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Michael Bardy's Answers


Homes still a good investment?
I think that you can find economists on either side of any argument. It just depends what and where you are reading.As far as being a good investment, that will likely depending on the time you intend to hold it. If you are looking at buying a house and holding it for 15, 20 years or longer than you should...
Is 15 year fixed payments usually bigger than 30 year fixed?
If by better, you mean cheaper, than YES, a 15 year mortgage is better than the more traditional 30 year term. With a shorter term, your payments are going to be higher, but every dollar more that you are paying on a 15 year loan is going directly to the principal. This will help pay your loan off faster and...
can i refinance my mortgage loan to get rid of a balloon payment
By all means you can do this and unless you plan to sell the home, it is the only way to handle it. I would be more than happy to assit you. Your timing on your inquiry is superb as our current interest rates are the lowest we have offerred in the past 6 months. Please feel free to email me...
Is there any reason why a second mortgage lender would not resubordinate for HARP?
I have completed close to if not 100 of these transactions over the past year and have not experienced any issues with the subordination. As long as you follow the requirements the subordinating lender provides, you will be fine.The biggest obstacle that catches borrowers (and some lenders) off...
Currently in Chapter 13, is there a requirement that I file a loan mod ONLY with my servce lender?
No but you would want to do some homework before you file with any 3rd party company. There are few segments of the industry that have been plagued by unethical and unscrupulous individuals more so than the modification segment.Get 3 references and proof that they have successfully completed...
can you get approved for a mortgage if you are in default with a student loan?
Technically, you could still qualify if you credit score is still in the acceptable range but you will not be allowed to use FHA or VA financing if the student loan is goverment subsidized or insured (the vast majority are). If the loan is over $2,000 you also stand a large chance of having a lien placed...
I started the Harp Loan process in May of 2012 through an attorney for the principal rate reduction program here in Nevada.
To this point I have not heard of any banks approving the principal reductions but I do beleive if you qualify for the interest rate reduction under HARP for Fannie (the DU Refi Plus) you will not be eligible for the principal reduction, if it ever appears at the lender level.You may want to consider...
Can I sell my house to a family member for below market value, or is it better to sell at market value and gift the down payment?
The common theme that all lending professionals will agree to is yes, you can sell the home for below market value. The real issue at hand is your niece obtaining the approval with a 590 score.Credit repair is priority #1 in this situation. After dealing with a couple rough patches in life myself, I have...
Do you do loan modifications?
Loan Modification has been a very mixed topic over the past 3 years. You will find many third party (middlemen) companies that will offer to "assist" you with this process. They typically want you to pay an upfront fee and may also encourage you to intentionally miss a payment. Be extremely...
Graduating from college soon, starting new job, how long to buy house?
Your degree will count towards the 2 year requirement for employment history. Have your transcripts/diploma available when you apply. With the high credit score and the large down payment, conventional would definitely be the route to go. I would not make any sort of plan that includes having to...
My credit score is 568 and my soon-to-be husband's is 572 is it possible for us to get a home loan?
Foreclosure will typically prevent you from obtaining approval for a minimum of 3 years (FHA) and 5 years (Conventional). That in itself will make buying a home unlikely for you at the present time. The second hurdle will be credit score. 99% of all lenders today are requiring a 620 score to obtain...
Can you roll over a 401K towards the down payment on a home?
YesIn the case of using 401k funds for a down payment you can either withdraw the funds from the retirement account or borrow against the retirement account.If you withdraw the funds you will have to pay a withdraw penalty and you will incur tax liability for those funds for the current year. However,...
Will a lender consider a home loan to a person on a fixed income?
Absolutely! Fixed income is one of the easier income streams to document. You would expect to provide 1.) either your awards letter/pension statement/annuity contract that covers the current year and 2.) the most recent bank statement for the account the funds are delivered toNon-Taxable income...
Will I have to pay mortgage insurance premiums on my FHA loan with the new changes?
NoThe new changes will only affect new FHA loans moving forward.
Can I get a home mortgage straight out of college?
Yes,You should be prepared for the 3.50% down payment while having some additional funds on reserve. You should also be prepared to verify that you have been a full time student (transcripts) for the past two years. Underwriting may also require that you wait until you receive your first paycheck...
If I refinance an FHA mortgage before the new PMI rules take effect, will I have to pay premiums for the life of the loan?
Like everyone has said, don't wait. Start your application and ensure your lender obtains your case # now.
How can I find out how much HOA fees will be for a neighborhood?
Call the home owners association or the management company the association has delegated. They can confirm this with you. While you are on the phone with them, inquire about any pending increases or levies to cover larger community repairs. This could help avoid a surprise later down the road.
My father died and left me his home in his will but he has a va loan, I've been paying the mortgage on time. Can I assume the loan
Yes - You may also want to contact the nearest VA regional center and review the assumption of liability. Based on your financial scenario and vesting on the home, you may also consider refinancing the home into your name or leaving the mortgage as is and continue making payments.The Houston center...
Are there any programs for people that are in an upside down mortgage, but don't have a Fannie Mae or Freddie Mac Mortgage?
At this time your options would be limited to VA or FHA streamline. If your current loan is not VA or FHA than unfortunately the answer today is no. HARP version 3.0 is in Congress and this may or may not allow home owner's like yourself an option. We will have to wait and see.Don't feel that you are...
Need 40,000 on 3 condo repairs, for refinance, paid off now
I would enjoy the oppurtunity to asssit you with this. Please contact me at 888-440-8749 or mbardy@unmhq.com.

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