What additional factors does APR consider? Should I use APR as a basis for comparison of lender offers?
Good afternoon INStein......APR is the annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items. By comparing the offered APR rate from different lenders, you can determine how much a particular rate is going to cost you. For...

Are there any drawbacks to using a Roth IRA account to fund a downpayment?
Always leave your retirement/investment accounts alone if possible. Down payments can be obtained through the use of Gift Funds from a family member, employer, etc. or by saving up yourself......or a combination of both!

do you know of a lender that handles va construction loans
Carol......most lenders are moving away from true "construction" loans.....those are loans where funds are disbursed in increments to fund construction phases. In these situations, it usually means the builder does not have an operating line of credit to build the home and fund the costs. We...

Are VA rates usually lower or higher than normal rates?
Government loan rates which includes VA and FHA are typically the lower of all the programs. Conventional rates are typically higher and carry Private Mortgage Insurance Requirements unless the Loan-to-Value is 80% or less.

Can we get a HARP 2.0 loan from a different lender when we currently have PMI?
You can use any lender that offers the HARP 2.0 program.....be aware there are some lenders that will only accept certain MI companies, however.Contact me @ jsalamon@weststarmortgage.com if I can help you....I'd be honored! Best of luck!

Can we refi from conventional to VA?
As long as you have VA eligibility you can refinance from any loan into a VA loan....it would be considered a cash-out loan and WestStar offers cash-out refinances up to 100% of the appraised value of the property! Call me today and I can get started on your application and provide figures for your...

Do disabled veterans get any discount on their mortgages?
Disabled Veterans are entitled to be exempt from the VA Funding Fee on VA loans.

My wife and I are trying to refinance and my credit score is 634 and hers is 722, what are our options?
The options available to you depend on what type of loan you are currently in. I would be happy to run some options for you to consider.......my email address is jsalamon@weststarmortgage.com. Based on a preliminary application I can provide you with side-by-side loan comparisons that will help you achieve...

how much do student loans affect my dti ratio and what is the minimum dti?
Student Loans impact your DTI just like any other liability if you are in a repayment status. If the loans are deferred for at least 12 months past the closing of a loan the payment does not have to be calculated in your DTI. Were you asking what the MAXIMUM DTI is? If so, that depends on the loan program you...

I was late on 1 mortgage payment 11 months ago, how long til i can qualify for a refinance?
Hi Robert....... I can do a refinance for you when the last late payment was 12 months old...so next month......as long as all other issues qualify such as Debt-to-Income Ratio (and I can exceed 50% in some cases), and your middle credit score is 600 or higher. I would be honored to help you........jsalamon@weststarmortgage.com ...

What kind of loan and interest rate can i qualify for with a credit score of 622 in Virginia?
Good afternoon Jeremy.........you may be able to choose between the FHA or Conventional programs unless you are VA eligible which requires no money down up to $417,000. Before any rate could be offered, a licensed Loan Officer should pull your credit and obtain your actual income documents to make certain...

when can i sell an fha home
If your intention was to purchase the home to flip then your lender should not have used the FHA program. FHA loans are for primary residences only with the intent of residing in them for at least 1 year.....selling prior to that could result in a suspected fraud issue and could cause complications on your...

could i go zero down for VA with a 620 credit score?>
I can go down to a 600 Middle credit score on VA with no down payment up to $458,850 purchase price in some cases. Call me today and we can get started on some options for you!

do lenders require letters of explanation for missed credit card payments dating 3+ years back?
In many cases depending on the loan type, we do not require a Letter of Explanation on late credit card payments that long ago. If the Underwriter requires one due to low credit scores or other any other concern on the file, then I can help you with that.....it's a simple process.

Does a month gap in income affect mortgage qualification?
Unless you are changing the way you get paid to commission only or become self-employed. A one month job gap is no problem, will do a Letter of Explanation and we must show at least 1 pay stub from the new job. I am a Senior Mortgage Banker individually licensed in VA and would be happy to help you.

Is there any specific benefit using a broker
Your best choice is to use a direct mortgage lender....one that originates, processes, underwrites, closes, and funds their own loans. WestStar does not send your loan out to any other company for review or underwriting and we service our own loans. Brokers usually charge higher fees and rates also and...

how important is BBB rating for mortgage companies
In 2010, the news magazine show 60 Minutes did an expose' on the BBB which revealed time after time a company that had not become a member received a "bad" grade on the BBB website, but after contacting BBB and paying the membership fee they suddenly got all A+ ratings. Wolfgang Puck is the biggest...

best program for first time buyer with 645 credit score
The answer would depend on several factors: credit depth, income, assets, and ratios, as well as if you have owned a home in the past 3 years. If you have military experience and are VA eligible, that's the best way to go, otherwise, depending on the above factors, you may qualify for the VHDA 1st time...

Is there a lender out there that does va irrrl without appraisal?
Yes there is.....right here in Virginia! WestStar offers the VA IRRRL without appraisal in some cases.....email me if you'd like me to look at your situation and determine your eligibility.

Is there any kind of harp program for investment properties? We are in VIrginia
Yes, both HARP 1 and HARP 2 offer the ability to refinance Investment Properties with certain guidelines. Let me know if I can help you with your specific situation.