jeff asked:


I have student loans of about $7,500 and about $13,000 left on my car loan. I am looking to purchase a house and wondering if there is any way to add my car loan and student loans on to the mortgage?

LELAND

aletheapontifex asked:


I’ll be starting at a top ten law school in the fall, and I am thinking about buying a condo instead of renting. I have excellent credit (750s), as well as enough for a 20% down payment. I have a car worth $12,000, paid off, and no other assets. I have no credit card debt, and my student loans are almost all deferred. My only real liability at this point is a $50/month loan payment. I am looking at two-bedroom units, updated, for between $115-125k. The market where I am going to school is well-insulated, a relatively affluent college town and property values have generally appreciated very well but right now things are hitting bottom (or they seem to be). The places I am looking at sold for close to $200k two years ago. I’d like to purchase one of these units and rent the second bedroom to another law student. My student loan income and money from summer employment allows me to comfortably pay the mortgage without a roommate, but with a roommate I cut costs by more than half. My plan is to live there for three years, rent it out for another 2-3 and sell it before reaching the capital gains tax cutoff (2 years residence in the 5 years prior to sale). Mortgage payment would be around $600/month, plus fees and taxes, so closer to $800/month–I’d be paying $750 to rent a shabby one-bedroom. I’ll also save $10k because I’ll qualify for residency status in the state I am moving to and in-state tuition rates. Overall I think I’ll come out well ahead of renting, my only problem is qualifying for a loan. I have been working very sporadically for the same company for the past two years part time (just a few hours here and there, might have gone inactive part of that time) and have little verifiable income. My down payment comes from savings from a good job I had a few years ago, before I went back to finish my undergraduate degree (been in school full time since 2006, worked full time before that). Parents are no help, worse off than I am financially. Banks don’t count student loans as income as far as I know. My summer employment options are solid, coming from the school I’ll be attending, but this is unverifiable as of yet. As is the rental income I’ll make from the second bedroom. Even without summer employment, my loan amounts comfortably cover the mortgage payments. I thought about a SISA loan, but I can’t lie about anything, and I hear NINA loans have gone the way of the dinosaur. Any suggestions?
It is long, but I figured it would be worth putting all the info in so I didn’t have to answer questions about it later! I’m a first time buyer, so please help, thanks!
Renting a bedroom is not illegal nor is it an “illegal occupancy.”

TROY

ambrosialea asked:


Is pre-qualifying for a mortgage loan the way to compare loans? I am a first time home buyer and want to understand the best way to shop for a loan. Then if I chose a loan and wanted to get pre-approved, how long does it take to get approved before I can put a bid on a house?

ALVIN

Anna V asked:


I live in Texas and there are a couple of small homes for sale for about $50.000.
Should I try to get a personal loan and pay it of in 10 years or rather a mortgage loan and pay the house of 30 years? How easy is it to get a personal loan for $50.000 if you have an excellent credit history?

ALFRED

EARL F asked:


Is there anyway I could refinance my home to get my mortgage and equity loan combined into one payment at the one of the current lower loan rates?

DEVIN

Megan R asked:


I live in Colorado, just starting a new job where I will make a minimum of 68,500 (medical field so I will be able to increase my income to about 75,000 with extra hours). I’d REALLY like to buy a house, but with being a new graduate, I basically have very little for a down payment. I don’t know how much of a housing payment I can afford per month while still saving money, etc. No student loans need to be paid off, the government is doing that for me, and I have minor other monthly payments, no children, and I am single…

My question is, are there any downsides to an FHA loan?? Can someone give me a straight answer about how much of a mortgage I can afford, instead of these generic online calculators?? DON’T REPLY WITH GENERIC ADVICE THAT I HAVE ALREADY FOUND ONLINE. I would like to hear someone’s personal experience. Being a first time buyer, I don’t want to live beyond my means and become another casualty of the housing market…Thanks!

ALEJANDRO

MrStevens asked:


My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home. I live in Ft. Lauderdale, Fl. and am retired 6 years now.

JEROME

blackcatmingus asked:


I want to buy a place now for a few years down the road in another country. I would rent it till I am ready to move there. Would a bank give a person a loan/mortgage to do something like that?
I am not a citizen of the country, but my husband is.

BILL

nujdawg asked:


I do plan on deducting the interest I pay on my taxes. He agrees to claim the interest on his taxes. I just don’t want to have to pay any real estate attorney or title attorney any more money than I already am. Can’t I set all this up on my own without using any attorney’s???

CARY

pondering mind asked:


or Broke? What are your thoughts and options on this? You think potential borrowers would prefer paperless mortgage over the traditional processing?

LYNN