Can down payment be a gift from family for FHA?
Yes, FHA allows gifts from a family member. In CT, the mortgage lender will ask for the documentation of the gift which usually is in the form of a gift letter. The letter will state something to the effect that the funds are a gift from your relative and no repayment is due back and usually signed by the gift...

What is a 'cash-in' refinance?
A cash in refinance is where you will need to bring cash to the closing to facilitate the mortgage. This can occur in a number of scenarios. One example is when the appraisal amount comes in below expectation, and to keep the loan to value at the appropriate amount, you would need to bring cash to closing to...

Is it possible to get a 'no-cost' refinance or is this a myth?
The way to offest closing costs is to take a higher rate than, for example, the zero point quote option and use the premium pricing to cover the other settlement charges. The premium pricing, then, would go as a credit against the other costs netting them down. Another option is some people will choose to...

Ok so no matter what I HAVE TO PAY OFF FHA! ? Right! And keep difference?! So what if im selling it for more then appraised for
Yes, when you sell your house, you must pay off all the existing liens on the property and any excess equity would go to you. I am only licensed in CT. Michael A. Kirkutis, CT DOB NMLS #111599, MAK Mortgage Company, Inc., CT DOB NMLS #103552. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE...

Do lenders have to lock in your rate before appraisal?
No, usually you can lock in the rate at a later point by floating the interest rate with the lender. By floating you are subject to market fluctuations which means the rate could go up, down or stay the same. I am only licensed in CT. Michael A. Kirkutis, CT DOB NMLS #111599, MAK Mortgage Company, Inc., CT DOB...

I've had two late payments in the past year...can I not refinance?
Every mortgage lender will have credit guidelines and usually anything over 1 mortgage late in the last 12 months will not work. Some mortgage lenders will not allow any mortgage late payments in the last 12 months. I am a CT licensed mortgage loan originator only. Michael A. Kirkutis, CT DOB NMLS #111599. ...