Renting does not help or hurt your ability to qualify for a mortgage. The amount you pay rent would simply be part of your payment.

You may be referred to another office depending on your location. If you are over age 60, you can bypass the main switchboards by calling the Georgia Seniors Legal Hotline at 404/657-9915. Phyllis McKay Atlanta Legal Aid.

Yes. The law specificaly includes Manufactured Homes.

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I am not in foreclosure but i am 2 months behind with my mortgage payments. now, the bill that pres bush has signed: 1. how did they figure out that its 400,000 people that need to be saved? 2. how do i know if i qualify? 3. what steps do i take to take advantage of this package?

Contact a lender and say you want to participate. They will be happy to get your business. .

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When figuring out my debt to income ratio and how much payment i could afford, my lender said that they would have to divide my income by 2 then substract my monthly expenses to calculate mortgage payment. is this true? i don't remember this when i got a mortgage 2 years ago.

Debt to income ratios for are calculated for salaried individuals as follows: your proposed total housing payments divided into your gross monthly income should not exceed 28% for conventional & 29% for FHA for your housing ratio. Total installment, revolving and proposed housing divided into your gross monthly income (not including utilities,gas,water,etc) should not exceed 36% for conventional and 41% for FHA. VA loans use a net adjusted income and can be quite complicated base on different types of income. Also if you are self-employed, all qualifying loan types require 2 complete most recent personal and business tax returns. I have been in this busines a very, very long time and I have never heard of that calculation your being told by your lender. I have put a couple of websites below that may offer some additional information. Hope they help

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I have worked for one company full time since 2004. i currently earn $18hr., but i have only made that one year, prior to that i made $17hr from 2004-2007, then made $14hr for 6 months in 2007-2008. i also have a second full time job paying 18.5hr. i have worked for this company for 2 years, but only the last year have i earned 18.5hr full time, the year before that i made $12hr at around 24-32hrs a week. i also have a military pension of $650/month gross. i have one car payment $410 and one student loan $140, thats all of my bills. i have $10,000 saved up for a down payment and closing, but i prefer to go with a va loan with no down payment. now this may be the deal breaker. currently my average fico is 630 (i had a bankrupcy in 2002). so can anyone run some numbers and let me know if all of my current income would count? thanks!!!

The way that we will calculate your income in this type of situation is pretty simple. We will take the last 2 years w-2s and add them up and divide by 24 months to get an average per month. There is now way to answer your question without that information. Your credit should be fine as long as you have made your payments on time after the bk.

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We're debating between continuing to rent or buying. if the monthly mortgage payments are around the same as rent, we'd, of course, prefer to own. i am wondering if it is possible to just apply for our va loan to see how much we would qualify for and what the payments would be without being sure if we really want to go that route? would that affect our credit negatively? is that a good idea, or should we just be absolutely positive we want to buy before doing this? *we aren't from this area, so i'm still trying to figure out the housing prices here...it's hard to decide what to do without knowing what we can afford!

It is common practice to apply first and include the preapproval with your offer. Don't deal with any spammers from here, there are several con artist about, but directly with your bank or a mortgage company. I like Wells Fargo, they have the best customer service and will make sure you understand everything.

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Are there any web sites that let you see if you pre qualify for a mortgage, and get figures like payments based on loan amount and interest rate? we want to see if we can qualify for a mortgage before we get ahead of ourselves in looking for a house. thank you!

