0
It is easiest for a borrower who has 20% to put down, has a FICO score in the 800s, and has a good, steady job. If you are not quite up to that, then all you can do is apply for pre-approval by a bank or other lender and see what you need to do to get there.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
Can you obtain a home equity loan on a family home that does not have a mortgage?
Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.
How does one qualify for a mortgage refinance loan through the Bank of America?
To qualify for a mortgage refinance loan through the Bank of America you must have at least 5% equity in your home. You must also be current on your home loan payments.
Is the us bank home mortgage any good?
Us Bank Home mortgage offers options tailored to Home mortgages threw their Making Home Affordable Program. If you qualify and your current mortgage is up to date, you may be eligible to refinance your existing mortgage. There are many options for Home Mortgages that make this bank a possible great choice.
Can you qualify for a mortgage with a fico score of 567?
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
Can you obtain a home equity loan on a family home that does not have a mortgage?
Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.
What does mortgage mean in a sentence?
A mortgage is a loan secured by real property. Sentence: My sister was able to qualify for a mortgage and purchase her first home.
How does one qualify for a mortgage refinance loan through the Bank of America?
To qualify for a mortgage refinance loan through the Bank of America you must have at least 5% equity in your home. You must also be current on your home loan payments.
Best available equity home mortgage, worthwhile.?
In order to qualify for a home equity mortgage you must first have a line of credit open with your home. This usually entails the home owners owing less than 80% of the original mortgage. The rates range from 2.78% to 4.27% for a $10,000 equity loan. Contact your bank to see if you would qualify.
Can you get a mortgage on a new home when you currently have a 1st and 2nd mortgage on the home you wish to sell?
Yes you can; if you qualify. What I mean by that is can your income handle/carry all 3 mortgage loan payments? If so, then purchasing another home without your current home selling shouldn't be a problem.
Can you qualify for a Reverse mortgage with balance owed on original mortgage?
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
Is the us bank home mortgage any good?
Us Bank Home mortgage offers options tailored to Home mortgages threw their Making Home Affordable Program. If you qualify and your current mortgage is up to date, you may be eligible to refinance your existing mortgage. There are many options for Home Mortgages that make this bank a possible great choice.
Can you qualify for a mortgage with a fico score of 567?
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
How does a reverse mortgage purchase work?
Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.
Who receives the mortgage insurance payments?
The insurance company. Mortgage insurance premiums may be tax deductible. To qualify, the insurance policy must be for home acquisition debt on a first or second home. Home acquisition debt are loans whose proceeds are used to buy, build, or substantially improve your residence. Thus mortgage insurance policies on cash-out refinances and home equity loans won't qualify for the deduction.
Is is possible to qualify for a mortgage with bad credit?
There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.
