Do we absolutly need a refinance?
I would suggest that you call their current Lender. I believe that they would need to refinance because their current loan is tied to the whole property, including the 1 acre that you want to purchase.

looking to buy a home with no down payment but my credit score is to low and my income is to high. is there anyway that i can be helped.
How low is your score? I agree with the previous answer that you will need a 620 mid FICO. Have you seen your credit report? I work with a couple credit repair companies. It sounds like you have looked into the local down payment programs. CHFA has fairly high income limits to use their program, so it could be...

Do you have FHA loan? mid score 600 puchase home Thank you
Yes, we might have an option for a score down to 600. Do you know why the score is low? Depending on how quickly you want to buy, it might be worth us looking at the credit history to see if we can get the scores higher to help get a better rate. Feel free to e-mail. allen@rockymtnmtg.com

Home Purchase in Colorado Springs, what are some possible rates?
Based on the information that you have given, you should be able to get a rate at or under 4% for a 30 year fixed. There are a number of variables that can go into the rate, mainly the credit scores (yours look great) and the costs that you or the seller are paying. If you pay an origination fee, your rate will be...

How can I find out when my mortgage was sold to Fannie Mae ?
I agree with the last post that the loan was most likely bought by FNMA shortly after the loan was closed. The easiest way to find out will be to call your current lender and ask. They will most likely offer to help with your refinance. I recommend taking the time to get a few quotes to be sure that you are...

5% down mortgage programs
Eric,All of the responses that I have read are good... If you can put down 10% and depeding on the overall debt picture, you may also have the option for a 1st and 2nd mortgage. You would be able to avoid the mortgage insurance if you go this route and you can potentially move the sales price higher. In terms of...

if I modified my mortgage with HAMP, can I still do a HARP refinance?
Many of our investors will not allow for a refinance after a modification has been done. Typically, in order to get the modification done you would have been late on the mortgage. Most investors require no more than 1 30 day late in a 12 month period and no more than 2 in a 24 month period, so a lot if it will...

Should I get a piggyback loan to avoid PMI or will paying PMI with lower rates be cheaper?
Great Question... I also agree that the lenders stating that there are no piggybacks are wrong. There are a number of banks nearby that will go to 90% combined loan to value and a couple others going to 85%. I believe that the best way to decide is to compare payments from the different options. 1st and 2nd...

I Want to buy a house, but have bad credit
There may be some options for you to consider, but I agree with the first post that you need a lender to review the credit history and scores. Although www.myfico will give you scores, the models are different. We can consider looking at a CHFA (Colorado Housing and Finance Authority), they allow scores...

my first was modified through harp my heloc wont modify because we are not behind how can i get help
I agree with the answers, but am wondering if you can offer a few more specifics about your current situation. Was the 1st modified or refinanced? Did you get an appraisal done? Do you know what the loan to value is? As mentioned in one of the earlier answers FHA allows for 97.75% loan to value, so it could be...

My lender says I should lock because rates are probably going up from here. Is she right?
Nancy,The trend is our friend and currently rates are trending up. The employment report that will be released on Friday will be a market mover. ADP payroll was released today and it was slightly better than the markets expected, moving some of the pricing upward. I have counseled my clients to lock...

What are my financing options for a vacation home/second home that I plan to rent out?
Tom,Since you are planning to rent the property, the best option will be to refinance it as an investment property rather than a second home. Although rates are slightly higher for investment properties, this would be the correct way to approach it. The minimum equity required would be 25%, so you will...

What is the minimum wait time after short sale 2013?
Guidelines require 3 years after the date of sale.

I already used harp a few years back to refinance, do i have any other options now?
Eric,You may have additional options to consider. It will depend on what your ultimate goal will be. As another post said, you might have a very good rate from the HARP refinance so refinancing again may not make sense. I am happy to discuss your options and let you know my thoughts on another refinance. ...

I want to avoid having to pay PMI, is the only way to have 20% down?
You can also consider a 1st and 2nd mortgage combination as well as the lender paid mortgage insurance option that was mentioned in the previous post. There are some pros and consto this option, but the minimum down payment could be around 10%. Feel free to reach out if you would like more information. ...

Husband's credit score isn't good. Can we refi?
Joanne,As James said, if your husband will be on the loan we will have to take his score into account. We will use the lower of the middle score of his or yours to determine the rate that is available. I think it would be a good first step to have the credit reports pulled to determine how much his score will...

Can I use one loan to purchase two + homes? Looking to buy investment property.
Thomas,I agree with Joe that a commercial loan will be the best option if the properties have separate legal descriptions. If you look at buying a duplex or triplex, you could consider a traditional mortgage. If you decide to go that direction, feel free to reach out to me. I am happy to help. Allen -...

is income from student loans included in the amount that my loan is based off of?
Jessica,I agree with the answer that William gave you. Even if the current loans are in deferment, we will need to count payments when qualifying you. I would be happy to speak with you about loan options that are available. I lend in Colorado, so feel free to give me a call. Allen 720-203-9871

Credit score in the 700's and have enough for 5% down, but looking for an option to purchase without mortgage insurance.
Are you eligible for VA financing? If you are, that would be a great option for you. If you are not, the best option available would be to pay a single premium insurance policy. You make a one time payment at closing and then don't make monthly insurance payments. Give me a call and I would be happy to give you...

Sunpointe At Lakewood Estate Condos are these fha appproved?
The FHA website shows that Sunpointe at Lakewood Estates II are approved, however Sunpoint at Lakewood Estates I is not. Which condo project are you looking in? Give me a call and we can discuss. Allen. 720-203-9871