Government Loan Grants

My sister is buying a home for 131,700. This their first home and they went through a company that supposedly finds them the best loan possibly for them and then the get a builder to start building their home over the next six months. Their credit score is in the low and mid six hundreds and they are looking at a fixed interest rate of 9.3%. the taxes are about 310 monthly and the insurance is 127 monthly. Im helping her go through the paper work and I notice that there are two loans being combined, one for 104 thousand and the other is around 27 thousand. Can you do this? I want her to know as much as possible because they are set to close on March 13, 2007 and I want to make they can afford this and that they are actually getting a good deal. They make over 4000 monthly. Please provide any information possible and thank you in advance for any responses. I would hate for them to get in over there head.
The house has been built, inspected, and appraised already. They started this process in October I believe
Yall are giving my sister and I wonder information. We are really appreciating this.
I just found out that they didnt have a downpayment and they arent paying any closing costs. Also why wasnt they offered something like a first time homebuyers deal. Im a college student dormer so I dont know anything about home loans.

I am at Square One in the whole home-buying arena so I have no knowledge. I am stationed overseas with 15 months left before I go back to the states. I want to buy a 2 bed-room in Austin Texas (average home $190,000). I am active duty Army and can use the VA home loan. My credit is poor , but I have little debt besides student loans (I paid off my old credit debt).

I know this is kind of vague but can someone give me a good place to start doing research and places that give good tips for first-time home buyers?

Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They forclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?

When they say donations and home equity loans are tax deductible, what does this mean? Does a $1000 donation mean $1000 less federal income tax? Does $1000 paid in interest on a home equity loan mean $1000 less federal income tax?

Do you have to have a down payment? Please give me any information you have dealing with VA home loans or suggestions, advice, experiences.

Hey there,

Lets say for example John Smith takes out a home loan of $500,000 for 30 years at 8.6% per annum.

What does it mean by “… at 8.6% per annum”? Like does he have to pay 8.6% of the 500K each year or somthin?

Cheers, totally clueless about loans

I HAVE A LOW 500′S CREDIT SCORE, WE HAVE BEEN A STRUGGLING FAMILY FOR YEARS NOW, WE HAVE 7 KIDS AT HOME, 4 ARE FROM PREVIOUS MARRIAGES.WE ARE IN THE NEED OF OWNING OUR OWN HOME, IVE RECENTLY GOT A PROMOTION AT WORK THAT ALMOST DOUBLED MY INCOME.BETWEEN THE BOTH OF US WORKING WE MAKE ROUGHLY 80 A YEAR. CAN WE STILL GET HELP WITH A HOME LOAN?

I wnat to know why you need a license and what areas you can start in without a license, some good ideas to get my foot in the door. Really I want to start a buisness of Flipping homes, I know all the labor end of the deal I just need help with the paper work end. How do people get home loans for this with not that great credit?

Say, you have a home that you still owe $$ on…..You want to sell this house and buy a new one. Would you take the money you get for selling your current home and put that toward paying off your current home….being left with only the mortgage payments on the new home.

A home loan with less than 20% down requires PMI (Private Mortgage Insurance). Since most “sub-prime” mortgages would require PMI, why are banks losing so much money on these loans? Shouldn’t it be the insurance companies that lose the money?