Your Questions About Mortgage Rates Colorado

Ruth asks…

I live in Colorado my employmer is making me write him a $1300 check for a Mistake that I made.Can he do that?

I work in the mortgage industry. The borrower did something that made his fico go down after we pulled his credit. When the loan was about to close they discovered that I had a typo on the social and had to re-pull credit and so his new fico was not as good and so the rate did not have as good of pricing. My employer is making me write him a check for $1300 to make up what we would have made. I live in Colorado. Can he do this?

admin answers:

No, an employer cannot require any employee to reimburse the employer for errors or even intentional acts.

They can fire you, of course.

Laura asks…

FHA Vs. RD mortgage loans?

Hey, how goes it. I recently applied for preapproval for a loan for a mortgage and was given the advice to not take anything except FHA. This will be my first home as well. They had a checkbox for FHA, but when I went in they said they didn’t do FHA loans, but rather Rural Development. What’s the difference between the two and which would be more prefferred for someone who has zero experience in these matters? Also, they had me at a 6% interest rate, what can I do to lower this to somewhere around 5%, which has been the average in Colorado for a couple months now. Thanks for any advice as this is a purposely confusing world I’m stepping into.
Thank you very much GVD, I was thinking maybe my credit wasn’t up to par, but I figured something fishy was going on. Time to fill out more apps.

admin answers:

RD is a great program but there are pluses and minuses compared to FHA. RD has both income and area limits. Your income can be no higher than 115% of the median for the area adjusted for family size and the home must be located in a rural area or cities with populations of 25,000 or less but that covers a lot of areas. There are two big advantages to RD – a down payment is not required and they have no monthly mortgage insurance. They have no maximum loan amount other than the amount the borrower qualifies for based on income. Rates should be comparable to the FHA rates. As of today our RD rate is 1/4% higher than FHA but 6% seems quite high in this market. They have also been known to run out of funds for the program.

FHA requires a 3.5% down payment and also has monthly mortgage insurance included in the payment which adds $45 to the monthly payment for a $100,000 30 year loan. It does not have income or area limits, but has maximum loan amounts depending upon the area.

If you want to get into a home for as little as possible check the RD first to see if funds are available and if you and the home qualify. If that doesn’t work, FHA is still a great program..

Helen asks…

What do you think about this Bailout Could Help Illegal Immigrants ?

The massive government bailout of the nation’s financial system could help thousands of illegal immigrants who obtained home loans from banks that were encouraged to offer them by the federal agency in charge of preserving and promoting public confidence in the system.

The controversial $700 billion bailout will offer foreclosure relief for those at risk of losing their homes and that includes thousands of illegal immigrants who got mortgages from U.S. financial institutions thanks to a push from Federal Deposit Insurance Corporation (FDIC), which began encouraging banks to offer services to illegal immigrants a few years ago.

Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate. In the last few years the agency succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans.

Now U.S. banks routinely offer services to people without Social Security numbers by accepting the Mexican identification called matricula consular to open accounts. Some states—like Illinois and Wisconsin—even used millions of dollars in public funds to provide low-interest home loans for illegal immigrants with no credit history or documentation in the U.S.

The loan default rate among illegal immigrants is high because they are inherently unreliable, are prone to fraud and may be forced by circumstances to return to their home nation at any point, according to a congressman representing a state that operated a large mortgage fraud ring featuring hundreds of unqualified borrowers that used fake identities to get money.

The veteran Colorado Representative, Tom Tancredo, wants to assure that the bailout, set to pass this week, doesn’t offer incentives for illegal aliens. In a letter to his colleagues in Congress, Tancredo asked that safeguards be included on the bailout plan to verify the legal residency and identity of potential homebuyers. This will prevent illegal immigrants from obtaining federally backed home loans and assure that U.S. taxpayers are not absorbing their debts or bad loans made by banks to illegal aliens.

Could it be a coincidence that the area’s hardest hit by home foreclosures happen to be illegal immigrant sanctuaries like Las Vegas, large parts of southern and northern California and the famous Arizona sanctuary of Phoenix?

admin answers:

Another reason I don’t support a bail out.Illegals benefitting.

Richard asks…

Mortgage loan for a commission based employee?

My husband and I live in Colorado, and we are first time home buyers. My husband has worked on commission for the last 2 years. In October he graduated college and was given a better position, and is now on a higher commision rate and is making WAY more than he was before. We have already been pre-quailified by Bank of America, and we have found a house that we both love. The problem is that they are asking $299,500, which is very affordable to us, but since my husband is on commission Bank of America could only qualify us for 225,000 because of the fact that they have to average his last 2 years of income, even though he is making way more now that he has a degree.We are just hoping to find someone else who may be able to qualify us for more. If anybody knows of anybody that could help us we would appreciate it, thanks!
I also work, I have worked at the same job for over 3 years. I receive hourly pay although my income is very little compared to his. We also have fairly good credit, if that helps…

admin answers:

Nope, those are standard guidelines. Either settle for what you can get now or he needs to work longer at his new position so they can do an income average later in the year.

