FHA and Prepayment question
A lot of lenders will check that there may be a pre-payment penalty on FHA loans because of the 30 day interest payment requirement at loan satisfaction even though the loan has not accrued the interest. To make it simpler to understand let's say you re-finance your FHA loan again and close on the...

Quick question from pa
The 5% rate is reasonable depending on how much of a buydown they charged. The actual APR rate would tell me more. First time home buyer doesn't affect rates but it does qualify you for the $8000 tax credit. If conservation of your savings is a goal I can do an FHA purchase deal for you with 3 1/2% down at a...

I am looking for a conventional loan to refi my manufacture home can you help
Remanufactured homes are tough to do today. This is probably an FHA loan but most lenders doing FHA do not work with manufactured homes. I would do a lender search specifically for FHA manufactured homes lending. You will not be able to find any conventional lenders still doing manufactured.

is this safe?
Hi Ken: Purchasing a home is certainly a confusing issue for a lot of first timers, so don't despair. Prices have bottomed according to the gov and other research companies so now is a great time to buy. The program that Wells has approved you for sounds like the 97% Freddie conforming. The rate is...

self-employement issues
Are they telling you why they can't use your income? Being self employed is not a problem today as long as income can be documented via 2 years of tax returns. Underwriters will look at gross reported income and subtract expenses to determine stable income. Have you tried submitting a loan request...

what is the minimum rate that a private lender can charge a person?
I need more info to give you an accurate answer. What are the details of the loan? Is he doing it as second mortgage with another primary lender? A private lender (ie family member) is under no obligation to charge interest at all.

Looking for loan amount of $250,000.
This is an 87% LTV loan which should be no problem with good credit and income qualifications assuming you are either purchasing or doing a rate/term re-finance. If you are looking to take cash out then the max loan is $243900 or 85%.

employment lapse question
They may call the former employer to verify employment dates, but "reason for leaving" is not usually a factor.. Employment income is usually verified by tax returns or w2's. As long as the explanation letter is truthful and believable it will probably suffice. If your approval is with...

chapter 7 can we get a house?
The quick answer for you is have your wife find a job paying w2 income in sufficient amount to qualify her. It looks like you have done your research and understand all the implications of your past history and the guidelines for getting a mortgage. although there are a few lenders offering NINA and no...

can i buy for investment property
Sure you can buy an investment property. You will need 20% down and a credit score of 680 or better but lenders are still finding these loans.

i got the aproval in the mail for a va loan, from the va. what's next?
The VA does not issue loan approvals. They probably issued you an certificate of eligibility which is needed by a lender to approve the loan for you. Do you have a house in mind or are you just starting the process? If you get back in touch with me I will be happy to discuss your options in more detail. Leo...

What is the Refinance / Payoffs line item in a GFE?
That is definitely something you need to have your lender explain. It is sometimes confusing to a borrower when totals are just shown on a summary type GFE. You have a right to have all fees fully explained to you.

Can you use an FHA loan to buy an investment property?
FHA loans can be used to purchase or re-finance an owner occupied property only. There are exceptions for occupancy when a property has an FHA loan in place and the owner moves out but you cannot use one for purchase of a property that you do not intend to occupy as your primary residence.

Can I contact a bank before an REO goes on market?
Absolutely. Banks start to accumulate costs, ie.. legal, marketing etc. on REO properties the moment they start advertising their sale so contact prior to that may allow them to sell at a reduced price.

What documents are needed for Patriot Act compliance
There is no specific list of documents that are acceptable. The act requires lenders to verify the identity and nationality of all applicants through a government issued, non-expired identification form evidencing nationality and/or a photograph or similar safeguard which cannot be copied. If...

Is possible to do conventional loan with 15% down?
Whomever provided your information is mistaken. We can certainly do conventional with 5% down or FHA with 3 1/2% down on a purchase. The 3 1/2% FHA down payment can even be a gift from a family member. Your mis-information is one of the reasons you should speak to a mortgage professional when in the...

Down payment on 2nd Property help?
This is a realistic plan that would require you to have the current duplex rented before settlement to prove that you intend to occupy the newly purchased unit as a primary residence. To gain any rental income from the first unit you would need to use a total of 75% of the gross monthly rental income plus...

Help..I have great credit and my fiance has bad credit..I currently own a house but would like to purchase a new one..Help
Hi cujo38. You are between a rock and a hard place. In today's mortgage market, income has to be proven by tax returns or w2's. If you do not qualify for financing on your own because of lack of income proof it will be almost impossible to add your fiance and qualify with a current BK and a past...

Is there such a thing as a non amortized variable rate equity loan to 100% LTV?
This is an example of someone playing games with you or just plain ignorant of the facts. If a loan isn't amortized (paid down with each payment) it cannot be paid off. You would be paying interest only. The loan you are describing is an Adjustable Rate interest only loan which is not used by Lenders...

me and my husband both have bad credit from the past we now have our house payed off and would like to put our house up as collateral to get a loan to help us out in a hard time do you think we would qualify
Hi William: There is no safe answer here. You say you have bad credit but don't give scores so I do not know your interpretation of "BAD". With the tightening of loan guidelines these past 2 years because of the problems in the industry getting a loan just based on collateral value is next...