Want to buy a house for $600,000 in California, dual income $80k / year. What are my options?
Good job on the respondents who were honest with these folks and said that a 600K purchase with 20K down and 80K in income is not anything someone would want to do. And I shake my head at those who gave any kind of an indication to these people that this could be done.Even if you were somehow approved (a non...

How do I get my name off mortgage since spouse won't sell and i do not qualify for refinance
When you signed the note you obligated yourself for the debt. A change in relationship with the co-borrower (your spouse) does not relieve you from the obligation. There may be a way to have the court force the sale of the property but that is complicated and you will need to get advice from a RE attorney...

Is refinancing a 6% mortgage that has 19 years remaining into a 30 year at 4.5% and taking cash out to pay credit cards and have a good down payment on a car a good idea?
Refinancing to lower the interest rate that you service the debt is unquestionably a good idea. Taking out the cash for the car down payment is a little more difficult to answer, can depend on your individual situation. As a general rule I do not recommend borrowing against your home for cars. Even though...

CAN A GIFT BE MADE TO CLOSE FRIEND TO BUY A HOUSE
I am going to disagree with most here and say that unless the gift is fairly small (say under $2500) you will have a difficult time getting an underwriter to accept gift funds from a party who is not a close relative of the borrower. If the gift is sizable, the underwriter will be very suspicious of the...

Are the details of a GFE negotiable?
The short answer is yes some of the fees could be negotiable. The fees shown on the GFE are from both the lender and other third party providers like the appraiser, closing agent, title insurer, government recording & transfer fees, pest control, etc.The loan officer should of reviewed all the items...

how much would i need to put down for a jumbo loan and with 745 credit?
Depends on what you mean by jumbo. In LA county a conforming high balance (jumbo) goes to $625,500 and you could go with as little as 5% down. A loan larger than that would be a true portfolio jumbo and the smallest down on those is 10%. The true jumbo will be a little more difficult to qualify and you will...

Any lender out there that will do HELOC's for correspondent/wholesale, without wanting to take over the 1st mortgage?????
I think what you are looking for is a stand alone HELOC. There are non offered on the wholesale market right now in CA. You need to refer your client to a retail bank or CU.

What exactly is difference between closing versus closing and funding?
These terms can vary depending on whether you are in a wet or dry closing state and the traditions of your state or area. In California, which is a dry state, borrowers sign their documents but that is not a closing. The lender will then review the documents or copies to make sure everything is in order and...

how can i get the seller to pay my closing costs?
Your Loan Officer can also often get a credit from the lender that can be used towards your closing costs. You will get a slightly higher interest rate for this but it is something to consider if you are tight on funds to bring in to closing.

Would any lenders approve Conventional with 47% DTI and 15% down??
Hi Gregory,I think this scenario as described has a good chance of being approved. I would run it through Loan Prospector, the Freddie Mac automated underwriting engine rather than DU as I have seen LP approve more high DTI files. If LP gives an approved/eligible I have several lenders that will...

Do sellers pay closing costs for specific mortgage programs or can it be any program
Credits towards buyers closing costs are something that you can ask for when making an offer on a property. You can also receive credits from the lender for your closing costs. You will pay a slightly higher rate to receive these credits but if you are short on closing funds it could make sense for you. ...

my interest rate is 4.5% and my CC score is 750. Is it worth refinancing?
Yes, if your loan amount is over 300K. Today I can get you a no closing cost 30 yr fixed at 4.25% assuming you qualify without LLPs. That .25 of a per cent will save you over $100.00 per month. Extending is irrelevant, whenever you lower the cost to service your debt without an investment it is to your benefit.

do I have to have a lender in the same state that I buy a house in?
What Ben said is correct the lender must be licensed in the state where the property is located and if you use a broker then the broker must also be licensed in that state. The exception is some Federally chartered banks can lend in all 50 states without having individual state licenses.

Do you all think that the rates will continue to drop of should we lock our rates this week for a refi?
If there is a benefit for you to refi at the rates that are available now then I suggest you lock in. Floating in the hopes that a slightly better rate might come available is risky, especially now when markets are quite volatile and unpredictable.

REVERSE MORTGAGE REQUIREMENT FOR HECM
There are presently no income or credit score requirements for the HECM product.Do not take any reverse mortgage without speaking with me as I can save you money. I just close a RM where the borrowers paid $0 in loan fees. They did not pay an origination fee, Up front Mortgage insurance, title, escrow.....

Refinancing into a VA loan with a VA streamline irrrl
Hektor, as mentioned you would not be able to use the VA IRRRL program but you could still refinance using VA financing. One of the downsides of a VA loan is that you are charged a funding fee, typically 2.15% of your loan amount but it can vary depending on type of military service and whether you have used...

When do the new FHA premiums go into effect?
As mentioned on FHA cases numbers issued after today, the monthly MI is lowered by .5% in most cases. Keep in mind though, that even on a streamline refi, the FHA charges up front mortgage insurance also.I can structure your streamline refi so that the lender pays the upfront MI and you avoid having...

How long after a bankruptcy do I need to wait to apply for a new VA loan? Discharge dated 8/2014
Assuming your BK was a Chapter 7, it is 2 years after discharge. You can apply now, get the process started and get final approval after your 2 year discharge anniversary.I am local here in San Diego, please let me know if I can be of help.