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Financing in Gilbert : Real Estate Advice

  • All280
  • Local Info22
  • Home Buying112
  • Home Selling22
  • Market Conditions9

Activity 17
Sun Mar 24, 2013
BParker, CPA* answered:
Hi Gary:

Quoting a rate is not that easy. Before anyone can do so: What are your FICO scores? (Not those you get off the internet, but from a tri-merge mortgage credit report) What is the value of the property and how much do you wish to borrow (rates vary based on amount lent--under $100,000 or over $300,000--and the loan-to-value, as will the origination fees) When you mention "term", are you asking us if a 30-, 25, 20- or 15-year--what do you want?

I would suggest you find a loan originator you trust and talk to that person about the details of your transaction. It is not a one-size-fits-all situation. If you are going to shop, shop for professionalism, not price.

Good luck. Bill.
... more
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Sun Jan 13, 2013
June answered:
Call a few lenders and give them all the necessary infirmation.
0 votes 6 answers Share Flag
Thu Sep 20, 2012
Swee Ng answered:
Ricky Khamis from Amerifirst Financial. (602) 758-7425
0 votes 7 answers Share Flag
Mon Jul 14, 2014
Brian Cardenas answered:
You don't need a 640 for FHA financing. Some lenders have that as a minimum, but FHA is 580 with the minimum down payment of 3.5%. You can pay down balances and that should help your scores, but we can process your loan for an approval with the 639 score and then work on your scores to get you over 640. You just get a little better rate if you're over 640.

Call me and I'd be happy to help.

Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
Mobile 480.233.7897
... more
0 votes 10 answers Share Flag
Wed Dec 28, 2011
Brian Cardenas answered:
Bottom line is you have a very incompetent loan officer. If your loan is declined then unless you have signed something waiving the financing contingency then you can get a refund of your earnest deposit. You should contact a good mortgage broker to see if you can still get approved before you forfeit your expenses you've incurred for the inspection and appraisal. There are other lenders that will likely be able to have more flexibility than Wells Fargo with their acceptable debt to income ratios. I'd love to help you if you'd like. I have 19 years experience, so I can assure you you'll get the right answer the first time.

Brian Cardenas
Sr. Mortgage Loan Originator
1st Rate Home Mortgage, Inc.
Mobile: 480.233.7897
... more
0 votes 17 answers Share Flag
Tue Nov 22, 2011
Debra (Debbie) Rose answered:
No, it's not the same..............the 5/1 loan is a fixed rate for 5 years, then adjusts yearly thereafter (from year 6 on)........and yes, it is amortized over 30 years
0 votes 5 answers Share Flag
Mon Nov 21, 2011
Jeffrey Austin answered:
We work with many Canadian investors and second-home buyers. With the strictness of our lending institutions, I work recommend talking with a mortgage person you are familiar with in Canada first. ... more
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Thu Oct 13, 2011
Todd Bookspan answered:

A gift from your parents is ok for your down payment on either a FHA or a conventional loan, so that is not a problem. I would recommend a conventional so that you can avoid mortgage insurance. Even with 20% down, you would still have MI on a FHA loan.

Based on everything else you've said, any lender would love the opportunity to assist you with alone (including me!).

Feel free to call me to discuss the process or to answer questions.

Best regards,

Todd Bookspan, MBA
Certified Mortgage Planner
... more
0 votes 7 answers Share Flag
Sun Oct 2, 2011
Carlos Ramirez answered:
$3,325 is more than 1.5% the loan amount. It obviously doesn't add up. Have you asked your lender? I am sure they will gladly explain it to you, or correct it if there is a mistake.

Carlos J Ramírez, PC
Broker/Realtor, ABR, CNE
Certified Negotiation Expert
602-512-5825 direct
602-749-6327 fax
... more
0 votes 10 answers Share Flag
Fri Jun 24, 2011
Brian Rocca answered:
You do not have to put your wife on the loan with you as long as you can qualify for the loan on your own. I would look at both options or VA and FHA as there are some pros and cons for each that you need to review. ... more
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Wed Jun 22, 2011
Brian Cardenas answered:
Steven -

There are minimum credit scores that FHA has established and minimum credit scores that individual lenders have established that may be higher than FHA's minimums. FHA has a 530 minimum score and many lenders have 620-640 minimums. For scores below 620 you're likely to have higher interest rates. Your down payment minimum with FHA is 3.5%, but could be higher with lower scores. Most sellers (banks included) will make contributions to your closing costs so that you can often close with just the 3.5% down payment. Having a good agent and mortgage broker are keys to making that happen. Let me know if I can help any further. ... more
0 votes 7 answers Share Flag
Tue Jun 14, 2011
Shane Milne answered:
Yes there are lenders that go down to a 600 score (even lower) for VA financing, but equally as important as the credit score is what is on credit that is leading to the 600 score (vs. a much higher score). When you meet with a loan officer (face to face, over the phone, etc.) be prepared with details on:

1. Your credit scores - you can get Equifax & TransUnion from
2. What is on your credit - you can get these for free from
3. What your monthly income is - copy of a paystub is good to have on hand as well as 2 years of tax returns
4. What your checking/savings/retirement asset situation is - while VA does not require a down payment or reserves, having either can help offset negative credit when going before an underwriter
5. What your monthly debt obligations are - you can get these off of the credit report
6. What sales price range you are looking in - work with a real estate agent or get preliminary readings by using or
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Wed Jan 5, 2011
Rudy McDowell answered:
Hi, Apollo Creed

If you're in a FHA mortgage, been current on your payments for the last 12 months, have paid down 25% of the original mortgage, and can document your need for a larger home, you can go FHA. ... more
0 votes 3 answers Share Flag
Sun Jul 25, 2010
Dan Tabit answered:
Hi Canadian,
The easy answer is apply for a mortgage in AZ. If you have good credit in Canada, it can be found. If this is going to be a personal residence you'll get better rates and terms. If you are going to buy it as a rental or other investment property, disclose that. The loan programs and terms will be different, but still affordable.
Good luck with your purchase.
... more
0 votes 7 answers Share Flag
Tue Jan 26, 2010
Damien Rufus answered:

Do you currently have someone that you refer individuals to who cannot get approved for a home loan due to credit issues? If not, maybe I can help. Send me an email at to see how we can assist eachother! ... more
0 votes 0 Answers Share Flag
Wed Jan 13, 2010
Ron Beebe answered:
the HARP loan from the Government is not just for Owner Occupied Propereties! As of today with excellent credit you would be able to refianance up to 100% of the appraised value. Please contact me through my website if you would like additional information. Best wishes, Ron Beebe ... more
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Fri Sep 26, 2008
Tammy Medigovich answered:
Mike -

Your best option is to contact the Lender to get clarification. Ultimatley they make the final decision.

0 votes 5 answers Share Flag
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