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Joshua Lerette's Answers


Can I Get an FHA Loan With a Credit Score of 600?
Yes, in fact Carrington Mortgage Services offers home loans for individuals down to a 550 credit score and absolutely no closing cost on an FHA or VA home loan.
my wife and i are on loan (morgage) for the house. im wanting to know if I can get the loan just in my name only.
Hello ricedonny,The simple answer is yes, but there are other factors to take into consideration like whether or not you qualify by yourself. Feel free to contact me if you wish to speak about your situation further.
Are there disadvantages to a VA loan?
Of course there are disadvantages to going VA. There are advantages and disadvantages of going with any program, VA, FHA, Conventional, or USDA.Now with that said, the only real disadvantage to going VA is the funding fee. The funding fee for VA is higher than the upfront mortgage insurance premium...
Will my wifes past debt/ bad credit affect my loan approval & can i get the loan by myself in Florida?
Jason,If you qualify in your name only, then you may finance the property and your spouse may go on title. You do not need to qualify with both debts against you if you go FHA or VA. We are not a community property state, we are homestead state. You can go any finance option with just your name and your debts....
could i go zero down for VA with a 620 credit score?>
In fact Carrington Mortgage Services go down to 550 FICO scores with a VA loan at 100% financing so your score should not hold you back on financing.
best loan scenario for bad credit?
At Carrington Mortgage we offer home loans for individuals down to 550 credit scores and we have absolute no closing cost on all our FHA and VA home loans.
Don't lenders fees have to be listed on a GFE??
All lender fees are to be disclosed and can't change. What can change are third party charges like title and insurance because those are not charged by the lender. Also, the other thing that can change is a bonafide discount on a rate you choose to lock in at...that is the only problem with the current set up of...
how to get a back owned home approved for financing without faucets and stove?
To replace faucets...you would not use a FHA 203k loan program. The minimum repair cost for FHA 203k is $5,000 and unless you are buying real 100% gold or platinum faucets, I truly hope a plumber would not be charging you $5,000 to install faucets. In a situation like this, an escrow hold back would do just...
I have 90% LTV - home equity loan possible?
Corvalt3gina,I have a local lender here in St. Petersburg that offers home equity lines of credit (HELOC) up to 90% LTV throughout Florida. Go ahead and contact me and I can put you two in touch. Thank you.
Can usda loans work for investment properties?
No, i'm sorry but USDA is only for the purchase of a primary residence only. An investment property can be purchased for as little as 15% down.
Can the upfront MIP for FHA be rolled into principal?
The upfront MIP on FHA loans is usually rolled into the loan amount. You may choose to pay the upfront MIP but more often than not, most don't. Odds are you will probably only be in this home or loan for no more than 3-5 years so the payment difference is minimal compared to how much it would cost to pay out of...
FICO 749 but high debt can i still get loan no pmi?
Your student loan debt and annual income has nothing really to do with PMI (private mortgage insurance or MIP (mortgage insurance premiums). It all has to do with your loan to value and type of loan. If you qualify for a USDA loan then the mortgage insurance is very little with no money down. FHA has a down...
Considering rent to own need advice
Simply put, don't rent to own! They are nothing but scams and with options like FHA (3.5% down payment which can be a gift) or USDA (0% down option) there is no reason you shouldn't be able to come up with some financing. Rent to own is a waste of time and money and 99% of the time a scam!
I have a HARP loan. can I switch to a HAMP loan
The only way to truly answer this question is to discuss your current situation in detail and figure out exactly what terms you currently have and what you would qualify for moving forward. Feel free to reach out to me directly to discuss your loan options.
I have averaged $27K a year for the past 2 years, credit score 675+. Can I buy a house for 85K? No $$ down.
USDA and VA don't have any down payment requirements. FHA requires 3.5% down and Conventional would be 5% down. Your qualifications would also depend on how much other debt you have to calculate out your total debt to income ratio.
Can a loan be made against multiple real estate that is paid for???
This is a very complicated situation as you probably already know. Fannie Mae (conventional residential financing) guidelines allows individuals to finance up to 10 properties for investment purposes. (If your primary is financed then technically 9 properties as your primary would count as one)...
hello, I have 18.5 years remaining balance on my mortgage payoff and would like to know the best option how to cut those years in half.
if you are looking to cut your term, you might want to consider making bi-weekly payments but before you do that...i want you to consider one thing. Look at the remaining payments that you have and calculate the interest you are being charged. Then, calculate if you were to take that money and put it into a IRA...
Im in the process of trying to buy a home from a owner without realtor, is it possilbe
Of course it is possible. Many home owners choose to sell without a realtor. You will want to hire a title company though to make sure you are protected in the transaction. For some financing options please feel free to contact me.
Zillo portfolio values properties I own at 1.2 million. How can I borrow against the portfolio?
You're looking at a blanket loan which is considered to be more along the lines of commercial. Look up a smaller local banks that may be able to do a small commercial loan for you.
advice for mortgage insurance - how to get rid of it
Ryan,Williams answer is spot on regarding actual removal of MI on FHA loans. With that said, given the market is as hot as it is here in Florida, the value of your home is probably much more than what you originally purchased it for. After only 6 months of ownership, you can actual restructure your loan...

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