to help mortgage for low income families?

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In search of a mortgage company that offer me about $ 160,000. This is a first time buyer. I called a local bank (SunTrust). They said they could offer me $ 100,000. But I really need about 160,000. I will be 10% to land on the house. My credit is in the 700, but my income is low. My husband and I make about $ 3,500 per month net. Which bank offers a good price and be able to offer me the loan? The house, which is intended to purchase a value of 240,000 actully. This is a foreclosure.

5 Comments
  1. Reply
    .
    May 1, 2011 at 3:45 am

    Have you been watching the news? People were given loans that they couldn’t afford. Have you seen all those houses in foreclosure? Maybe you should go look for one of those houses. You don’t make enough money to get a $ 160000 loan.

  2. Reply
    Gorkbark Porkduke Gefunken Furba
    May 1, 2011 at 4:15 am

    Banks are tightening their wads as a result of all the bad lending practices they followed for years. One of the issues you may now face is that in a declining market, where real estate values are falling, is that banks will tend to be much more conservative in their loan-to-value assessments. This means that if your house appraises at 170,000, the bank may base their lending on a lower figure, say $ 150,000, in anticipation of further declines in house values. So if you were to offer $ 175,000 for a house, in a year from now it might only be worth $ 160,000, so banks are not going to want to go for high loan-to-value ratios in this kind of market because in a year the amount owed on the mortgage would be more than the house is worth.

    The result of bad bank lending practices over the past couple of decades now means that many people will not qualify to buy a home, period, and all the federal stimulus and baliout money that is supposed to help consumers means that only the banks will benefit and the taxpayer left to pay the bill, unable to even get a loan at all. You probably won’t find a bank anywhere who will give you a loan with only a 10% down payment these days.

    In the end the consumer/taxpayer is the one who pays for the bad decisions of the banks.

  3. Reply
    bud68
    May 1, 2011 at 4:51 am

    If SunTrust says you only qualify for a $ 100K loan, then it is unlikely that you’ll find a lender willing to lend $ 160K. Your income is too low.

  4. Reply
    Janet P
    May 1, 2011 at 5:34 am

    You will be really hard pressed to pay a 100k. It will not be possible for a 160k loan. No one will give you a loan when it is 100% guaranteed you will default because the money simply does not exist.

  5. Reply
    acermill
    May 1, 2011 at 6:21 am

    If SunTrust is only willing to provide $ 100,000, that’s roughly the same amount you can expect from ANY lender. The amount offered is based upon your current income as well as any current financial obligations you may have.

    If you were to actually find such a mortgage lender, you are headed for default. Your income level is simply not sufficient to handle the required mortgage payment, along with taxes and insurance.

    Lower your purchase sights to something which you can afford, priced around $ 100,000

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