IRRRL
Alex - An IRRRL is a VA interest rate reduction loan like a streamline is to FHA, John - with your credit score of 780 and the fact that you would be at 84% LTV a conforming loan would be better, you would have to do a conventional loan. besides you cant combine the two loans on an IRRRL only refi the current VA...

7-1 ARM fees that I paid, March, 2011
The processing and underwriting is lender profit of $1490 plus the 1% of 2960, depending on the options it may have made sense but on ARM loans you really want to limit the expense as you don't have long to recapture the costs.As a rule of thumb I don't like my clients paying any points on ARM...

Mortgage refi question for an investor...
based on the above answers its really in the middle, best execution on your question would put you in the 4.25-4.5% assuming no points, but you could buy the rate down into the upper 3's . Google Rate Compare is a great tool for this.

What can you do with a FICO credit score of below 620, can I still quailfy to purchase a home in AZ?
Yes, there are lenders out there that do work with lower scoresthat being said, the root of why your scores are low could still block you from a loanBest thing would be to get an accurate copy of your credit and scoresthen check around armed with this information, instead of letting everyone pull your...

how do you apply for a loan to buy a house?
Find a lender and loan officer that you feel comfortable that is also knowledgeable in the business. Consulting with them would be your first step so they can understand your short and long-term financial goals. With this information they can help head you in the right direction as far as financing...

What constitutes a second home vs. an investment property?
there is no mileage distance requirement, that being said there needs to be a reasonable explanation that differentiates the two homesan example is your primary home is close to work or in a school district etc, the second home will typically be smaller and have a recreationalbenefit. Although this...

Is it common practice for a borrower to deposit a large cash amount in the lenders bank account for up to 30 days to "verify assets" while the loan is being processed?
No it does not, there is no reason for this.Based on the information above you shouldnt be asked for anything abnormal like this. If you would like to discuss this further in detail, give me a call and we can discuss the situation in depth.

Is there an alternative to providing a mortgage lender with 2 years of W2 forms?
more than likely we wouldn't need them for you, that being said if we did i would take care of the leg work for you. And get you a copy for your records. If you would like a second opinion on the financing portion i would be happy to provide a comprehensive comparison to your current approval. Thanks John

Is it believable that a mortgage lender could offer a low-cost refinance loan at 3.75% for a fixed 30 years?
No, that isnt realistic.... If you would like a second set of eyes on the fees and program, i would be happy to show you how it is or isnt what has been presented to you. Thanks John

How will I know what my VA LOAN amount will be based on my COE?
There are different maximums based on locations, it does depend on the state and county. We have specialized in VA loans for over a decade including Jumbo VA loans and loans above the guaranteed loan limits. Depending on the county we make loans just over 1,000,000 (yes one million) with ZERO down...

I wish to purchase a condo but unfortunatley it is not listred on the VA, or FHA approved condo list. To make matters worse, one owner has owenrship of 13 units out of the entire 60 unit complex. He has had these units for 22 years but is making it impossible to find a mortgage since he owns more then the FHA.HUD guidelines of 10%. Does anyone know of a company that may lend and waive this 10% ownership guideline?
in short yes there are options, contact me and we can further discuss the situation

i want to purchase a home only discharged 1 month of chapter 13
we can do that for you. contact me to discuss the situation.....with just standard rates......

What type of poa do i need from my husband to refi the house
You WILL need a SPECIFIC noterized POA, I have one that we had drawn up and have used for several clients (obviously inserting correct names and addresses) and will be happy to provide you the document you need to facilitate the process. You can contact me directly at 913-800-7876 -JohnFDIC insured...

Can an unemployed veteran apply for a loan using spouses income?
First and foremost thank you for your service, as a veteran myself I handle quite a bit of VA loans and would welcome the opportunity to earn both your trust and your business, Working for a FDIC insured bank I have the ability to lend in all 50 states so regardless of the location we can help. -John

Need Advice on ARM
Arm products are great tools for short term financing, when you know you will have a change in your future finance needs or when rates are high. The current market is very low and if you have long-term plans for owning that home without any possible need for refinancing with exception of rate, then it...

what exactly will qualify us for a streamline refinance loan ? Our original loan was AV
Yes, on a streamline refinance you will not have to produce as many documents as you did for the prior finance. The amount of documentation will be dependant on what kind of loan you have currently, IE is it VA or FHACall me to discuss it further we are an FDIC insured Bank and Lend in all 50 states - John...

Is it true that for the primary residence refinance, the appraisal must be walk-thru and cannot be drive-by?
NO that is not true, I have quite a few clients that are able to get a drive by or a waiver of inspection. It depends on the situation and the person running the automated underwriting engine. Call me to discuss your situation...... FDIC insured Bank. I am licensed in all 50 states.Professionally Yours,John...

WHere can i find FHA Loan limits in Kansas? DOes this site provide?
https://entp.hud.gov/idapp/html/hicostlook.cfmthis will cover all locations, i am located in overland park kansas...... feel free to contact me to discuss the options, there are ways to maximize these limits as well.

Is it possible to do a home loan on a primary residence for $100K and then do a investor loan for $100K?
very doubful as the investor loan will still count against his debt ratio and he will have addional challenges to getting approved for the second loan............ although you had a BK there are ways to get you approved. Contact me to discuss the situation.

How long does it take to close a loan for home purchase? IN Carson, CA
standard answer is 30 days, title and appraisal are the two key things that slow up the process. If there is a need for a rush we can handle that here at the bank and close in 2 weeks with everyone working together. I lend in all 50 states.