True that seller-funded closing costs limited to 3% if downpayment less than 10%
That is correct on a Conventional loan - unless you choose to put down 3.50% then we could do an FHA loan, which will allow for up to 6% in contributions. The maximum loan amount for FHA is $271,050, which would work with the 3.50% down. The rates are actually better on an FHA loan, and the mortgage insurance is...

Second FHA Loan on a second mortgage?
Yes, you can be a non-occupied co-borrower as long as you can qualify on both mortgages; I have done this on numerous occasions. Also, for future reference if you ever want to lease out a home you have on a current FHA loan - as long as you have 25% equity, and moving to a larger home for family reasons; you...

Since, you have credit scores from the three major credit reporting agencies, which score does the mortgage lender use to determine your interest rate?
The middle score is used for only 1 purchaser or if there are two of you on the loan - then the lower of the 2 middles scores is the one we would go off of. Of, if there are only 2 scores being reported than it would be the lower of the 2 scores. We have the ability to go down to a 580 with only 3.5% down payment, but also...

Bond Money Loans
Most investors are not accepting Bond Money loans, but we do have Grant programs available for first time home buyers. Depending on where you are wanting to purchase will determine the type of program that can be used. If free grant money interests you - I'd be happy to help you. Mary Papageorge...

Can I get a VA loan if my husband is a deceased veteran?
Hi Therma, I have been doing VA Loans for 12+ years and would be happy to assist you. I am both a Banker and Broker, so I can shop the loan for you to make sure you get the best deal available in today's market. The rates are very good on gov't loans, and the seller can contribute up to 4% for your...

Looking for a FHA Streamline Refinance on a manufactured home, i have had a hard time finding one.
The only place you "might" be able to get that done would be with Wells Fargo. Good luck!

My credit score is 735 and my wife's is 609 A broker said she needs at least 620. Is this true
With a 609 middle score - we can actually help you. We can go down to 580 with only 3.50% down, but it needs to be your own money - it cannot come from a Gift from a Relative. Please contact me at 713-569-0025 if I can be of assistance. Thanks, Mary Papageorge

Here is my question : is it worth to refinance to a conventional ?
I thing that no one addressed is that you must be on title for 12 months to go off of appraised value. So, unless you want to bring money to closing - I personally don't think it's worth it.

can i refinance with a LTV of 76% with a 630 credit score?
I am a local mortgage banker and broker, so you get the best of both worlds with me! I'm happy to assist you, but it's important that you plan on staying in your home for at least 3 years or more to make it worth it for you. I can be reached at 713-569-0025. Happy 4th! Mary Papageorge

Loans out there?
Yes, we have a lender that will go below 580, which is the breaking point with 3.50% down. Anything under 580 requires 10% down. The rates are in the 4.75% range, so all things considered it's not that bad. It is a lot of paperwork to close it, so our first step is to look at the credit to see what it would take...

Re-fi question - high debt ratio
It actually depends on why type of loan you would refi under - I can go as high as 56.999% on an FHA loan. Conventional is less forgiving. The first thing would be to confirm your income to make sure it's being calculated correctly because we do not include utilities, day care or anything like that into...

I am eligable for a VA loan, but my wife has a judgment on her credit. Can I get a loan without paying off the judgment?
VA loans require that we include both you and your wife's debt, but if we do not add her to the loan -- then the judgment does not need to be satisfied. I've been doing VA loans for 13+ years, and lend all across Texas if you need assistance. It's a great loan with 100% financing, and no...

I purchased my home under owner financed in Aug 2008, I have been paying the owner and my name is on the deed and on the property taxes. we were on contract for five years now she is wanting me to pay off the loan, I asked her to refinance me but she has denied it, and now wishes to reposes in 30 days. She has not reported any of my payments and I have a very low credit score since I have not used any sort of credit in 10 years therfor now showing that I have no credit according to the banks. Where to start??I live in Texas.
First of all she cannot repose your home if you have been making your payments - that would be illegal, and I would recommend that you gather the documentation to prove that you have made your payments on time. We have loans available with no credit scores, but you cannot have any collections reflected...

Can my father in law sell his house to me for under Market value? The County appraisal is 600k.
Usually when relatives sell property to each other it is viewed as an "Arms-Length" transaction, and the person selling the home can give a 20% gift of equity for your down payment requirements. So, if your father-in-law wants to sell you the house below market - it is his choice. However, you need to...

Do you suggest an arm loan if i\'m only looking to keep a new house for 10 years?
Fixed rates are so low, that it would protect you in case something happens and you end up changing your mind. However, there is a 10 year ARM (adjustable rate mortgage), that would be fixed for 10 years and would adjust after that. A 10 Year ARM is amortized over 30 years, but a 10 year rate is amortized over...

If we have had a conventional short sale due to income reduction, how long do we have to wait to qualify for a VA loan?
VA requires that you wait 2 years from the date of liquidation (when the property actually sold), and if you owed any more monies from the sale, then we would need to wait from that date. I've been doing VA loans since I got in the business 14 years ago, and would appreciate the opportunity to assist you. ...

Reimburse the closing costs to borrower- Legal?
Typically no money should transfer hands from seller to buyer after closing. The customary process would have been to give the buyer closing costs at the closing table by giving them a credit from the seller.

What is the best no cost refinance rate out there? We are in Grapevine, Texas
Rates are determined by a lot of variables. We need to consider the type of loan, loan amount, loan-to-value (how much are you putting down),credit score, ratios, the type of property, term of the loan (how long), etc. FHA has the lowest rates on a 30 yr fixed you'd be looking at 4.25% with a 660 or higher...

can i get a preapproval without providing 3 credit reports?
We order 1 credit report with all 3 credit bureaus to provide us with the middle score. No lender can provide a pre-qualification without having a credit report.

Best way to pay for garage attachmment?
If I were you, I would recommend going to a credit union - or if you have enough equity on your home you could get a HELOC (Home Equity Line of Credit), and use it like a credit card to pay off the building of the addition. You have to keep the combined loan-to-value at 80% - good luck!