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Blake Kleckner's Answers


P & R Conforming Loans in California?
We work with 40 lenders, incluidng WFB. Regardless of the P & R loan is can do for you, we probably can get you a better one through WFB than you can get yourself. I know this may sound a bit crazy, but it's true.However, I'm quite certain that 1 of our other 39 lenders, many of which are banks,...
Underwater Refinance, Want Lower Rates and Payments
If either Fannie Mae and Freddie Mac own your loan, there should be no problem refinancing it as long as you can qualify for it from FICO, income, debt, work history, and a few other financial standpoints. I would be happy to verify this for you. We have 40 lenders to choose from, including many major...
30% down on a home with bad credit, is this possible?
1 of the 39 quality lenders that we work with will allow you to purchase a home with a 578 FICO and 10% down with a FHA loan. If we can bump your score up to 580, the down payment can be just 3.5%. I would have to analyze your entire financial situation to determine what the down payment and interest rate would be. ...
Underwater mortgage, need advice
You are about to become the beneficiary of a great government loan program! The Home Affordable Loan Program (HARP) of 3/09 has been improved immensely. Initially, it allowed for a loan-to-value ratio [LTV (loan amount divided by fair market value)] maximum of 125%. Yours is 167%, so you can't...
Can I get cash out on a refinance to help with credit card debt?
You can do whatever you want with the money from a cash out transaction unless you specify certain debts to be paid off at the loan closing. In that case, those debts must be paid in full and the rest of the money is yours to do with as you wish. Depending upon your FICO scores, monthly gross income, monthly...
Home Loan inquiry San Francisco
Depending upon your ability to qualify for a loan, it may be possible to use your liquid assets in a particular loan program from 1 of our 39 lenders to purchase your rental home in San Francisco. While 100% financing may be unlikely, 90% is not. The interest rate is very much predicated on the cost of the...
Refinance
You, obviously, have been making extra payments during the past 11 years because at a 6.25% interest rate your loan balance should be about $267,300. Good for you!Based upon your info, the monthly P&I payment on your loan is approximately $2,000. You can now get a 20 year loan with a monthly payment...
Getting equity out of a house
If you can qualify for a loan dependent upon your FICO scores, monthly income, monthly debt, and some other relevant criteria, it's possible for you to cash out and get as much as $195,000 to $240,000 depending if you are living in the home or not. I would not suggest an equity line (EL) because it is...
Are FHA loans only for first time home buyers?
The simple answer to your questions is no. Whether you are a 1st, 2nd, or 3rd time buyer, an FHA loan is available to you.Most people believe that FHA loans are only for those with limited finances, and/or 1st time home buyers. This is patently untrue.Granted, most of the homes purchased with FHA loans are...
Houston Home Refinance
I don't know which lenders in the Houston area to refer you to, but you and your husband are in a very strong position if your home, in fact, has a value of $395K. Of course, that can only be determined by an appraisal.Using your numbers, your home's loan-to-value ratio [LTV ($310K divided by...
Refinance right after purchase
Typically, you can't refinance with the original lender for 6 months. However, you can refinance with another lender much sooner.Considering that you purchased your home about 6 months ago, chances are you could get a much better interest rate by refiancing now. I'm currently working...
Credit score of 654, is it possible for me to purchase a home?
With a monthly gross income of almost $8,000, lenders will allow you to have total monthly debt of, safely, $3,600. I believe you would be able to get an interest rate in the mid-4s to low 5s. At 5%, your monthly payment including property taxes, homeowners insurance, and mortgage insurance (it must be...
Can I get an FHA Loan even if I've already bought a house?
Contrary to what many people think, FHA loans are for everybody--first time buyers, previous homeowners, wealthy folks, or not so wealthy folks. All that is necessary is qualifying for the loan, and it's much easier with an FHA loan than a conventional one. In addition, depending upon the...
Credit score of 723, want to refinance my home
Based upon the info you gave, it appears that you purchased your home for $236,000, at a 5.5% interest rate with a monthly payment of $1,330 if you didn't make any extra payments during the 9 years of the loan. If this is correct, the balance would be the $200,000 that you stated. Your best bet is to refi...
Refinance out of an ARM into a 30 year FRM
To be safe, refinancing right now would be your best bet. Interest rates for 30F loans are in the high 3s to low 4s. However, if you have a 5-year ARM that will adjust next year, you probably will get a lower interest for at least 1 year, or more, depending upon the economy and recovery of the housing market. ...
notary paper work
If the documentation requirements for notary companies and attorneys are anything like those for mortgage companies, the answer is yes. The time period can range from 3 to 5 years depending upon the state in which the transaction occurs. In CA, we are required to keep client files 3 years.
How much cash-out can I get in a refinance?
It is possible for you to get $50K to $60K cash out based upon your mortgage balance of $100K and $250K FMV providing you can qualify for the loan. Cash out transactions are very loan-to-value ratio and FICO score driven. With a 40% LTV (actually, anything less than 60%), you should not incur any...
Interested in an FHA home loan, do I qualify with a credit score of 747?
You should have no problem qualifying for a FHA loan at an interest rate of 3.75% to 4.25% depending upon the lender that does your loan, based upon the info you have given. At 3.75%, your monthly payment including property taxes, homeowner's insurance, and mortgage insurance should be in the...
Can I get a Home Equity Line of Credit with 30% free equity in the house?
If your home's LTV is 70%, its loan balance is $210K, and its FMV is $305K you should be able to get a max HELOC of $34K (80% X $305K = $244K - $210K). The interest rate is prime, currently 3.25%, plus a % based upon the HELOC limit and your FICO score. You can get a $25K to $30K HELOC with Wells Fargo Bank at...
How do I know if I can refinance into the new HARP program?
In order for you to take advantage of HARP 2, your current loan has to have been purchased by Fannie Mae or Freddie Mac. They purchase about 50% to 55% of all mortgage loans. Even though these programs were announced by the government and will be ready to go sometime between 3/1 and 4/1 of next year, the...

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