What is the first step in getting a home loan?
Hi Sandy,The first step would be to contact a reputable mortgage provider (or more than 1 for comparison, etc) and go through the pre-qualification steps in order to establish preferred budget and down payment, resulting in understanding your range of home prices and approval details.Andy

Can I still shop around for rates if i've gotten preapproved?
Hello,Yes, as a consumer it is your right to choose your provider and shop for your mortgage loan and terms. There is no commitment to a simple pre-approval and it's highly suggested that you shop and compare. Just make sure to never pay an application fee and do research on the Mortgage Loan...

FHA vs. Regular mortgage loan? First time home buyer.
That is a good question. Here are a couple of notes that you may find useful:Conventional: Minimum 5% down (possibly 3%) - funds must be your own funds and cannot be gift unless 20% or more down. Benefits would be lower fees and lower monthly mortgage insurance. Less flexible on FICO score and pricing.FHA: ...

What is PMI and how do I know if I need it?
PMI is private mortgage insurance which is a 3rd party provider of insurance to protect the conventional lender against default if the borrower is putting less than 20% down. On conventional there are several ways to pay this required insurance when applicable, but not required if 20% or more down. ...

If my husband and I are retired can we get a mortgage on an investment property?
Yes, you can and you would be treated no differently than any other consumer if you can document ability to repay on fixed income or other sources of income shown to continue for 3 or more years. For agency-backed conventional financing you would also want to plan on putting down 25% for budgeting.

do you have to be underwater to qualify for harp 2 ?
If you carry an agency-backed loan that meets the criteria, you do not need to be underwater to qualify for the program. Contact a local licensed Mortgage Professional and they should be able to help answer the more specific questions and qualifications.

Can i get the lowest rates for a first home with a FICO 760 and my wive's 680?
As others confirmed, they will use the lowest mid-score of the 2 borrowers. Conventional financing would be preferred over FHA, but there would be risk-based pricing adjustments for that FICO score. It would be best to discuss the other specifics with a mortgage professional to determine all the...

Can I put her name on the house if we are not married?
Yes, you can jointly apply for mortgage pre-approval. If approved, both would be liable for mortgage re-payment as well as being vested on title once new Deed of Trust is recorded. As indicated below, both borrowers must qualify. If one borrower, however, has sufficient income than the other borrower...

How to pay off my second mortgage while refinance my first
Depending on the combined loan to value (CLTV), you might be able to simply re-subordinate your second (keep it in place as-is and just refinance the first mortgage). There is a simple process to do this, but you will want to discuss the impact to qualifications and pricing on the new first mortgage and...

Are there higher rates for cash-out refis?
As others have stated, if you have a loan backed by Fannie Mae or Freddie Mac (which is likely), they will apply LLPAs (loan level pricing adjustments) where applicable.For cash-out, the FICO score is a large indicator when combining with cash-out, but primarily if you are 60% loan-to-value or below...

will commission count toward my income?
Yes, the agencies allow you to use commission income as qualifying income with history and tracking, preferably 2 years consistently. Tax returns may be required or verification of employment with additional figures, but not difficult to determine allowable amounts and ratios. Bobby- please...

If I only have 5% to put down can I get an FHA loan?
FHA only requires 3.5% down which can be in the form of own funds or family gift funds. Conventional, the more preferred program, requires 5% down of own funds.Where did you hear 10% down is needed for FHA or am I missing some details?

How much do I need to put down to avoid MI?
To completely avoid PMI you would need 20% down on a conventional conforming loan, however, you can also review "lender-paid" PMI options that waive the monthly premium entirely through a slight increase in interest rate up to 95%. It's best to compare borrower-paid PMI vs. lender-paid PMI on...

how can i get discount points?
You might mean lender credits or rebates. Discount points sounds like a credit to you, but in reality they are costs to buy the rate down you pay to the lender. At times is may or may not make sense to pay these points, but all are just considered a lenders origination fee. 1 point = 1% of the loan amount. If you...

Can I get a mortgage with no MI if my credit is 731?
Based off your details, you will want a conforming conventional loan backed by Fannie Mae or Freddie Mac to obtain the most favorable terms overall. As others mentioned, you can opt to pay monthly PMI with potential for removal in the future if confirming 20%+ greater equity with loan servicer, or opt...

Question I own my company but I w-2 myself. I dotn want a ton of paperwork do I have to submit my personal and business tax returns?
Greg is correct, the agencies control lenders on requirements and all have to document ability to repay. If self-employed as noted, they will review most recent 2 years or at minimum 1 year under Freddie Mac (assuming you are looking for a conforming conventional loan vs. government insured). I would...