Home Equity of refinance
Hi James,It really depends on your current interest rate and how much equity you have in your home.Best regards,Elva A. WormleyMortgage ConsultantOffice (408) 615-8500elva@ewormley.comC2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA 95128NMLS #331981 / BRE #01274093www...

I would like to buy another house for investment. is it advisable to take a loan on my primary residence to put as down payment?
It really depends on your situation regarding your cash flow and the type of mortgage you are considering, etc.Please feel free to give me a call or send an email to discuss further.Best regards,Elva A. WormleyMortgage Consultant(408) 615-8500elva@ewormley.comC2 Financial Corporation2845...

what is an arm's lenth transaction?
Arms length transaction is a sale between unrelated parties, both parties acting in their own best interest, neither under stress or duress to complete the transaction. Elva A. WormleyMortgage ConsultantOffice (408) 615-8500C2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA ...

What kind of loan is available for FICO score 678 year in 2014?
Hi Geraldine,Your 678 score is high enough for both conventional and government financing. Please feel free to give me a call if you would like to discuss your options. Elva A. WormleyMortgage ConsultantOffice (408) 615-8500C2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA ...

my fico score is 680
Yes, you can qualify for a super jumbo loan with a 680 credit score.

Can spouses each borrow from 401(K) for house downpayment?
Yes, you can borrower from your 401(k) and depending on the specific loan program the payment may or may not be included in your debt-to-income ratio calculation.

If get a 203K loan can I do the repairs myself?
If you are a licensed contractor, you can do the work. If you are not a licensed contractor, you may be able to do the work that does not require a license.

FHA Loan Mortgage Insurance Premium
Yes, that is correct. It became effective for all case numbers assigned on or after June 3, 2013. If you put 10% or more down, the mortgage insurance can be removed after 11 years. If you put less than 10% down the mortgage insurance remains in place for the life of the loan. Elva Wormley, Mortgage Consultant...

what is the waiting period to buy after short sale?
With FHA, there is no waiting period if the mortgage and installment payments were not 30 or more days late prior to the short sale.With VA, there's no waiting period if the overall credit is good.With conventional, it's 2 years with 20% down and 4 years with 10% down.With USDA, it's 3 years.

do any HOAs prevent owners from renting as an investment
Hi Oscar,Yes, they can depending on their owner-occupancy ratio.Best regards,Elva A. WormleyMortgage ConsultantOffice (408) 615-8500C2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA 95128NMLS #331981 / BRE #01274093

selling home - does current home count as an asset toward new mortgage??
Yes, you can get pre-approved now for a mortgage while you are waiting for your home to sell. Best regards,Elva Wormley

Source of Deposit
Sometimes underwriters will ask for a letter explaining the source of a deposit. If that is what they want, I would simply write a letter stating that the deposit was a payment from your insurance carrier for a medical related issue per your insurance policy.

Are there any disadvantages of putting a 20% down on a home purchase? I am willing to put down 20% to avoid mortgage insurance.
The only disadvantage is you'll be using more of your liquid assets. If you have 3 to 6 months reserves after making your down payment I wouldn't worry too much about the 20% down payment because the benefits outweigh that one disadvantage.

Underwriter not accepting VOR for purchasing the home we've been renting.
The real issue is that you're using half of what you paid in rent for your down payment. That has to be documented. Anyone can write out receipts and complete a verification of rent form. If you can come up with a down payment, ask the landlord to reduce the purchase price by the amount that you've paid in...

We r buying a house in Florida and want to rent it three months a yr. our mtg guy is saying the mtg company can call the loan due
If you are planning to rent the house make sure you're getting an investment property loan and you'll be fine.

best way to go from fha loan to conventional
Hi Alina,Your credit score is definitely good enough for a conventional loan. There are other factors involved, however. Please feel free to give me a call 408-615-8500 or email at elva@ewormley.com to discuss your options.Best regards, Elva

can I pay off the reverse mortgage after 3 years
Yes, you can.

how long do you have to wait after a Chapter 7 discharged bankruptcy?
FHA and VA - 24 monthsUSDA - 36 monthsFannie Mae and Freddie Mac - 48 monthsBest regards,Elva A. WormleyMortgage ConsultantOffice (408) 615-8500C2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA 95128NMLS #331981 / BRE #01274093

How do you purchase a property that is foreclosed?
The first step is to get pre-approved if you haven't already done so. Please feel free to give me a call at 408-615-8500.Elva WormleyC2 Financial Corporation

How much should a normal loan processing or underwriting cost?
Hi Jonathan, processing and underwriting fees vary depending on the lender. The processing fee can be as low as $495 and as much as $1,295 or more. The same for the underwriting fee. Most lenders do offer a "lender credit" option where some or all of the closing costs are paid with the lender credit. The...