What is PMI and what options are there to deal with it?
The PMI is a protection for the lender so that they will lend more than 80% of the value of the home. You can actually borrower up to 95% on a conventional loan and it would include PMI. If you don't want monthly PMI you can do a upfront payment at closing that would eliminate the monthly PMI or you could...

can my spouse go on the loan with current bankruptcy that has been discharged
Depends on the bankruptcy type and the discharge date as well as the loan program you would like to use. If it was a chapter 13 bankruptcy then if discharged should be fine. If chapter 7 bankruptcy then depending on the loan type there is 1-4 year waiting period. Most people are using FHA for financing which...

About 9 years ago my home was foreclosed on and it was insured by the VA. Will I be able to qualify for an FHA loan today?
If you were foreclosed on 9 years ago you may be eligible for a FHA loan as long as you have re-established your credit and meet all the minimum requirements for a FHA loan. Having been foreclosed on for a VA loan will not pre-clude you from getting a FHA loan as long as you have waited the 3 year wait period...

How reliable is a pre-approval letter when getting a mortgage?
A pre-approval is really as good as the bank that is making the pre-approval. Some lenders really only do a pre-qualification rather than a pre-approval but call it a pre-approval. A pre-qualification is when someone checks your credit and asks you what you make and how much money you have but never...

In ILLINOIS with Middle Score less than 640 (632), can I get a FHA Loan?
You should be able to get a FHA loan with a middle score of 632 as long as you don't have any credit items that would prevent you like large outstanding collections, unpaid judgments or unpaid tax liens. The only other issue would be if you had a foreclosure or bankruptcy then there are minimum wait...

Is a cash out refinance better than a 203k loan for small renovations?
The big determination is the loan to value. Cash out is limited to 85% loan to value for most lenders. So if you need to go above the 85% loan to value then the FHA 203k loan would be the only option. If you are at lower loan to value then the Cash-out refinance would be the better option.John R. ThomasPrimary...

Looking for a lender that will do a 80/10/10 loan in Delaware
Hello Andrew,You can get a jumbo loan for 90% of the value of a home with no mortgage insurance as long as you meet the credit and debt to income requirements. Please give me a call at 302-703-0727 or visit my website at http://www.DelawareMortgageLoans.netJohn ThomasNMLS 38783248 E Chestnut Hill...

What is the best resource to check to see how qualified a lender is? Are they accredited on the BBB?
I agree with checking the NMLS registry but not with the BBB as they are a private company for profit and if you don't pay to play, you won't have a good rating. I would suggest checking Google Reviews, Facebook Review, and Zillow reviews as those are real people giving honest feedback.

How long is a good time period to wait to re-apply if I was denied for a FHA loan?
Not all lenders have the same DTI overlays so another lender looking at your file can certainly give you a different perspective. Your credit score can also affect the maximum debt to income ratio you qualify for as well. If you are looking for a second opinion feel free to call my office at 410-412-3319...

If a VA loan is denied can I find another lender for a loan asap
You can give us a call at 302-703-0727. We are located in Delaware and have no overlays on VA loans. We can also explore FHA, USDA, and 97% Conventional loan options as well.John ThomasPrimary Residential Mortgage, Inc.http://www.DelawareMortgageLoans.net

What is the benefit of being a first time home buyer?
Hello,In Delaware first time home buyers have several benefits. I outline some below:1) Exemption from the county portion of the transfer tax2) Eligible for the Delaware First Time Home Buyer Tax Credit3) Eligible for various down payment assistance programs and grant programs in Delaware.Here...