Can my in-laws purchase a home for us now and then sell it to us in 8 mos. when we are ready to purchase a home?
I am a broker in the State of New Mexico. Actually, this scenario would be considered a straw buyer scheme. A straw buyer scheme is when a person (friend, family member or stranger) purchases a home for another person (who does not qualify) and has no intention of ever living in or making payments on the...

what is the difference between a investment property and a 2nd home?
Hi Thomas, To be considered a second home, the property generally must be at least 50 miles from your primary residence. Feel free to call me if you have any other questions. Gina BellAccess Funding, Inc. 505-323-0724

I'm underwater but want to know if I should wait for harp 3 to refi
Hi Karla,My name is Gina Bell. I'm am a mortgage broker in Albuquerque. There is no good reason for you to wait for Harp 3, if you currently qualify under Harp 2. You can contact me directly at gina@accessfundinginc.com or give me a call at 505-323-0724, and I'd be happy to answer any other questions you...

Can a large down payment compensate for a recent ch. 7?
Unfortunately, no. Not anymore. Mortgage lending has returned to it roots, and the 3 C's of lending (credit, collateral, and capacity) must each stand on their own merit.

How do I get my name off mortgage since spouse won't sell and i do not qualify for refinance
Unless there is a divorce decree ordering you to remove yourself from the title, I would not recommend executing a quitclaim deed to remove yourself. If you execute a quitclaim deed, your spouse can sell the property, refinance it, or even add a 2nd mortgage without your consent, even though you are...

what would be the APR for a 730-740 credit score
Hi Genie,I concur with the previous comments. I am a New Mexico mortgage broker, which allows me to do some comparison shopping for you. Feel free to contact me at 505-323-0724 or via email at gina@accessfundinginc.com.

Am i able to refi a home that has my ex wifes name on without her knowing
No, first you would need to execute and record a QuitClaim deed removing her name from the title. Once the title is just in your name only, you would then be able to refinance the property.

can i refi using lender credit?
I assume when you say lender credit that you are referring to the premium pricing on an interest rate. If that is the case, then yes, it can be used to pay your closing costs and prepaid expenses. However, I agree with Rob, that may or may not be your best option. It is always best to weigh out all your options...

will a 4 month unemployment gap need a letter of explanation
Generally, employment gaps greater than 6 months require a letter of explanation. If an explanation is required, it is usually specified in the Fannie Mae or Freddie Mac automated underwriting findings. If you have any other questions, I am a local Mortgage Broker in Albuquerque, and I would happy to...

I've locked in my rate with the bank but now I want to back out - possible?
Absolutely! Obtaining a mortgage is typically the largest financial transaction most people engage in. You should definitely follow your gut. If you are not totally satisfied, comfortable, and confident with the transaction and/or the company you are dealing with, by all means, BACK OUT. You...

Rate goes up when REDUCING loan length??
If you are just refinancing your owner-occupied residence to reduce the term, that is nonsense. My name is Gina Bell, I am a Certified Residential Mortgage Specialist (CRMS) in Albuquerque with low costs and great rates. You can call me at 505-323-0724 or email me gina@accessfundinginc.com at your...

What can helocs be used for?
A funds from a HELOC can be used for whatever you choose to use it for. What is nice about a HELOC is you can draw funds as you need them during the draw period so you only pay back what you use plus interest. Feel free to contact me directly if you have any other questions. My name is Gina Bell. I am a local mortgage...

puttig down payment into loan balance?
No, a down payment on a purchase cannot be rolled into the loan. A refinance of an existing mortgage allows the borrower to roll the costs into the loan, if there is sufficient equity in the property. The minimum down payment varies from 0% to 5% depending on the type of loan you are seeking. There are also...

can the home seller pay discount points for the buyer?
Yes, generally, the seller can pay discount points for the buyer. It is often called a seller concession or seller credit toward the buyer's closing costs. The type of loan (i.e., FHA, Conventional, VA, USDA), amount of the down payment, and occupancy can affect the amount the allowable seller...

How do I determine my VA funding fee?
There are several factors that determine your VA funding fee:1. Type of service, Regular Military or Reserves/National Guard2. First-time use or subsequent use3. Type of loan, purchase or refinance (regular, cash out or interest rate reduction)4. Down payment amount on a purchaseIf you have at...

Is mortgage insurance required on jumbo loans?
It depends on your down payment and program you choose. I am mortgage broker in Albuquerque. As a broker, I have a wide variety of programs to choose from. My name is Gina Bell, Give me a call, and we can discuss your options. Call me at your convenience, I am available after normal business hours and on...

Are there any "non-DTI" lenders in new Mexico?
The ability to repay a mortgage loan must be considered and verified The maximum DTI depends on the loan program you choose. My name is Gina Bell. I am a mortgage broker located in Albuquerque and would be happy to discuss your options. Feel free to give me a call at your convenience. I am available after...

Can I buy a home before the sale of my current home is complete?
You can definitely buy a home before the sale of your current home is complete, but there is a lot to consider before doing so. However, if the source of your down payment is the equity in your current residence, you would at least need to close on the sale of the current residence and purchase of the new...

Is it possible to get a home equity loan 4 months after a refi?
Yes, you can definitely pursue a home equity loan whenever you are ready. There is no time limit for getting a home equity loan after doing a refinance. If it were me, I would first go to my credit union for a home equity line of credit (HELOC). If you are not a member of a credit union, I would try a local...

How to get a zero down VA loan?
Hi Jenson,Thank you for your service!VA loans, by nature, allow you a choice of 0% down. Generally, the first step is to choose a lender, who will obtain your eligibility certificate, and start the qualification process. I am a wholesale mortgage broker located in Albuquerque, a Certified VA Housing...