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First off, How quick can a conventional Lending Tree mortgage loan application be approved? Many thanks for any answer or 2. Another question... Guys,. |
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That's a good question. I'm not sure what is the answer to your question. I'll do some poking around and get back to you if I discover an anything. You should email the people at Lending Tree as they probably can help you..
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I'd say that someone will approve you for a non-conforming conventional Lending Tree loan but I sure don't see a zero down payment in your future. Most require 20% down. Maybe you should talk to a Lending Tree mortgage broker who has a lot of resources out there. A lot of lenders use the 28/36 debt ratios. Your house payment can't exceed 28 percent of your monthly income and your total debt per month can't go higher than 36% of your monthly income. I doubt this has helped you much but a Lending Tree mortgage broker in your area can explain it better and will be more familiar with what lenders are expecting these days...
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Edoggie,.
We were in the same boat... Great rental history, and on jobs for 2-3 years. Our scores were in the low 600's and my DH even lower.. We went through a Lending Tree mortgage broker here in Calif. who worked a miracle.... We had know money down: FHA limit $200,000. We got FHA with a second (Calif. Rural) 100% financing. Interest 6.65.. Get a Lending Tree mortgage broker?.. |
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Chichat,.
I didn't know you could do that. I'm Lending Tree mortgage illiterate so please excuse my ignorance. If I read your post correctly, I could combine and FHA Lending Tree loan with a secondary Lending Tree loan to make up the difference ? . Here is the situation:. House = $239,000. FHA LIMIT in that county = $144,000 (UGH!!!). But you are saying I can take a second Lending Tree mortgage for about $100,000 to make up the difference ? This would be wonderful.. Please confirm.. |
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Edoggie.
Have you checkout FHA.com it's very informative. It looks like the rates have gone up a bit for certain counties. Now as for me.. Our house was priced at $262,500, we offered $269,500 with a credit back for closing cost $6,500.. FHA Lending Tree loan $249,000 with a California rural of $20,500 - 7.0% We had no idea the Lending Tree mortgage broker worked it... 0 down ended up getting $3,650. $1000 from down for property and $2250. credit back because closing was only $4250.00 yes, we were in shock because we went into this deal with $1,000. to hold the property. So we bought washer, dryer and frig (smile).. |
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Edoggie,.
We got what you would call a 80 + 20. You could get a 80 + 10 + 10 or an 80 + 20. I think that's how it works. Any experts out there that can help out on this one?.. |