Thomas asks…

Americans support higher taxes! Higher taxes to reduce the debt. What’s your opinion on this?

I’m sure most in the GOP would tell us otherwise, though. So what’s your opinion?

Contrary to Republican dogma, polls show that the American people strongly support higher taxes to reduce the deficit and improve income inequality. Following are 19 different polls since the first of the year that say so.

A June 9 Washington Post/ABC News poll found that 61 percent of people believe higher taxes will be necessary to reduce the deficit.

A June 7 Pew poll found strong support for tax increases to reduce the deficit; 67 percent of people favor raising the wage cap for Social Security taxes, 66 percent raising income tax rates on those making more than $250,000, and 62 percent favor limiting tax deductions for large corporations. A plurality of people would also limit the mortgage interest deduction.

A May 26 Lake Research poll of Colorado voters found that they support higher taxes on the rich to shore-up Social Security’s finances by a 44 percent to 25 percent margin.

A May 13 Bloomberg poll found that only one third of people believe it is possible to substantially reduce the budget deficit without higher taxes; two thirds do not.

A May 12 Ipsos/Reuters poll found that three-fifths of people would support higher taxes to reduce the deficit.

A May 4 Quinnipiac poll found that people favor raising taxes on those making more than $250,000 to reduce the deficit by a 69 percent to 28 percent margin.

An April 29 Gallup poll found that only 20 percent of people believe the budget deficit should be reduced only by cutting spending; 76 percent say that higher taxes must play a role.

An April 25 USC/Los Angeles Times poll of Californians found that by about a 2-to-1 margin voters favor raising taxes to deal with the state’s budget problems over cutting spending alone.

An April 22 New York Times/CBS News poll found that 72 percent of people favor raising taxes on the rich to reduce the deficit. It also found that 66 percent of people believe tax increases will be necessary to reduce the deficit versus 19 percent who believe spending cuts alone are sufficient.

An April 20 Washington Post/ABC News poll found that by a 2-to-1 margin people favor a combination of higher taxes and spending cuts over spending cuts alone to reduce the deficit. It also found that 72 percent of people favor raising taxes on the rich to reduce the deficit and it is far and away the most popular deficit reduction measure.

An April 20 Public Religion Research Institute poll found that by a 2-to-1 margin, people believe that the wealthy should pay more taxes than the poor or middle class. Also, 62 percent of people believe that growing inequality of wealth is a serious problem.

An April 18 McClatchy-Marist poll found that voters support higher taxes on the rich to reduce the deficit by a 2-to-1 margin, including 45 percent of self-identified Tea Party members.

An April 18 Gallup poll found that 67 percent of people do not believe that corporations pay their fair share of taxes, and 59 percent believe that the rich do not pay their fair share.

On April 1, Tulchin Research released a poll showing that voters in California overwhelmingly support higher taxes on the rich to deal with the state’s budgetary problems.

A March 15 ABC News/Washington Post poll found that only 31 percent of voters support the Republican policy of only cutting spending to reduce the deficit; 64 percent believe higher taxes will also be necessary.

A March 2 NBC News/Wall Street Journal poll found that 81 percent of people would support a surtax on millionaires to help reduce the budget deficit, and 68 percent would support eliminating the Bush tax cuts for those earning more than $250,000.

A February 15 CBS News poll found that only 49 percent of people believe that reducing the deficit will require cuts in programs that benefit them; 41 percent do not. Also, only 37 percent of people believe that reducing the deficit will require higher taxes on them; 59 percent do not.

A January 20 CBS News/New York Times poll found that close to two-thirds of people would rather raise taxes than cut benefits for Social Security or Medicare in order to stabilize their finances. The poll also found that if taxes must be raised, 33 percent would favor a national sales tax, 32 percent would support restricting the mortgage interest deduction, 12 percent would raise the gasoline taxes, and 10 percent would tax health care benefits.

On January 3, a 60 Minutes/Vanity Fair poll found that 61 percent of people would rather raise taxes on the rich to balance the budget than cut defense, Social Security or Medicare.

http://www.capitalgainsandgames.com/blog/bruce-bartlett/2292/americans-support-higher-taxes-really

admin answers:

Nice copy past. Can you think for yourself?

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