quit claim deed
Hi Laurel!Some great answers have already been shared. However here is what I believe what you have asked:Of course you aren't looking to do a rate/term refinance since there is no mortgage on the property but, if you were and you just acquired the property through reguarly purchase or through a...

quitclaim deed
Hi,I am located in Ohio. A quit claim deed is prepared by an attorney. You would want to contact a title agency that either you are familiar with or just one that might be local. The title agency will have an attorney there who will prepare the quit claim for you, will have a notary there for both of you to sign...

joint mortgage
All of the responses you have received are great. The only information I could add is in the case of a refinance: If the co-borrower is a spouse: They would sign dower if they were on the new loan or not. They have dower rights meaning they sign acknowledging any mortgage/real estate transaction done in...

How feasible is acquiring an 80-15-5 loan to avoid PMI?
My collegue mentions Rural Housing with 100% financing however, there is the gurantee fee and they have an equivalent of monthly mortgage insurance it's just called something different, but is much cheaper than FHA & Conventional monthly MI. You have to purchase a home that qualifies for...

assumption through a divorce
Conventional loans are not assumable; FHA loans are assumable only to a qualified borrower. I would also follow the advice that has already been provided with regards to speaking with an attorney and concerning who is still on the mortgage/deed after assumption. The best thing to do if you have to...

Can a loan amount allowed be changed after approval even without any credit changes except payments?
Cash out max loan to value is 85%. 85% of the lesser of the purchase price or appraised value if there isn't enough seasoning, which sounds like is the case. If you are trying to purchase the home from mom and dad then pending on your credit and where the home is located would determine the max loan to...

What is the best option for an underwater FHA mortgage?
Hi, FHA loans can be "streamline refinanced". There is an option to do so with or without an appraisal. There are guidelines that need followed by the lender who originates the new loan. However, to answer your question we go off the appraised value in FHA's system (for no appraisal). The...

What is the status on FHA waiving its 3-year waiting period for foreclosure, bankruptcy and Short sale
Hi! There are different rules for the circumstance. Per your request, here are the guidelines: BANKRUPTCY CHAPTER 7: allowed w/ 24 months seasoning from date of discharge and when good credit has been re-established. ** Exception to that rule is when bankruptcy was due to extenuating...

A home was quit claimed to me with no mortgage can I take out a bill consolidation type loan to pay back taxes?
Hi, I can work with scores down to 530 there are some requirements to meet though. That said, if you'd like to give me a call I can take an application and go over the prerequisites with you. If you'd rather you can apply online through my website www.kimlawsonloanofficer.com or again, via phone...

I live in Ohio, have a median credit score of 592. Can I get a mortgage? I found a condo for a very good price.
Sounds like you've had someone recently pull your scores for you to know your "median" score. Like the others say, there are definitely things on the report that could pose problems with obtaining financing. On the other hand...... and I don't like to broadcast this too much..... I have a...

FHA allows for a no credit check FHA streamline refi. Looking 4 lender 2 do a no credit check refi & not impose overlays
Hi Monica, I think it is fair to say that it is a HUD requirement/mandate for the credit check. (That's per Mortgagee Letters 09-32, 10-19 & 11-11). If you have any other questions let me know. Thanks, Kimberly Lawson 888-659-3848 Kimberly.Lawson@FPFMail.com, First Priority Financial OH.LO...

Homepath or USDA?
Hi, USDA will not work with someone that has assets to work with. They are more so geared for lower income, no asset type individuals. Homepath on the other hand is for someone that is looking to purchase a property and fix it. Homepath loan is for homes owned by Fannie Mae. They are foreclosed properties and...

Why do reverse mortgages consider home value rather than equity amount?
You could take your question another way versus the way the other professionals have already answered I guess....... If you own the property jointly with someone else... the reverse mortgage company wouldn't do a reverse mortgage only on the portion that you own. You would have to own the entire home in...

How can i find out if I will have prepayment penalties?
Yes, it will be on the "NOTE". Also, if you might by change still have your paperwork (copies of) from your lender on all the paperwork you signed, you will find the information at the bottom of the Truth In Lending statement. Kimberly Lawson NMLS 5601 OHIO LO.004495.000 T:888-659-3848. First...

can you still get a hom elender while in chapter 13 - 100% pay back?
Conventional financing is not an option until after two years (if extenuating circumstances) or 4 years (for financial mismanagement). For FHA financing you can obtain financing after 12 months of on-time payments AND permission from your trustee. If you need a Licensed Originator in Ohio, please...

fha 203k loan qualifications
Here's a whole lot of information. I should preface this by saying whomever you go through will have add'l guidelines. I've tried to put the most generic of information/terms that are followed company to company regardless where you are located. -- I do recommend that you contact a...

Ineed my interest that I paid on my rental at 1113 18th st. N.E. I go for taxes on 10th cannot find statemnt
I agree with calling your mortgage servicer to see what they can provide verbally. However, I could add that most servicers also have websites. If you log in you could possibly find the information you are looking for quite simply online. Best to you in your search, Kimberly Lawson Kimberly...

what is the minimum required credit score for fha loan with 3.5% down
I agree with my co-heart here. Most of your big bank and retail lenders are going to require a minimum of 640 score. Which is why I would recommend you find a local mortgage banker or broker who will have add'l resources available. They should have resources available to go down to 530 some as low as 580...

When will the streamline endorsement date change for FHA loans? I closed in Oct. of 2010.
Hi! If I'm interpreting your question correctly: Streamline loans are not affected by the April nor June changes that are forthcoming for FHA loans. (Concerning mortgage insurance changes.)

Do you have any programs for people younger than 62 that are on ssi and own a house
Hi, Everyone who offered an answer with regards to reverse mortgages are correct. However, age nor where you derive income from could be discriminated against when applying for any mortgage. That said, there are many options for people who own homes. If you'd like to explore this option further,...