Alabama Redemption Right
Billy,The best bet to protect your investment is to consider a redemption bond. The right of redemption is the right of a property owner to redeem his or her real estate from foreclosure by paying the lender the outstanding principal and interest due, plus the lender's costs in foreclosure, or...

Can I buy a house, with FICO 690, 22k yearly, and 21?
Hello,The main determination to buy is credit and income. You have a great score, but the amount to buy depends on a ratio based off your income. We also calculate other liabilities like auto payments or credit cards. That leaves you with the amount you would be "pre-approved" for. 22k would...

Mortgage Pre-approval process?
Your lender will take your income and monthly debts and calculate a ratio that tells him how much monthly home payment you can afford depending on the loan product. You credit score tells him what programs and what hits if any are needed to quote your interest rate. Call me and I can give specifics.(256)...

Can I get a loan with a title for my mobile home?
You may want to consider Vanderbilt Mortgage or Eva Bank to see what can be done to refinance your current mobile home. Where around Birmingham are you looking to buy? Depending on the condition of your mobile home you may qualify for a USDA Rural Dev loan which is no money down.

Can I refinance without 20% equity in my home?
Junipe,You DO NOT need 20% equity. Your current value will, however, have a lot to do with which loan products you can choose from for this refinance. I am in Birmingham. Call me and I can give you some ideas on how to go forward.Jack ShieldsHiott Financial Corp(256) 749-7948 ph

New home purchase loan in Alabama
Hello Caroline,I just closed one last month in Auburn with a 3.875%. It would depend on your loan product and how much of a down payment you would consider putting down. There are many options for both. Give me a call and I can go over your options if you would like.Thanks,Jack ShieldsHiott FInancial...

Are there any nationwide lenders doing the obama program yet?
Hello Melann,We are doing HARP loans through out Alabama, but the max loan-to-value is 125%. It must be a current Fannie Mae loan to qualify for the loan. Have you already done an appraisal that showed you at 145%?Thanks,Jack ShieldsHiott Financial Corp(256) 749-7948 ph

Is there a loan for us?
Elliet,I am in Birmingham and can give you a few ideas that can pull those scores up. Give me a call...256-749-7948, you are not far off from getting it done.Jack ShieldsHiott Financial Corp

What happens if you meet all the qualifications above and the Underwriters keep asking for more info to the tune of 4-5 months working on this RM They have asked for bank statements, credit card bills, doctors appointments, and now looks like they are going to ask for tax returns. Do this seem extreme to you? Our home is paid for and appraised at $507,000.00 in August. I have jumped through so many hoops for this guy at Proficio and I am mad, stressed out and feel I have been misled. Can you offer any advise? It would be greatly appreciated. Getting this RM will allow us to completely retire. I am so distraught. Thank you for answering
Deb,The length of time seems extreme. Much more typical is a 4-6 week process for Reverse Mortgages. Credit and income are non-factors for this type of loan, so it is hard for me to comment on what all is happening through Proficio Mortgage. I know you are not bound to them if you feel trapped. If you would to...

What does a typical appraisal fee look like?
Hello,Most appraisal fees vary from loan product to loan product in a range from $425 to $550. What type of loan were you seeking and I can narrow it down a bit? Thanks and good luck!!

When using a usda loan can you get your ernest money and inspection money back at closing?
You can get the earnest money back, but not the inspection fee. The way you do that is to structure the purchase agreement and ask the sellers to pay the closing costs and pre-paid items up to an amount which includes enough left to pay you the earnest money back at closing. OR, you can increase the loan...

Need to talk to someone
Hello,My number is 256-749-7948 if you'd like to reach out and ask any question you would like. My name is Jack Shields, with Home Place Mortgage here in Alabama.

What is the lowest credit score you can purchase 1st time?
Teresa,It is not a "set" score as FHA can go down to a 500 score...but it depends on all the elements of you as a borrower, your credit, income AND assets. I'd rather work with you to get your scores up than settling for a bad loan. Call me (Jack) at 256-749-7948. Good luck

what are rules for first time home buyer?
Call me as I am a lender in the Alpine area. 256-749-7948

What are the areas in Alabama that approved for USDA loan?
USDA has a link where you can input your address you are considering and it will highlight if it is in an eligible area or not. I'll copy the link here for you, and if you need further information on USDA Rural Development Loans, you can visit my website at www.sweetloanalabama.com and the Apply Now button...

which credit scoring system does home lenders use?
Hello, I can help with credit and explain to you how to go forward. Call me at 256-749-7948. Home South Mortgage www.sweetloanalabama.com

Are home inspections waived bc of covid?
Not sure if you are asking about Home Inspections, or Appraisals? Home inspections are the buyers choice and are optional and would not have impact on the lender. The Appraisal is required even during Covid.