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Loan Modification Programs: How to Qualify and Apply #fha #loan #rate


#home loan modification
#

Understanding the qualifications and how to get started

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

How Government Loan Modification Programs Work

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

Loan Modification Evaluator Interactive tool determines how likely you are to qualify for a loan modification and evaluates your mortgage options. Start the Modification Evaluator

Personal qualifications

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

Mortgage qualifications

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Springboard, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • The Home Affordable Foreclosure Alternatives (HAFA) Program   Government assistance for a short sale or deed-in-lieu of foreclosure

Other Loan Mod Programs

  • VA Loan   If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
  • FHA Loan   There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above   Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

  1. Collect Your Financial Information

You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information
    Get a copy of your mortgage statement that has your loan number on it.
  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    How Do I Qualify for a Government Debt Consolidation Loan? mobile wiseGEEK #student #loan #consolidation #rates


    #government debt consolidation loans
    #

    wiseGEEK: How Do I Qualify for a Government Debt Consolidation Loan?

    To qualify for a government debt consolidation loan, you will typically have to meet the criteria of the lending program in question. Usually, these programs are offered for students who have more than one loan and want to make repayment easier. You can likely qualify if you are not in default or delinquent on your payments. Depending on where you are located and the type of loan in question, you may not have to submit to a credit check as you would if you were hoping to consolidate other types of loans. In fact, when participating in a government debt consolidation program for student loans, you may not even need a job to qualify.

    Typically, you’ll need outstanding government loans to qualify for a consolidation loan. This means that, if you received a loan from a private institution and it was not backed by a government guarantee, it is unlikely that you will qualify. If you have two or more government-granted or -backed loans that are eligible for a loan consolidation program, however, you may qualify to consolidate your debts.

    The first step in qualifying for a government debt consolidation loan is usually learning the criteria of the program in which you are interested. In many jurisdictions, the only type of debt consolidation program available is for people who have student loans. In such a case, qualifying is often very easy. For example, government debt consolidation for student loans is often available without regard to credit history or current income. Likewise, you will not typically need any collateral or a cosigner .

    While your credit history and employment status may not figure in your ability to secure a loan, there is one factor that usually proves critical: payment history. Typically, you will be turned down for this type of loan if you are delinquent on your payments or in default on any of your government-granted or -backed loans. Often, however, government student loan programs have measures in place to allow you to catch up on payments and get out of default status. Once you’ve done so, you can typically apply for and receive a consolidation loan.


    Can You Qualify for a Home Improvement Loan with No Equity? #home #loans #for #bad #credit


    #home improvement loan
    #

    Can You Qualify for a Home Improvement Loan with No Equity?

    A home improvement loan with no equity will be virtually impossible through traditional lending institutes. However, the FHA (Federal Housing Administration) offers a home improvement loan with no equity that applies to singly family homes, multifamily homes, manufactured homes, and historic homes.

    You can obtain a home improvement loan quickly with no appraisal, no annual fees, no points, and no equity requirements.

    The maximum loan with no equity is $25,000 and it is available for only the improvements outlined by the FHA. Those improvements include, room additions or remodels, wiring, fences, walls, roof repair or replacement, air conditioning, heating systems, paint, wallpaper, hardwood flooring, tile, and carpeting.

    If you plan to obtain an FHA home improvement loan with no equity, you must do so before you begin your project. You will be required to present a written estimate for amounts over $7,500, and you must hire licensed, qualified help. You are not allowed to do the work yourself.

    If the FHA home improvement loan with no equity sounds right for you make an appointment with the FHA office closest to you to discuss the details.


    FHA Loan Requirements- Do You Qualify For an FHA Loan? #jumbo #loan #rates


    #fha loan requirements
    #

    FHA LOAN REQUIREMENTS

    In today’s housing market crisis, getting a traditional mortgage approved is not an easy task. There are strict requirements that you must meet, which makes it almost impossible for the average American to get a loan. For this reason, FHA loans may be your easiest and only solution to getting approved.

