Your Questions About Check My Mortgage Loan

Lizzie asks…

Why do I have an agricultural loan?

Bought house I live in 4 years ago. Recently went to refinance to the bank which holds my Mortgage. The mortgage originated through a morgage broker, as a “first time buyer, no closing costs (costs rolled into the mortgage)” loan. So now this banker told me he could not refinance me because it was not residential! He told me it was down as an “agricultural loan and what was I farming?” I do not have a farm! I wish I had a farm though, but the house is only on 3.5 acres! Shortly after, I ran a yearly credit check and paid attention to the details of my mortgage, and sure enough My credit report has this house’s mortgage down as “AGRICULTURAL!” Did I get scammed by the mortgage broker? All I remember him saying about anything was , asking if the house was in a rural area, and me saying yes, that it had a low population density and that I am surrounded by 100’s of acres of cornfields. He told me he was doing a “rural zoned” loan for rural areas. Should I do anything? I also remember him saying it was a “rural development” loan but I did not think this meant “developing a farm”, I just thought it was for living in rural areas, keeping the residences developed.

admin answers:

What you have is a USDA Rural Development loan, designed for homes in rural areas. You got it because it allows for zero down and the closing costs rolled into the loan or paid for by the seller. There is no reason that it cannot be refinanced as a conventional loan at this point. Find a different lender or someone smarter at your current lender.

Laura asks…

Which mortgage company is best for someone with a “550” credit score?

I know the score is not good. However over the past year I have paid over 30,000 on past due debts and have very little of them left; just one college loan. My income far outceeds my remaining debt. There is a house that I can get for an unbelievable deal and I don’t want to miss out on it. I don’t want to waste my time or further hurt my credit by having a lot of brokers checking it.

admin answers:

You need to find a broker that does FHA loans…..if you cant do it FHA then you options are LIMITED.

Fha lenders can give you a rate of 7.25% or lower…for a 30yr fixed.

Ken asks…

What does this mean on my credit score?

I’m 20 and I decided to look up my credit score. I recently got a credit card to start building credit. I went to the annual credit report site and filled out my information and it said that “It appears you have a loan mortgage taken out in or around September 2009.” It made me check boxes of different banks and towns if you lived there and none of them were correct. Do they do this for security or is there something wrong with my credit????

admin answers:

These are random questions asked to everyone.

* Forget about your score for now.
What you want to see is the information on your 3 credit reports.
The score costs money and it’s useless.
The 3 reports are free once a year at annual credit

With that credit card, pay it in full each month.
If you carry balances you could be causing serious damage to your credit.
Keep usage small and pay in full when the bill comes in the mail.

Sharon asks…

CATCH 22! If you’re permanently disabled and can not work, how can you get a loan to purchase a home?

I’ve been disabled since 1997 and can never work again; I do, however, have income from worker’s comp. My checks have always been consistent, never late on rent or credit problems. Yet mortgage company’s prequalifications include a job – but I have steady income. Are there programs or alternatives for someone in my position? The disabled want to be homeowners too… Im’ only 33. There has to be a way around this catch 22.

admin answers:

If you have excellent credit you can apply for a “stated” mortgage. That is where you “state” your income but don’t need to document it. It will cost you another .25-.50% on your interest rate but you will be able to buy a home.

Good Luck

Mary asks…

When will my earnest check be cashed?

Today making an offer to buy a new construction condo. I have a pre-approved loan through 5th 3rd bank but I’m going to apply for a ctx mortgage. Ctx is the builder lender and if I use them I get additional incentives. On average how soon will they cash my earnest money check. I’m in the state of Tennessee. In my offer I will have the closing date as 11-13-2009. Also has anyone worked with ctx mortgage, any good or bad experiences to share?
Thanks everyone

admin answers:

Once the builder accepts your offer (signs the contract) they will deposit the check the same day or next.

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