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fha mortgage: Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy? - 02/18/10 07:59 AM
Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy?
Q: We are in the process of bankruptcy due to health issues. My question is, if we sell our present house to downsize and get a smaller mortgage (by at least $70k), would we be able to get a mortgage? Now that we are discharging the other debt, we are able to make our mortgage payments. Would we qualify for a much smaller mortgage even with the bankruptcy?
A: By FHA guidelines, if you had a Chapter 7 bankruptcy, then you would need to wait two years from … (1 comments)

fha mortgage: Frequently Asked Question: For a Mortgage, Is it Better to Save for the Down Payment or Pay Off Debt? - 02/08/10 09:19 AM
Frequently Asked Question: For a Mortgage, Is it Better to Save for the Down Payment or Pay Off Debt?
Q: What is better in the eyes of the lender - to have a smaller down payment or have less debt? I cleaned out the money I had saved for a down payment and paid down some debt, but what should I do going forward?
A: That depends. Having more money available for the down payment won't necessarily qualify you for more house. However, using available funds to pay down your debt might.
Your overall monthly debt payment is one of the … (3 comments)

fha mortgage: Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower? - 02/03/10 05:52 AM
Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower?
Q: I purchased a home in 2008 with a non-occupant co-borrower because I didn't qualify to buy a home on my own. Now, the non-occupying co-borrower wants to purchase own home. I have an FHA mortgage. Can I do a streamline refinance without an appraisal to remove non-occupant co-borrower? The house is underwater (I owe more on the mortgage than the house is worth, and I want to avoid an appraisal). I can qualify for a mortgage now on my own as my … (3 comments)

 
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Lew Corcoran

Easton, MA

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