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Yes, it does. The home needs to be habitable and stove is part of the home being habitable. I guess you can write an explanation that you are used to ordering fast food every night, but I doubt that it will fly with an underwriter. I might be wrong, but I don't think that the stove is required by Fannie Mae or Freddie Mac guidelines, still, most the banks still require it. However, I have not made a conventional loan in my 9 year career without a stove. Underwriter will always ask for it. This is a very easy problem to cure - ask the seller to install it while negotiating. If the seller won't do it - have the buyer get it at Home Depot or sears. If the loan doesn't go through, the buyer can return it unused. There may be a restocking fee.
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What is conventional uninsured mortgage?
Candidates for conventional, uninsured loans are considered prime borrowers. They have at least a 20 percent down payment, good credit and enough income to make mortgage lenders feel safe. Lenders require insurance on loans when borrowers lack sufficient money or credit to offset the risk of financing a home.
You want to get out of reverse mortgage and into conventional mortgage?
You can always get out of a reverse mortgage by refinancing it to a conventional mortgage, but before you do make sure its what you really want. A reverse mortgage is far better than most people realize. Not only do they not require payments and allow you to stay in the home as long as you live there, but they also have no personal recourse against you or your assets. A conventional loan does. As a result, if home values continue to drop and you get a negative equity situation, with a reverse mortgage you can walk away and the lender takes the full loss. With a conventional mortgage the lender can pursue you personally for any losses taken by filing for a default judgment against you. paying money to refinance out of a no payment no personal obligation loan to a forced payment loan with a personal guarantee may be a bad move depending on your situation. Finally if you want to you can always make a payment with a reverse mortgage. There is no prepayment penalty so pay whatever you want whenever you want. its just nice to know you don't have to pay if you can't. The only downside is you can't rent the home out.
What is the difference between VA mortgage loan interest rate and conventional rates?
VA rates are about the same as FHA. FHA is about the same as conventional or within .25% of conventional. The key with VA is that you don't have any mortgage insurance premiums as you would with FHA and conventional loans when putting a downpayment of less than 20% when purchasing a home. VA is also a zero downpayment loan.
How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
What is conventional uninsured mortgage?
Candidates for conventional, uninsured loans are considered prime borrowers. They have at least a 20 percent down payment, good credit and enough income to make mortgage lenders feel safe. Lenders require insurance on loans when borrowers lack sufficient money or credit to offset the risk of financing a home.
You want to get out of reverse mortgage and into conventional mortgage?
You can always get out of a reverse mortgage by refinancing it to a conventional mortgage, but before you do make sure its what you really want. A reverse mortgage is far better than most people realize. Not only do they not require payments and allow you to stay in the home as long as you live there, but they also have no personal recourse against you or your assets. A conventional loan does. As a result, if home values continue to drop and you get a negative equity situation, with a reverse mortgage you can walk away and the lender takes the full loss. With a conventional mortgage the lender can pursue you personally for any losses taken by filing for a default judgment against you. paying money to refinance out of a no payment no personal obligation loan to a forced payment loan with a personal guarantee may be a bad move depending on your situation. Finally if you want to you can always make a payment with a reverse mortgage. There is no prepayment penalty so pay whatever you want whenever you want. its just nice to know you don't have to pay if you can't. The only downside is you can't rent the home out.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
What is the difference between VA mortgage loan interest rate and conventional rates?
VA rates are about the same as FHA. FHA is about the same as conventional or within .25% of conventional. The key with VA is that you don't have any mortgage insurance premiums as you would with FHA and conventional loans when putting a downpayment of less than 20% when purchasing a home. VA is also a zero downpayment loan.
How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
When buying home with 80 percent down can you take out an HELOC on the same residence to make up the difference instead of carrying a conventional mortgage?
no, because you do not own it yet, but a 20% mortgage will be easy to get
Why might someone require the services provided by a mortgage company?
You may be trying to get your first mortgage on your first home, or you may be looking to refinance your existing mortgage at a better interest rate.
What companies offer mobile home mortgage?
Most of the popular banks in Canada offer mobile home mortgage. The most popular company offering this is TD Canada Trust Bank. They have many mobile mortgage specialists that will travel to your home to give you the information that you require.
Do you have to have home insurance in Colorado?
Home insurance is not required by any state law. Typically only a mortgage company will require home owners insurance.
What percentage do I need for a down payment during a home mortgage?
The traditional downpayment that lenders require is 20 % of the purchase price of the home. It is possible to put down less, but you will then have to pay for Private Mortgage Insurance.
Do i have to use an insurance payout to repair damage when i am going to sell the house and have reflected it in the price?
If you own the home free and clear then no,, you do not have to make repairs. If you still have a mortgage on the home then yes, the terms of your mortgage contract require you make the repairs regardless of whether the home is for sale or not. When there is a mortgage involved, the decision to repair or not is our of your hands. it's up to the mortgage company.
