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Cody Velkovich's Answers


I have a 614 score. Owe 52,000 on home worth 115,000. Twelve years into a 30yr fixed at 7.0%. Can I get refinanced to a 15yr fxd?
A score under a 620 will keep you from being able to secure a Conventional Refinance, however, the rates on an FHA Refinance would cut your rate in half. With an FHA loan, you will have a monthly mortgage insurance premium, but with the drastic reduction in rate, it would still be of a significant benefit...
Veteran with low credit score...First time buyer
My company, NRL Mortgage, can do FHA and VA loans with credit scores down to a 560 anywhere in Texas. A VA Loan will let you finance 100% of the purchase price, so it would probably be a good fit. Visit my profile for contact information.
I am eligable for a VA loan, but my wife has a judgment on her credit. Can I get a loan without paying off the judgment?
Any judgments that show up on a credit report must be satisfied before getting a mortgage loan. Have you tried to see if your income alone could qualify you to buy a home with your VA benefits?
How can I get a no doc mortgage? I have pretty bad scores.
Matt,I'm not exactly sure what you mean by a 'No Doc Mortgage', but I can tell you that there are programs for lower credit scores out there. I can actually do scores down to a 560, both for purchases or refinances. If you'd like to discuss more about what you are trying to do, feel free to give me a call here in...
For home improvements, is it better to take a loan from a small bank or refinance my mortgage?
Cecilia, it depends on your overall scenario. If your current mortgage is a high interest rate, or maybe you'd like to also lower the payment, then refinancing as a cash out might make sense. If not, a Home Improvement Loan at a credit union here in Austin may be best. I know some contacts at a few I could...
My credit is a 607 but i paid off 2 items in collections this past week my wife's is a 719 who will approve us for 162
Thanks for your inquiry, Josh. First off, paying off collection accounts actually does nothing at all to your credit score. Credit bureaus score the number of collections, not their balances. Your only way to improve credit with collections is to get the collector to agree to remove or delete it....
Owner Financed Home
I originally answered your question from my cell phone, which didn't log me in, so you didn't have my contact info. I'd be happy to talk to you about what it takes to get this scenario done, or if you'd like, my office is off of Far West and MoPac. I'm posting my original reply below:"Hey John, just how...
I received an inheritance and i was wondering how i can go about paying down my principal mortgage balance?
James,As far as I know, there's no reason why you couldn't just make a larger principal-only payment on your existing mortgage loan. However, if you do have a large amount sitting around, you may want to consider a refinance that puts that large amount down, which would in effect lower your mortgage...
I am a Veteran and need help getting my home refinanced.
Stevie, if you have his contact information, I can reach out to him and see what I can do. We have VA programs that allow a decision score as low as a '560'.
Expecting a baby and need a bigger home but considering adding on a room - help!
John, that is really going to depend on your situation and some other variables. Texas will let you take out up to 80% of the appraised value of your primary residence for whatever reasons you choose. This type of loan will give you a lump sum of cash to make the improvements as you see fit. Depending on what...
My husband has a credit score of 608 has good income, just bumps on the creditcan you still get a loan???
Absolutely! We do FHA loans for credit scores down to a 560. Give me a call on Monday and I'll see what I can do.(512) 669-5252
Willing to owner finance until buyer improves credit score. What can be done to improve credit score faster?
Thanks for the question, Greg. There are two options for you if you're trying to sell this home. The first thing that I would do is to have the Buyer see if he can qualify under our Low FICO FHA Program, which will let me do credit scores down to a 560. Otherwise, once I have their credit report, I can run a credit...
How fast can a VA loan close? What documents are needed?
Thanks for the question, Darius. First, are we talking about purchasing a new home or refinancing your existing one? With us (NRL Mortgage), we can close refinances in as little as 14 days and purchases in about 21. Documents that are exclusive to this type of loan that you'll need are your DD-214, which...
Can i use my mother as a co-signer on my va home loan?
Scott, VA Loans will only allow a co-borrower if they are your spouse, your fiance, or if your Mother is a Veteran as well. Would she be occupying the home with you? If so, then a USDA Loan would be an option, depending on how much you make and where you're looking to buy.Call or email me when you get a sec and I...
Can you get a morgage with 650 credit and 5% down?
James, for sure. A Conventional Loan would be 5% down and an FHA loan is 3.5%. Give me a call sometime and we can discuss the options on exactly what you're wanting to do.
Paying off Mechanics Liens in Texas is this considered Texas cashout
More of often than not that is correct. It also helps if the Mechanic's Lien is dated for the same date as the original Mortgage Lien.
Any lenders who will do a manual underwrite on a conventional Loan?
It depends on the reason for the 'Refer' designation. Can you elaborate as to the reason the file isn't passing the automated underwriting system? If you'd like, you can contact me by the phone or email listed on my profile.
Do i have to pay PMI on FHA loan if I have 20% equity?
Liz, the MI premiums on FHA Loans, both purchase and refinances, will be there for at least the first 11 years of your loan. If you have an existing FHA Loan and now have that 20% equity, it may benefit you to refinance to a Conventional Loan and drop that MI. If you want a Texas lender that can help you out,...
What is the average closing time for a va home loan with a 640 credit score in TX?
Ron, it's going to depend on who you use as a lender. The appraisal is what takes longest ans usually takes about a week. The rest is processing and underwriting turn times. I can tell you that as a Texas-based mortgage bank with all of that in-house, we close the majority of our purchase in less than 21 days....
Will fha accept credit score below 600 right now?
Few lenders have mortgage options for those with credit scores under 600, but we happen to be one of them. We can do FHA or VA Loans for credit scores down to a 560. If you'd like, feel free to reach out to me at (512) 669-5252 and I can answer any questions that you may have.

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