LoveToKnow Mortgage:AllComments

From LoveToKnow Mortgage

Comments

When applying for any mortgage loan you will be required to provide proof of your Social Security Number. The only exception to this is an ITIN Home Loan.

-- Contributed by: Tamsen Butler

During the application process, Is there an FHA requirement for the applicant to provide a copy of his or her social security card to the lender???

-- Contributed by: Question:

Tammy, it is common for lenders to require that any child support considered income be court-ordered. This is because they don't want the income to suddenly drop if the child support goes unpaid. You might be able to find a mortgage lender willing to consider child support as income even though it isn't court-ordered, but you may have to deal with a higher interest rate.

Take a look at the LoveToKnow article Help for Single Moms to Buy a House for information on programs specific to single moms.

-- Contributed by: Tamsen Butler

I have been approved for a FHA loan, however the bank will not include my child support as extra income since it is not court ordered. Are there any creative financing or programs to help single moms who are receiving child support, but do not need it to be court ordered? I have already found a home, and am desperately trying to find a solution the banks will approve so that we can purchase our dream house.

-- Contributed by: Tammy

Laura, the lender who issued the reverse mortgage should have calculators available on their website that will help you calculate the interest accrued. You will need to know the details of the reverse mortgage in order to get a reliable estimate. You can also check on the FHA website (www.fha.gov) for a similar calculator.

-- Contributed by: Tamsen Butler

My 84 year old mother just obtained a Reverse Mortgage guaranteed by HUD. How can I calculate the interest accrued against her loan when she reaches 90 years of age?

-- Contributed by: Laura Palmer

Ginger, there are other factors that are taken into consideration when you apply for an FHA mortgage, such as the amount of money you have available for a down payment and your debt-to-income ratio. There are varying credit score requirements based on your situation as well. For example, you may have to have a higher credit score if the money for your down payment is gifted to you. Remember also that FHA does not give you the loan, but rather guarantees it, so it's the lender who will have the final say on the minimum credit score. For more information, check out the FHA website: www.fha.gov

-- Contributed by: Tamsen Butler

I am looking for a loan to purchase a home. My credit score is damaged due to an ex marriage. What kind of credit score do I need to have to qualify for a FHA loan?

-- Contributed by: Ginger Ditto

Thank you for your comment. You're right that FHA loan limits do change. The limits for single family homes are set by each indivdual county. More information can be found on the FHA website: www.fha.gov

-- Contributed by: Tamsen Butler

The In Conclusion comments are in error. Mortgage Limits have increased every year with FNMA's limits and each state is different. See the 2007 mortgage limits on the hud.gov website. FHA Mortgages also have substantial rehabilitation loans and streamlined rehab loans which combine repairs and purchasing or refinancing of a home all in one. Attending a First Time Homebuyers Class is always recommended!!

-- Contributed by: plewis

Nick, the 1950s and 1960s had were dominated by the 30 year term mortgage. A 30 year amortization is still quite common today.

-- Contributed by: Tamsen Butler

What were the typical terms of conventional loans available in the 1950 and 60's?

-- Contributed by: Nick Velko
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