Qualifying For Home Loan When One Spouse Has Poor Credit

Being Approved For Mortgage With Poor Spouse’s Credit

Applying for a mortgage when spouse has poor credit score can get the approval process more challenging, but certainly not impossible. Being approved for a home loan, when spouse credit is low will probably mean a higher rate of mortgage for both of you.

Watch this video clip to learn about a case where the husband had a great credit, and the woman has just filed a foreclosure.

 

Fix Spouse Credit Score Before Applying For Home Loan

The best recommendation may be to try and clean and raise the credit score of the spouse which lowers the overall credit balance for the lenders.

The first thing you and your spouse should do is review your credit scores and reports. Make sure your reports are error-free; if they aren’t, contact all three credit bureaus with the proper documentation to get them corrected.

If your credit score is low due to financial mistakes you’ve made in the past, your goal should be to increase your FICO score before asking for a mortgage loan. The good news is that with some work, any married couple can get their credit scores raised and improve the chances of obtaining a better mortgage interest rate — which can save you tens of thousands of dollars over the life of the loan. See more here.

 Learn How To Raise Your Spouse Credit Score

How The Begin This Process

You should learn how to do it correctly, step by step.
You can try an go for a mortgage without your spouse credit, and have the whole mortgage responsibility on one spouse only. Or you can clean and repair the credit score by following these simple 1-2-3 guidelines in the slideshow or at the DIY guide, and apply for a mortgage with a higher score than present one.

Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a no-brainer credit repair university education which will save you time and money raising your score, and lowering your credit and mortgage interests?

Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!

 

Find No Money Down Home Loans

No Money Down Mortgages

No Money Down Home Loans 2013The term ‘No Money Down Home Loans’ is usually referred to the low down payments mortgage offers. These were widely offered before the 2008 sub-prime hurricane swept it all to the dumpster. Many might not be aware, that such home loans may still be available at under some restrictions.

Rural Housing Funding

Until the end of this year, the USDA home loan program known as Rural Housing Funding support low advance payments for those purchasing homes at rural areas. Unless something happen, they will continue to be offered.

If you imagine black bears and rusty old Chevy trucks on a gravel road when you hear “rural areas” than you might want to think again. There are thousands of zip codes in which the government offers ‘no money down mortgages’ to help settle people outside the main metropolitan.

Madison Mortgage Guys reviewed these USDA rural loans:

Congress passed a new rule that allows for a new upfront fee to provide funding for future loans.  Along with other funding measures passed by Congress, the USDA loans should be available for the remainder of the year.

USDA loans are designed to help people purchase homes outside of major cities.  The loans are structured to allow the closing costs to be included in the loan if there is sufficient equity in the property.  And, the USDA loan does not require any down payment.  100% financing is still available with these loans.

Not sure if a home qualifies for a USDA type loan?  No problem.  Simply get in touch with one of our Loan Officers today.  Our loan officers are authorized to provide the USDA loans.  We also have access to the zoning maps that indicate which properties are eligible for the USDA loans. See more..

This means that searching the zip codes areas next to your current place of living, might reveal a towns which are a few miles out of the dense populated areas. There you are eligible for a very lucrative no money down mortgage offer.

Getting Better Chances Require Credit Fixing

Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a no-brainer education which will save you time and money raising your score, and lowering your credit and mortgage interests?

Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!

 

Fannie Mae Mortgage Relief For Homeowners Hit by Hurricane Sandy

Fannie Mae Hurricane Sandy Mortgage Relief

Fannie Mae Sandy Hurricane Mortgage AssistanceThose homeowners who have been hit and suffered damages by the Hurricane Sandy, can be eligible for some financial mortgage payments relief by Fannie Mae. The Hurricane Sandy caused damage all across the Eastern coast. Thousands have suffered home damages and income fall backs.

Fannie Mae offers some mortgage payments relief for those who may need the helping hand.

Servicers may immediately grant a borrower who has been affected by Sandy relief for 90 days in order to determine the facts of their situation.  Early next week, Fannie Mae will issue guidance to servicers to expand the options they can offer to homeowners.  For any homeowner who has suffered damage to their home or experienced a disruption in income as a result of Hurricane Sandy, servicers are authorized to take the following measures:

  • Extend forbearance for up to 12 months, where appropriate;
  • Provide loan modifications, once the homeowner is able to resume monthly mortgage payments;
  • Waive any late payment charges;
  • Suspend credit reporting for any homeowner for whom relief is granted; and
  • Delay the initiation of any foreclosure action to determine the condition of the property and the borrower’s employment and income status.

Fannie Mae is implementing a 90-day foreclosure sale suspension and a 90-day eviction suspension for properties located within FEMA designated disaster areas eligible for individual assistance (those areas can be found at http://www.fema.gov/disasters). Check more at the Fannie Mae news release.

 

Fannie Mae Underwriting & Property Valuation Extended

One more mortgage issue , is that the underwriting procedures and the home and private property valuation have received an additional six month extent, in the location where the Hurricane Sandy had caused it’s disaster pass.

 Struggling With Low Credit?

