Financing—questions & answers, advice and opinions page 27

How to Choose the "right" Mortgage Lender?
My partner and I have been doing our homework as we prepare to embark on our first home buying experience in Atlanta, GA. There is so much information available and many mortgage lenders who say all the…
I am desperately in need of a lenient lender to underwrite 90k loan. FHA will not look at me because of my unique situation. have a home & score
576 I have worked in the same field for the last 7 years. My husband and I net approx. 6k monthly. We have had late pays on medical bills, and student loans. However, our current FHA has not been late…
Committment Letter deadlines, flexible or not?
We recently went into contract on a homePath Property at the end of April, which required a commitment letter by 5/27. We didnt' think this would be an issue and the mortgage company assured us they…
Hi, I am in contract to buy a house. I am trying to get the loan to close in time, however, due to some factors, it may not happen. I have the ability
to close the house with cash. My question is will it be possible wto close with cash and have my lender continue to process the loan soon after excrow close? Please advise.
Anyone deal with and can explain in plain English how a FHA 203K works?
It's intrigued me bc it's been mentioned a few times. I have a credit score of about 795 and no debt. Do these loans have the FHA limit for conforming?
What is the best way to refinance an 80/20 loan?
I have an 80/20 loan with $146K balance on 80% and $37K balance on 20%. Interest rates are 6.5% and 8.375%. According to Zillow, home is worth $156K but we have also had major improvements. Now with the…
60k salary little debt
We are looking to apply for a va loan. husband makes 60k a year with only 348 for car, 350 child support, 50 a month for 2 credit cards. Possible to get approved for 200 k home?
I am looking for a 500K construction loan. Should I go with a bank? lender?
My wife and I are building next year starting in March. We are just starting to look for construction loans.
FHA Loan Streamline Refinance and Subordinating NJ smart Start Program
We took out a FHA Mortgage for our home in 2008 and used NJ Smart Start Program to aid with closing costs and down payment.   My  Contract with NJ Smart Start states If the Borrower continuously…
Are there any listings of OWC without having to pay for "rent to own" and other sites that get you into a monthly charge?
my husband and I had to short sale because of one time unusual circumstances (massive hospital bills for a sick child and a roofer that skipped the state with our remodel money). Besides that we had thirty…
Looking for mortgage for a co-op, self-employed
Hi, I'm self-employed and looking to get a loan for a co-op that I'm interested in purchasing. The co-op is $400K, and I'm looking to put down $150K. Since I'm self-employed,…
FHA 203k?
I am looking for a lender in the Chicago area who is experienced with FHA 203k loans. I am interested in purchasing a house, tearing it down to the foundation, and rebuilding. I hear that few banks offer…
Can I use an offer letter as proof of income for a mortgage?
I'm soon to be graduating from a fulltime MBA program, but won't be starting my job until August. Are there any lenders that will use my offer letter as proof of income? I'd ideally like…
Looking to Obtain a Favorable Primary Mortgage Loan
Hello, My fiance and I are looking to purchase a duplex property as our primary residence. We are looking for a lender that provides the following: - Calculates a portion of the rental income from…
Is anyone doing 70% hard Money in Austin? Lot clean and clear, Lot value $60k, need $200, Lakeway, Tx?
quick loan. have permits, project, specs, gral contractor, insurance. Need quick loan. Lot is payd for, want to use as collateral.
With new loan regulations do all mortgage brokers offer similar rates? If so then why do some bankers and brokers say they are more competitive ?
I've had a couple of mortgage brokers tell me that with the new regulations that they all offer similar products/rates. But I've also had a broker and a bank lender say they have very competitive products…
Will a job change effect my chances of getting a mortgage if I'm switching to a job in the same sector (tech sector,would be switching to a start up)?
- start up is about 2 years old - my salary would increase about 25% - salary increase alone would pay for about 50% of my projected mortgage payment (monthly payments would be more than manageable…
credit score 671 have 60% down would lenders work with us easy or be more difficult
we are looking up to a 350,000 home with 65% down would lenders work with someone who has 671 credit score and only 1% debt ratio and income of 140,000
Refinancing to get rid of PMI (and get a lower rate)?
In Oct 2009 I bought a house for $126,500 with a 5% rate on my FHA mortgage. I had less than 20% to put down so I had to pay the MIP up front and I now pay $50 a month for PMI. I've been paying extra…
When I shop with various brokers and lenders, I assume I should refrain from letting them pull my credit report?
From a previous question I posted, I gather I should shop a few lenders at least. But a lender can't give an accurate quote without my credit score. But lenders have also said they don't want to pull the…
Lenders and brokers, do you think the government shutdown will have an effect on home loans closing?
At first I thought it would spell big trouble, but then I read that the FHA only approves about 15% of conforming loans while they delegate the approval of the rest to the lenders.
