Has anyone ever had a non conventional home loan?
88573
I almost did, but found out I would be paying almost twice a much for house.  You can get non-documentation loan, but they are tricky too.  Check with several real estate agents or an attorney.
1045876
YES! ANd you should give me a call at work! Email me and I will give you the phone #. I am a Loan Officer with Ace Mortgage Funding...   (ACEREFI.COM)\n\nHope that helps!!!!   \n\n\nHartlannon@yahoo.com
1114731
You can.  I know people who have done it.  In some very rare times you can even recieve a check when you buy a home.  It is possible but not always easy.  Each market is different and each seller is too.
580779
YES.\nI owned a home with my ex and I had to refinance and he had to sign a "Quit Claim Deed" which basically allowed me to re-finance without him.  If you do not refinance, then your current lender still thinks you both owe them regardless of your marital status.
280634
have you tried the LAW loan?\nhttp://www.salliemae.com/apply/borrowing/lawloans.html
993402
There are many reasons why people are turned down for mortgages both VA and conventional. \nhttp://www.lendermark.com/why_was_my_loan_denied.htm
125874
no, i just looked into this. the answer is flat out no. they wont even work with you on this one. va only backs loans for homes in the U.S.
1080943
No and I've gone through this before.  We went from apartment to apartment and because of our credit they would not rent to us. It's insane!!!  People with bad credit need a roof over their head too.  The rich just want all the non-rich to be homeless I think. It sucks.  We did get into a low income housing complex but because of our credit, out deposit alone was $800.00.  It's a nice place actually and I love living where I am but still.  It was hard getting in too.
328185
I am a mortgage broker in Florida and would be happy to assist you.  It is possible to qualify for a "no doc" loan that does not include any information about your income or employment.  Your credit score determines your ability to qualify for this type of loan.  If you would like more specific information- let me know.
499830
The answer is absolutely yes, it is something to consider.\n\nThe 80/20 was invented to avoid Private Mortgage Insurance (PMI).  Whenever you borrow more than 80% of the purchase price of the house, you have to pay for an insurance policy that protects the bank in the event that you default on the loan.\n\nYou can do 100% financing with conventional or non-conventional financing.  If your credit is good, your best bet may be the 100% conventional.  The down payment and credit rating is what determines your PMI.  With great credit, your PMI may be inexpensive.\n\nIf you have less than great credit your PMI may be quite expensive.  Your best bet may be an 80/20 to eliminate the need for PMI.\n\nIf your credit is bad, you may be better to do the loan non-conventionally with 100% financing.  Non-conventional loans have no PMI but higher interest rates.\n\nYour best bet is to talk to a mortgage broker.  Ask him to price the loan conventionally and non-conventionally.  Then ask him to price it with 100% and 80/20.  Go with the loan that makes sense to you.  Keep in mind that your PMI payment is not tax deductable so you lose that potential deduction.  \n\nYour mortgage broker will be able to put these scenarios together for you without a problem.  Also check out my mortgage blog to learn more about homebuying and what mortgage brokers do:  http://explaintome.blogspot.com\n\nGood luck.
1168915
Stray balls! Just kidding but seriously. \nMany of these communities will have strict homeowners association regulations, high homeowners association fees, you may be required to become a member of the course or countryclub(which can be expensive) and lots of broken windows. \nhttp://www.lendermark.com
499866
It's possible, but the interest rates on those kind of loans are killer.  \n\nInvesting money you don't have in a home is a really good way to lose the home - and all the payments you've made on it.
1147747
YES\n\nA reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.\nMany of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home Equity Conversion Mortgage or HECM), an appraisal fee, and certain other standard closing costs.\n\nIn most cases, these fees and costs are capped and may be financed as part of the reverse mortgage. Below is a more in-depth explanation of each type of fee. \n\n\nOrigination Fee\nThe origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage. \n\n\nUnder the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or 2 percent of the maximum claim amount (i.e., county FHA loan limit). Currently, the FHA loan limit varies from a low of $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Therefore, the 2 percent origination fee generally ranges between $4,003 (2 percent of $200,160) and $7,256 (2 percent of $362,790). \n\nHome Keeper borrowers are charged an origination fee that may not exceed 2 percent of the value of the home. With either product, the entire amount of the origination fee may be financed as part of the mortgage. \n\nMortgage Insurance Premium\nUnder the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.\n\nThe MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid. \n\nAppraisal Fee\nAn appraiser is responsible for assigning a current market value to your home. Appraisal fees generally range between $300-$400. \n\nIn addition to placing a value on the home, an appraiser must also make sure there are no major structural defects, such as a bad foundation, leaky roof, or termite damage. Federal regulations mandate that your home be structurally sound, and comply with all home safety codes, in order for the reverse mortgage to be made.\n\nIf the appraiser uncovers property defects, you must hire a contractor to complete the repairs. Once the repairs are completed, the same appraiser is paid for a second visit to make sure the repairs have been completed. The cost of the repairs may be financed in the loan and completed after the reverse mortgage is made. Appraisers generally charge $50-$75 dollars for the follow-up examination. \n\nClosing Costs\nOther closing costs that are commonly charged to a reverse mortgage borrower, include: \n\nCredit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20 \nFlood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20 \nEscrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450 \nDocument preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150 \nRecording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100 \nCourier fee. Covers the cost of any overnight mailing of documents between the lender and th
102032
You need to have excellent credit for those kinds of loans. I suggest you shop around several banks, and lendingtree.com\nYou may qualify for a low downpayment not as high as it would be normally. Just shop around and make sure you have a couple thousand saved up for closing cost and a downpayment.
443393
I would be glad to mail you some information.  I am a loan officer with Griffin Financial mortgage.  We are the largest Reverse Mortgage broker in the Southwest but we are able to do loans within 22 states.  I have a lot of information that I can provide you so feel free to contact me and I will put it in the mail.  You can reach me at bburns@griffinloans.com\nTry starting here. This is the best source on the internet.\nhttp://www.aarp.org/money/revmort/
1025102
And it's always been my philosophy:  "Never a borrower or lender be.  Especially to relatives."  Good luck.
1005792
I did.  You can usually get a much better (and fixed rather than variable) interest rate that way.  I am not sure what the cons are, I only know the pros.