Can I keep my house as my sole property even after I get married?
It is absolutely possible. To maintain the seperate ownership and avoid any concerns of comingling (if that is your concern), be sure to keep making the payments from your individual bank account. If the payments are made from a joint account, in some states the other party begins to accrue an interest...

I heard there is a conventional mortgage that allows a 10% down payment.
As the other posts have stated, any single conventional mortgage with less than 20% down will require PMI of some type. If you choose to go the single loan PMI route, compare your numbers, because a financed PMI will reduce your monthly payment significantly as compared to a monthly PMI situation...

Can my lender adjust my mortgage rate without my knowing?
Hello Arnold - No your lender cannot change your mortgage rate without notifying you. If you have an adjustable rate mortgage, you will get a notification approximately 60 days prior to the change date and then again within 30 days of the new payment amount being due. Communications of this type are...

Is there any benefit to PMI?
The benefit for PMI is the reduced down payment requirements. It also benefits the lender by mitigating part of the risk for accepting a loan with less than 20% equity. The insurance doesn't cover the entire amount between the loan amount and the purchase price, but does reduce that exposure in the...

Non-Occupying Co-Borrower vs Second Home
As a direct lender, we see situations like this all the time. There are certainly requirements that must be met in order to determine whether this would qualify as a second home for you. First of all, do you own another property? If you don't, this can't be a second home. Next, is your parents property in an...

Can my husband and I buy two separate homes?
No you don't have to list your spouses other house as long as you each qualify on your own without assets or income from the other and your not on title to the other property. The exception to this would be if you are trying to get an FHA loan. Those are currently only for owner occupied transactions and you...

how much can someone contribute to my down payment on a conventional loan?
A donor can contribute as much or as little as you may need. Depending upon what your overall down payment situation is will determine what your minimum contribution needs be. For example, if your down payment is 20% or more, it can be all gift and you would not have to contribute anything to the down...

Are there disadvantages to a VA loan?
In general the VA loan is going to be a superior choice to an FHA loan. However, there some disadvantages as well. Here's a few of them: 1) The qualifying debt to income ratios are more restrictive on a VA loan than they are on an FHA; 2) The property must meet the minimum VA condition standards and the Seller...

Are prepayment penalties something to worry about?
Prepayment penalties were outlawed on all loans sold to Fannie Mae and Freddie Mac with the Dodd-Frank Act. However, prepayment penalties may exist on some loans that are considered "Hard Money" or "Private Lender" loans as well as any loans made by an institution that they choose to hold in their...

I live at 468 springs road I wanted to know the property value at this time
If you are looking for the most accurate market value, that would require an appraisal done by a licensed appraiser. Depending upon the intended use of the information (the current market value) will best determine what type of market analysis you need. If you are trying to refinance, the lender will...

I would like to know if BNC National Bank will finance a condominium located in Lake Worth, Florida for $70,000.00
I have no idea if BNC National Bank will finance a condominium in Lake Worth, FL. I am not familiar with their guidelines. However, we lend on condo's in Florida all the time. There are many factors to consider with Florida condo's in addition to the normal lending requirements. It's much simpler to...

What is the turn around time for mortgage closings in Florida?
15 days is pretty quick timeframe for a closing to occur from start to finish. I can be done, but it depends upon many factors, such as whether it's a purchase or refinance, how cooperative are all the ancilliary parties (closing attorney, escrow, seller, etc.) We've done them in less than 15 days. ...

USDA question concerning my child
Yes they can ask for the W-2, if you have included your childs W-2 income on your 1040 tax returns. However, since the child is not of legal age, they could not be put on the loan or in title, so the underwriter is incorrect in asking for the paystubs. The child's income is irrelavant and doesn't matter as...

Second request: your square footage is arbitrary and totally wrong. My previous request for update was left in deaf ears.Tu ttn5153@yahoo.com
The public records for this property shows 1239 sqft. If this is not accurate, then you need to take this up with the City of Santa Rosa and have them adjust the square footage. The public record square footage is typically based upon the permitted GLA (Gross Living Area). That means that a permit was...

Is it a good time to list our house in Mission Viejo or should we wait until after beginning of the yeat
There is a downside to waiting as well. Since property values continue to move upwards, if you are looking to stay in the same market (Mission Viejo / South Orange County) you will probably be paying more for the house you want to buy and will have more competition. The current marketing time for your area...

What's the best 30 year fixed right now with no cost
Again, as the other posters here have indicated, there are many factors to consider in what is the best 30 yr fixed rate loan with no costs. Our rate today would be in the 4.125% to 4.250% range assuming the optimal situation. I am the branch manager our our branch office in Santa Ana, CA and would be happy to...

I did a short sale 3 years ago. Do i qualify for a mortgage now?
With 20% down the requirement is a 2 year waiting period from the time of your short sale to the application date for your new loan. The waiting period is longer for less down payment and for an FHA loan. Your in good shape! Good luck!