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Financing in Brick : Real Estate Advice

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  • Local Info10
  • Home Buying44
  • Home Selling7
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Activity 5
Thu May 12, 2016
June Buerkle answered:
Marion -

The reason they count 100% against you is because if your family members stop paying, you will have to assume the full mortgage. You don't get to say i'm only responsible for 39%.

As for counting the the payments from the other family members as income .... if you have a signed annual lease showing that your family members pay you rent for the property, then they would count it as income.
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Tue Mar 10, 2015
Brian Martucci answered:
We are licensed in all 50 states. We can do loans down to 620 credit score, for both conventional as well as FHA loans, we also do VA loans if you happen to be a veteran. Please click on my name to find my contact information if you think I can help you. Thank you. ... more
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Mon Aug 20, 2012
Camille Marotta answered:
FHA once the first 60 months have passed you will no longer have mortgage insurance. They require that you have 22% equity.

Conventional loans entertain lender paid mortgage insurance which is financed into the loan and there is no monthly payment, if you have a conventional loan that requires mortgage insurance and you beleive that you have 20% equity in the loan you can provide your lender with an appraisal and a letter requesting that the mortgage insurance be dropped. Iit is however at their dicression that it be removed.

hope this helps.

Camille Marotta, Branch Manager, NMLS 9838
Bayville, NJ
732-539-9300
First Alliance Home Mortgage
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Fri Jul 27, 2012
Annette Levinson answered:
You can refi on your name only John, but you need to prove that the current mortgage has been paid on time. So gather the last 2 years canceled checks for your mortgage payments before going to a lender. ... more
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Fri Mar 16, 2012
Francesca Patrizio answered:
You need to speak with a mortgage specialist. I would recommened the following direct lenders . . . shop around.

April.Ranallo@guaranteedrate.com, (773) 435-0979; or

Herb McGee, (609) 698-1500, HERB.MCGEE@PROSPECTMTG.COM.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
www.PatrizioRE.com
Francesca@PatrizioRe.com
732.606.2931
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