She says she wants to help me because I helped pay off her house and havent been late on my rent EVER even though its a studio and costs twice what the mortgage would be. My grams 88 though, she probably has a 700 credit score but what could she do? Obviously she cant sign a FHA loan. What could she do to help? I feel like a jerk needing her help anyway… The house I want is 58k, I have 3k for a downpayment or closing costs and 500 for an appraiser or w.e. already…
I was turned down on an FHA loan for being 2 points below what I need to be and my grandmother offered to Sign
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There isn't any hope if the government can curtail spending and unfortunately neither party has shown an inclination to pay anything down. My sense is financial conservatism is on the rise and perhaps we have turned. ..... This fake housing bubble was the result of faulty lending because real estate is tied into qualifying for a loan . Market value should be based on willing able borrowers being able to compete ,not fake borrowers driving up the market by trick loans ...
Welcome ? ok I don't agree with them using a national average for your income but they are NOT using a true HAMP program for your loan modification and the HAMP denial may be due to being 15 months behind as I believe FHA only allows you to be 12 ... has also been graciously paying those for me- however not every month. I was told by BOA rep to get a letter and have my grandmother give me a check for a specific amount each month instead of paying my bills herself- to send.
My point being, no matter how much a health nut you are, a medial catastrophe may be right around the corner and everyone should be protected from financial ruin. Also,the best thing about your Olympics was Neil Young. Actually the past two weeks were very enjoyable. ...... As for the future of the US govt I agree with you Vlad, right now we need to cut 1/4 of the US govt spending to balance the budget and another 10% to pay down the debt over the next 2 decades. ...
If you have never been late on your rent & utilities, question the mortgage broker to do manual underwriting or find one that will. You will probably qualify for FHA that way w/o having to get a cosignor or "build your credit". Best wishes.
Btw, get a 15yr or less fixed rate mortgage or you will be paying off that $58k till hell freezes over.