Posted on: 09th Nov, 2007 12:45 pm
Hello
Heres the deal.
I own two houses,one free and clear.Once I transfer or sell my house in California with
the mortgage,I'm going to be looking to get another mortgage for my house in Oregon.With monthly payments that I afford.
This house will be are only house then.
Currently on disability(SSDI) and plan on going back to work in a year or two.
So I would be looking for a loan that starts off with a low monthly payment for the first 3 to 5 years.30 year fix interest only,flex pay or maybe a ARM.looking to go 50% to 80% of house value(around $ 185,000)
I looking to start this loan in like 3 to 6 months is my time frame.
Me.
Credit score 750,750,800
No late payments or credit problems.
Debt around 20,000(CC) not including mortgage.
Income from disability,SS
7 + years of house payments with no late payments.
Wife
has lower credit score around 600 I think
stay at home mom.
I think that everything.
let me know if you might be interested in helping me get a loan.
thanks
Joe
[size=9:779ea931fe][color=Red:779ea931fe][Email address deactivated as per forum rules. Thanks.][/color:779ea931fe][/size:779ea931fe]
Heres the deal.
I own two houses,one free and clear.Once I transfer or sell my house in California with
the mortgage,I'm going to be looking to get another mortgage for my house in Oregon.With monthly payments that I afford.
This house will be are only house then.
Currently on disability(SSDI) and plan on going back to work in a year or two.
So I would be looking for a loan that starts off with a low monthly payment for the first 3 to 5 years.30 year fix interest only,flex pay or maybe a ARM.looking to go 50% to 80% of house value(around $ 185,000)
I looking to start this loan in like 3 to 6 months is my time frame.
Me.
Credit score 750,750,800
No late payments or credit problems.
Debt around 20,000(CC) not including mortgage.
Income from disability,SS
7 + years of house payments with no late payments.
Wife
has lower credit score around 600 I think
stay at home mom.
I think that everything.
let me know if you might be interested in helping me get a loan.
thanks
Joe
[size=9:779ea931fe][color=Red:779ea931fe][Email address deactivated as per forum rules. Thanks.][/color:779ea931fe][/size:779ea931fe]
Hello Jjbnum,
Your credit score is quite good so it won't be much problem for you to get mortgage at a low rate of interest. The present rate for a 30 year fixed mortgage is around 5.97% and you can expect to get something around this depending upon your credit.
You can also go for a hybrid ARM where initially you keep it fixed for 3-5 years with low monthly payments and then you can move on to the adjustable rate.
You have to shop for lenders in order to get the best offer, since right now your source of income is based on SSDI and social security only. You can talk to the FHA insured lenders.
In Oregon, you have a few multi-family loan programs specially meant for the disabled. These have below-market interest rate and you will find more information on this here http://www.ohcs.oregon.gov/OHCS/HFS_Elderly_Disabled_Loan_Program.shtml
Your credit score is quite good so it won't be much problem for you to get mortgage at a low rate of interest. The present rate for a 30 year fixed mortgage is around 5.97% and you can expect to get something around this depending upon your credit.
You can also go for a hybrid ARM where initially you keep it fixed for 3-5 years with low monthly payments and then you can move on to the adjustable rate.
You have to shop for lenders in order to get the best offer, since right now your source of income is based on SSDI and social security only. You can talk to the FHA insured lenders.
In Oregon, you have a few multi-family loan programs specially meant for the disabled. These have below-market interest rate and you will find more information on this here http://www.ohcs.oregon.gov/OHCS/HFS_Elderly_Disabled_Loan_Program.shtml
Hi Jjbnum,
Your credit score and other things are quite ok but lenders might not rely only on the SSDI and SS. You may look out for any Home Choice program, if that is available in your place
Your credit score and other things are quite ok but lenders might not rely only on the SSDI and SS. You may look out for any Home Choice program, if that is available in your place
Jenkin, I checked the page you have given here but it shows a program for rental housing. But JJbnum doesn't speak about rental housing isn't it? However, I think the Home Choice program offered by Fannie Mae approved lenders may work out for him but i'm not sure as to whether it is available in Oregon or not.
JJbnum, can you just check this out with fannie mae?
JJbnum, can you just check this out with fannie mae?
jenkin7 ,thank you very much for the info.
The Oregon Housing and Community Services has Loan Programs for the Elderly and Disabled (E & D).I'm going to call the Loan Closer on Tuesday.
They have alot of brokers and banks that offer this problem.
I'll post latter how it went.
Rosetta @ Alex12
I'll check into Home Choice program offered by Fannie Mae too.
thanks
JJ
The Oregon Housing and Community Services has Loan Programs for the Elderly and Disabled (E & D).I'm going to call the Loan Closer on Tuesday.
They have alot of brokers and banks that offer this problem.
I'll post latter how it went.
Rosetta @ Alex12
I'll check into Home Choice program offered by Fannie Mae too.
thanks
JJ
Do you need to go stated or will you go full doc? If stated make sure you have alot of assets but yes there are a lot of solutions for you out there. If you want really low payments for the first couple of years you can get a fixed rate option arm. It has a minimum payment just like option arm and a fixed interest rate for the first 5 years. Either that or interest only loan may work for you.
