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Financing in Cumming : Real Estate Advice

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  • Local Info24
  • Home Buying71
  • Home Selling12
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Activity 11
Mon Mar 2, 2015
answered:
Hi Ssdandrea,

You'll be eligible for an FHA or VA mortgage next month when your BK has been discharged for 2 years depending on whether or not you included a mortgage in your BK.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
(877)228-9069
NMLS# 787231
http://www.trulia.com/profile/john-burke-mortgage-broker-or-lender-austin-tx-993995/reviews
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Tue Sep 9, 2014
Baldwin collins answered:
Contact us with more detailed information on your transaction. We will make sure you get your appraisal money back and your loan officer will be penalised for going against our code of conducts collins_baldwin@yahoo.com
Collins Baldwin
Fedral Housing Authority Funds Recovery Unit
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1 vote 2 answers Share Flag
Tue Aug 5, 2014
Todd Sheppard answered:
You may be able to qualify for FHA financing assuming minimum credit scores are met and that you total debt to income ratio is at or below 55%. Assuming total income of $1200 per month and grossing up by 20% then your total allowable debt is $792 per month. From that number you would need to deduct any existing debt i.e. car payments, credit cards....
If we assume that you have no debt whatsoever then you could qualify for a loan amount of $94,000 which would require a down payment of $3400. Obviously these figures are based on assumptions and we would have to take a look at the actual numbers to give you an accurate amount.
If you are interested in seeing what you truly qualify for, I can be reached at tsheppard@brandmortgage.com on @ 678-226-7847
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0 votes 4 answers Share Flag
Mon Aug 12, 2013
answered:
There is no such thing as a loan broker anymore. You can thank Chris Dodd and Barney Frank for that one.
0 votes 5 answers Share Flag
Fri May 3, 2013
Chris Irvin answered:
Very few banks offer Jumbo financing in that price range with only 10% down to clients who have easily verifiable income. My bank is one of only 3 that I know of. Depending on how your losses were claimed you may be fine, it’s hard to tell without looking at your tax returns. Depreciation can be added back in and shown as income for loan qualification purposes. Most lenders will view reinvestment as a business expense and therefor a loss, however there are some exceptions to this rule. My bank also offers a "bank statement" loan where we use 2 years of bank deposits rather than your tax returns to determine your income, this was designed specifically for the Self Employed borrower. We do require a 20% down payment for this product. I'd be happy to take a look at the specifics of your situation and see if we have a program that would help you achieve your specific financial goals.

Sincerely,

Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS# 75615/465546
678-251-7889
cirvin@brandmortgage.com
www.chrisirvin.com
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Sun Mar 17, 2013
answered:
I agree with Hank on this one. The loan officer should have called you and told you of this increase. Unfortunately, sometimes the loan officer doesn't even know what's going on with the file after it goes to processing. Depending on who your lender was, you might want to talk to a manager and find out why the increase.

Points can only be charged if the rate went up. You may have requested the rate lock, but sometimes, loan officers will float the rate in hopes that the rate will drop and they can get a little something on the back end called yield spread. Back in the day, the loan officer was allowed to put this in their pocket. Since 2010, that stopped. So, the loan officer can keep the fee in their bank to use on the next person who wants a competitive rate.

In order for $6000 to be added in points, you had to have been offered a rate of 2.5% at one time and it jumped to 3.5%. Also, the percentage depends on the loan amount and we don't know what that is.

Another thing that causes "points" to increase could be a miscalculation of mortgage insurance if going FHA or taxes and insurance due extra at closing among other fees (Attorney, appraisal inspection, flood insurance, days added to closing. If your debt to income ratio was tight, then the lender cannot increase your rate to get that yield spread to cover your increase in fees Because you won't qualify with a higher interest rate, you end up paying points instead.

I would find out why first before killing the deal. The seller may not allow you to go out further. Whenever anything is changed on the GFE that affects the APR, the lender is required to give you 3 business days to think about it before moving forward (Rodney, correct me if I'm wrong). Use that time to find out what happened and get your Realtor involved. Lenders rely on business from them and they have some leverage if needed.
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0 votes 9 answers Share Flag
Mon Apr 26, 2010
Robert Carlough asked:
buyer is asking to use a VA Loan. I read somewhere that the 90 day seasoning rule has been waived by FHA as of Feb 1, 2010. But I cannot seem to find any info regarding VA loans. Is there…
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Sat Oct 24, 2009
Dee asked:
I just started getting ssdi and want to know if I can lower my mobile home monthly house payments. If so how does one proceed.
0 votes 0 Answers Share Flag
Sat Aug 9, 2008
Bob McClure answered:
good afternoon...let me help you out.....my name is bob mcclure- i am with mortgage now in farmington, michigan..but i am licensed in your state and 18 other ones....first of all, here is the process...once you have applied, the loan application and all accompanying documents that you signed goes to a mortgage processor. their job is to assmeble all pertanent information needed to submit your loan to underwirting..once it is submtitted, the underwriter issues either a subject to approval, a suspense or a denial......the processor then recvs the conditional approval and deals with all of the pre-closing conditions as well as some of the at close conditions and forwards them all to the underwriter to be signed off........once the loan is clear to close.it goes to the closing dept. to generate a preliminary closing statement, and be sure your loan is ready and scheduled for closing as well as having the funds available...the entire timeframe can take as little as a few days or two to three weeks....even longer with some.....i hope that helps....(248) 974-4444..staright answers since 1994..... ... more
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