A website can't pre-qualify you. I mean it can but it's worthless. You'll need to go ahead and speak with a professional - which I'm guessing you are hesitant to do. Partly the media has fed us with a bunch of crap and the other part the industry really is facing some troubles. Still there is no substitute for a professional mortgage advisor. There are websites everywhere which provide a "pre-qualification" but the truth is that is a worthless result. There are so many factors to a valid pre-qualification based on guidelines that change almost every day that it is impossible for any website to give you a pre-qualification. For example you may not qualify for a Freddie Mac loan but you may qualify for an FHA loan or a Fannie Mae loan. Then again you may be just two "dots" away from qualifying for a really good loan but only a trained and experienced professional can really help you. Yes they may pressure you a bit but you don't have to let them. I'm guessing you are a first time home buyer and buying your first home can definitely be "scairy" and it should be. My advice is to find a HUD approved school near you somewhere that gives a class and go take it. There is no pressure there and you'll learn stuff you never thought of -- even if you have bought a home before you'll learn new things. The market is changing daily and I constantly have home buyers repeat something they heard from a loan officer at a bank or big national lender who gives them wrong information. Your best bet, no joke, is to go to the NAMB website (link below) and find a mortgage broker in your area who is a member. Those are people who at least care enough about their business to meet minimum qualifications. Below is a link to NAMB and a mortgage pre-qualification calculator. I'll be happy to help you even if you aren't in a state where I am licensed to understand what you may qualify for.

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If you were at your previous employer for 9 years. and had a six figure income last year. and have a 40% down payment. and are presently looking and will get another 6 figure job soon. and have a sparkling credit history with no late payments. would there be any problems qualifying for a mortgage?

You are looking at a "No Documentation Mortgage". Many mortgage lenders have programs where if you put down say 25% or more of a downpayment, then you don't have to prove employment or income. This type of mortgage is ideal for borrowers that have their own cash-based businesses where it is difficult to prove income. In a lot of these businesses, the owners want to minimize reported income for tax purposes, which works against getting a mortgage. I know stay-at-home spouses who will be getting support sometime go this route, because they can't prove their source of income. I believe the rate may be slightly higher than a conventional mortgage. Ask your mortgage lender about "no doc loans"

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I am not talking about a great interest rate loan, but just baseline, what credit score do i need to qualify for a loan at all? due to some student loan troubles over the last 12 months, my credit score plummetted into the 500s (from around 700), but i make 6 figures with minimal debt so i'm wondering where i need my credit score to be before i can even consider a mortgage.

You need a FICO score of at least 620 to even be considered for an FHA loan . Conventional loans want a score of at least 720 - 740, plus 20% down and closing costs. The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans. If you are looking for the free credit score national site, check out this site http://Free-Credit-Score-National.com/ Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free, fast and secure. Hope this help,

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Does a past foreclosure have to be 3 years out from the day it went to the sheriff sale, or when the bank transferred to the new owners? just trying to figure this out, so that i know how soon i can get qualified for a usda mortgage in ohio. tx.

Three years from the date the title was transferred from your name

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My fiancee and i are getting married and we are selling both of our houses and moving into newly constructed one. both existing houses are on the market right now, and my hope is that they will sell before the new home is finished. in the event that they do not sell at the time i need to start securing financing on the new house... i am trying to figure out worst case scenario, and need to know what is the highest debt to income ratio a mortgage company will accept for a mortgage on a new home. if neither house sells, and i carry 3 mortgages the debt to income ratio is 52%... if one sells.... i can get it down to about 43%.... can i get a mortgage with these debt to income ratios? i am not worried about cash flow persay... because this should be a short term problem (whatever that means)... but i need to know what can i qualify a mortgage for. does any one have any suggestions on strategies for managing a situation like this?

Just make sure your lender is NOT using a subprime company that has a DTI limit of 55.49%. You don't need that, and it wouldn't be much of a benefit since their rates are very high. Assuming your credit is pretty good, Fannie Mae's underwriting system has been, at least up til last week when they updated their underwriting engine, regularly allowing DTI's up to 65%. No kidding. 100% financing with 620 scores at 65%, all day long. So if you have any downpayment, better than 620 scores, you should be just fine. Also, and few brokers know this, if your home isn't sold, but is under contract, with a few extra steps (basically must prove your buyer is fully approved with appraisal for buying your home), you can exclude that debt even if it hasn't closed quite yet. This could help in a pinch, if at least one of the homes is under contract by then. But 52% is, unfortunately, pretty normal for people, without having 2 extra houses they're qualifying for. Feel free to email me through here with any questions.