Ask Kate about financing for buying a home! As former mortgage broker for more than 20 years, I answer financing questions that many home buyers don't feel comfortable asking their lenders. For example, you'll discover what lenders really look for in borrowers, how to buy a home after bankruptcy, how to navigate the short sale process, and first time home buyer information.
So, let's get started! As the author and publisher of this website, I will be your guide!
We'll begin with home buying questions from mortgage borrowers followed by unique answers from Ask Kate (that's me, of course).
Next, you'll find personal experiences told by other home buyers. Lastly, near the bottom of the page, I've included links to a gold mine of information, tips, and help on this website.
For the curious, you can read about me, Kate, here.
Construction Home Loans and Rent-to-Own Fixer Upper Houses - My wife and I purchased a home for $50,000 on lease purchase. We would like to get out extra cash from the house to finish the repairs and find a good and honest mortgage company that will work with us.
Stated Income Mortgages for Retired Home Buyers - Janet asks if a bank will finance a house based on a written financial plan instead of documentable income. She knows it's a stretch but doesn't want to return to the workforce after retiring.
New Mortgage Approval Time Frames After Major Derogatory Credit Event - Whether it's short sale, bankruptcy, deed-in-lieu of foreclosure, foreclosure, or tax liens, how long before you can get loan approval? Read about Patrick who wants to buy a home and Jennifer who is refinancing.
Buying Pre-Foreclosure Fixer Upper Houses From Mom - Jean's daughter has been pre-approved! But what will happen when her lender hears the pre-foreclosure home she plans to buy belongs to her mother? Would a 30 or 40 year fixed FHA loan be best?
Mortgage Fine Print: Post-Closing Problems - Nicole's bank is requiring a larger down payment. But get this! She closed her loan a month ago! Dianne asks if mortgage insurance will pay off a loan after a borrower's death.
Real Estate Investor Loan Options - Lisa is buying a multi-family dwelling and plans to live in one of the units. She has saved enough for a 5-10% downpayment. But there's a fly in the ointment, a foreclosure 3 and a-half years ago. What kind of mortgage financing can she get?
Buying a Home After Foreclosure - FHA's New Back to Work Guideline - FHA, borrowers who lost their homes to foreclosure during the recent recession may not have to wait as long to buy another home.
Fannie Mae HomePath and Negotiating Rates - Marcy is buying a HomePath house with FHA financing. But Fannie Mae is insisting on a HomePath Renovation mortgage. Natalia asks if it's worth going with an online lender and how much wiggle room is there for negotiating an improved interest rate.
Qualifying for a Home Mortgage without Losing Sleep - One of the most stressful situations in life, the anticipation of the mortgage process has kept more than one prospective homeowner up at night. But even more so if someone has lost a home to foreclosure in the past. Meet Belinda! Or perhaps has just returned to working full-time. Meet Erica!
Ask Kate about First Time Home Buyer's Programs - Kiersten wants to know about averaging income to qualify for first time home buyer financing. A retired Canadian asks for thoughts on FHA loan requirements. A third home buyer has questions about Fannie Mae HomePath and Freddie Mac HomeSteps programs.
Home Buyer Beware of Un-Affordable Home Loans - Home buyer beware! Debbie's frustrations are building with the real estate process. Their home buying decisions have pushed their budget too high and they are just starting out. Because she disagrees, her husband and Realtor are moving forward without her.
4 Handy First Time Home Buyer's Tips - Should I get preapproval before buying HUD or Fannie Mae HomePath houses? Can I purchase a fixer upper home on limited income? How are real estate property taxes calculated for residential construction loans? Can my husband get an FHA Loan if I'm in an IRS payment plan?
Steps in the Home Buying Process - "Feeling Nervous" asks if her worries are legitimate after reading online home buyer horror stories. Mary wants to buy a home with her parents as co-borrowers because her husband is in a short sale. Matt wonders how to finance a ranch on 95 acres with 2 large barns.
