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John Barbato's Answers


Fannie Mae Rejected Us! Who Can Help?
Hi Stacey - we can finance non-warrantable condos in Virginia and I would be happy to give you a quote and help you compare for the best deal. Feel free to call or email: 302-260-7091 or johnb@fairwaymc.com. We guarantee on-time closings and we can close very quickly.
Refinance with no equity?
The type of loan you currently have will determine your available options. Making Home Affordable refinance would allow you to take advantage of lower rates, but only allows borrowers to be added to mortgage and not removed; this would require that Fannie Mae or Freddie Mac own your loan. How do you...
I have a commercial property that I have owned free and clear for 18 years,My divorcrce 4 years ago my ex wife had property,I have recently reaquired but found out thier is 18000 in taxes due property value tax rate is 94k,this is the loan purpose how is the best way to finance this,deed/abstract recently brought up to date
Depending on the rest of your situation and current financial position, you'll probably have several options. It's best to review them with a knowledgeable mortgage advisor. I do residential, commercial and non-traditional/alternative financing. From what you have said so far, I...
will i actually end up saving money?
There are tons of calculators available online. Doing a simple break-even analysis will help you determine if refinancing makes sense for you right now. First you need to know what rate you qualify for and the costs associated with obtaining that rate on your new potential loan. Then just divide your...
How do we refinance, no one will take us!
Hello From Buffalo, NY:You may be eligible for a Home Affordable Refinance. If your 1st mortgage is currently owned by either Fannie Mae or Freddie Mac, you can take advantage of current market rates and refinance [your 1st mortgage only] up to 125% of your home's current value. The 2nd mortgage...
Any ideas of where I can refi my loan?
Hi Dougie - I'd am happy and capable of helping you refinance your mortgage. As of last week, we are lending via HARP 2.0 guidelines with no LTV/CLTV restrictions or overlays. We are a direct lending Contact me at your convenience so I can some additoinal information from you and answer any other...
Home Equity Loan of Line of Credit on Rental Properties in AZ
Please call me to discuss some additional details. I'll be happy to help you our and/or point you in the right direction.Thanks800-333-3004 x3130
HARP 2.0 Out of Pocket Expenses
For the most part you can "roll-in" the costs with your new loan and not have to be out of pocket at all or very little. In the event you do need to bring money to the table, we typically try to keep the amount equal to or less than your current monthly payment since you will skip at least one month of...
va loans, eem
William has provided an excellent and thorough answer. I have nothing to add other than I am a lender local to your home in Middletown with offices just north and south of you, in Wilmington and Lewes respectively. I'd be happy to answer any other questions specific to your personal situation...
Is there a way to avoid FHA PMI on a 15-year FRM?
Yes. If your loan-to-value (LTV) is 78% or less, you are not charged for Annual MIP on a FHA 15 year FRM. If your LTV is greater than 78% but below 89.99%, you will have a reduced Annual MIP. FHA still requires you to pay the UFMIP (Upfront Mortgage Insurance Premium), however it is a reduced rate of 1%...
an answer to Debt Ratio for a Refinance?
Hello there - Thanks for your question!There are 2 debt ratios considered in qualifying for a refinance...the [front-end] housing ratio and the [back-end] total debt ratio (inclusive of your proposed new housing payment and all other debts. Most consideration given to the [back-end] total debt...
Can a bank cancel a loan almost 60 days after closing?
First, I commend you on your prudence and due diligence as they are important in these matters. You did however sign a document at closing that you would comply with signing and/or providing any documentation for any errors and omissions. I would look through your settlement package to review. It...
I am interested in knowing if you can provide commercial down payment assistance?
I have many commercial lending sources and would be happy to point you in the right direction. I would need some additional details from you first, so give me a call at your earliest convenience. 302-632-3500
How reliable is a pre-approval letter when getting a mortgage?
What the lender does prior to issuing a letter regarding your mortgage qualifications, will determine the reliability and value of the letter. Asking the proper questions, evaluating your credit and reviewing any appropriate income documentation. Ask the lender(s) that you have made...

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