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Chris Lockard's Answers


Hcan i get a first time homebuyer loan for property in a flood plain?
Hi There, Great question. The only limitations to 1st time home buyer programs would be that if FEMA designates you in a flood plain, you are simply required to have flood insurance. If you have any other specific questions don't hesitate to call or shoot me an email. Thanks!-Chris...
Selling property for more than purchase price - problem getting a loan
First off, great question. There are anti-flipping laws but it more often only applies to FHA or Government insured loans. You also may want to check with any state or county overlays for value change but you in this case, if the appraisal comes in at that price then you should be fine. In the event the...
When a primary residence ceases to be primary
Good Question, You do not have to refinance. However, if and when you go to buy a new home you will need to prove that the home is being rented and that you no longer live in the home. If you still have mortgage then you will have to qualify for a mortgage with both payments in your Debt Ratio(which can be...
Missouri
Sounds like you tried to search for questions to answer in Missouri? I did the same for Kansas, unfortunately you have to just look through the old ones...to answer :)
I am trying to find out information on a house with BAC Lender Services as the lending agent.
The best thing would be to check county records and see if the home is in foreclosure and/or going through foreclosure. If it has not completed the foreclosure process then you will have to purchase from the owners(Ronald and Regina). If Bank of America has taken the property back then you will need to...
FHA Loan completely underwater, any help?
You can do a stream-lined FHA(without appraisal). The only trouble is that you must save at least 5% a month in total payment(P&I, escrow, & MI). If you had your loan 3 years ago then your monthly FHA mortgage insurance is ~50% less than it would be now. My suggestion is contact a local FHA...
Should I refinance if moving in a few years?
There are two directions I would lean towards if I were you. The first, is that do not refinance at all and simply pay what you would on with a new 15 year note and allow that $100 to go directly to your principle balance. Because you have already been paying on your home for 5 years you will start to see(if you...
FHA streamline refinance with bad credit
Hi there,It all depends in how much your credit score has suffered. While FHA itself will still insure loans with a FICO score of 580+, most banks/investors have requirements slightly higher(in most cases 620+). That being said if you credit scores still fall into a qualifying range, then you should...
Are title insurance fees negotiable or am I just stuck with them?
They are negotiable and I always encourage borrowers to shop around. You can also waive your rights to a title insurance policy as well, but you must give written permission and understand the potential consequences of it. Hope that helps! If you have specific questions feel free to message me...

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