If I apply for a mortgage with my wife, will lenders use the lower or higher credit score to qualify?
The lower credit score will be used to qualify, however if your concern is the interest rate you will get, this really only matters when you are attempting to obtain a conventional mortgage. If you are trying to obtain an FHA, VA, Section 184, or RD loan and as long as your score is over a 640, then your...

how much are the closing costs?
Closing costs vary, and will be different for every lender you talk to. However, if you are purchasing this is a very common area of negotiation. If you try to get the seller to pay the max amount that is allowed toward you closing costs, the worst they can say is no. The max allowed seller paid closing costs...

Is it easier to get approval for a mortgage loan by putting down more money?
The amount of money you are putting down as well as your loan amount should not make pre-approval any easier or more difficult. Things like your credit profile and income will have the most baring.

How do holidays affect mortgage closing?
You could "close" but the loan would not fund on a federal holiday. These days are also not counted in your rescission period after a refinance.

become a mortgage broker
Contact the CFPB and make sure they are going to allow Mortgage Brokers to continue to exist. The regulations are definitely much stricter on brokers.

Can I purchase a home with FHA or VA and get funds to add on an inground pool?
You cannot receive funds back at closing unless you were getting an FHA 203k, however those funds are only for repairs. If you wanted to add a pool I would suggest waiting until after closing and either getting a Home Equity Loan (if there is equity for it) or some sort of personal loan once the property is...

looking at buying a home.
If your back child support is not current, it will need to be before your loan is final. You credit score qualifies. The only loan product that is truly credit score sensitive is a Conventional Loan. The higher your credit score the better the interest rate. With another product, say an FHA, whether you...

i have a 603 fico score and i was wondering if theres a company that i would qualify for a mortgage with?
A mortgage professional should be able to let you know what you need to do to raise your score. If you are above a 640 you will have many more options for your mortgage than where you are currently. In the whole scheme of things, even if it takes 6 months to raise your score, you will see a tremendous benefit...

My fiance just started a new job in a new field (car sales). Do we have any chance of getting a mortgage?
If your husband has a base salary, not a draw, then that could be used for qualifying income. As far as the commission he makes, you will need to have 2 years worth of documented commission income in order to count it. Your income, even though it's part time should be acceptable as well. As far as the...

What is the best method to calculate my home's value before actually getting an appraisal?
You should call the realtor that sold you your house. Ask them to run a CMA on your property. You made them a nice amount of commission when you purchased it, so they should be nice enough to do this for you for free. It should only take them 5 minutes.

middle score of 600 can I still get FHA for home purchase in PA?
There are companies out there that will offer FHA loans for credit scores under 640, however I believe you will have more options when it comes to rate/cost/company if you were to get your score to a 640 or better. Any knowledgeable loan officer should be able to either advise you on the steps to take to...

I had a chapter 7 bankruptcy in Nov 2012. My home which was not part of the bankruptcy ( so I thought) has and is still current.
Your lawyer should contact the mortgage company directly to get the appropriate reaffirmation paperwork to you. If they are unwilling to do so, try to contact them yourself. Once you have signed the reaffirmation paperwork with your lender, you will need to take the documentation to the bankruptcy...

If I refinance my primary residence today, can I then rent it out to use the income to qualify for a new mortage?
You would need to refinance it as an investment property if your plan was to immediately turn around and rent it. If you need to use that rental income to qualify for a new mortgage, you will have to have record of the income by reporting it in on 2 years worth of tax returns.

Further to vacation property question
Its sounds like you should be able to get a loan, but for how much is impossible to say. You will need to apply for a mortgage so that they can calculate your debt-to-income ratio so that you will know if you can be approved for the amount that you want.

Is it possible to purchase a home with another one in foreclosure?
You will have to wait until 3 years from the date of the sheriff's sale. If you were to do a conventional loan this waiting period will be longer.

My ex is alloiwing our house to be foreclosed. Can I purchase a new home?
If the house was refinanced into her name only and you quitclaimed the deed into her name only you are in good shape. If not, once the home is foreclosed on you will have a waiting period of a minimum of 3 years after the date of the sheriff's sale.

Do FHA interest rates stay the same nationwide or do they vary?
Rates can vary by state as well as by lender. Some lenders will have lower rates than others, but remember, you always get what you pay for.

I filed bankruptcy and it was discharged in January of 2012. I've since purchased a vehicle and paid one off one
You will need to wait 2 years from the date of the discharge before you will be able to get an FHA loan, longer for Conventional.

minimum fico
Some lenders will loan at a 580 or 620, however if you get to a 640 or better you should have a lot more options.

Are seller concessions allowed on all types of loans?
Yes. FHA, 184 (when it becomes available again) 6% of the purchase price, VA 4%, and Conventional 3%. I am here in Tulsa, feel free to call me with any questions 918-394-5626.