DOes anybody now about Homepath loans?
No, USDA loans provide for 100% financing, not HomePath loans.HomePath requires a minimum of 3% down payment, requires no appraisal, and has no monthly mortgage insurance. This results in a slightly higher rate than an FHA loan, but a lower payment due to not having PMI.You need to qualify for the loan...

Refinance right after purchase
Rates were low two months ago......I can't see a huge benefit. Are you wanting to do a cash out refinance? or change the terms? What is your current interest rate? DO you have an FHA or Conventional loan program?

Can I get a better rate if I refinance my home now?
There is a guy advertising on the radio for a fixed rate of 3.25% w/ no points. Sly devil...he gets people drooling, they call in, and are then disappointed to hear it is for a a 15 year fixed loan or that they don't qualify for that rate.....but only after they run his credit report and pay a nice juicy $250...

I recently received a notice of default. Can I refinance now?
Probably not.....could you refinance before you were in default? Did you purposely skip payments? Or did you lose your job or take a huge pay decrease? Perhaps you are thinking of doing a loan modification? Call your servicing bank for that...takes about 3-8 months to complete.

Does every lender do a VA home loan?
Hi John,Not all lenders do VA, as you have read already (I do). VA has different disclosures and different methods of qualifying than other govt. insured type loan programs (FHA - USDA). I have seen many lenders drop the ball who did not properly calculate the buyers residual income correctly and...

Would e be able to do cash-out using no LTV limit of HARP2?
That would be great to be able to take out as much cash using the HARP 2 unlimited LTV program wouldn't it? Or even debt consolidation! You might want to consider doing a 15 or 20 year loan and paying off that mortgage much sooner and saving yourself a ton of interest. The rate son a the HARP 2 15 and 20...

How can we find out if our current loan is Fannie or Freddie? Can Lender411 help?
The guys who have answered already are spot on. Once you find out if Fannie or Freddie own your loan, call me (951) 215-6119 or go to www.homeloanartist.com and we'll confirm when they secured it. Because if it wasn't secured prior to June 1st, 2009, you won't be eligible for a HARP 2.0...

FRM vs ARM
It can sometimes be more difficulty to qualify for an ARM than a fixed rate mortgage because depending on the ARM term you choose, you may have to qualify at a higher rate than the actual note rate, which affects your DTI ratio.Benefits of an ARM? Lower payment and rate.Risks? Rates will be much higher 3,...

Lost my job and my wife doesn\'t make enough to pay the monthly, would it be better to foreclose or short sale?
That question may require the consultation of an attorney or CPA due to the potential tax liability each of those actions may require. Unfortunately, it's fairly common for people in the mortgage and real estate industry to offer up advice without knowing they are breaking the law because they are...

Is it advisable to refinance in order to get rid of PMI insurance fee?
Issues to consider: If you refinance, your loan may no longer be a non-recourse loan. Ask yourself what are the odds that will come into play it the future.Also, find out when your projected time is when the FHA MIP will be removed under normal amortization of the loan.And how much will the monthly payment...