What's the best route to getting an appraisal of our house's value prior to trying to refinance a 2 loan mortgage?
With the house prices on the rise, the loan to value is suddenly in our favor. Thanks, Steve and Beth
I am recently self employed about 6 months ago. I am working in the same field that I was as a w2 employee (8yrs in the field).
My family is expanding and we desperately need a larger home. Having trouble finding a loan due to less than 2 yrs self employment. I have good credit and a high income. Does anybody have any suggestions…
Can I get a mortgage right after graduation?
I'm an international student and I came to US two years ago for master's degree. I am graduating in mid June and will start a new job in Silicon Valley this August. I plan to purchase an apt…
I want to pay 1000 per year on my principal while keeping my regular payments, my loan is roughly 114,000 and @4.50 and I really like my mortgage comp
I want to know how it would affect my mortgage and its payments. My house value is increasing very fast. If I pay for 5-10 years an extra 1000 will it change my mortgage and its payments
Please advise me on how to remove my ex-husbands name from my mortgage? Been divorced 14yrs. They said I can't
I was awarded the house in the divorce. I am almost finished paying for it and I didn't want his name to appear on the deed and have to pay additional money to have it fixed. Thanks for the advice!
is it OK to use multiple mortgage agents?
I'm working with a local mortgage bank/advisor whose rates are similar to those offered by Wells Fargo or BofA; but claim to have smaller contingency periods. Given my credit history and income…
Im in the middle of a divorce and my soon to be ex-wife wants her name taken from the mortgage. My home's market price is lower than I've
paid for it which I plan on paying for anyway. Do I have to refinance my home or can I continue paying my mortgage with just my name?
Am I able to get a conventional mortgage loan with 640 credit score?
I've been living in the USA for 13 months. I've been building my score and so far I have 640. I never delay in paying bills or anything. I've been working for a US company for the last 5…
I have a credit score of 630. Will I qualify for a mortgage in the state of Florida?
My salary is between $80k to 85k a year, looking to finance $95K , trying to buy a home in Davenport, FLorida but have a couple of blemishes on my credit report. Anyone out there that can suggest something.…
How come it is so hard for lenders to understand that I want FHA/CalFHA? They always want to run me through
a conventional loan which I do not have the downpayment or closing costs for. I am a first-time home owner and if these programs are available to me, I should have the right to use them and not get pushed…
VA loan...need a higher DTI for my dream house!! Any suggestions?
We are trying to purchase a home with a VA mortgage. We recently got approved through a bank. But they stated that because we were not automatically approved through the underwriting system that we would…
Is mid score of 651 enough to get a FHA or Conv mortgage ?
Have a few collections that were paid in settlement last year, almost no credit card debt, a car payment, and $5000 a month income. Have about $6000 a month income from rental houses in GA that I purchased(cash)…
Expat retiree returning to the US after 4 years. Can I and how can I rent without being there?
Looking to rent anywhere within Southern, California as long as it is not in a (known high crime rate neighborhood). With an income of $2,000 per month, is it possible to find and rent preferably a (mobile…
Looking for the best lender on investment properties.
Hi, I am looking to buy several downtown Denver condos with the purpose of renting them out, and am looking for the right lender to finance the purchases. I have recently used a lender for my last purchase…
In Desperate need of a home improvement loan... with poor credit
TU fico 656 for myself and TU fico of 598 for my husband... we have tried refinancing but the LTV is to low and credit score is not high enough..we have excellent income and low debt to income ratio....…
In Texas can we get a loan with little down and a large ($5000) collection account on our report. This collection is out of SOL for collecting the
debt but still with in the time frame to report to credit agencies. Our FICO scores are 674, 618 & 652.
What are the general thoughts on taking out a loan to make a 20% down payment?
If I only have enough money to make a 10-15% down payment on a home now, is it advisable to take out a separate loan to finance the other 5-10% for a 20% down payment to avoid PMI? I don't want to miss…
Denied VA Loan, due to the lack of open credit lines.
I was recently denied a VA loan. The lender tried a manual underwrite, but still couldn't get approval. My middle credit score is 673, my debt to income is great, but I lack any open credit lines.…
How to improve credit score?
I want to buy a condo and my credit score is 780 or C.
Hi, my parents are looking into refinancing a rental property in the 95120 area. The LTV is about 12%.
The problem is both of them are retired with no fixed income. Is there any lender can work with that?
Statistically, how often are pre-approved buyers denied loans?
I was pre-approved for a home loan on Friday, made an offer on Saturday, accepted the seller's counter on Sunday and have an executed contract on Tuesday. My application has been in underwriting since…
Homepath renovation questions, if home on homepath website says HP renovation financing do I have to get quilified for that instead?
I am prequilifed for an FHA loan but the house I am looking at is a fanie mae home and inidcates it quilifies for the home path renovation loan (not the HP mortgage loan). Can I still offer with FHA loan?…
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