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How can you get your bank to rewrite your mortgage with poor credit and very little income?
This is very difficult to do in most cases. Rewriting the mortgage is like starting over from scratch and the qualifications are the same. You have to show you can afford and qualify for the rewrite. If traditional sources are beyond your reach you may want to research Fannie Mae programs and eligibility for new federal programs. If you are having difficulty paying your mortgage you should contact your provider before things escalate and advice them of your situation, your provider is not obliged to rewrite your term or repayments but approaching them early would let them make a decision on what they can do for you short term
What else can I help you with?
Can you get a mortgage with no money down and a credit score of 615?
It's highly unlikely. You may be able to qualify for a HUD loan with little money down.
What do creditors look at when assessing if one is a high or low credit risk?
A high credit risk is a person who owes a lot of money already or does not have a steady income. A low risk person owes little to no money and has a good, solid income.
What are the advantages of taking out a second mortgage?
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.
Can you get a mortgage with a reaffirmed car loan a bankruptcy and no downpayment?
It is sometimes said "anything is possible . Nevertheless, given this set of circumstances, it would be indeed be impossible. Residential mortgage lending is driven by credit scores. You did not mention what your score is. Other factors, like the lack of a down payment and the bankruptcy would be contributing factors as would your debt-to-income ratio, state of the subject house, etc. But, your credit score would allow someone to give you specific advice as to whether or not you stand a chance of qualifying for a mortgage. Why would it be "impossible?" Studies have shown that if you maintain payments on a secured credit card, auto loan, etc, then as little as 2 years after the date of discharge, you may qualify for a mortgage with interest rates near that of "good" credit holders. I know, because my parents have done just that. 1)You don't have any debt because of the bankruptcy, right? Which means, you ow very little if nothing. Soooo, creditors like it when you have a great amount of disposable income. 2)You can't file for another bankruptcy for 6 years...sooooo, the creditors are safe from being included in a subsequent bankruptcy. Thanks.
Claim your house on your taxes?
On your income tax there is what's called the standard deduction. I think its currently a little under $6000 for singles. Everyone gets to subtract this from their income. However, if your interest on your home mortgage plus your state taxes add up to more then $6000 then you should put them on Schedule A (called itemizing) and you will be able to subtract more then the standard deduction. If you are married & filling jointly then the standard deduction is a little under $11000 and your mortgage interest + state taxes would have to be more then this to get anymore deducted from your income.
Am I able to get a mortgage loan if I have no credit?
It is very difficult to secure a mortgage if you have little or no credit. Mortgage lenders have become more picky about who they will lend money to after the huge issue took place with forclosures.
Earned Income Credit (EIC) Calculator?
Earned Income Credit (EIC) Calculator Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family. This calculator creates estimated values for tax year 2010.
Taking Advantage of Refinance Mortgage Companies?
With interest rates as low as they are, now may be an excellent time to refinance your mortgage. While many mortgage lenders have tightened their underwriting standards, there are still many refinance mortgage companies that are willing to give out a refinance mortgage. To get your mortgage refinance through one of these companies, there are various underwriting criteria that should be met. The first piece of underwriting criteria that should be met in order to have your mortgage refinanced is to have a good credit score. While in years past many mortgage refinance companies were willing to refinance a mortgage for anyone with a credit score over 620, the high rate of default for people with bad credit has tightened their underwriting. Today, getting a better interest rate from one of these refinance companies will require you to have a credit score of 740 or better. However, those with scores between 680 and 740 could still be approved for a mortgage refinance, but they will pay a higher rate. The second piece underwriting criteria that should be met in order to have your mortgage refinanced is to have a sizable down payment. When underwriting standards were looser, many borrowers were able to get mortgage loans with as little as 0% down. Today, mortgage refinance companies will require at least 10% equity in the home. Since housing prices have fallen across the country, you may have a hard time getting a mortgage refinanced even if you used to have equity in your home. To get approved for the refinance, you may need to put forth another down payment. The third piece underwriting criteria that should be met in order to have your mortgage refinanced is to have a low debt to income ratio. A debt to income ratio is a measurement of your monthly housing debt divided by you monthly gross income. In years past, a person could be approved for a mortgage if their debt to income ratio was less than 40%. Due to the tightened underwriting standards, the debt to income ratio requirement has dropped to around 30% for most lenders. This may require you to purchase a cheaper home.
What are bad credit reports?
Bad credit reports are those that show negative aspects of your credit history. The types of issues that cause bad credit are missed payments, too much credit, too little income, etc.
Which prequalify loan allow you to apply online with very little credit or for someone who is self employed?
First Equity Mortgage is a prequalify loan allow you to apply online with very little credit or for someone who is self employeed. You can get more information at www.firstequitymortgage.net
Can you get a mortgage with no money down and a credit score of 615?
It's highly unlikely. You may be able to qualify for a HUD loan with little money down.
What do creditors look at when assessing if one is a high or low credit risk?
A high credit risk is a person who owes a lot of money already or does not have a steady income. A low risk person owes little to no money and has a good, solid income.
Who benefit from reverse mortgage?
{| |- | A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home. |}
What are the advantages of taking out a second mortgage?
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.
Can you get a mortgage with a reaffirmed car loan a bankruptcy and no downpayment?
It is sometimes said "anything is possible . Nevertheless, given this set of circumstances, it would be indeed be impossible. Residential mortgage lending is driven by credit scores. You did not mention what your score is. Other factors, like the lack of a down payment and the bankruptcy would be contributing factors as would your debt-to-income ratio, state of the subject house, etc. But, your credit score would allow someone to give you specific advice as to whether or not you stand a chance of qualifying for a mortgage. Why would it be "impossible?" Studies have shown that if you maintain payments on a secured credit card, auto loan, etc, then as little as 2 years after the date of discharge, you may qualify for a mortgage with interest rates near that of "good" credit holders. I know, because my parents have done just that. 1)You don't have any debt because of the bankruptcy, right? Which means, you ow very little if nothing. Soooo, creditors like it when you have a great amount of disposable income. 2)You can't file for another bankruptcy for 6 years...sooooo, the creditors are safe from being included in a subsequent bankruptcy. Thanks.
How does the mortgage insurance calculator help us save more money?
It help you save all they little bits on money saved by your planes, recipts, and your credit score. A mortgage calculator find spots that you can save money that you may miss if you did it manually
What is in store for sheep or goat for 2011?
Very little as sheep and goats have no disposable income nor are their credit cards accepted by store managers.
