Answer by Level Eight
Yes. Pay it off as soon as you can.

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Question by jeddmusicgroup: Is it possible to obtain a home loan when spouse works out of state?
My husband will be taking a job in Atlanta soon, but I will be staying in Los Angeles for a few months until he gets situated. I will be staying with my parents, so I will not be paying rent. Would it be possible to obtain a home loan for a primary residence under this circumstance?

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Answer by oahurealestate
You can do that. Normally they want a lease from the person that is not moving into the home.Ask your lender for specific requirements. They may want a letter from your parents or a lease stating $ /month.

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Question by gidet08: What are my chances of getting a home loan?
I am currently 19 years old with a building credit score that currently rests at 669. I have establishing some revolving credit and also have some other bills in my name (electric, car). I also have a full time job that I have been at for almost a year now with a yearly income of around $ 35,000. I was just wondering if anyone had any expertise in the home lending area knowing if I would 1) qualify for a home loan and what amount and 2) what loan would be right for me.

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Answer by Kim
best thing you can do is go to the bank and ask.

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Answer by CEESONE
Got to get your VA present first, then apply like any other mortgage. I wouldn’t use a VA home loan if you don’t have to. You have to pay a funding fee ontop of your regular closing cost. But good luck.

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Answer by echo4
No. home loan modification can mean lowering your overall debt to the bank/ mortgage holder. Refinancing doesn’t imply this at all.go to my blog for more info…http://home-loans-jd.blogspot.com/

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Answer by chatsplas
Each application will ding your credit

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Question by sugadoot: When purchasing a home using the VA home loan, does the property have to be the veterans primary residence?
My husband and I purchased our first home enduring year using his VA home loan and now we may have to relocate to another state for work. We do not intending on selling the house but instead meaning on renting it out. Will that forfeit the VA home loan and will we have to change our loan terms?

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Answer by Meggerz
Yes, it does have to be a persons main residence for a minimum of 2 years.It’s a situation where unless the finance company finds out about it, they can force you pay in full the loan make. People try to get around it, but once they find break, the VA *will* pull their backing of the loan. It happened to someone at my conserved’s NOSC – they relocated due to PCS and it was less than 2 years and were forced to refinance.You also wont be able to get another VA loan until this one is paid off.Response: The VA loan backing is one aspect of it. Your mortgage company may have rules about how yearn you have to hold it as your primary residence. You signed those agreements. Read them, or have a lawyer stare them over to make sure. Some companies are understanding of active duty military, some aren’t.

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Answer by Steve D
first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (exhibit you house, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).If you do not trust you bond broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this dispatching, you are going to have to educate yourself regarding rates and points and buy-downs.

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Answer by Yirmiyahu
http://www.irs.gov/formspubs/article/,,id=242605,00.htmlFully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category.) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. The three categories are as follows. Mortgages you took out on or before October 13, 1987 (called grandfathered debt).Mortgages you took out after October 13, 1987, to buy, make, or improve your home (called home acquisition debt), but only if throughout 2010 these mortgages plus any grandfathered debt totaled $ 1 million or less ($ 500,000 or less if married filing separately). Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2010 these mortgaged totaled $ 100,000 or less ($ 50,000 or less if marrying filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home

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Answer by Judy
Your interest % stays the same for the length of the mortgage. If property taxes go up though, the escrow portion of your payment goes up.

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