FHA Loan that also includes repairs?
Yes, if you choose to do an FHA 203K rehab loan you would be able to accomplish this. There are restrictions as to what and how much can be done but it is a great opption for you. Thnak your Dad as this is a wonderful way to get started in home ownership.

Home as A Gift
Yes, you are allowed to do this. There are potential tax liabilities in 2 areas at least. Always check with your tax preparer to be sure of any personal tax implications. However, the 2 areas that I see are gift tax and income tax. With the gift tax you and your spouse(if married) can each give a gift to your...

Mortgage payment? Credit Score 740
It is possible as long as you for the mortgage itself but we would need more information to answer what the payment would be. Taxes and insurance certainly would not be included in that payment though. Your current debts will need to be looked at as well. Presumably, with that much money available for a...

fallin behind
Hi James P.Let me first say Congratulations on your new job! Many hardworking Americans have found themselves in the same position. I'm glad you never gave up!The answer to your question depends on many things. The most important thing you can do is read your mortgage note. If you would like help...

I have a middle FICO credit score of 671, what are some rates I can get for a new home mortgage?
Hi Carl T.On a 30 year fixed rate mortgage you will be looking at rates as low as 3.75%. Depending on the time of locking your rate and what your rate options are you might be able to get a little lower. This is based on an FHA loan. There are other loan options which might be better suited for you though. With FHA you...

How can I avoid paying PMI on my new home loan?
Hi Tyler, There are several ways to avoid PMI or at least reduce it. First would be the type of loan you get for your home purchase. A USDA loan has greatly reduced PMI. About 1/4 that of other loans and there is zero down payment required for this loan. A VA loan, only if you are a Qualified Veteran, has no PMI and...

First time home buyer advice, credit issue.
Hi Jason,The key for you to buy will definitly be to build your credit score quickly. There are ways you can do this and be in a position to buy in about 7 months possibly less. I am going to recommend 2 sites to you which can help you to not only build your credit but to also make sure that you have the best scores...

I am interested in a home equity loan. How do I find the best rate?
Hello John,For the best rates on an Equity line I would check with your local banks and credit unions. Please do not be discouraged if they say no however. Currently it is very difficult to get an equity line to go over 70% of the value of your home. If you have the equity available the next item they will look...

appraisals
Hi Adian,Appraisals are necessary in almost all home purchases. If you are referring to a refinance and looking to lower your rate and or the length or term of your loan they may not be necessary. For example, if you have an FHA, VA or USDA loan right now than you can do what is called a streamline refinance...

can my mother sell me her house for the amount she owe bank 109000 the FMV of the house is 250000
Yes she can is the simple answer. It sounds more like you want to help your Mom out of a tough situation though. If she wants to keep the house and continue living there she can do a type of mortgage governed by FHA. A Reverse Mortgage. There is are many myths out there about reverse mortgages. If you have not...

can you negotiate with a lender for post closing clause?
Hello,Since this is a short sale it is very difficult to get the sellers bank to assist with anything. As for your bank this depends on the type of loan you are doing. I'm not sure how far into the process you are but if your lender is not able to close without the flooring in it is in the sellers best...

Who can help us refi our home loan with credit scores of 516 and 518?
Would like to guide you but will need to know more about your credit other than just the score. I'm in NH and willing to talk if you would like to set up a time. You can call me at 603-543-3700 ext. 1.

We currently have an active Chptr 13 bankruptcy that will close Dec 2012.
Equity lines are pretty tough these days however an FHA loan may work for you. There are many factors we need to look at in determining eligibility. I'm just north of you in Claremont, NH. Let's talk by phone and see if this can be done for you. My number is 603-543-3700 ext 1. Thank you for the...

clarification- 203k Streamline
203K streamlines do allow for flooring replacement along with a whole host of other items. I have attached a list below to reference. These are Eligible Streamline Improvements with our bank. If you would like to learn more about 203K Streamlines please feel free to take the free webinar we are hosting...

I have a credit score of 560 and am in need of a house. How can I get approved for a mortgage?
560 is not too far away considering you are on the mend. The real key will be what your credit report really looks like and how long it will take to get the score to a minimum level. I just worked with a client who had a 560 credit score 30 days ago and now she is approved for a VA loan so it can happen. Is there a time...

We bought a house on land contract w/balloon. When we look for a mortgage would it be considered - refinance or new purchase?
Hi Gwen,This would be treated as a refinance. When you do your refinance I would recommend planning your cashflow needs over the next several years. If you have equity to work with. Here is what I mean, think about any large projects or expenses you might need to plan for. Many times people will take cash out...

credit score
Hi Charles,Sorry I do not see a question to answer. I'd be happy to talk by phone with you or meet you in Manchester or in my Hudson, NH office. Whichever is best for you. I can be reached at 603-543-3700 ext. 1. Also, if you have general questions on credit I have a free workshop on line I can make available...

First Time Home Buyer in Virginia Question...
Hi Sally,Usually it is not an issue as long as you are in the same line of work. If you are in a different line of work usually it is fine as well for first time home buyer loans. There are circumstances where it can be an issue though so I'm glad you are checking. If you would like I have several free classes...

Bad credit
There are a couple of options. I need to ask first where you received your credit scores? If they are from one of the online services such as Freecreditreport.com they may be way off. This is not knocking Freecredit report.com or any other online credit assistance as they provide a valuable service....

Can I refinance under the harp program if my fico is in the 500 range?
Hi Maryle,The new Harp rules do not specify a minimum credit score as long as your new monthly payment does not increase by more than 20%. This could happen if you were trying to go from a 30 year mortgage to a 15 year mortgage. That said, many investors who will be doing the loan will have what is called...