Who is a good HARP Lender to work with in Texas?
Hello Jonas, I am the branch manager for a Southwest Funding branch in Austin Texas. I have been in the business for over 20 years, and have all of the answers you are looking for. Either call or email me when you have some time, and I will get you started in the right direction. eblossman@southwestfunding...

I am a disabled vet. I want to get a refi VA loan. Credit score under 600. Can anyone help me get a loan??
Hello Don,Yes, I have VA rate and term loans down to a 530 score. I will have to take a look at your credit profile and make sure that you meet the other guidelines, so the next logical step would be to go to my website at www.TexasLenderOnline.com and do the full application. I am located in Austin, and will be...

Cashout Refinance
Hello Naveen,This would be considered a cash out in Texas due to the fact that we are paying off a 2nd mortgage that is not indicated as "purchase money". I am a lender in the state of Texas for over 20 years and can help you with any questions that might come up. Eric Blossman 512-788-2502 www...

Should I refinance now or later? Have I missed my chance?
Yes, in your particular situation iit makes perfect sense to refinance. Those ARM loans will continue to be an issue, and rates are as low as we have ever seen. You are correct about keeping the loan to value under 80% to avoid mortgage insurance. but since you utilized the 2nd to which is not a purchase...

Cash out refinance on construction loan need help
I agree, you can only do a rate and term on this one. Sorry about that.

Yes, I agree the mortgage field has been tough over the last few years. There are a good number of LO's trying to hold on, and has had a real difficult time in doing so. With that being said, there is a possibility that she works at a chartered bank and can do loans in all 50 states without a license. This is...

Self Employed FHA/USDA
Hello there,Unfortunately that is the guideline. Any self employment income needs a two year average so the new business wouldn't be able to be counted until you can verify it on two years returns. I am sorry, I wish I had a better option for you but this is the current guideline and your current...

Want to refinance my home in texas while living abroad.
Hello Hanna,I have been lending in Texas for over 25 years and would be happy to help you out. I can make it very easy for you and we would arrange everything. You can either complete the application online at www.TexasLenderOnline.com or you can call me and we can do it over the phone. Eric...

I bought a house 3 yrs ago. I'm able to refinance at 3.3% but for 30 years. Is this wise?
It all depends on what your interest rate you are paying now. You should take the current principle and interest and times it by the number of months and compare it with the new principle and interest payment times 360 (30 year loan). Subtract the first one by the second and that will give you the savings...

Can I refinance a rental property with an FHA loan or will I need to switch to conventional?
Yes you can do an FHA streamline refinance. The only caveat is that your current mortgage must have been originated prior to June 2009. If this is the case, then the answer is yes it can be done easily. FHA allows for streamline loans that originated as owner occupied and were converted to rentals so this is...

Is there such a thing as a minimum debt to income ratio requirement?
No not at all... You can never make too much money or buy too small of a home for you debt profile. Sounds like a really good problem to have. Good luck!

Mortgage Question
I can only assume that when you state undesirable location you are meaning that the home cannot be rented? Is it in a vacation area? You could always try and rent it out. Other than that, there isn't much that can be done to relieve your boyfriend from being required to pay his mortgage. You could...

Is it easier to get approval for a mortgage loan by putting down more money?
Yes, I agree.. Not necessarily. It all comes down to credit and debt ratios these days. The underwriting of your loan is consistent whether or not you put 20% down, or 50% down. If you have a score over 640, and you have little to no credit derogatories coupled with a decent debt ratio you should be ok. The best...

Can I refinance an investment property with HARP?
Yes.. absolutely. HARP does allow for refinancing of investment properties as long as you meet the other HARP requirements. It is probably best that you contact a local lender that can check the other paramenters of the program for you.

Re financing thru HARP in texas separate property
In the state of Texas being that it is a community property state, your divorce decree will be the only item that will perjudicate you from the property. My advice to you would be to finish the divorce prior to any refinancing so that it can be done correctly once and for all. That way you wouldn't have...

What is the best method to calculate my home's value before actually getting an appraisal?
My favorite site that is free is the Chase Home Estimator. It will never be exact, but should give you an idea.. https://www.chase.com/online/Home-Lending/home-value-estimator.htm

Is it possible to purchase a home with another one in foreclosure?
Yes, you will have to wait out the 3 year period but I wanted to give you a word of caution as well. By showing a foreclosure after a bankrupcy, this will be a significant red flag to an underwriter. Lenders look really hard at the credit activity after a bankrupcy and it becomes increasingly difficult to...

What are our chances of qualifying for a new home with my husband only being at his current job 6 months?
Hello Stacy,Yes, this question has been answered quite a few times correctly. The only thing I would add is that if he is at a new job, then you will only be able to take the salary as income and not the overtime nor bonus income. A good loan officer would be able to work out the qualification for you, and I...

When is an interest only mortgage a good idea?
I really like the interest only option because it is only the minimum payment that is lower. You can always pay down principle whenever you like, so these loans are really good for commissioned or self employed employees who have income that fluctuates from month to month. The interest only feature...

Are there any other programs out there for homeowners who don't have a Fannie Mae or Freddie Mac loan?
Yes, there isn't enough information here to be able to help you effectively. There are programs available for underwater buyers that do not have Fannie or Freddie, but these are limited. For example, you can do an FHA or VA streamline as well. The best thing for you to do would be to contact a local...