Fha and renting out spare apt
William is correct, it is legal to rent out the spare room. I work for a NJ licensed Mortgage Banker and would be happy to answer questions you have or pre-approve you if need be. Brian DiVito NMLS#274474908-233-3383 X5007www.briandivito.com

Jumbo loan in NJ with 5 percent down?
Hello BperillousThe challenge on obtaining the conventional mortgage would be obatining MI (mortgage insurance). Generally there are 2 ways to pay the MI; monthly or 1 lump sum at closing). There are seperate guidleines for obtaining the MI. On a jumbo loan (loan amount above 417K) the guidleines are...

I am looking to purchase a mixed use property in NJ. Can I get a commercial loan with 20% down?
Hi KeithAre you planning to live in the property? If yes I may have another avenue rather than a commercial loan.

No Doc Loans
Hi Ruzadm8Yes I still have access to a no doc loan. The borrower must own at least 25% of a business in order to qualify. The borrower will also have to provide 2 months bank statements. There is no loan to my knowledge out there where the borrower wouldn't have to provide assets unless its a hard money loan. ...

Can i get the lowest rates for good credit but low credit spouse?
Good afternoon Generally banks will use the lower middle score of both borrowers so you wouldn't get the lowest rate with your spouse's score of 650. I do have relationships with small local NJ banks that don't have credit score requirements though which may enable you to get a lower rate. Should you...

I am not thrilled with my BOA making home affordable refinance. What if anything can I do?
Hello RttitusYou can always try doing it with another lender. I am a local licensed lender in NJ and would be glad to take a loan at your scenario if you'd like. Feel free to reach out to me if you're interested.

multi families
Hi Lquarato578Yes in some cases the interest rate would be higher on a multi family home. If you go with a fannie mae mortgage, there is a 1.00 adjustment to the interest rate. This doesn't mean the rate is higher by a point but when someone goes to price a loan out we need to factor that rate in. For an FHA...