I have a credit score of 600 which should increase to at least 620 soon because of a bigger credit line recently opened and the fact my debt to credit ratio was just brought down to 5%. I want to buy a house in July. I have some old ( 3-5 years ) collections on my report. We have 10K to put down. Can I get a loan? Also should I pay my old collections off asap or should I wait till we get approved. I heard that can hurt my score in the short term. ??
Not sure how paying off collection accounts can hurt your scores. I think that may be the best way to get the scores up. Most lenders will want to see a 640+ score these days. I have a great credit repair company that I work with that could help get those scores up by July. Give me a call and I can get you in contact...

combine two mortgages into one
That shouldn't be a problem. The only issue you could have there is when you took out the second mortgage. As long as its over a year ago then you would qualify for an FHA loan. I would think you should be able to find something in the 4.75% range with 0 points. Good luck.

COnfused about 3 different refi options - please help....
Honestly none of those options make a lot of sense. Paying 495 to save 7 isn't worth it and the other options are not any better. Are you paying PMI know? Can you tell us what your credit score is and the value of the property so that we can see if those rates are competitive. It may just make sense to stay...

What is a transfer tax on closing fees?
There is definitely no transfer tax in Conshohocken on any type of mortgage refinance. I live and work in Conshohocken and would be happy to answer any questions you have.

how can i get a "non-conforming" mortgage?
You mentioned down payment as one of the strengths to your application. Could you put less down and then use the other money to pay off some debt to improve your ratios. I would be happy to run through the numbers with you an see what would make sense to payoff and see if we can get the ratios in line. Dennis...

is there a difference between a second home and a vacation home?
No difference at all.