Mikhail Shtort Nikitin

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Location:	San Jose

Mikhail Shtort Nikitin, in San Jose

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I work for investment bank buying mortgage backed paper from local lenders and brokers.

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Mikhail Shto…'s Questions (2)

Mikhail Shto…'s Answers (19)

Unsteady freelance work= no loan?

Asked Thu May 1 2008, 18:22 by Ronni - San Francisco - Home Buying - 3 answers

Mikhail Shtort Nikitin answered:

Hi Ronni, Excellent question. Lenders nationwide are tightening their guidelines to make sure that loans they write conform to highest standards. Fact that you work freelance poses a serious question of your ability to verify income needed to qualify for the loan. Best thing for you to do right now is to check your tax returns for the past couple of years and see how much net income you claimed each year. These are the numbers your lender will use when determining your ability to repay the loan. If your total "Debt-to-income" ratios are below 50-45% you are good, if you are above that number you may need to use your fiance as a co-borrower on the loan. It's that simple. Shoot me an email, if you have additional questions. And good luck with your house search. - Fri May 2 2008, 08:33

Are there any lenders left that will do a 90% LTV, non-owner, 680 credit score and on stated income.?

Asked Wed Oct 17 2007, 17:32 by Rod - Sacramento - Financing - 8 answers

Mikhail Shtort Nikitin answered:

we can do it at Bear Stearns on a SIVA Self employed with 6 months reserves. - Wed Oct 17 2007, 21:49

I can no longer continue making mortgage payments.

Asked Wed Oct 17 2007, 16:49 by Jeanne Heroux - West Harwich - Foreclosure - 22 answers

Mikhail Shtort Nikitin answered:

I agree with Bill, call your lender first and explain them what's happening, they would much rather re-negotiate the terms with you than foreclose, especially in your case when you have 0 equity. While you are doing that, keep selling. And drop the price to match your balance +fees. drop 20k, it might do the trick. And ask your agent if he listed your property on Trulia!!! email me if you want to chat more about it. - Wed Oct 17 2007, 19:13

Single 25yr, making 100K. What can I afford? Any recommendations for condos?

Asked Mon Oct 1 2007, 18:24 by H - 95112 - Home Buying - 10 answers

Mikhail Shtort Nikitin answered:

I think you don't have too many options in San Jose with single 100k income. Can you put 20% down and get a roommate to share your apartment? May be then it will be ok, but think about it. It will cost you around 3.5k per month plus insurance, HOA and so on. total will be close to 4k. your net monthly income is may be 5.5 what do you have left? 1k for car, gas, food, savings, and so on... doesn't make much sense. I'd say, rent a nice place and save/invest your money. Or move to Ohio. - Wed Oct 3 2007, 20:07

If I have a "great" credit score and need a $1MM, 30yr fixed loan (with > 20% down) - who should I go to?

Asked Sun Jul 29 2007, 17:54 by SF_Buyer - San Francisco - Financing - 19 answers

Mikhail Shtort Nikitin answered:

before you accept anything double check onhttp:// www.bankrate.com They provide a very good snapshot of available rates on the market. - Sun Jul 29 2007, 19:06

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