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David Baker's Answers

Everything about our refinance is fine, except that our property is a hobby farm that is on 45 acres, and we're getting declined because they cannot sell our loan in the secondary market. What are our options?
There are several potential options, here. If you qualify without any farm income you should be able to get it done conventionally as long as the appraisal is solid. I would be happy to discuss the options with you if you like.
Can I get a different realtor to sell my house?
You absolutely can. You may even want to find a smaller broker that will allow you to sell on your own if you find a buyer yourself - then you can list your home on some "for sale by owner" sites yourself and maybe save on agent commission!
When will we qualify for a VA or FHA loan? 550 credit score this june, making 45,000 a year?
I have a lender that goes to 550 for an FHA loan. They like to see no lates in the last 6 months - not sure where you sit?
The short answer is, yes. Most lenders consider rent-to-own as just rent. So in order to qualify you would still need to meet downpayment and other first-time buyer requirements.David BakerHALO CapitalDes Moines, IA
Should I refinance?
First thing is first, 4.5% on a 15 year mortgage is far too high. 15 year rates are in the mid-3's at this time. Given that you secure a competetive rate such as what I have mentioned here, I would say that it is very likely to be a valid savings, especially if you intend to cash flow your rental income when...
is there anybody that will refinance my modular home
Modular can be treated as a standard stick-built type of property - given that it is a true modular home rather than a manufactured home. I would suggest looking up a mortgage broker (such as HALO Capital, of course) in your state that has several lenders' guidelines available to help you obtain...
My chp 7 bankruptcy was closed 3/31/2011, is there a chance for me to receive a loan on my home.
It is very difficult to do, but depending on your circumstances it IS a possibility. There will need to be a very good reason - an extenuating circumstance - and supporting documentation in order to have a shot.
Mortgage inquiry
Kamrie - I will need more information about your credit scores, and would be happy to discuss if you would like to connect. Please let me know.David BakerHALO CapitalDes Moines, IA
Is a 4.5% rate good for my situation?
Get another opinion immediately. Run-do not walk. The other answers here are terrific advice - find a local broker and get all of your option and a lower rate. I can see that there at least two scenarios that you have not mentioned that may be more beneficial to your situation.
Why won't the bank approve our USDA loan?
The collection is not a deal breaker for all lenders. If you use a broker like HALO it is likely that we would be able to get past the collection issue as long as the automated approval system gives an approval based off of the credit like it is. Also, if the husband could qualify on his own, that may be another...
25% down from grant need pmi?
I agree with Mr. Metzler - bail on working with Wells Fargo at all costs. Per Fannie Mae's guides:Down Payment and Qualifying Ratio RequirementsWhen the guarantor's, co-signer's, or non-occupant co-borrower's income is used for qualifyingpurposes, the occupying...
I purchased with cash from my mother - what are my options for self employed?
You have two identifiable issues at this point: First, we need to know what your true income is based off of your tax returns. Secondly, there are various products and guidelines for cash-out refinancing and you will need to be sure to meet at least one set of these in order to successfully manage this...
Could I get approved for RHS Loan
I would like to discuss in more detail to ensure that I have a complete picture of your scenario and the loan programs that you are looking to qualify for. Let me know if you are available to discuss?
I would recommend you get with one of the lenders here and see what is what. Why is the score where it is - and will that be decisive as to whether you can proceed with a preapproval. Let me know if I can help.
Can I refinance through HARP with a high DTI?
I agree, sadly there is more information needed. I have seen very high ratios on occasion, however many times there are other issues that create a harder and more strict approval. Feel free to reach out if you would like to discuss in more detail.
Can I refinance a second home through HARP?
Yes you can.David BakerPresidentHALO CapitalDes Moines, IA
Mortgage question
Everyone below has really provided some good basics regarding the possibilities. There are a few hurdles that may not have been mentioned yet, but they are intricacies that are better for discussion rather than forum topic. I am a licensed non-bank lender in Iowa, feel free to reach out if the property...
are loans available on manfactured homes
I have options on leased ground or on real property. If you have questions feel free to contact me directly.
Just got married and my wife has bad credit...what should we do? We're looking to buy a house in the next year.
Speak with a mortgage professional that services your state. They will be able to walk you through either buying using just your income/credit or whether you need to work with a credit repair professional to buy down the road.

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