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- 456 Answers
- 4 Best Answers
- 113 First Answers
- 44 Useful Answers
Fha Expert. Challenge me to get your mortgage approved! I have done low risk, high risk, tough mortgage financing. Straight answers since 1994. I look at all situations and promise best effort and over 14 years of experience. Call me anytime (248) 974-4444 including weekends and evenings (direct-no phone tag)..I may be in Michigan, but I can close you in your own backyard, in most any state.
Bob McClure-…'s Questions (3)
Bob McClure-…'s Answers (456)
Bob McClure- Mortgage Origination answered:
good afternoon...the feds are trying to work out a way for buyers to use the $8,000 tx credit to buy the home..as of yet, they have not...you can ask the seller to pay up to 6% of the sales price of the home towards your pre-paids and closing costs....many times that will take you to the table without any more money but the emd and first year's hazard insurance......if for any reason, those totals exceed what you need to close, you can get the difference back at the closing and the amount will be reflected on the hud-1........ask your cpa, but you may be able to file an ammended 2008 return at that point and recv the tax credit.......best regards..bob mcclure- success mortgage partners- plymouth, michigan....... - Fri Jul 10 2009, 10:41
Bob McClure- Mortgage Origination answered:
good morning...approach lender "a" with the pricing and terms being offerd by lender "b"...the most expedient way to get the better deal would be to remain with the lender you currently have....changing lenders, despite what you're told, could take you outside the window to close..lender "a" could switch investors faster than you can change mortgage lenders...if you are not locked at lender "a".there would be no need for them to even change investors, they could just grant you the lower pricing..assuming they have the ability to do so.....i hope that helps......best regards..bob mcclure- success mortgage partners- plymouth, michigan..... - Fri Jul 10 2009, 08:43
Bob McClure- Mortgage Origination answered:
good morning.......the correct answer is yes..assuming you can receive approval from the bankruptcy trustee..since all bk's are public record, it will show on the title committment....it doesn't sound ethical, but it can be done....the biggest problem you face is finding the financing....best regrads.....bob mcclure- success mortgage partners- plymouth, michigan...... - Fri Jul 10 2009, 08:37
Bob McClure- Mortgage Origination answered:
hi.........getting someone else as a buyer that would live in the home with you would not be a co-signer, they would be a co-borrower.....i can't answer your question, because the new math problem would then take into consideration your income, and the other person's income and the new debt ratio....also. if the other buyer makes more money than you, you would then be the co-borrower and he/she would be the borrower....lastly.......if you hve revolving debt that is taking your dti too high..credit card debt is very expensive.consider getting a gift from a direct realtive to pay down a credit card..a small cc balance can have a big difference in your overall cashflow.best regrads.bob mclure- success mortgage partners- plymouth, michigan.... - Thu Jul 9 2009, 11:16
Bob McClure- Mortgage Origination answered:
good afternoon ...assuming your credit and credentials work okay.....call a title/escrow company to handle the sales transaction for you..as a for sale by owner....write the deal up with a gift of equity from (has to be a direct relative) dad to son..include the closing costs and pre-paids......and the mortgage balance..as a lump sum..the gift would be the difference between what is owed, cc, etc.and what the home is worth.....also included any local or state transfer fees......go to a local lender to see if the deal needs to be written as an fha or standard conventioanl loan......you can probably close with a total out of pocket expense of one year's homeowner's insurance....best regards.bob mcclure- success mortgage partners- plymouth, michigan..... - Thu Jul 9 2009, 11:08
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