Financing in 60565 : Questions & Answers

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Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Does anyone know if student loans are required to be offered on a Fannie Mae Homepath loan?
Not sure what you mean by "offered". But with any Fannie Mae loan, student loan payments need to be included in the debt to income ratio regardless if they are in deferment or not.

... more
0 votes Share Flag Wed Dec 12, 2012 Financing in Naperville
Ridhi Raheja, Real Estate Pro in Naperville, IL
Ridhi Raheja answered:
Debt to income maximums?
Dear John, Homepath loans are very ratio conscious, No you don;t have any room to go above 45% DTI, but how are you counting the income , maybe there is some room there. I would also s ... more
0 votes Share Flag Wed Dec 12, 2012 Financing in Naperville
Dan Firks, Real Estate Pro in Naperville, IL
Dan Firks answered:
We got a closing cost worksheet from our lender - and the "cash from borrower" is roughly 3k more than she told us it would be.
Good Morning, Great Question and yes, your lender will be the best source for this answer. Sometimes it might be a tax credit. It should say on the closing statement where all the mon ... more
0 votes Share Flag Thu Jan 26, 2012 Financing in Naperville
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
Are prepaid items covered by the seller at closing?
A sellers' credit at closing can only pay for nonrecurring costs. Prepaids are for setting up the escrow for your real estate tax and homeowners' insurance. You must pay for t ... more
0 votes Share Flag Thu Jan 26, 2012 Financing in Naperville
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
I just started a new job after being out of work for 6 months. I want to do a 10 year fixed re-fi on a rental property with 30% equity, no late
Assuming your new job's income qualifies, it'll boil down to the reason for the job gap, your new employment, and what you did prior to the job gap.

If you were laid off be ... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Naperville
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
Can you borrow more than the price of the home to cover any and all out of pocket expenses?
There are different types of loans, VA and USDA are no money down and the seller can pay most if not all of the closing costs. There is th fha 203k which you can get money towards repa ... more
0 votes Share Flag Wed Sep 18, 2013 Financing in Naperville
Anthony Cava…, Real Estate Pro in Channahon, IL
Anthony Cavalea IV answered:
I get conflicting questions when I ask if they still do mortgage loans with 10% down, 10% first mortgage, and 80% second mortgage.
The purpose of getting 2 mortgages is to avoid PMI. But I do not believe they are doing that anymore because too often the second mortgagee gets the short end during foreclosure. You ma ... more
0 votes Share Flag Thu Oct 27, 2011 Financing in Naperville
Yvonne Rusin, Real Estate Pro in Glen Ellyn, IL
Yvonne Rusin answered:
I just want to make sure I am reporting enough income for 2009 and 2010. I just don't want to get turned down for a house I like because of
You should report your income honestly. An excellent mortgage broker at WinTrust mortgage, Tracy Flanagan, can go over the details above with you personally. Tracy can be reached at 7 ... more
0 votes Share Flag Sat Oct 23, 2010 Financing in Naperville
William Chu, Real Estate Pro in Downers Grove, IL
William Chu answered:
Refinancing effect my credit or buying of new property? Currently I have a condo downtown Chicago I bought for $475K a few years ago and I owe about
Kbiii, it seems you do not occupy the condo currently, correct? If yes, you will be refinancing the mortgage on the condo as a non-owner occupied property. There are loan to value res ... more
0 votes Share Flag Sun Oct 10, 2010 Financing in Naperville
Hnms06, Home Buyer in 60565
Hnms06 answered:
Will my mortgage company recheck my credit score before closing?
.... His credit score is now 624. Our current lender requires a 620. We have finally worked something out with his employer so we can stay with our current lender and decided this was ... more
0 votes Share Flag Wed Jul 22, 2009 Financing in 60565
Mike Long, Real Estate Pro in Naperville, IL
Mike Long answered:
How Will It Affect My Credit Score If I Change Mortgage Brokers?
Hi. In my opinion it will not affect your scores enough to make a difference. Just don't let more than 1 more lender check your credit. You can speak to a few and test them out....se ... more
0 votes Share Flag Wed Jul 1, 2009 Financing in 60565
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