Financing in 55423>Question Details

Ed Lascano, Both Buyer and Seller in California

Can i get a first mortgage on my house if it shows no loan on it. What kind of interests rate will i get.?

Asked by Ed Lascano, California Mon May 6, 2013

I bought the house from a friend, he is carrying the loan for me for 90000
I want to borrow some money on the house and pay him off. it might be worth about 180000 right now. I want to pay him off and use some of the money to do some upgrades ( owe him 80,000). I would like to borrow 140000, my credit suffered, 3 years ago i lost it all including my house, but now i am on my feet and have re established some credit (good income). I owe nothing to anyone and have a credit score of 650, but the Bk and foreclosre were about 3 years ago. I am a veteran and would like to use my va ben. if possible.

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14
Hello,
I would be happy to help you with your Va loan if you have not been able to get it done yet.



Shawn Sullivan
Mortgage Loan Originator
NMLS #350140

Direct: 612-747-8200
FAX: 612-573-6604

My Website: http://Www.ShawnSullivan.Biz

WJ Bradley Mortgage Capital LLC
NMLS ID 3233
0 votes Thank Flag Link Thu Jun 27, 2013
Call me, we close in under 2 weeks. Now is a good time. Rates are slowly creeping upwards once more, so if you have made the decision to buy, it is best to lock in the interest rate, so that 45 days from today, you are not regretting. Best of luck. Oh, and we don't charge origination fees.
0 votes Thank Flag Link Thu May 23, 2013
Nice Ed,

This should be pretty cut and dry. Do you prefer doing business face to face with your mortgage professional? I would walk into a brokerage and get the ball rolling. Before they pull your credit you will be asked a few qualifying questions. Then the LOAN APPLICATION is competed with you and the loan officer/mortgage broker. The guy I do business with actually live in Richfield and offices in Uptown on Hennepin Ave at CASCADE MORTGAGE. I'm sure you will need a purchase agreement. Contact me if you need any help with that :) Otherwise I will list my VA guy below.

Have a great day.

Bill Boldenow

Purchase Manager / Loan Officer

NMLS# 31974

Cascade Mortgage

2801 Hennepin Ave S

Minneapolis, MN 55408

O: 612-252-3347

C: 612-387-4745

F: 866-365-5065

bboldenow@mycascademortgage.com

http://www.mycascademortgage.com
0 votes Thank Flag Link Tue May 14, 2013
yes i am Mr harrison scott i want to direct you to mr shirley hadrick (shirleyhadrickloanfirm@yahoo.com) she can solve all your problems.
0 votes Thank Flag Link Mon May 13, 2013
Denny,

Shaking my head right now. You're a seasoned LO, I don't get your questions. Ed's last statement was "I am a veteran and would like to use my VA benefits". So clearly any seasoned LO would know the borrower was interested in receiving information pertaining to VA Loans not Conventional Loans. Nowhere in my comments did ever state I could do a Conv loan after 2 years a 1 day. And YES we can do a VA refinance to 100% with a previous BK and foreclosure after 2 years. Ed stated his BK and foreclosure were about 3 years ago and I clarified as long as his previous foreclosure wasn't a government loan like a FHA, VA or USDA he should be good to go. I take it you read my comments too quickly or maybe you were just too tired. At least I hope so.
0 votes Thank Flag Link Sat May 11, 2013
George Raymondo NMLS# 242639 states:

"We can do 100% LTV on a rate and term refinance. If you want to pull cashout we can go 90% LTV. Your BK and previous Foreclosure are past 24 month so you are good to go UNLESS you lost a home with a FHA, VA or USDA loan on it."
-----
So George, You can do 100% LTV, rate and term for a person with a foreclosure on a conventional loan after 24 months and 1 day?

George, you can do a cashout refinance to 90% for a person with a foreclosure on a conventional loan after 24 months and 1 day?


Please clarify because that's what you said and that's a great program.
Please share.
0 votes Thank Flag Link Sat May 11, 2013
We can do 100% LTV on a rate and term refinance. If you want to pull cashout we can go 90% LTV. Your BK and previous Foreclosure are past 24 month so you are good to go UNLESS you lost a home with a FHA, VA or USDA loan on it. If so, you have mostly likely been reported to the Federal Credit Alert System (CAIVRS). Please feel free to contact me if you have any questions. Thanks for serving my fellow VET.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Fri May 10, 2013
Hi, Ed!
I assume the house in question is in CA, right? I'm not sure all of the people who answered this question saw that.

My concern for you is regarding title issues. I'm not sure if the loan you currently have with your friend has been recorded as a private mortgage or a contract for deed with your municipality or your county or whatever they do there in CA! :D

If it has, that may be a factor when you go to get your own financing with a lender. Make sure you don't try to circumvent the process by leaving out any details. It's better to be upfront about everything from the get go.

Good luck!
0 votes Thank Flag Link Fri May 10, 2013
I believe I can help you. Your rate will depend on whether you are on the title or not because there are different rates for purchase vs. refinance. And we'll need look at whether you used your VA benefit on the home that was foreclosed. However, based on the information you provided it seems that your credit score is adequate, the loan amount is reasonable based on your value estimate, and enough time has elapsed since the foreclosure/bk.

You can visit my web site for a no cost/no obligation quote.
0 votes Thank Flag Link Thu May 9, 2013
Hello Ed,

I should be able to help you out with this no problem. Cody listed my contact method below if you could please give me a call our VA rates are great right now! I love working with Veterans!

Please call me at 612 387 4745 anytime!

Bill Boldenow
Purchase Manager / Loan Officer
NMLS# 31974
Cascade Mortgage
2801 Hennepin Ave S
Minneapolis, MN 55408
O: 612-252-3347
C: 612-387-4745
F: 866-365-5065
bboldenow@mycascademortgage.com
http://www.mycascademortgage.com

My business is built on referrals from people like you, so please feel free to pass on my name and number to anyone looking to buy or refinance a home. Thank you!
0 votes Thank Flag Link Tue May 7, 2013
Ed:

Have you spoken to a mortgage broker? You will want to make sure your income, credit, and assets are in order. Are you on the title/deed of the home? If so you can refinance and pay off the loan (your friend).

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 7, 2013
Bill Boldenow

Purchase Manager / Loan Officer

NMLS# 31974

Cascade Mortgage

2801 Hennepin Ave S

Minneapolis, MN 55408

O: 612-252-3347

C: 612-387-4745

F: 866-365-5065

bboldenow@mycascademortgage.com
0 votes Thank Flag Link Tue May 7, 2013
You should call Cathy Robin at American Mortgage and Equity now to see what she thinks!
She's very knowledgeable about VA Loans and may have a better option for you.
Cell- 612-839-1716
Hope this helps!
Colin
0 votes Thank Flag Link Tue May 7, 2013
I would talk to my Mortgage guy~!
What is your preferred method of contact?

Thank you,

Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752

Email: cody@metropolitanhometeam.com
0 votes Thank Flag Link Mon May 6, 2013
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