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HOW DO I QUALIFY , I HAVE NO EQUITY

  • July 31 2010 - North Cheyenne
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Answers (5)

Hello Moon,

What are you trying to qualify for?  If you are attempting to refinance your home, but have no equity, this can be problematic.  It may mean that you need to try and do a loan modification with your existing lender, which is not only more prevalent, but also more likely to be approved as lenders work to keep homes from going into foreclosure.

If you are trying to buy a home, but already have a home, equity isn't so much the issue as is answering the question as to where the down payment for the new home is coming from and how much your existing loan payment affects your ability to qualify for the new home.

If you are saying that you don't have a down payment, that isn't necessarily a problem either.  If you are a Veteran, you have veteran's benefits, and may qualify for a VA loan with no money down.  Or, if not a Vet, depending on your circumstances, there may be a down payment assistance program available to you if you qualify.

So, the question is, what do you mean by, you have no equity?  Please clarify.  Good Luck and thanks for reading!
  • July 31 2010
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Profile picture for Debbie Holmes
There are refinance loans that are available to people who are slightly upside down with their mortgage.
  • July 31 2010
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Profile picture for wetdawgs
As you've posted in the refinance folder, perhaps you are asking about refinancing?   If you have no equity, it is possible (not guaranteed) you'll be eligible for a modification under the making homes affordable program.  Go to the government website describing the program.
  • July 31 2010
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Your question is vague.  Are you asking how you can qualify for a loan modification when you have no equity in your home?  If so, unfortunately, you can't.
  • July 31 2010
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What are you wanting to qualify for? -

- Lori Ballen - Wekerle
Coldwell Banker Wardley Real Estate
  • July 31 2010
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