Reserves vs. credit scores for jumbo mortgage
Hi Robert, a conventional jumbo loan will require a minum 720 credit score. An FHA jumbo will require a minimum 660 credit score. I have closed many fha jumbo loans and sounds like you would have no problems qualifying for that. If we can do a 15 year with 20% down there is no pmi. Any loan term other than that...

Credit Score: 765, Debt-to-Income: 35% --> worth lowering by 3%?
Hello Mr Sebastian, thanks for your question. Your debt to income ratio is fine and you wouldn't need to pay down anything. I am assuming that we would not be adding an existing mortgage payment to your debt ratios, in case a current residence did not sell prior to taking out a new mortgage. Your...

the best lender in dc area
Hello A_Hallah, if you haven't decided on a lender yet check me out at BNC National Bank. We have excellent rates, an A+ Better Business Bureau rating, and we loan OUR OWN funds.

I would like to purchase a condo in Florda, but I only have 1yr work history
Hi Scorpio, you would need an fha loan with 1 year work history. Our 30 year fixed fha rates are very low and we have an fha5/1 arm that starts at 3.25%. thanks.

Where can I refinance?
Is the condo complex fha approved? We have fha 5/1 arm rates at 3.25% and 30 year fixed fha rates at 4.25%. Can go to 96.5% of the appraised value. We do not have to take a declining market into consideration on our fha loans.

Underwater w/ 1st home, credit score of 740, thinking of buying 2nd home?
Hi Marcias, unfortunately an underwriter will not approve your new purchase as a primary residence. They will definitely be checking valuation models for your current residence's projected value. When they see you are 200K under water red flags will come up. Rental income would not be counted...

what if i had two judgements from credit card company that has been paid off for two yrs but still shows up on report? Will lenders take into consideration that it has been paid but left on report? What do you think about debt consolidation, is it better to settle or pay in full? thanks!!
Hi Zarahabu, the credit card judgements that have been paid off are well past the time frame for loan qualification. Your loan application would not be disqualified because they have not been removed from the credit report. We can accept sufficient documentation showing they were satisfied either...

How is the possibility of getting a loan w bankruptcy?
Hi Razar, your bankruptcy only needs to be 3 years from the discharge date. Sounds like it would be easy for you to get an FHA loan with my Bank. Our current FHA 30 year fixed is at 4.25%.

Buying a second home, do we qualify?
I would look at doing an FHA loan for the new home as a primary residence, and put your current residence on the market. Our FHA program allows for expanded debt to income ratios with compensating factors such as credit scores, assets, job history etc. Our fha 30 year fixed is at 4.25% currently.

What interest rate can i get with the VA loan and how much money do i have to make to get the loan?
Hi Calvin, you only need a pay stub to qualify for VA since it is based on your service in the military or national guard. Our current VA rates start at 4.25% with 1/4 point on the 30 year fixed and we do not charge any bank fees. 4.375% is with 0 points and 0 bank fees. Your particular rate will depend on your credit...

Quick question: Is 3.65% a good rate for a 5/1 ARM loan which is interest only? Loan amount is about $600K
depends on the fees involved and the loan to value ratio. what county is the property in? Is this an agency jumbo arm?

Is there any option for a refinance of a primary home loan if I have a 47% DTI ratio? The LTV is < 80%.
We could look at a 10/1 arm at 3.875% fixed for the first 10 years. This would give you more that enough time to get credit scores up and increase income to qualify for shorter term loan on a refinance in the future.

Mortgage and VA Loan. VA Loan eligible not on current mortgage.
We would be able to use your credit only and income only for the VA loan per our underwriters notice on this particular subject.

is there any time restrictions on work history for a FHA loan?
HI Britnee, the FHA does not have a minimum time on job requirement. The underwriter will evaluate your complete file and if there are other factors present such as good credit, reserves after closing, verifiable rental history, etc. they can approve with less than 2 years employment.

Will the debt ceiling deal impact the rates psotiviely? How much lower can it go? Should we lock today?
Rates improved dramatically. Check out my rate tables and apply so we can lock you in.

Advice 1st Time Homebuyers
We are a high volume FHA/HUD approved direct lender and bank with flexibility on our own in house FHA underwriting. We will get a rental history form out to your landlord and all should be fine. You should complete my online application and fax over 1 month's pay stubs, w2/s 2009/2010, and bank...

30 yr fixed 5.25%?
our 30 year fixed is at 4.5% on a condo in bama.

I've locked a 4.875% interest rate on a FHA 30 yr fixed loan. The APR is at 5.519%. is this good?
Hi Bender, A.P.R. is always higher than the interest rate as it includes pre-paid finance charges. FHA charges a 1% up front mortgage insurance premium, and a monthly mortgage insurance premium. Both of those increase the A.P.R. At your loan amount my FHA rate is 4.25% with an a.p.r. at 5.20%. We are the bank and...

Can someone explain discount Points?
Refinance fees are super high in NY. Highest in the nation. compare lenders and look at the lenders charges, doesn't matter what they are called. whoever has the lowest charges at the same rate, or lower rate if thats what you want, go with it. good luck.

Stick with my current lender, or go with a new one?
check around. get quotes. check Better Business Bureau ratings. Your current lender already has your business. Other lenders want your new business. It's a tough call only you can make.