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Is a 400K-500K mortgage at all possible if you have a FICO of 800 and owe 30K in credit cards and have no cash for a downpayment and are between jobs?
Wiki User
∙ 18y ago
It would be very difficult to obtain financing of any kinds if you are "in between jobs". However, it may be possible. Contact an experienced broker in your area.
Wiki User
∙ 18y ago
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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.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
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.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is a wraparound mortgage?
A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
Can you deduct interest paid to your parents for a downpayment for a condominium?
Yes IF the loan is really a legal mortgage loan that meets the IRS rules for it to be a mortgage loan. This is possible when you and they meet the enclosed rules. Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest only if you meet all the following conditions. You must file Form 1040 and itemize deductions on Schedule A (Form 1040). *You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender. *The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.) For more information go to the IRS gov web site and use the search box for publication 936
How do home loan rates compare between a fixed and an adjustable rate mortgage?
A home loan rate compares between a fixed and adjustable rate mortgage by one is that it would fluctuate between payments which is the adjustable mortgage and the other the rate stays the same for 30 years.
What is the difference between mortgage loan insurance and mortgage life insurance?
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
What is the difference between mortgage lender and consumer lender?
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