Where can I find online, free, answers to financial questions?

I want to know at what point I can apply for a mortgage with a reasonable expectation for it to not be rejected. My biggest concern is that my job history is currently too short, and that my student loans are still too large.

I know there are websites out there where you can ask free questions (MedHelp for medical advice, for instance.) So where is a good website for financial advice?
tbiM20
Asked Oct 14, 2012
There is a lot of information on the web but some of it is self serving, more about getting your business than informing you. The federal Trade Commission (FTC) has a web page (link below) that would be the best place to look first. It gives you a heads up on all of the scams.

FTC
http://www.ftc.gov/bcp/menus/consumer/credit/mortgage.shtm

Next, I would contact the mortgage company you would apply to, give them your financial info and ask them how much you qualify for, the amount of down payment you would need etc.

When you have the target value you're looking for, look at the HUD web site and the FHA's Section 203(k) mortgage, which combines the cost of renovation and the purchase of the house within one loan. With so many repossessions on the market, it allows you to find a rundown house in a nice neighborhood and bring it up to the value of the rest. My son just did one and ended up with a big chunk of equity in the house when he was finished.

http://portal.hud.gov/hudportal/HUD


Rob
Answered Oct 14, 2012

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