Mortgage Refinance|FHA|Rates|First Time Home Buyer

About 6 months ago everything was going great. My wife and I had steady decent paying jobs and combined we were making about 75K a year. Then she got pregnant and our lives really felt like it was going in the right direction. Then she got laid off. Uh Oh. Now money is running out quickly and in about a month our savings we be drained and we wont be able to make our house payment anymore. It is very hard to come up with the money to pay for a $1300 house payment, $650 worth of car payments, plus credit cards and utilities. We have cut back on just about everything. No more cable or internet, 1 cell phone. I see advertisments everyday for mortgage help and they make it sound so easy. Our problem is we owe more on our house than it is worth. I cant seem to find a company that will help us refinance unless we owe less than it is worth. We even called our bank to talk to them about that new government project that helps people keep their homes, they wont even talk to us until we start missing payments. I would rather it not come to that. Our house is valued at 133K and we owe 140K. Does anyone have some ideas or know of a website or anyone in the Dallas / Fort Worth area that can help with our situation. By the way my wife has applied for over 40 jobs with not one single hit. We pray a lot and I do have faith that God is going to take care of us, but I would sure like to have a plan just in case. Thanks

Sounds like a great start to eliminate unnecessary expenses. Do you need the cell phone or is it a luxury?
It sounds like you possibly have a budget in place already.
You may be able to do some bulk/discount buying for groceries and other such expenses. My husband and I use CalendarBudget to evaluate how much we’re spending on different categories in a month. We chose to eliminate cable as well. We eat alot of cereal, crackers, and cheese so I always watch for sales on stuff like that. It has helped alot. I have storage space so I can do things like buy 150 boxes of cereal when it’s 3 for $5 which ended up saving me $600 in the long run (then decrease grocery budget by the extra money you spent for next few months). I’m sorry it’s not mortgage help, but can give you some long term help with other savings ideas to slowly (since you seem to already have a budget) get you closer to debt free (see blog.calendarbudget.com – other savings ideas). Avoid using your credit card if you can help it. Pay off debt with highest interest first by putting extra funds to that debt. When paid off, do the same to the next highest interest rate debt. I’ll keep an eye out for any other possible helps. Keep faith.

We currently have a home in WA. We are military, and so we had to move to another state. The rents in the area are way less than my mortgage, so I am paying an extra $500/mo to cover the mortgage. My interest rate is 6.5% on 80, and 10.69% on 20 (80/20 loan). My husband is deploying to Afghanistan in 7 months, and I plan on moving back into our home. Would we be able to refinance now with the intent on moving in, or will all companies still count it as a rental home? (We rent where we live now). Are there any exceptions to owner occupied homes for military stationed overseas? We already tried talking to Countrywide to modify, and they said no. Thanks for any advice. We really need to lower our mortgage.

You cannot refinance as a primary residence until you actually move back there to MAKE it your primary residence. There are no known exceptions for military. If you do not live there, it is simply NOT your primary home. Don’t try to lie about it either. When you give your current address and it’s not the same as the house you occupy, they will figure it out in a flash.

I have looked this company up on bbb.com but I’m not real sure how to read this information or to know if this company is legit……
Royal Lending Group
The BBB reports on businesses, both accredited and non-accredited. If an organization is a BBB Accredited business, it is stated in this report.
Name: Royal Lending Group
Phone: (866) 569-0684
Address: 485 Fields Dr.
Sanford, NC 27330
Website: www.royallendinggroup.com
Principal: Owner/ Manager
Customer Contact: Owner/ Manager – (866) 569-0684
File Open Date: February 2008
TOB Classification: Loans, Mortgages
BBB Accreditation: This organization is not a BBB Accredited business.

The BBB develops a full report BBB Definition:

report – A summary of activity reflected in a company’s BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on a firm based on inquiry or complaint activity. This company first came to our attention in February 2008. We are attempting to develop more information on the company. At the present time we do not have enough information to issue a full report BBB Definition:

report – A summary of activity reflected in a company’s BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
. The BBB suggests you read and understand company promotional materials and contracts and check company references and licensing, where applicable.

