Help with refinance of 2 rental properties in Ohio...
hi:Would you be able to estimate the value of each property?I do have investors that might be interested in both of your scenarios mentioned...If you are interested in discussing, please feel free to contact me.Mike mconvin@stconvininc.com

Why are rates all over the place? I see on this site some lenders have it at 4.875, others at 4.5. Isn't that a big difference in payment?
Hi there:With my bank, we do not charge any pts or origination fees. Some lenders will charge pts to buy down the lower rate for you the consumer. I would suggest calculating the discount amt that the bank will charge to obtain the lower rate and compare that to the higher rate (how long it will take to...

Is there hope for me to buy again?
Hi Angela:I would be glad to take a look at your report to see if there is anything we can do. Looks like you have re-established your credit since the derogatories which is great. Possible loan would be an FHA with exceptions made case by case.Angela, do you have any down payment or can obtain a gift?You are...

I filed bankruptcy 3 1/2 years ago is there any kind of loans available to me?
hi there:I just received your email..The information above is correct in my experience. FHA is possible depending on the whole picture. I have a possible to consider your case.. How much of a downpayment could you obtain if I may ask?

FHA mortgage with paid collections?
Hi there:We allow a minimum of 620 fico possibly down to a 580 on a case by case and the overall picture itself (assets, debt to income, collateral etc). You are pursuing the correct path in restoring your credit. Continue to do so but if you would like to contact me to see if we can assist please feel free to...

I see an article on this site that says today rates hit lowest in a year. Is that correct?
hi there:Rates are still low and seem to be dipping a bit. I can actually lock a rate with our pricing dept without receiving a full approval with my bank depending on your fico score etc. If interested would be glad to discuss programs and monthly payments..Tax deductible on mtg interests you pay.

Would I qualify for a homepath loan?
hi:I would suggest FHA also and if you need down payment assistance there are organizations etc that can try to assist.Homepath (Fannie Mae) personally has more stricter guidelines than FHA. Freddie also has a first time buyer program pretty much comparable to Fannie's Homepath as far as...

If I had locked my refi rate on 4-26, can I get out of it now? It seems as if the rates have fallen enough to make a difference?
My recommendation is to work with your current lender and see if they can offer you a lower rate like mentioned above by mfcfed. Some lenders have the float down. You have the option to walk away as a borrower but lenders do not like to see that of course. These days lenders will only lock once out of...

I have a middle fico of 700, is it worth it for me to work on my credit to get it to 720 before i buy a home?
hi there:Above information by the other members is correct. In my xperience on a FHA, rates/pricing tends to be more lenient than Conventional depending on loan to value (down payment amt), 720 plus scores there is an incentive for you as a borrower ..680 to 719 scores there's no hit adjustments...

Need money to pay off bare land loan
Hi there:If you'd like to contact me, I can provide you with some ideals etc. what state is the land in...balance etc.Mike703 505 5300

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?
HiI assume your loan will be sold on the 2ndary market to Fannie and Freddie. I'm certain your loan was submitted thru an automated engine on information you disclosed at initial time of application. The engine assess your loan base on credit, collateral and capacity. In my experience I try to...

Is there an alternative to providing a mortgage lender with 2 years of W2 forms?
hi:As a junior underwriter for Freddie Mac, findings determine if 2 yrs of w'2s are required are not depending on your loan to value, credit scores, collateral & capacity of the entire loan. Lenders might have an overlay on requiring 2 yrs of w'2s. Some lenders just go by the findings via...

Is it believable that a mortgage lender could offer a low-cost refinance loan at 3.75% for a fixed 30 years?
hi: 30 yr fixed with no pts minimal closing costs on my end is around 4.375% possibly 4.25%. We also offer no closing cost loans...3.75% sounds like an arm product to me. Be glad to go over rates and all closing costs..If we quote you otherwise then you will be credited on fees never disclosed initially. Integrity is...

how high does your credit score need to be in order to get a home loan
hi:With our programs, minimum 620 for all of our programs. 580 to 620 is a case by case scenario for FHA..We offer flexible underwriting to all of our borrowers.contact us to discuss. Service is our philosophy.

Homepath RENO Loan Questions...
hi there: If the property is ready to move in then usually Fannie will consider the loan/program based on my underwriting experience.Be glad to answer any further questions. Mike

I have 620 credit middle score, wife has no credit.
hi: If your wife can obtain non-traditional credit (bills she paid...ex: insurance, utilities, cell etc) ...If manual underwriting is permitted ....Has anyone pulled her credit? I answered underwriting questions for Freddie and could give some suggestions. Call to discuss if you'd like...I've...

80/20 split first mortgage and need to refinance !!! HELP
hi there:I would suggest the harp program thru Fannie and Freddie Mac...but you would need to call the lender and ask them who owns your loan first. The credit report is not accurate or I can walk you thru on how to do a look up since I was a junior underwriter for Freddie Mac. Both GSE have a certain date that your...

How much will i save in interest in a 15 year mortgage? Is that a good option?
hi there: If you are a conservative borrower, you might want to think long term...saving for your kids college, tax break on interest you pay..long term investments. If you are able to maintain financially then perhaps a 15 mtg would be suitable and def will pay off your home much faster than a 30 yr of course.......

can anyone predict rates going any lower?
hi there:I am assuming that you are in a high conforming balance county, if so Interest Only right now is in the mid 3%.. If over 729K non high balance county, then 5 yr I/O would be around the same. As for as rates going lower, I monitor the 10 yr bond. You can lock and see if lender will allow a float down. With us,...

how long is a apprasial good for
Per Freddie Mac Guidelines for conforming loans, see below:If the effective date of the appraisal is more than 120 days before the Note Date, the appraisal is outdated and a new appraisal with at least an exterior-only inspection is required. See Section 44.7(e) for additional information.Mike 703...