Is approval possible with little to no down payment? Good credit, but no savings.
Hi Louie,It is certainly possible. FHA financing allows as little as 3.5% down payment which can be gifted by a family member and does not require reserves. Also, if you are a veteran, you can do aVA loan with no down payment! I would be happy to prequalify you and let you know where you stand should you be...

Refinance with LMPI and HARP - is this too good to be true.....
Kaplan, it's nice to see someone who does his homework to ensure he is getting a good deal, which, in my opinion, you are. I am a local lender here in Chicago (PHH Home Loans), and likely would be giving you similar terms to what you were already offered. My only piece of advice, if you haven't...

RENTAL INCOME WITHOUT 2 YEAR TAX RETURN.
Hi there. If you can demonstrate that you have at least 30% equity in the rental property, have a current valid lease, and can show proof you have received a security deposit from your renter, then yes, you can use that income. Feel free to contact me with any additional questions. Good luck!Scott

is the equity you take out from refinancing a mortgage tax free?
Carla,The answer to your question is yes, however, you should consult with a tax advisor regarding the deductibility of interest on the portion of your new loan over the amount of the previous loan. It is possible that not all of your interest on the new loan is deductible.

Upside down mortgage
Do you happen to know what type of loan you DO have? And, when did you take out the current loan (i.e. when did you purchase your home, or when did you close on the most recent refinance)?

Should I pay off my loan early?
Michael,You should talk to either a tax advisor, investment advisor, or both. If you interest rate is really good, i.e. 4%, when you factor in the fact that you can deduct the interest you are paying, the effective rate you are borrowing at is probably closer to 2.75%. The argument for not paying off your...

I need someone to explain to me what equity is?
Home equity is the difference between the value of your home and the outstanding balance of all mortgages/liens. For example, if you house is worth $250,000 and your mortgage balance is $150,000, you have $100,000 in equity. With sufficient equity, you can get a home equity loan/line of credit, or do a...

Considering moving my inherited home to a new location, what loan should i use?
Hi there,I honestly do not know anything about physically moving a home, but I'm going to assume that it is NOT a mobile home. In that case, if there is an existing mortgage on the home, I would imagine you'd have difficulty getting approval to having it moved. If there is not a mortgage, I am certain that...

Help with a Jumbo Loan in Wisconsin
Hi mbaron,I can help you out with both the construction loan as well as the end loan. Shoot me an email or call me tomorrow morning so we can review your options.

I was wondering if i can claim rental income to help get a second home/ mortgage loan?
Hello Louie,Can you please be more specific about the rental income? Specifically, do you collect rent on an investment property or other unit/units of your primary residence? Do you have someone who lives in your home and pays you rent? If you are more specific I am happy to assist you.

If I got preaproved, can I choose another lender without another preaproval?
Hi Chuck, the answer to your question is yes. You are under no obligation to use the lender who initially prequalified or preapproved you for a loan. Of course, the seller for your home may be a little weary of you switching lenders should they find that out, but otherwise it shouldn't be a problem. Just...

203K Loan question
Hello Janine,There are several different options. The best one for you will depend on a variety of factors....current value of the home, how much equity you have, how much work, etc. If you would like, please provide some details about the possible transaction, or contact me directly, and I'll be glad to...

can I qualify for a mortgage with a 681 credit score?
Hi there,The short answer to your question is "absolutely"! There are other factors of course which need to be considered, but a 681 would qualify you for either an FHA or conventional loan, depending on those other factors. I am a local lender here in the Chicago area and would love to discuss your...

Rates have dropped since we locked. What are our options?
Hi there,It depends on your lender/bank. Some lenders have the flexibility to offer you a float-down to current rates, some do not. Your other option would be to switch lenders if your current lender is not able to help you take advantage of the lower rates. That option is only advised if this is a...

how far away does a second property need to be to qualify as a "second home"
Hi there,In my experience as a mortgage originator, there is no absolute answer to this question. I live and office in the Chicago area, and have customers with single family homes in the suburbs and a small condo in the city 20 miles away which qualified as a second home. Typically, the situation would...

I am refinancing ot 7 year arm should i pay more at closing for a lower rate?
Hello Peterkobe844,This is a question that can only be answered intelligently with more information provided. You basically want to look at the savings you'll have with a lower rate and compare it to the cost of obtaining that rate. Your loan amount and time you anticipate being in your home both weigh...

How soon is first mortgage payment?
Hi there,Typically, this would be the first day of the SECOND month after you close. So, if you close in April, your first payment would be June 1, close in May, first payment July 1, etc. However, if you close within the first 7 days of a month, your lender could set it up so that you have your first payment...

If they would like to move forward on this home would it be benificial to try another lender? and if so where is a good source to find one for a VA loan?
Hi there,I do not understand the first question you posed. However, if you are seeking an experienced, reputable lender in the Chicagoland area, I would welcome the opportunity to talk with you and earn your business. Please reach out to me at your convenience if you would like to talk. You can find all my...

I did chapter 7, five years ago and did not reaffirm my mortgage, Have never missed a payment. There is no payment history or record of the mortgage on my credit report. I now want to do a strategic default on the mortgage, save that money for a down payment on another house. What are the consequences, since they cannot report on my credit report as it was part of the CH 7. Can I get a loan in 12 months with a foreclosure.
Hi there,The short answer to your question is no. The minimum waiting period on a foreclosure is 2 years for a VA loan, 3 year for FHA, and 7 years for conventional. And those waiting periods could change between now and then. My assumption is that you have little or no equity in your current home, which is...

How do I know Im getting a good deal in refinancing?
Hello holynation4life707,There is no simple answer to this, but the best way is to speak with 2 or 3 reputable loan officers and inquire about interest rates, closing costs, time to close, etc. A good loan officer will ask you a variety of questions prior to giving you a quote, including but not limited...