines. A lot information there to know. If declining market, make sure add 5%... To minimal of 10% down payment.

I am writing this to get people ready for purchase a home. Than last minute want to buy a house and find out that they cannot get a home due to no money to down payment. There are down payment programs that can help first time house buyers.

It was good to talk with you back n forth on this forum. I want to continue to educate more people about how mortgage and loans works with credit score.

I guess I will add credit score information soon. Anything over 720 is perfect candidate for lowest interest available.

Another factor to consider is how much your income compared to your debts. Its based on monthly income and monthly bills of debts loans. Not including the bills of utilities such as TV, Internet, electric etc... They look at credit card, car loans, student loans, personal loans and mortgage loan to determine the %.

Blah blah... these can be added to credit score thread I will create. Separate topic. :topic:
 
DeafMortgage,

You are doing everyone a great service on this thread, keep it up! Not everyone, even hearing people know everything so it's a great educational thread. :cheers:
 
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