Get a grip of the situation – Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a no-brainer credit repair university education which will save you time and money raising your score, and lowering your credit and mortgage interests?

 

Stop Christmas Spending Crushing Mortgage Payments

Pay Home Loans Before Christmas Spending

Christmas Spending Mortgage PaymentsMany people lose their mind when it comes to Christmas frenzy shopping. The usual Christmas spending per family can get as high as $1500. Without planning ahead, and foreseeing the immediate consequences, such Christmas spending should be avoided if you are tight on the budget.

There are two options to bypass this Christmas financially. Either save or generate some cash for the extra expenses or cut down some of the Christmas spending expeditions you might have planned. Here are some tips and tricks to keep you on track with your home loan payments.

The My.Gov.Im has some ideas how to save down and do smart shopping before Christmas:

“Shop around

Compare prices in different shops. Buy what you want and not what other people say you need. If you, or one of your family, just want a mobile phone for calls and texts don’t be pressured into buying a smart phone just because they are the latest thing. It will be more costly and a waste of money if it won’t be used to its full potential.

Delay Christmas

Pre-Christmas is costliest shopping time so if you’re after a “big” family present like a high end games console or TV…wait until the Sales. If you can’t bear the idea of this at all – what about buying gift cards or vouchers for the item and using them towards it in the Sales. Remember though, gift cards and vouchers should be treated like cash so take care of them. Make sure you use them before they go out of date. Also, consider where you buy them from – if a company goes bust they are likely to be useless.

Don’t be a foolish foodie

Make a list of what you need and don’t be tempted by things you don’t. More often than not you don’t need the extras and you waste food and money. Special offers and “3 for 2’s” are great if you are shopping with like-minded friends or family and the food can be split between you. However, if not, the reality is often that you end up with lots of food you can’t eat before it goes out of date.

Do you have an artistic flair?

You could make gifts like biscuits, sweets, chocolate, chutney or jams for your loved ones. People often appreciate such presents even more as they know extra care has been put into them and you can save money whilst doing something you enjoy! Read more..

 

Spending Less at Christmas Helps Paying Your Mortgage

Choosing to do it yourself, and cracking down on the high Christmas gift list, can be a very profitable idea. People prefer receiving gifts which were hand made. People prefer a gift which shows you really did made an effort and not just something you bought at Amazon for 20$.

People will appreciate your efforts to keep this year in a controlled budget.

The bank and your credit company will appreciate your efforts to be a VIP mortgage customer and not another case of inflated credit card person. Having a better credit score, will maintain your interest rates down, by that saving you hundreds of dollars until next year’s Christmas!

Share this, you might be helping out someone this Christmas…

 

FHA Seller-Funded Down-Payment Loans

FHA Hit By Seller-Funded Down-Payment Loans

It took the Congress a while but the Seller-Funded Down-Payment Assistance Loans which nearly brought the FHA into bankruptcy itself, had been finally blocked off.

Though these seller funded assistance loans for down payment are only a small fraction of the over all FHA mortgage budget. They have a high impact on the FHA financial bottom line.

Wall Street Journal has this on the subject:

The audit said that had the FHA not allowed the programs to go forward, then the mortgage program’s $13.5 billion net worth deficit would have turned to a positive $1.77 billion. It’s possible, of course, that some of these loans might have been made anyway with buyers putting their own money down, and some of those, of course, could have also defaulted.

Overall, the FHA says it is now facing $70 billion in claims it will have to pay on mortgages that it insured between 2007 and 2009.

The fight over no-money-down programs turned into a yearslong battle in Washington. Read more..

Federal Housing Administration’s Losses Hit $16.3 Billion

Since there are no ‘free meals’ it is the tax payers who will have to dig deeper in their pockets and reach out to cover these losses. The LA Times brings some of the FHA future programs which may reduce such losses in the future and put a stop to irresponsible tax payer leaks.

Other changes on the FHA horizon:

• More financial counseling for applicants who have low FICO credit scores, are purchasing their first homes and are seeking to make minimum 3.5% down payments.

• A new short-sale program that reaches out to existing FHA homeowners who are seriously delinquent and heading toward foreclosure. FHA Acting Commissioner Carol J. Galante said the agency plans to streamline the short-sale option — where owners are permitted to sell their house for less than the balance on the mortgage — to avoid the huge costs of foreclosures.

• Structural alterations to the FHA’s reverse mortgage program, which enables senior homeowners to withdraw funds based on the equity in their properties. The program dominates the industry and accounts for the vast majority of outstanding reverse loans in the country, but has produced inordinate losses to the FHA insurance fund because of home-value declines and the failure of some borrowers to make their property tax and insurance payments, thereby triggering foreclosures. Although few details are yet available and Congress would have to approve any statutory changes, Galante said the agency plans to restrict the amounts that seniors can draw down in a lump sum upfront, among other remedial actions next year. Read More..

Unless some serious adjustment are done, the tax payers will need to save the Federal Housing Administration.

Helping citizens with hope for buying their own home, with programs like FHA Seller-Funded Down-Payment Loans should not be on expense of those who have worked hard for their home.

What Should Be Your Next Step

Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!