Customer Service Contact

Owner/ Manager is the complaint contact person for this company and should be contacted at (866) 569-0684 before filing a complaint with the BBB.

Customer Experience

The BBB processed a total of 0 complaints about this company in the last 36 months, our standard reporting period.

Licensing

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. The BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

Industry Tips

Refinancing Loans

If you are considering refinancing, the Better Business Bureau suggests you shop around, compare prices and negotiate. But also move with caution when dealing with some lenders. To help you decide if refinancing is for you and to help you prepare to approach a financial institution, the BBB offers these tips.

When you refinance your home, you simply apply for a new mortgage at the lower rate in order to pay off the old loan. This means that, for many lenders, you will again be required to pay most of the costs you originally incurred to get your first mortgage – loan application fees, title search, appraisal, credit check, lawyer’s services, discount points (in many cases) and other finance charges.

Before you go through the expense of refinancing, check the interest rates to make sure they have dropped to a level that makes refinancing worthwhile. Conventional wisdom states that a two or three percent difference between the rate on your current mortgage and the new rate over a period of time – generally several years – usually offsets the costs you must pay at closing. The ultimate amount you may save depends on many factors, including your total refinancing, whether you sell your home in the near future and the effects of refinancing on your tax situation.

If you decide to refinance, obtain information from several lenders. Knowing just the amount of the monthly payment or interest rate is not enough. Ask for information about the same loan amount, loan term and type of loan so that you can compare the information.

Also, be cautious of smooth-talking lenders that contact you offering easy credit, guaranteed low-interest loans or loan terms that sounds too good to be true. Fraudulent lenders often prey on people who are desperate for cash to pay bills, make home repairs or who do not understand the mortgage loan process. Their loan terms can include excessive fees, high interest rates and provisions that can make it expensive for you to get out of the loan. If a lender asks for an up-front fee before you can obtain the loan, look elsewhere. Be sure to check with the Better Business Bureau and your state attorney general for a reliability report BBB Definition:

report – A summary of activity reflected in a company’s BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on the lending institution (s) you are considering.

Once you know what each lender has to offer, negotiate for the best deal that you can. Have the lender or broker write down all costs associated with the loan. Be sure to read the loan documents carefully and be certain that all spaces are filled in before you sign them. Always assume that any document you sign is a contract. If you do not fully understand it, do not sign it!

Mortgage Choices
Shop, Compare and Negotiate -But Move with Caution When Refinancing Your Mortgage

Report as of March 4, 2008
Copyright© 2008 BBB®, Inc.

If you choose to do business with this business, please let the company know that you contacted the BBB for a report BBB Definition:

report – A summary of activity reflected in a company’s BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
.

BBB reports may not be reproduced for sales or promotional purposes.

The information in this report has either been provided by the company or has been compiled by the BBB from other reliable sources.

As a matter of policy, the BBB does not endorse any product, service or company. BBB reports generally cover a three-year reporting period, and are provided solely to assist you in exercising your own best judgment. Information contained in this report is believed reliable but not guaranteed as to accuracy. Reports are subject to change at any time.

I’ve worked in finance for over 20 years(part of that time in mortgage) and anytime the company is with the bbb you can be 1000000% reassured that it is a legitamite company. It is actually highly unlikely to have any problems with a mortgage company and about 90% of major problems come from large companies. So I would not worry.

We are moving to the Dallas, TX area (from Seattle) and we are considering buying our first home. We are already pre-approved for a $200K loan.

With that, we have absolutely no savings and about $53K in debt (includes student loans). My husband would be making about $85K (w/ a yearly bonus) and I’m a stay-at-home mom. If we buy, we’d have no downpayment, so we’d be using a VA loan and the condition is that we’d either have to pay for the closing costs or the seller do it…well, we wouldn’t be able to buy unless the seller agreed to pay them since we have no extra money.

