Does down payment affect interest rate?
Fannie Mae charges fees for down payments less than 25%. The fee for 740+ score with 20% down is .25%. The appraised value does not determine the loan to value in a purchase transaction unless the value comes in less.

Is it possible for me to get a mortgage?
You sound like a great mortgage candidate to me! I have down payments as low as $0. 675 is perfect! Call me at 810-444-0024 or apply online at www.MichiganMortgageStore.com. I look forward to assisting you!Jim PapatheodoreMortgage 1, Inc.NMLS ID 131478

When can I take advantage of the new government refinance program?
Sometime in the first quarter of 2012 is when the automated underwriting systems will be ready. Until then, there is not really anything that any lender can do. Jim@LoanJim.com

I have a middle FICO of 692, can I apply for a new home loan?
Yes, you are a good candidate for a conventional or FHA loan. With conventional there are extra fees you will pay for your credit score being lower than a 740 with less than 30% down and with FHA the monthly PMI is more. Please let me know if you would like a comparison between the two.Jim Papatheodore,...

Trying to get a home equity loan, do we qualify
Hi Brenda,Unfortunately we do not offer home equity lines of credit. Do you have a mortgage currently that you could possibly refinance and pull some cash out? You will need equity for either of these loan options.

FHA help!
Hello. The only way besides selling your current home is to qualify for a new home while owning your current home. The debt ratio is the potential issue that you will run into. Has anyone checked your debt ratio?Jim PapatheodoreMichigan United Mortgage, LLC.NMLS ID 131478Jim@LoanJim.com

Can I refi a underwater USDA loan for a lower interest rate?
Yes it is possible to refi your current RD loan without an appraisal. You will however need all closing costs out of pocket. Please email me know if you would like to pursue this option further. Thank you.Jim Papatheodore, Michigan United Mortgage, NMLS ID 131478, Jim@LoanJim.com.

Will debt or my fico contribute more to my rate quote
Your credit score will affect your rate quote more than debt ratio. However, your debt ratio may prohibit you from qualifying. How much are your monthly debts?

getting FHA rate if I have 721 fico and 5% down?
If the property is located in a qualifying area for Rural Development, I would suggest that to achieve the lowest rate and the least amount out of pocket. You can put 5% down if you wish or you can use those funds to pay for closing costs. I would be happy to provide you with a comparison for conventional, FHA...

How long does it take for a new mortgage to appear on a credit report?
Typically 30 to 60 days depending on when the lender reports it. Hope that helps.

Can a Person Who is Living on Social Security Disability and their Pension Qualify for a Home Loan with 20% Down?
Yes! It is absolutely possible. I have assisted lots my clients over the years with your exact circumstances. Would be happy to help! Jim@LoanJim.com or 810-444-0024.

Spouse debt included in buying a home.
Good morning Shannon! The only debts that will be included in the debt to income ratio is whatever debts your husband has in his name and any that he has joint with you. He can be on the mortgage loan by himself. If you would like to know the amount your husband can qualify for or would like a second opinion to...

USDA lending
I can help! Please visit www.MichiganMortgageStore.com/PreQualify to see how much you qualify for.

my loan was sold!
No, your rate cannot change just because it was sold to another lender. Please let me know if you have further questions. Thank you.