|
If you are in the market for a home, chances are that you are going to need some sort of home mortgage. But how do you even know where to begin when trying to apply for one and what kind do you need? These questions and countless other ones exemplify just how complex these types of loans can be. If you are looking to have roommates in your home, one popular question is whether or not you can include their income when attempting to qualify for a loan. The answer to this question is maybe. If you plan on putting your roommates' names on the title, then their incomes can definitely be included. If, on the other hand, you are going to charge your roommates rent and you plan on being the sole owner of the house, then their incomes cannot be used to determine how much money the lending institution can provide to you. Another important question to have answered is whether or not you have to be a citizen of the United States to get a government-backed mortgage. As long as you are a legal resident, then you do not have to be a full-fledged U.S. citizen to qualify for a government loan. Even non-permanent resident aliens can qualify for government loans such as the FHA loan. The only caveats are that the potential borrower must have a social security number and also must be eligible to work in the United States. Legal immigrants can obtain evidence of residency and work status from the United States Citizenship and Immigration Services office. As long as there has been a long history of residency status renewals by the potential borrower, then the lender can assume that residency continuation will be granted. This is the case even if the borrower's residency is set to expire in less than a year. In instances where there is no history of residency status renewals, the lender must find out the likelihood of renewal by exploring the proper national immigration channels. One intriguing question that has come up recently is whether there is still subprime mortgage lending in the United States. Because of the financial and real estate collapse of 2008, subprime lenders no longer operate in the United States. FHA lenders, however, have taken much of the business that the subprime lenders have been forced to relinquish. The FHA lenders can provide loans for those of us that are at least two years removed from poor credit situations or currently have bad credit, but also have a large amount of home equity or can put down a sizable down payment for a new home. FHA lenders require a credit score of at least 600 along with a down payment of at least 3.5 percent. Hard moneylenders, on the other hand, generally do not distinguish by credit score, but they require a down payment in the range of 25 to 40%. Searching for a mortgage? Flint, MI prospective homeowners can get the financing they need to purchase a new home by working with Financial Plus Federal Credit Union. For more information, visit: https://www.financialplusfcu.org.
Related Articles -
mortgage, flint, mi,
|