    You must meet most of the following requirements to get an FHA Loan approval:

    • You do not have to be a US citizen, but you must be a permanent resident who is permitted to work in the United States.
    • You must have a valid Social Security Number.
    • Steady employment for the past 2 years (preferably but not limited to same employer).
    • No minimum or maximum income restrictions, but you must have an unchanged or increasing income for the past 2 years.
    • You have less than two 30-day late payments on your credit report listing.
    • If you have any bankruptcy filings, they must be more than 2 years old and you must have a perfect credit since the filing.
    • If you have any foreclosures, they must be more than 3 years old and you must have a perfect credit score since the filing.
    • Your current mortgage payments must be approximately 30% of your income before taxes.
    • You do not have any student loans currently in default.

    If you meet all or most of the above requirements, apply now to gain freedom from mortgage stress.

    Many people are intimidated by a loan process and are too overwhelmed to ask questions. Lenders count on this fact to benefit themselves, not always using the most ethical practices. For this reason, you must understand the requirements, and also be familiar with the steps that must be followed to ensure that your loan is approved and finalized in your favor.

    Here at FHA Lending Requirements, we have made a quick list below of the FHA loan process to help you understand and make this daunting process a bit easier. We are here to help you through every step of this loaning process to get you approved quickly and conveniently.

    • The documents you need will include a list of personal paperwork required to proceed with an FHA application. These documents are vital to successfully completing your loan process.
    • Displaying your income and earnings will also be necessary. Through this, you will be able to demonstrate that you are capable of managing a mortgage payment, which is one of the requirements for your loan.
    • FHA will need to know your history of debt management, though they are certainly not as strict about this history as you would find with other conventional lenders. Your credit will be a large factor which determines this capability to manage money and debt.
    • If you have any kind of savings or money set aside. this will tremendously help to display your ability to create seasoned funds. This will push the process along more smoothly.
    • Closing costs are required by all lenders, and include a transaction and documentation service fee. However, FHA works hard to regulate their costs, and keep them much lower for you.
    • Using debt to income ratios. FHA can determine if you will be able to handle the loan given to you. This will help to make your budgeting job easier, and will also help to establish the loan amount that would be best for you.
    • You will encounter a standard loan processing phase. while FHA goes through your paperwork and checks all of the information. If any problems do arise, this is the time when these issues can be quickly modified and resolved.
    • Your paperwork will then be sent to an underwriter. who will carefully review all of your documents and conclude if they meet the FHA requirements. At this point, if all goes as it should, your loan will be approved!
    • As with any kind of lending, delays can spring up now and then. However, 30 days is usually the standard for closing a loan.
    • Once you have decided on the home you want, a licensed professional who is certified by the FHA must appraise your house. This is a crucial part of the process, and will determine the final amount of your loan.
    • After one more review and your approval. the money can be transferred to you, and you can move forward with your home purchasing plans.
    • During escrow, you will set up an account which you will make monthly payments to. It is separate from your mortgage payment. Through this account, FHA can directly pay the property taxes and insurance which your home requires.
    • Once you have reached the recording phase. you are in the final step! Your documents will be signed and notarized, and sent to your future county to become public record.

    If you Have Bad Credit Can you qualify for a home mortgage loan? #litton #loan #servicing


    #home loans for bad credit
    #

    Can you qualify for a home mortgage loan with bad credit ?

    Can you get a loan AFTER a foreclosure, bankruptcy, or short sale?

    First, What is Your Credit Score?

    Every mortgage company in MN, WI, and SD uses a credit report to determine your credit worthiness. Upon reviewing your application and credit report, you are given a credit grade, and a determination regarding your loan s approval or denial. Lenders DO NOT give loans to people with bad credit anymore. If you are denied by a one lender, contacting 10 more probably won’t help.

    Click here for some general criteria used within the lending industry to determine credit.

    What credit score do I need for a home loan?

    Generally speaking, in today’s mortgage world, if your middle credit score is below 620 . it is very unlikely that you will qualify for home loan financing no matter what anyone tells you, or what you read on the internet. While many lenders say they will work with a score below 620, generally speaking, there are many other things on your credit report that will get you denied. Credit score alone does NOT a loan approval make.

    With a score below 620, you really should save yourself the hassle. Stop attempting to find mortgage loans, and work on improving your scores instead. Once you have achieved a 620 or higher score, feel free to apply for a home mortgage.


    Armed Forces Loans Are Easy To Qualify For. Get Approved Today. #construction #loan #calculator


    #armed forces loans
    #

    Easy Armed Forces Loans

    Getting cash quickly doesn’t have to be a long and involved process. Just Military Loans understands that when you need cash fast, you can’t afford to wait for days or weeks for loan approval. Believe us when we say we “get it.” Serving in the United States Military already comes with enough demands on your time. The last thing you need is to have to encounter a lengthy and detailed loan application process. When we say we take the hassles out of applying for the armed forces loans you need immediately we really mean it. Over the last several years, we’ve become a trusted online military loan leader. We’ve helped thousands of enlisted military personnel just like you, who have needed a quick cash loan for any reason. We take your privacy and personal security very seriously. That means you never have to worry about us selling your personal data to any third party company after you begin your loan application process with us. Or ever, for that matter.

    Our name says it all. Just Military Loans specializes in servicing the exclusive and unique needs of the men and women serving actively in the United States Armed Forces.  The best part about applying with us for armed forces loans is that we’ve made qualifying as easy as 1-2-3 .  If you have at least 18 months of service remaining in your tour of duty, and are able to make at least 12 monthly payments, you are qualified! It really is that easy! We’ve developed a unique proprietary model that takes military service personnel into consideration when applying for a cash loan with us. We have dedicated our lending practices exclusively to the enlisted men and women of the United States Army. Navy. Marine Corps. Air Force and Coast Guard . What this means to you is that even if you have no credit, little credit or even bad credit, we can still get you quickly approved at the same rate as other service personnel.

    Let s take the case of Lieutenant Daniels (not his real name). Lieutenant Daniels came to us a few months ago because he needed a quick armed forces loan right after his vehicle broke down. The repairs were prohibitively expensive and the mechanic advised him he d be better off buying a new vehicle than paying to get his older vehicle repaired. Well, Lieutenant Daniels knew he couldn t afford a brand new car, but his close friend Brad (not his real name) was getting ready to sell his vehicle. Brad was more than happy to give Lieutenant Daniels a great deal on his much newer and more efficient automobile, but there was one condition; he would need to pay for the vehicle in full and within 2 weeks because Lieutenant Daniels was getting ready to relocate to another part of the country. And although Lieutenant Daniels really wanted to help Brad out, he absolutely could not afford to front the money or give him a loan. To make matters more complicated, Lieutenant Daniels knew his credit wasn t in great shape and that the chances of him qualifying for a higher limit credit card with cash advance privileges or traditional loans, were slim to none.

    When Just Military Loans received Lieutenant Daniels s application and most current Leave and Earnings Statement (LES), we were able to get Lieutenant Daniels approved within less than 24 hours! Not only did Lieutenant Daniels get the money he needed, he also had enough money left over for new tires and an in-dash upgraded radio/cd player. Lieutenant Daniels was thrilled and so were we. We are in the business of helping thousands of enlisted military personnel  just like Lieutenant Daniels every single year. Oh, and did we mention we really don t ever need to know what you need the money for and will never ask you. That has never been a qualifying factor in order to receive any loans for military personnel with us.

    We hope you now have a better understanding of just how incredibly simple it is to apply for and quickly receive your military short term loan with Just Military Loans. Why hassle with traditional bank loans and high interest credit card cash advances, when you can apply for and get approved within as little as one to two days with Just Military Loans? We ve got the armed forces loans you need right now.


    Eligibility – Home Loans #va, #veterans #affairs, #home #loan, #home #loan #guaranty, #home #loan #eligibility, #va #home #loan #benefits, #qualify #for #a #va #home #loan


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    Attention A T users. To access the menus on this page please perform the following steps. 1. Please switch auto forms mode to off. 2. Hit enter to expand a main menu option (Health, Benefits, etc). 3. To enter and activate the submenu links, hit the down arrow. You will now be able to tab or arrow up or down through the submenu options to access/activate the submenu links.

    Home Loans

    Eligibility

    You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.

    VA home loans can be used to:

    • Buy a home, a condominium unit in a VA-approved project
    • Build a home
    • Simultaneously purchase and improve a home
    • Improve a home by installing energy-related features or making energy efficient improvements
    • Buy a manufactured home and/or lot.