After Bankruptcy and Before Buying a Home - Should I be speaking with a real estate agent or mortgage broker so they can provide me with steps to make my chances of obtaining a FHA loan greater when the bankruptcy's time frame has passed?
Non Arms Length Transaction Home Loan Help - My father wants to sell me a house for $100. Then I can take a line of credit, pay him back, and save on fees. Or should I take a mortgage and lock in today's low interest rates?
Seller Financed vs Stated Income Mortgages - I've been doing cash-in-hand work for the past three years. How would you suggest I go about applying for a mortgage?
Buying Without First Selling a Current Home - We want to mortgage our home (it has no financing) and rent it out, using the proceeds to buy a new home with cash. But the banks say no. Is there any solution for us?
Why are Monthly Payments on My Mortgage Out of Control - Since I bought my home, my monthly house payments have increased from $630 to $908. Why?
Ask Kate about 1st Time Home Buyer Flying Solo - Do I have to have a co-borrower when purchasing a home if my credit score is good and I can afford the mortgage payments?
Can a New Immigrant Buy a House for Cash - My father wants to buy my aunt a house. Since she is a new immigrant with no income, will paying property taxes become a problem?
Why Buying a First Home Feels Difficult - I'm a first time home buyer, excellent credit, 20 percent down- this SHOULD be easy but it doesn't feel very easy!
Mortgage For First Time Home Buyer With New Career - Kate, Can I get a home loan after being laid-off for 2 years? I have a newly changed career.
Fannie Mae HomePath Financing - I am nervous and just wanting to confirm that Fannie Mae Homebuyer Financing allows a spouse to qualify on their own.
Renting vs Buying A Home - Should we rent or buy a house? To live the American Dream, where should we start so that we can become homeowners?
Buying A First Home With Mom Might Be A Bad Idea - If my son co-borrowers with me, will that prevent him from buying a house with VA home loan eligibility?
Unraveling Real Estate Investor Loans - I will be turning the house I'm inheriting into a rental. Where should I apply for a mortgage with the best interest rate?
First Time Home Buyer Mortgage Advice - This strategy actually put money into our pockets every month which help to ease the mortgage payment.
Best Mortgage Advice - How I picked my Realtor...
Buying A House And Locking Interest Rates - We were informed that the position of her company was to encourage people NOT to lock rates since they predicted rates would continue their downward slide.
Buying A House In Tough Economic Times - Working on my home gives me a tremendous sense of well-being that I would have missed had I been to fearful to step out in faith.
Staying Put Not Buying A House - I bought the house cheap and have been slowly working on it.
Buying A House Feeling Strung Along - With all the emotions, wanting and waiting of our home, we were tired of the same ol' bait and switch technique.
Economic Uncertainty Equals No More Mortgage - We will stay mortgage free for a long time to come I think.
How to Pick a Real Estate Agent When Buying a House - Word of mouth referrals are also a good way to find your real estate agent.
Real Estate Agent Referrals When Buying a House - I picked one that specialized in the urban areas and was knowledgeable about town homes and condos.
Buying a House, Selling a House and Choosing a Real Estate Agent - We called the same agent who had sold us the house 4 years earlier.
Home Buyer Inspection Good Idea - Especially for first time home buyers, this is an indispensable asset.
Test Drive With Home Buyer Inspection - I paid $94.00 for the actual test, but ended up negotiating more than $1,200.00 off the purchase price.
Home Inspector Worth Weight In Gold - If you honestly believe you cannot afford the home buyer inspection, then you cannot afford the house.
Home Buyer Inspection - The home inspector might make the difference in the dream home becoming your worst nightmare.
Unbiased Home Buyer Inspection - Obtaining a paid professional's opinion on an existing home can give a buyer that warm-fuzzy feeling needed to purchase.
Just can't get enough? Go next to How to Buy A House - Questions And Answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please share Ask Kate About Mortgage Financing for Buying a Home with your friends. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM