home loans - mortgage refinance second mortage

bchebegebe asked:


I am 21 and I recently started looking into some real estate listings just for the heck of it. I came across a couple of houses that are at or below $25,000, I went to take a look at them and they are in very nice condition as well as being in good neighborhoods, mostly because we are in a serious real estate slump here in Michigan. I feel like it is the right time to buy something especially so I can take advantage of the first time home buyer credit. What would be an ideal situation for me would be to purchase the home with a very low down payment and I do not know much about loans, but with a 10 year fixed APR mortgage, the loan would be extremely affordable. The plan would be that I could pay it off in ten years and either still live in it or sell/rent the property. My question is does this sound at all reasonable for me to be doing and are there even lending companies out there willing to work with low down payment mortgages that are that short of a term?

HARLEY

PrincessB asked:


I was supposed to be closing today…however my lender needs an additional appraisal of a comparable house with a pool in my neighborhood (my appraiser gave them a few, but they want 1 more-apparently there are no more)…so my whole loan might fall through…..Don’t know where that leaves me…….House is priced at $160K, appraised at $162K, my annual income is just over $50K (they are not using my husband on the loan b/c his credit scores are bad)…My contract was already amended from closing on the 6th to the 9th…Any ideas out there? Please help….
The income listed above was mine alone, with my husband’s that would put us at about $80K/yr. I can’t come up with a down payment, I am using everything to pay the $6,000 in closing costs (seller is only paying $2200)…

CHESTER