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- 53 Answers
- 1 Best Answer
- 16 First Answers
- 9 Useful Answers
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About Me
I am the Senior Mortgage Consultant with the Aduddell Mortgage Group. (tbowden@aduddellmortgage.com)
We currently have eight in-house Loan Officers and five Loan Officer who work out of remote locations. My customers appreciate the way I provide them with comprehensive mortgage solutions that meet their specific needs with a high degree of knowledge, trust, respect and convenience.
I am not an order taker. Instead I will ask you specific questions and only then provide several options that meet your needs. In the end, you are the final judge of which program best suits your needs.
There are few situations I have not already been challenged with and my experience and expertise can help you achieve whatever it is you are trying to accomplish.
Put my experience and skills to work for you!
________________________________________________________________________
Any comments and contributions I provide on Trulia, or any other electronic or print media, do not establish an agency relationship with any party. All parties in need of legal, accounting, tax, or real estate guidance are directed to the licensed professional of their choice for review of all details. An appointed and retained representative can provide specific guidance.
We currently have eight in-house Loan Officers and five Loan Officer who work out of remote locations. My customers appreciate the way I provide them with comprehensive mortgage solutions that meet their specific needs with a high degree of knowledge, trust, respect and convenience.
I am not an order taker. Instead I will ask you specific questions and only then provide several options that meet your needs. In the end, you are the final judge of which program best suits your needs.
There are few situations I have not already been challenged with and my experience and expertise can help you achieve whatever it is you are trying to accomplish.
Put my experience and skills to work for you!
________________________________________________________________________
Any comments and contributions I provide on Trulia, or any other electronic or print media, do not establish an agency relationship with any party. All parties in need of legal, accounting, tax, or real estate guidance are directed to the licensed professional of their choice for review of all details. An appointed and retained representative can provide specific guidance.
Testimonials
"Trey has financed all three of the rent homes I own and he is currently helping secure financing for a new home my wife and I are purchasing. I am a Major in the U.S.A.F. and am accustomed to work being done in a thorough and timely manner. When I call Trey I know the transaction will meet my expectations."
Maj. Chris Stoner/OKC, OK Tue May 6
Maj. Chris Stoner/OKC, OK Tue May 6
My Q&A
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Trey Bowden's Questions (1)
Trey Bowden's Answers (53)
Trey Bowden answered:
Paula,
Up front, I wanted to let you know that I am a mortgage broker in Oklahoma.
Part of the application to every home mortgage is where your income is derived from. Obviously you have a job as well as family support. Any underwriter is going to ask how long you will continue receiving the family support. If it is court ordered (I'm unsure by your question whether or not it is) then you will need to provide documentation to support the court order. If the family support is not court ordered, the underwriters will most likely not allow you to count the income at all.
My heart goes out to you and other single moms and dads who are in your situation. But the worst thing you can do is get a mortgage that is not in your best interest. There are all sorts of mortgage providers out there who will "sell" you something that makes them money and at the same time puts you in situation where you could lose your home and perhaps even more.
Please seek out the advice of a trusted elder person before you take any further steps in this directions. You are in a situation where someone is looking to take advantage of your vulnerability. There will be something out there for you, perhaps just not now. For the sake of your child(ren) and yourself, walk slowly and think everything through before signing anything.
Good Luck!
Trey Bowden
(405) 340-3277
Up front, I wanted to let you know that I am a mortgage broker in Oklahoma.
Part of the application to every home mortgage is where your income is derived from. Obviously you have a job as well as family support. Any underwriter is going to ask how long you will continue receiving the family support. If it is court ordered (I'm unsure by your question whether or not it is) then you will need to provide documentation to support the court order. If the family support is not court ordered, the underwriters will most likely not allow you to count the income at all.
My heart goes out to you and other single moms and dads who are in your situation. But the worst thing you can do is get a mortgage that is not in your best interest. There are all sorts of mortgage providers out there who will "sell" you something that makes them money and at the same time puts you in situation where you could lose your home and perhaps even more.
Please seek out the advice of a trusted elder person before you take any further steps in this directions. You are in a situation where someone is looking to take advantage of your vulnerability. There will be something out there for you, perhaps just not now. For the sake of your child(ren) and yourself, walk slowly and think everything through before signing anything.
Good Luck!
Trey Bowden
(405) 340-3277
Trey Bowden answered:
Randy,
With the changes in the mortgage market, i.e., loss of sub-prime mortgages and ever tightening guidelines in the conforming arena, more and more brokers/bankers are moving to add FHA into their arsenal. The increase in applications has slowed the system down. Don't know if this is exactly what you were needing to know, but hope this helps.