    Eligibility Requirements for VA Home Loans

    Servicemembers and Veterans

    To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below:

    Qualifying Wartime Peacetime Periods

    90 days of active service

    • Six years of service in the Selected Reserve or National Guard, AND
      • Were discharged honorably, OR
      • Were placed on the retired list, OR
      • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
      • Continue to serve in the Selected Reserve

    *If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

    Spouses

    The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

    • Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
    • Spouse of a Servicemember missing in action or a prisoner of war
    • Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
      (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
    • Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death

    Other Eligible Beneficiaries

    You may also apply for eligibility if you fall into one of the following categories:

    • Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
    • Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic Atmospheric Administration, merchant seaman with World War II service, and others

    Restoration of Entitlement

    Veterans can have previously-used entitlement “restored” to purchase another home with a VA loan if:

    • The property purchased with the prior VA loan has been sold and the loan paid in full, or
    • A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.

    PDF Documents To read PDF documents, you need a PDF viewer. Links to viewer software can be found at this link .


    If you Have Bad Credit Can you qualify for a home mortgage loan? #debt #consolidation #loans #for #bad #credit


    #home loans for bad credit
    #

    Can you qualify for a home mortgage loan with bad credit ?

    Can you get a loan AFTER a foreclosure, bankruptcy, or short sale?

    First, What is Your Credit Score?

    Every mortgage company in MN, WI, and SD uses a credit report to determine your credit worthiness. Upon reviewing your application and credit report, you are given a credit grade, and a determination regarding your loan s approval or denial. Lenders DO NOT give loans to people with bad credit anymore. If you are denied by a one lender, contacting 10 more probably won’t help.

    Click here for some general criteria used within the lending industry to determine credit.

    What credit score do I need for a home loan?

    Generally speaking, in today’s mortgage world, if your middle credit score is below 620 . it is very unlikely that you will qualify for home loan financing no matter what anyone tells you, or what you read on the internet. While many lenders say they will work with a score below 620, generally speaking, there are many other things on your credit report that will get you denied. Credit score alone does NOT a loan approval make.

    With a score below 620, you really should save yourself the hassle. Stop attempting to find mortgage loans, and work on improving your scores instead. Once you have achieved a 620 or higher score, feel free to apply for a home mortgage.


    Loan Modification Programs: How to Qualify and Apply #loans #for #small #business


    #home loan modification
    #

    Understanding the qualifications and how to get started

    In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

    How Government Loan Modification Programs Work

    The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

    The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

    Home Affordable Modification Plan (HAMP)

    The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

    • Lower the interest rate
    • Extend the life of the loan
    • Lower the loan principle

    How to Qualify

    Loan Modification Evaluator Interactive tool determines how likely you are to qualify for a loan modification and evaluates your mortgage options. Start the Modification Evaluator

    Personal qualifications

    As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

    Mortgage qualifications

    In order for your loan to qualify for modification under HAMP, the following conditions must apply:

    • You obtained your mortgage on or before January 1, 2009.
    • You owe up to $729,750 on your primary residence or single unit rental property.
    • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
    • The property has not been condemned.
    • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
    • You have sufficient, documented income to support a modified payment.
    • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

    What if I don t qualify or have been denied?

    Unfortunately not all struggling homeowners qualify for the government modification program. Springboard, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

    • The Home Affordable Foreclosure Alternatives (HAFA) Program   Government assistance for a short sale or deed-in-lieu of foreclosure

    Other Loan Mod Programs

    • VA Loan   If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
    • FHA Loan   There is a loan modification program specifically for Federal Housing Administration (FHA) loans
    • None of the Above   Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

    How to Apply for a Loan Modification 3 Simple Steps

    If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

    1. Collect Your Financial Information

    You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information
    Get a copy of your mortgage statement that has your loan number on it.
  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    How to Qualify for an FHA Mortgage Loan With Bad Credit #personal #unsecured #loans


    #getting a loan with bad credit
    #

    How to Qualify for an FHA Mortgage Loan With Bad Credit

    Assemble a large down payment. According to HUD, FHA lenders can approve a 3.5 percent down payment only for borrowers with a credit score higher than 580. Applicants with credit scores lower than 580 must come up with at least 10 percent down. “The Wall Street Journal” reports, however, that lenders are unlikely to approve an FHA loan for an individual with a 580 credit score and just 10 percent down. The more money you have for a down payment, the better your chances in what is already an uphill climb.

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