Upside Down Mortgage

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Mortgage Help In Ct

Question: How can someone with medium income buy a house in Southcentral CT?

Ok I am a first time home buyer, I have lived here for almost 4 years and just finally started to build my credit. The score is good, but my history is quite short. To the point I can hardly get a credit card. Anyhow, we are interested in buying a house here in the New Haven - Milford area but the houses are sky high in prices. We need a 3 bedroom and nothing decen goes less than 220K if not 250K. How in the world can someone with 40K income pull that off? This is very unmotivating. Will I be forced to rent for my life? I cannot afford a 1600 mortgage or more. The taxes are also ridiculous! But we really want to live in this area as I have a good job.

Answer: I know how you feel. Prices up here in NH are ridiculous too. If you want a really nice house with 3 + bedrooms that isn't older than dirt and is in a really nice area, you have to expect to pay AT LEAST $260,000 and UP. It's really hard for people like my husband and I who aren't rich and don't make tons of money per year. (I'm in social services and my hubby is self-employed, need I say more? lol). We just have come to realize that we're going to have to settle for a slight older home that may not be in the best area. We're just looking hard to find the best one that needs the least work and has room to add on to in the future, for when, if ever we have the money to do it. Also, look for foreclosure homes, we're doing that as well. Good luck!
We currently own a townhouse (our first home) that we're selling right now. We got it for really cheap three years ago and now are going to make a good profit off of it. So maybe that's something you could do - buy the cheapest townhouse/condo you can find, live there for a few years, and then sell it for a profit. That's what we're doing. We'll use our profit as a downpayment for a new single family house with some extra money for us and repairs.

7133 Waterford Ct Longmont Co FSBO Help With Listing - Drive by Only - Longmont Mortgage Help Expert

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Mortgage Help Programs

Question: mortgage assist programs?

Hi - we're going to begin house hunting, but we were wondering if there are still mortgage assist programs for first time home buyers - we have good credit, but only one of us is working and - we have a down payement, but not a ton... I know there were tons of options in previous years, but what is available now? How do we find them? Thanks (ps - I mean like assist programs that help with the downpayment or help with closing costs, etc)
PS - we live in MA

Answer: check with your local board of realtors. They will have any and all info on available programs. HUD still offers $100 down payment program and FHA has loans with as little as 3.5% down payment.

Mortgage Prepayment Programs

Mortgage Fraud By State

Question: Would this be some kind of fraud? It worries me.?

We are trying to get a mortgage approval underwritten through NY state mortgage assistance. We already had a conventional loan approved by our bank, but the terms aren't as good - higher interest rate and closing costs, namely.

The conventional loan allows us to take a secure loan against our owned car (we have no car payments currently) as use of downpayment. However, it seems that the NY mortgage does not allow this.

My husband thinks he can just take the loan, give the loan check to his mom, and then have her "gift" it back to us (gifts are acceptable sources of downpayment with the NY mortgage).

It just sounds like fraud to me. I don't like it. I know I'm taking out that loan to use as a downpayment. It seems like it would be very obvious that we gave it to her and she gave it back to us. I don't think I want to let him do this. Does anyone know, or have any advice? And does anyone know why I can't use my secure property as collateral on the unconventional loan? :-/

Answer: I'm not quite sure why your husband wants to take this approach by involving his mother. What's the gain?

You still are going to have a loan against your car and cash in hand either way.

In any case, yes technically it is fraud. A "gift" under the law is not a gift if there are strings attached, such as you are expecting it back.

Will you get caught. I have no idea. But technically it would be fraud of some sort.

Mortgage Fraud, Licensing and the NMLS