Good Luck!
Trey Bowden
(405) 340-3277
With the changes in the mortgage market, i.e., loss of sub-prime mortgages and ever tightening guidelines in the conforming arena, more and more brokers/bankers are moving to add FHA into their arsenal. The increase in applications has slowed the system down. Don't know if this is exactly what you were needing to know, but hope this helps.
Good Luck!
Trey Bowden
(405) 340-3277
Trey Bowden answered:
Michelle,
Co-signor a.k.a. Non-Occupying Co-Borrower (in the language of financing) are a recognized and acceptable form of mortgage pre-approval.
Your Father-in-law will have to qualify for the home along with you and your husband. You all should be aware that his co-sigining on your note can obligate him to make the payments should you and your husband not be able to fulfill the obligation.
Also the mortgage he co-signs on most likely will show up in his credit report and could impact his ability to secure his own future financing.
When shopping for this type of financing you might run into a mortgage provider who wants to charge for the extra work involved with a non-occupant co-borrower. Lenders generally do not charge for this type of underwriting. Any such charges are most likley those imposed by your broker/banker for the extra work involved in processing this type of mortgage.
Good Luck!
Trey Bowden
(405) 340-3277
Co-signor a.k.a. Non-Occupying Co-Borrower (in the language of financing) are a recognized and acceptable form of mortgage pre-approval.
Your Father-in-law will have to qualify for the home along with you and your husband. You all should be aware that his co-sigining on your note can obligate him to make the payments should you and your husband not be able to fulfill the obligation.
Also the mortgage he co-signs on most likely will show up in his credit report and could impact his ability to secure his own future financing.
When shopping for this type of financing you might run into a mortgage provider who wants to charge for the extra work involved with a non-occupant co-borrower. Lenders generally do not charge for this type of underwriting. Any such charges are most likley those imposed by your broker/banker for the extra work involved in processing this type of mortgage.
Good Luck!
Trey Bowden
(405) 340-3277
Trey Bowden answered:
Brenda,
The only benefit that Nehemiah (or other similar down payment assistance programs) offers to helping homes sell is that it broadens the potential of more prospective borrowers being qualified to close on the purchase.
Some buyers who have decent credit and good debt to income ratios, but no down payment can qualify to by the home, but only with the down payment assistance.
If you're not familiar with how these types of DPA programs work, please make certain you work with a qualified mortgage broker/banker to cover all your business bases.
Good Luck!
Trey Bowden
(405) 340-3277
The only benefit that Nehemiah (or other similar down payment assistance programs) offers to helping homes sell is that it broadens the potential of more prospective borrowers being qualified to close on the purchase.
Some buyers who have decent credit and good debt to income ratios, but no down payment can qualify to by the home, but only with the down payment assistance.
If you're not familiar with how these types of DPA programs work, please make certain you work with a qualified mortgage broker/banker to cover all your business bases.
Good Luck!
Trey Bowden
(405) 340-3277
Trey Bowden answered:
Misty,
I am a mortgage broker in Oklahoma. The guidelines for financing borrowers with rough credit history are similar throughout the country.
At the present time the minumum score for conforming financing is 580. With this score you will be required to have (most likely) a 5% down payment.
FHA is a government backed loan and is not credit score driven. At the same time, any borrower with a 580 or below will require their file to be manually underwritten. Also the minium down payment for FHA is 3%.
Jim (first to answer) gave you some good advice when he told you to talk with a mortgage banker as well as a mortgage broker. The best advice I have is to contact a couple of people you know and trust and ask them who they would speak with if they were in the market for a new mortgage.
Good Luck!
Trey Bowden
(405) 340-3277
I am a mortgage broker in Oklahoma. The guidelines for financing borrowers with rough credit history are similar throughout the country.
At the present time the minumum score for conforming financing is 580. With this score you will be required to have (most likely) a 5% down payment.
FHA is a government backed loan and is not credit score driven. At the same time, any borrower with a 580 or below will require their file to be manually underwritten. Also the minium down payment for FHA is 3%.
Jim (first to answer) gave you some good advice when he told you to talk with a mortgage banker as well as a mortgage broker. The best advice I have is to contact a couple of people you know and trust and ask them who they would speak with if they were in the market for a new mortgage.
Good Luck!
Trey Bowden
(405) 340-3277
Specialties
I invested 21 years in local church ministry and understand people quite well. I also mentor several young couples. For the past three years I have written a weekly article on the real estate market in the greater Oklahoma City area.
Experience
Latest:
Senior Mortgage Consultant for Aduddell Mortgage Group
February 2007—present
Trey Bowden is a member of Trulia Voices:
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