Home has lost value, can I get lower payments?
When HARP 2.0 get rolled-out in a couple of months it may be what you need. As long as you have a Conventional loan product (no Option ARM's or subprime), have been current on payments for the past 6 months and your loan is owned by Fannie Mae or Freddie Mac, you should be able to...

VA Streamline without an Appraisal
Hi Jordie. For some reason lenders don't like doing the VA IRRRL without appraisals like they do the FHA. Usually to not need an appraisal you have to originate the IRRRL loan through the current servicer of the loan. So as William said, you've been lucky to find two that will do it.

Should I refinance or stick with current mortgage?
If you have a conventional loan I think you may want to wait and see what comes of HARP 2.0 refinance in a couple of months.HARP 2.0 will not have an LTV limit like 1.0, will encompass more loan products that are held by Fannie Mae and Freddie Mac and will allow you to "streamline" refinance to a...

Refinance from a 5.5% rate
Hi Jeffrey. Right now Conventional rates in the low 4's and FHA and VA are in the upper-3's, so yes, refinancing does make sense. Where you do have to be cautious though is loan-to-value. If an appraisal comes-in at $250,000, with a loan of $211,000 your LTV will be 85% which, if you have a...

Bankruptcy hurt mortgage chances?
Thank you for your question. The waiting period to get a mortgage loan can be anywhere from two (2) to five (5) years depending on the type of bankruptcy and the type of loan you are looking to get. You'll find a quick-reference chart of loan types and waiting periods on my website at http://www...

Refi now or Wait for 2012 Refi relief plan?
All I'd add from what the others have said is check your loan NOTE to see if there is an interest rate floor. Some ARM's will not adjust down below the initial rate, as that is the "floor" rate. Most products I've seen based on the LIBOR index do not have a floor rate, however. I...

getting out of VA loan and switching to another loan? upside down in our home.
VA loans are assumable on credit qualifying of the borrower and approval of the current lender. This would allow you to walk away from the home without affecting your credit. However, it's not a guarantee of restoration of your VA benefit, either, so your next home might have to be purchased with a...

Late March Payment in dispute..how does this limit our options??
Generally, for Conventional loans it is usually a 60 day or greater late payment that will prevent you from refinancing. However this is determined by the strength of the rest of your credit report and Fannie Mae's automated underwriting findings. So the short answer is: "No, a single...

Is 4.625% on a thirty year note with a horrible LTV ratio and a second on the property still an acceptable deal?
I'd need more information on your scenario to tell you because LTV, credit score, whether or not there is a second mortgage or HELOC, etc., all play into pricing. But if you are looking at a Home Affordable Refinance Program (HARP) and the LTV is greater than 105% rates are running in the...

Is it easier to get approval for a mortgage loan by putting down more money?
Hi SBernard. In mortgage lending three critical areas are looked at: Credit history (your credit score and any late payments), capacity to repay the loan (your income) and collateral (the loan-to-value and thus the lender's position in the deal in case of default). All three criteria must be...

Ch13 Dismissal, Refinance Possibilities
On Conventional and HARP loans a Chapter 13 waiting period is 2 years after the discharge date, but 4 years from dismissal date unless the bankruptcy was filed due to extenuating circumstances such as a major health crisis, loss of job, etc., which have to be well documented.FHA does not have a waiting...

Can I get a HARP refinance if I have a second mortgage?
You sure can. I've closed several HARP refinances in the past few months that have had second mortgages. The second simply resubordinates to the new first mortgage. It's not a big deal at all. Give me a call at 801-971-7916 and we can discuss your situation and see how much you'll save. Best...

can i get a mortgage if my credit score is 677
The short answers is "yes". The long answer is there are other factors besides your credit score. Traditionally lending has used The Three C's: Credit, Capacity and Collateral. Of course Credit is your credit score and what is in your credit. You must have several established trade...

i have a apprsaial being done by a lender and had my credit card on file for payment when does the lender pay them
It depends on the appraisal management company (AMC) the lender is working with. Some charge your card immediately and others not until the loan closes. Talk to your loan officer to find-out what the policy is for the AMC they work with.

I called HUD
HUD would not call your lender under any circumstance regarding your loan. This is because HUD does not make the loan, they simply guarantee a percentage of the amount of the loan to your current lender should you default on your mortgage and the home is foreclosed on.Julie is correct, if you have an FHA...

Can a mortgage preapproval be withdrawn? i.e. can I be turned down after getting preapproved?
Yes you can be turned-down after a preapproval if there are any changes in your credit or financial situation or there are other issues with the transaction. Also, don't confuse a prequalification with a preapproval. A prequalification usually means a loan officer has talked with you and taken...

Is it possible for a veteran who started a business in June 2012 to get a mortgage?
Unfortunately not. As others have stated you need to have two years of taxes filed with self-employment income so that income from the business can be analyzed as stable or increasing, and as Joe stated a two year average will be used for qualifying. So you will need wait until you file your 2013 taxes...

If I am a recent college grad with student loan debt, can I still buy a house? Good credit, 3% down payment saved up.
Yes you can. You should be working in the field of your degree, especially if you don't have a lot of prior work history and your income suddenly increased dramatically because you're not working part time at the parking garage while in college anymore. Also, your student loan payments, or...

I have a 2 bedroom older home with an estimated value of $64,000 am I able to get a home equity loan?
Like any loan it depends on your credit, capacity and collateral: Your credit score, your capacity to repay the loan and the amount of equity in the home already. Most lenders that are still doing second mortgages and home equity lines of credit are not lending over 85% loan-to-value, so how much you...

need to get a home equity loan , the house is paid for .but my credit is bad and i need the money right away ,what can i do?
Home equity loans are not being handed-out like they used to be because in the event of default it's always the second lien holder that takes it in the shorts and doesn't get any of their money back. Unlike a first lien holder that gets at least a majority of their money back through the...