We were looking at maximum house cost of $175K and w/ that and the other estimated costs added into the loan w/ around a 6% rate (if we go lower, we’ll be paying for the points), our estimated monthly payment would be around $1,200-1300.

I figure we’d be paying that in renting a house, so why not buy? Our concern is WE HAVE NO SAVINGS!!

Do you think it is absolutely stupid to buy w/ no savings? I guess my thinking is that we can start to save up a little in case of any emergencies…

I feel like I know the answer already, lol…It’s just the whole having to pay a rent that would equal to what we could be paying for in a mortgage…

The only time you should consider buying a house is if you meet all of the following conditions:
1. You know you will want to stay in that home for at least five years (less than that and the costs to resell the house will more than wipe out any profit you might make.

2. You have sufficient cash to make at least 5% down, and have 5% of the purchase price in the bank for any necessary repairs and emergencies.

3. The total payment including bank note, property taxes, and insurance is no more than one week’s gross pay, and that payment, plus all other debts, is no more than one-third of your month’s gross pay.

4. You have sufficient money saved up in an emergency fund to cover at least three months worth of expenses in case your husband loses his job.

5. You have a sufficiently high income that the mortgage interest deduction and property tax deduction will reduce some of the cost of the house via tax savings.

6. You have an extremely good credit rating.

Unfortunately, you don’t really meet any of these conditions, except possibly the staying there for five years part. My advice – get a job yourself, even part time if you are raising children, and use that money to build up a downpayment of $20,000. You will qualify for a significantly lower interest rate if you have money to put down, and you will have a lower payment. Plus, it will probably take you a year or so working part time to save up that amount, so it will give you time to shop and really understand the neighborhoods you are considering buying into.

Also, look for first time homebuyer education programs. Often if you complete one, you can get assistance with the downpayment and/or discounts on loans. I got one under the "mortgage credit certificate program" that saved me 20% off my loan rate. Instead of paying 5.5% on my loan, I only paid 4.4%, which saved me a huge amount in interest.

We leave in Chicago, IL and want to move in to suburbs. We are tired of paying rent. Are there any "first time home buyers" grants available? What to do to buy a nice condo or house with no or very low down payment? Please help!

A grant? Unlikely.

There are a bunch of first time home buyer programs available. Talk to a couple of mortgage lenders in your area about these programs. Be careful to compare everything, not just the percentage rate, get a good faith estimate on closing costs, they can vary greatly. Many of the FTHB programs will allow the sellers to contribute to the closing costs and offer low down payments. Once you get pre-qualified, shop for your realtor and get a lovely home.

Since it is a buyer’s market, there is no time like the present.

Good luck!

He has owned before. I am a first timer. Will buying jointly disqualify me from first time buyer status in case I want to buy indepedently in the future? Also if this does can my first time status be applyed to the current situation somehow as far as grants and such?

I recommend you have a expert opinion from a lawyer, and good luck.

http://your-dallas-refinancing.blogspot.com/

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This is an exciting first time home buyer benefit being offered by the California Association of Realtors through the Housing Affordability Fund.

The Mortgage Protection Program offers insurance payments in the event that a new homebuyer become involuntarily unemployed or accidentally disabled.

For more valuable homebuyer education classes be sure to sign up at www.REblueBird.org to receive notifications of upcoming classes.

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Mortgage rates have been going up. And also the tax credit ends soon.

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http://ventureloanapp.com Refinance your New Hope home, Fannie, Freddie, Refi, FHA, VA, Conventional, Making Home Affordable, HARP. Home loan programs, Real Estate, First Time Home Buyer loans. Call Venture Development for the program that will help you refinance your home in this deteriorating market. Declining values are making it hard to refinance. There are new programs that will help the home owner who is on time with their payments. More programs will be coming soon for Subprime and JUMBO.

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