home improvemt loan with little or no equity question
If you were buying the property now, FHA203 might be an option but since you already own, and you say there's not much equity, it's going to be nearly impossible to obtain cash through refinancing. Sounds like your cash flow is in good shape if you're able to put that much away every week....

I would like information on a stream line fha loan. Will there be closing cost and a apprasial
No appraisal required for FHA streamline. A number of different options on pricing depending upon your preference. We are a brokerage that deal with many wholesale banks so we will shop them for the lowest rate, cost and terms. A+ rating by Better Business Bureau. We are just outside of Philadelphia in...

union boilermaker for 8 years making 70,000 to 80,000 a year working 6 months a year how do i go about getting a home mortagage?
To apply for a mortgage, you will need to provide your last 2 years W-2's, a months worth of current paystubs, and last years tax return. If you are purchasing,your middle credit score should be above 640. FHA requires a minumum of 3.5% of the purchase price, plus your closing costs. If you don't...

When does PMI go away on FHA mortgage?
Good answers below. I wanted to also mention that removal of PMI does not always happen automatically. Often you will need to pay for an out of pocket appraisal to determine that the loan to value is now 78% or less of the homes current value. Before you order an appraisal, as mentioned already, it's...

If I get an ARM will it change every day depending on what rates are?
Arms (or adjustable rate mortgages) are a little complex to understand. As mentioned below, you can generally choose a term between 1 and 10 years. Common terms are 2, 3 and 5 years. The basic idea is that you will have the benefit of a lower rate (and payment) for that fixed period of time. You will want to...

Getting car and mortgage
If you already purchased the vehicle, the new truck loan will now be added to your overall debt ratio. If you have enough monthly income including the new truck loan to qualify for the mortgage loan amount you need, it may not make any difference when to apply. However if your debt ratio's are already...

Improvements for disability/elderly 203k mortgage
As mentioned, 203k's can be a bit challenging. One of the biggest limitations that's often overlooked is that FHA requires an approved plan for the improvements and will appoint a "counselor" to make sure that you use approved contractors. Not that this is all bad, but it does mean that everything must...

If we are moving is 5-1 better
i agree with William. Rates are good for 5/1's right now and the savings may offset any increase you might have if you stay a couple extra years. You might also want to compare the 5/1 to a fixed rate program as it's hard to predict the future of rates in this economy. We are a mortgage brokerage in Langhorne,...

Want to purchase a home for my daughter, can I do so with less than 20 percent down?
Hi Joan, yes it is possible to purchase a home with as little as 3.50% down. I am a Pennsylvania licensed real estate agent and mortgage loan officer so I can help narrow down the information to help you make an informed decision. I am not too far from Paoli and am familiar with the area. Please reach out to me...

I need to move due to a job transfer. Is it possible to buy a home based on the amount of income I will be getting at the new job?
Typically no. Most lenders want to see your paystubs and will calculate your earnings on a ytd basis. You may want to start the new job, get a few paystubs you can show and then apply of the mortgage.

VA Loan with 560 score possible?
No lenders that I am aware of write loan with a score that low.

What is my actual score? I ran it myself and it was 585 online, and then went to get a loan and it is 30 points lower! How do I keep track of the actual numbers?
The only real way is to get a tri merge credit report run by a mortgage professional. Most of the consumer credit agencies you see advertised on tv won't give you the scores that a lender uses.

I have a 537 credit score can i barrow money against my house
Most lenders require a minimum score of 620 to refinance.

How early is too early to start looking for a mortgage? Do I need to choose the house first or get approved first?
As a licensed loan officer and licensed real estate agent, it's kind of like what came first, the chicken of the egg. Most people like to look at houses first because it is fun and entertaining. You should start with getting pre approved. You want to make sure you qualify the the house you end up finding. What...

I have excellent credit but my husband doesn't , can we still qualify for low interest rate?
If you need your husband on the loan to be able to use his income, then that would absolutely affect your rate. I would see if you need his income to qualify. If you don't need to use it, it would make sense to go on the loan yourself and take advantage of the lowest rates out there.

I have fixed a 30 years fixed mortgage rate at 4.5% last month with a one-time right to exercise a float down.
I would before rates start going up even higher.

I am trying to get a loan for about $15,000, for my mobile home, I own out right, I have done and still doing a lot of work on it,
Have your tried calling your local bank that you deal with? It is very tough in general to get a loan on a mobile home, let a loan for only $15k. Sometimes local lenders since they know you are more apt to look at your loan needs and help you out with loan. Most of the lenders I use don't even lend money on mobile...

How long does it take to get a mortgage? Is it possible to get a mortgage and close in 30 days?
Yes it is defnitely possible. One of my lenders can close a purchase loan in 21-25 days. You need to be very responsive to the mortgage loan officer working on your file. When they ask you for an updated piece of documentation, you need to get it to them that same day, not 5 days later, and then ask why your loan...

FHA mortgage insurance
All FHA loans have pmi insurance. I would see if you qualify conventionally. When you are under 80% loan to value on conventional loans you won't need pmi insurance. I would find out why you are refinancing FHA and not conventionally.

is the mortgage company contractually obligated to the rate in the loan application?
Rates definitely fluctuate and you would have to find out the details of the rate lock. Was it locked? Most times the mortgage company is not obligated to initial interest rate on the application. That was the rate that was current at the time, but all kinds of things change during the process. See if there...