Buying a home with $18,000 in the bank
As Jason referenced, there are many other factors that have to be disclosed to properly approve your home loan. In this day and age, make sure that you are fully approved subject to finding a home before moving forward regardless of how much money you have saved. Besides, it's not always about how...

What are our options? Mortgage help????
If you're in the state of Indiana or Illinois, please contact me to discuss your situation further. jbarath@gvcmortgage.com

can someone explain how 203K loan work?
Since you are looking for a refinance, the FHA 203(k) home loan or the FHA 203(k) streamlined home loan is used for home renovations. The streamlined 203(k) is for renovations less than $35,000 that are non-structural. Any structural renovations would utilize the standard 203(k) home loan. The best...

how high does your credit score need to be in order to get a home loan
Although the minimum FICO score required by individual lenders will vary depending on the home loan program, achieving a 640 minimum FICO score for an FHA insured home loan should be the goal. If you have student loans that are presently in deferment, the mimimum desirable FICO score would be 660. If...

My husband wants to refinance...he has great credit and I don't though it is improving. Do I have to be on the loan?
Although Illinois is a community property state, you are not required to be on the loan application. Therefore, neither your personal credit nor your personal debt will impact your husband's ability to qualify for a refinance. You will however have to sign your homestead rights and other...

Own my land and home free and clear no mortage and my score is 629 what kind of loan is best?
An FHA 203(k) loan would be the best option in today's market. You will be allowed to do the major renovations that you desire and get a 30 year fixed rate that is equivalent to the best FHA insured forward mortgages. The real benefit is that the appraised value, which will determine the maximum...

If the appraisal value comes in lower than what you need by a small amount, can u ask a second appraisal done?
A second appraisal could be requested; however, lenders will not often overlook the original appraisal unless there are material errors within the appraisal report. If you believe home values will increase over the coming months, then you might consider waiting and reapply. However, if you do not...

Mortgage on a free and clear house..
Since you've held title to aforementioned home for more than 12 months, a cash out refinance would be your best option. Normally, would advise to do an FHA insured home loan up to 85% of the value of the home. Due to the low loan amount you would be best served working with an actual bank. In that case,...

if i have a home in a rural area in my name that is paid for can i donate it to my children name and apply for a rural develpment loan? so i can purchase a new home.
Depending on the value of the home that you presently own, you could "gift" the home to your children under your lifetime inheritance tax exemption. Make sure to record a quit claim deed of the property in your local county assessor's office. You should get legal counsel and seek...

Mortgage for Unconventional Home
Hi Kevin. Based on the fact that you want to convert the building to a 4-unit residential dwelling and you need money to renovate the property to make legal-conforming as a 4-unit, an FHA insured 203(k) renovation loan is the best option. Be advised that when you make the offer to purchase that your...

In searching for a home, when is the best time to involve a mortgage person? Should we do it after we find a good home to buy?
Sara,It is in everyone's best interest if you get pre-approved before shopping for a home. Besides, how do you even know what you can buy if you have not discussed your personal finances and credit? Since you're in Orange County California, I recommend that you find a licensed mortgage...

Lenders
Gordana. I'm here in the Northwest Indiana and have great resources to help you with your commercial loan needs. If you're commercial property is in Cook County, we have many options to get you the cash. You can either give me a call at my office line (219-662-0166 x21) or simply reply with the...

Financing for 2 unit building Investment Property
Hi Javier. You definitely will have some roadblocks purchasing a 2-unit with residential financing. You might want to consider buying a 2-unit with a business loan instead. This way the financing will really be based on the subject property cash flow and debt coverage ratio. I'm located in...

my credit score is 564, what the chances of me getting a home???
Hi Clayton. As-is, you do not credit qualify based on your FICO score. Although the minimum credit score varies amongst lenders, a good target is to achieve a 660 FICO score. If you are committed to becoming a home owner and would like a proven strategy, pick up the phone and call me. My direct contact number...

Can I refinance again only after 3 months?
Yes you can so long as you have a real benefit and your break even point is less than 36 months. Be advised that you might be required to bring funds into the closing. Have a great day!

What is the Neighborhood Lending Program?
Hi Angela. The Neighborhood Lending Program is special purchase program facilitated by the City of Chicago. If you would like more information, please visit the city's official site. www.cityofchicago.org and search Neighborhood Lending Program. Stay out of the heat. James

My mid score is 570, I am reanting a house for $1300. a month, i am paying all the bills water,trash, gardner just put it this everything like if i own the place, I never been on my rent.my credit go bad from a break up 2 years ago, but back on track. can some one me please!!! Where im trying to buy I know I can do it, oh yeah in been on my job for 17 years.
If you're serious about making home ownership a priority, you would be best served by getting on the fast track with a reputable credit restoration company. Your FICO scores would benefit tremendously. Once you FICO score qualify, then everything will fall into place. By the way, this could...

Buying a home after a foreclosure with 30% down
Hi Rick. If you can wait 90 days to 6 months, you might have a viable option to purchase any home you desire. Want to know more, send me a direct email. Have a great day. James

Need Help With ARM?
Hi Hejemony. The biggest assumption that you are making is that the condo that you wish to purchase is an HUD Approved Condominium Association and that it will remain an HUD Approved Condominium Association in the future to allow for FHA insured financing. Beyond that, a 5 year ARM is fixed for the first...

Buying with 5% down Chicago Suburbs.....we have a FICO score of 735-690, can we still get a loan with just this down payment?
Hi Terry. Unfortunately, your FHA loan limit for Chicago and surrounding suburbs is capped at $410,000 and your conforming Fannie Mae loan limit is capped at $417,000. If the purchase price is truly $600,000 then you will need to pursue jumbo loan options and/or a portfolio loan. If that were the case,...