Lostski

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Lostski's Answers (7)

Will home prices in Fairfax, VA continue to fall into '09?

Asked Tue Sep 23 2008, 11:18 by archersa - 22033 - Home Buying - 8 answers

Lostski answered:

I grew up in this area. I am a mortgage banker for a large national bank. Several of my former neighbors have sold in the Chantilly area. Prices here have stabalized to a degree. This area is not subject to the vast decreases in value as other surrounding communities have seen. Will there be further declines- probably. But these declines will not in this area be for long. Your problem as mentioned by some one else is going to be the Interest rates. Many future changes to our industry will impact you greater than a slight decrease in value of your home.
If this is going to be your home for more than 5 years, i would seriously start looking.
Feel free to ask more by emailing me at lostski@gmail.com
Have a great day! - Wed Sep 24 2008, 14:24

If I buy a home, then rent it out in 1 yr, would I also be able to get a mortage for a home to live in?

Asked Wed Sep 24 2008, 12:00 by W - Toms River - Financing - 3 answers

Lostski answered:

Hello,
This will depend on many factors in the future. It will all come down to 2 things
1. Income
2. debts
These two will allow a mortgage person to evaluate your debt to income ratio which allows us to structure affordable options for you.
I can give you deeper insight email me at lostski@gmail.com- I work for a national Bank - Wed Sep 24 2008, 14:13

Who is the best bank to go with for an FHA loan?

Asked Thu Jun 12 2008, 16:41 by Charles - 33618 - Financing - 11 answers

Lostski answered:

I would use Bank of america. They are affiliated with most Down payment assistence providers. I have a great contact for you. If you are interested let me know. All the rules are the same with FHA no matter whom you choose.
lostski@gmail.com - Thu Jul 3 2008, 10:49

FHA rules are the same across the country. It depends on your county loan limits. These can be found on the hud web site. Then check on any local gov to see if they participate in any gift programs.
I would use BofA They have a program called BPP free for a year. It is a great product. I can help explain this to you if you email lostski@gmail.com - Thu Jun 12 2008, 17:39

Hi My name is andrea and my mother is trying to buy a house. Her credit score is about 620 and we want an Fha

Asked Thu Jun 19 2008, 07:57 by Andrea - Bridgeport - Home Buying - 5 answers

Lostski answered:

Hello Andrea,
620 is good enought to get an FHA loan. Factors that may influence the final decesion would be her Debt to income Ratio. Take gross monthly income and divide it by Gross monthly debt. the numbe you are trying to stay under is 45% Since her bad debts have been paid for some time. How does the rest of the credit look? Has she madfe timely payments on all other accounts? Does she have reserves(savings checking 401 K) These will all influence the outcome of her loan. - Thu Jun 19 2008, 09:32