You won't get anything from the lawsuit settlement, but you don't have to repay the 7,000 to the lawsuit lending company. 100,000 Settlement amount. - 50,000 Attorneys fee, litigation expenses, and medical liens. - 25,000 Principal repaid to Lawsuit Lender. - 32,000 Funding fee owed to Lawsuit Lender.
Injured in an accident. We know how disruptive an accident can be to you and your family.
With a conventional refinance, homeowners can: Refinance a primary residence, second home, or investment property Turn the homes equity into cash at closing Eliminate private mortgage insurance (PMI) Cancel FHA mortgage insurance Shorten the loan term. Conventional refinances rates are low and there are no upfront or monthly mortgage insurance fees required with 20 equity.
This is why homeowners are turning to this loan type as a low-cost alternative to other refinance types. Conventional Refinance Rates.
Conventional mortgages are backed by federally controlled agencies Fannie Mae and Freddie Mac. These quasi-government companies purchase loans that meet certain standards, like loan-to-value ratio, credit score, and type of property. This is why conventional loans are often called conforming loans they must conform to FannieFreddie rules. Banks can lend at very low rates when they approve Fannie- and Freddie-eligible loans.
This agency backing translates to a big benefit to the consumer.
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We currently require three months reserves in these cases. Borrowers may also need to have cash reserves if theyre more than 12 months removed from converting a primary residence into a rental property. Talk with lenders about their policies and guidelines. Compensating Factors. Borrowers may be able to strengthen their loan file with compensating factors. These can vary by lender, loan type and other factors, but theyre generally positive attributes that can help convince underwriters youre a safe bet.