What information is generally needed for receiving rate quote
To get a generic basic quote, nothing but a emai or phone request. To get a better understanding of what rate you would qualify for; transaction type (purchase or refi), estimated credit score, loan amount, and loan-to-value. To get exact quote then all of the above plus a full credit report and a...

What are the qualification for a rd loan
Blake,Each State has guidelines, here is a website you can use to see the overall program- http://www.rurdev.usda.gov/LP_Subject_HousingAndCommunityAssistance.htmlHere is the link to calculate your household income to see if you are under the limit or over. http://eligibility.sc.egov.usda...

Are there loan assistance programs for student doctors?
Unless a local bank has an in-house program then no. We have several local banks that offer in-house programs for Dr.'s and Medical personal after they have graduated, knowing that their income is fixing to go up significantly. If you are needing to purchase now, you can still apply and find out what your...

Would paying for an appraisal and then trying to refinance be beneficial?
Only in the sense that you would have an idea of where the banks appraiser might value your home. Any bank that you would want to talk to and then eventually choose to do your refinance will require an appraisal. That bank will have to order their own appraisal. Also, something to be aware of is that your...

Should we have more than 1 mortgage company to figure what our monthly payment will be, or is it about the same from one company to the next?
Always compare, but get their estimates based on a certain credit score, do not let multiple lenders run your credit to give you their estimates. Different lenders work with different investors and therefore will have different pricing that affects their rates. Also, from one bank to another there...

How much is required to put down on an fha 203k?
3.5% of the total purchase price plus the amount of the repairs. What has to be made certain is that the property will appraise for the contract plus repairs. This is where a very good realtor who can assist with comparable sales in advance of the contract helps to make sure that you are not trying to "over...

How long does the underwriting process take?
Once a file is complete and goes to the underwriter it will depend on the bank and their current workload. A good loan officer will request all documents needed upfront, review what you give them and then let you know if the underwriter will need additional items. They then submit to processing who puts...

How do I determine my VA funding fee?
As a lender who is also a Veteran, this is the question I get asked the most. It is tricky so I will post the VA link 1st. http://benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf So, the 1st question to ask, is "Do you get disability from the VA?", if yes then no funding fee, if no then...

How soon after foreclosure can I get an FHA mortgage?
There is not a specific answer to your question. It is going to depend on the FHA rules at the time of application, the guidelines and overlays of the bank you apply at, and the other risk factors presented in your application to the underwriter. But for a general time, currently in FHA guidelines, you...

possibility of buying land?
To buy raw land you would need to go to a bank that offers land loans, signature loans using the property as collateral, or something like that. FHA is for residential housing only. Let me know if I can help in any other way.-Jeff Schnell BNC National Bank NMLS409473 316-206-3158 jschnell@bncbank.com

are rates on rent to own any different than just buying outright?
Banks do not offer standard financing on "Rent-to-Own" or "Lease-to-Own" type of situations. These are seller financed and you would negotiate that rate with them. Upon getting qualified to purchase you would use a standard bank to then purchase the home from the seller. Typically there is a clause...

How to get a zero down VA loan?
JensonThank you for your service!! As a Disabled Vet and Certified VA Lender, I have some basic advice. 1st, if possible work with a local lender, if you cannot find one, I worked in ABQ and know many reputable lenders. 2nd, stay away from any broker or banker that wants to charge you any bank fees. There are...

IS 19 ACRES TOO MUCH FOR THE LOAN
It depends on what kind of loan you are trying to get, whether or not the bank you are applying at can do acreage with a residence, and then what is considered normal in the area of the purchase. For example, I do not like to look at loan applicaitons in my direct area if they are over 5 acres because it is too...

USDA loans
I would speak to an attorney about the liability of the developer of the subdivision. Also, typically City and/or County inspectors sign off on the main parts of developments such as water, sewer, and roads in order to start building homes....... What is the homeowners reasoning for not wanting to sign a home...

Can I use funds in my solo k 401 to purchase real estate to repair, then sell for profit?
If you are purchasing the rehab investment home for cash then the company that manages your 401K would be a better source to see if you can cash out or borrower some/all of those funds for this purpose.