What is hazard insurance?
As mentioned hazard insurance is "homeowners insurance" to cover repairs in the event of a loss...this protects the lender as well as yourself. All loans over 80% loan to value will require you to pay impounds with your mortgage payment to cover insurance premiums as well as your taxes. It is...

What are the limits for purchase price, down payment, loan amount, for a FHA loan in Indiana.
The prevailing FHA loan limit for a single family residence in your state is $271,050. Limits are determined by county. There are a 7 counties that allow a higher loan limit. To be exact you would need to provide what county you are in. FHA as mentioned allows a min. of 3.5% down of your purchase price, the...

Waht is Table Funding
Table funding is when you go to escrow/attorneys office and sign your final loan docs and they inform lender that you have done so and the lender starts the funding process...lender is not waiting for your signed docs to be returned and review for funding. It is essentially complete when you signed at the...

I need a loan 200,000 good credit
You have some specific questions that cannot be answered with general info so with that being said...If your credit above 720 you should expect to get the best rates. Rates can fluctuate hourly based on the market volatility. You can contact me as well as go to my website to secure rates and info. www...

I see mortgage rates are going up, is a refinance still a good idea?
Today market moved back in our favor after posting some losses...ultimately you have to decide to pull the trigger on when to proceed. One can never predict the bottom....If you save at least $100.00 per month generally speaking then it should be worth refinancing. Rates are still very attractive even with the...

I need a home loan
I can work with you....Dan PaladinUmax Mortgage562.987.2184

Why are the rates going up when Bernanke said we will be in recession for 5 years?
Great question...let's see if I can cover it...though rates did spike down the next day after Bernanke spoke...with the news of extended tax breaks and unemployment benefits...and the surprise of the 2% cut in payroll taxes caused a sell off of in the bond market...causing a rise in the ten year bond. Basically...

Married or Single for a home loan?
As my colleagues have mentioned..anyone applying for a loan must meet the 2 yr. employment/income guidelines as well as the fico guidelines. Typical min fico is 620 though some have raised it to 640. My best advice is to put a plan together to raise her credit and payoff debt, (not close it) and then you would...

What are the downpayment requirements for first time home purchase?
There are several options...FHA 3.5% downFannie has a conventional product that requires min. 3.% though predominantly 5% min. required.You do not mention where you are located as there is also a program in California that allows for just .5% down..And yes USDA offers a 100% down program if you are in a rural...

What happens if a stipulation is not met by a buyer on a mortgage?
Best to consult a real estate attorney...though if you are meeting your obligations the bank has no reason to investigate anything....Just an opinion and not legal advice.Dan

I have a line of credit for $20,000 that is outstanding on my house. My friend just inherited money and wants to pay this for me. Can he legally do this either online or by his check and are there any tax consequences?
First do consult your CPA or tax advisor...your friend can pay your line if desired. The online access would be with your log in info....or a check can be mailed. Again the tax question needs to be addressed with your tax professional. Merry Christmas...great gift!!

Home purchase after foreclosure?
For a conventional loan...the guideline was just changed to 7 years...FHA is 24 months...as well as VA....Hope this helps....

how much is monthly payment difference between 4.25% and 4.75% on a 300K loan
Assuming a 30 yr. fixed....$88.17...

I want lower to 25 year fixed. Is appraisal required
The standard answer would be yes.....there are some variables...though most likely..Contact me to discuss your specific scenario....Dan "The Loanman"

How Long After a Short Sale
You are good to go....time heals all...congrats!! I am a Calif. lender and am available to help you secure a mortgage in the current lending environment. 877-369-4319Dan "The Loanman" PaladinProfessional realtors are also available if needed...

700 fico, 20 % down,
Great...though you should be looking at conventional financing since you are putting 20% down. This would avoid mortgage insurance as with FHA it is mandatory for 5 years even with 20% down....I wish I could help you or refer...Just an FYI...

What is the correct process
You can gift the home to her. Preliminary change of ownership form is completed(Calif.) as well as a quit claim giving them title. You may want to check what forms are required for your state. Any title Company can help you with the process or attorney if you are in an attorney state. Happy Holidays!!

Surplus Home Loan? Please Explain
My bet is the lender has just "coined" a different term for a Heloc...as my colleague suggested...inquire as to exactly what they mean....

My current lender is Bank of America and I am in a conventional loan with Freddy Mac. I believe my current home value is 280,000 to 300,000 with an outstanding balance of 355,000,
Being Freddie owed there is a refinance relief program that allows refinancing to 125% of your value. Some lenders do cap off at 105%. Value is key. You also cannot have mortgage insurance on your existing loan nor can you combine any loans such as a first and a 2nd. The Freddie program does have tighter...

Transferring ownership to an LLC
Your current lender should be able to help you with this question as well as your CPA who put your LLC together....