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Lender rating
Since October 2009
All I can say is WHAT?
You've owned a home in the last 3 years so your not a first time homeowner and don't qaulify for the tax credit. Now lets talk about the modification. A modification is for individuals that have verifiable hardships and are at risk of loosing their primary residence. So why do you need one if you can afford to purchase a new home? Why would a bank want to modify a loan you can pay? Do you really think a modification is simply offered up as a way for you to save money so you can rent it? It sounds like your trying to manipulate the system.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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Primary residence purchase and loan modification
Mrs.. and Mr. G
Contributions: 17
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My husband and I are looking to buy a sfr as our primary residence with a FHA loan. We own a condo, but it's under my name only. My husband filed bankruptcy in 2005 and is working on his credit score which is around 660. Mine is 780. We would like to take advantage of a first time homebuyers purchase under his name, but am wondering if it could apply since I've owned homes in the past. We plan on renting our condo, but have been told that the rental income will not apply to us qualifying toward a new loan, therefore we only qualify for $407k. We are also trying to do a loan modification on our condo, but the lender has been absolutely uncorporative to work with. We are paying on a $405k loan, yet they tell us that we don't qualify for a $328k loan. So my question is two fold. Can anyone help with a loan modification and is there a way to include the rental income to qualify for more for our new hopeful primary residence?
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