how to refinance when you are told the property does not meet certain guidelines
I agree with ColoradoLender. As far as Rwoodwards answer, it would be tough to know what kind of savings would be available or if it makes sense to refinance without knowing all the details. Along with the credit union and current bank, try a local bank who has portfolio products available. They may have...
FHA or VA
Jeff - how much are you looking to put down? From there you can narrow down your options. If 20% or more, conventional may be the way to go.
How long do you have to own a house before refinancing?
If you just purchased and are looking to refinance there are a few things to look for. Depending what county you are in you will want to see if a CEMA makes sense for you. This could save you from paying thousands of dollars in New York state tax again in closing costs. Make sure you deal with someone who is...
How is DTI calculated? What is a good DTI? DO student loans count against DTI?
Joel - If this is a Fannie Mae or Freddie Mac loan the student loans WILL count against your DTI. Please view the link page 465.https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel012711.pdfIf this is an FHA mortgage and the student loans are deferred for more then 12 months they can be removed from...
do you help people with poor credit?
You will need to be more specific. Please share a bit more about your credit situation and what you feel mnakes your credit poor. Do you know your FICO score? Do you have any BK's, Judgements or Foreclosures? Please elaborate.
Is 7% interest on a 30 year fixed refinance good or bad?
There is not enough info to answer your question. 7% could be good or it could be bad. There are a lot of variables involved. What is the loan amount? What is the LTV? Does that rate include any type of lender paid PMI? How is your credit? What is the property type? Are you able to verify your income and job...
Is a down payment required when porting your mortgage to new home?
Porting a mortgage is typically allowed but very rarely an option that is used. You and the new property would still need to qualify through underwriting as a new loan but could possibly save you money on some of the fee's. I believe the general answer to your question is Yes but that will ultimately...
Can anyone qualify for a USDA loan or are there criteria you must meet?
USDA loans must have a property located within an approved area to qualify. There are income limits and credit restrictions as well. If you are looking in NY and would like a no cost, no obligation consultation, feel free to contact me. chris@myqcfunding.com
Please help..I need advice...
Since you were pre-approved by two banks simply go to the other one. I am not aware of this guideline but it may simply be an underwriting overlay they have added at this particular bank.