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Melvin List's Answers


FHA 203k for First time buyers only?
You do not need to be a first time home buyer to qualify for a FHA 203K. I would make sure your Loan officer has experience with this product.
Non-warrantable condo financing in CA
I would reach out to a local mortgage broker in your area to point you in the right direction. I have access to non warrantable condo loans but I only lend in Florida.Thank you,Melvin ListLicensed Mortgage Loan Originator, NMLS# 243087American Mortgage Services CO NMLS# 259805Cell: 813.629.5478www...
Can I Get an FHA Loan With a Credit Score of 600?
Yes, there are many lenders that will approve you with a 600 credit score. I would recommend speaking with a mortgage professional in your area. You might also want to consider trying to get your score up to 620. You will have better options with a little higher score like 97% conventional with either the...
I want to know if HARP 2.0 support rental home or second home?
Yes HARP 1 and 2 allow for second homes and investment properties as long as you qualify. There are some adjustments for investment properties so if you claim rental income then you have to factor those adjustments into the rate.
Harp 2 - Is This Interest Rate too High?
Wait Wait Wait.. I just had a former client go thru them because he thought that was his only option and they offered him a nice rate of 4.875%. You can do much better than what they are offering you.
Credit mid-scores good, but other issues.....
You have already received some great advice regarding the disputed accounts. I have one investor that will go down to a 600 score but you will need to meet certain additional requirements to qualify. I am also in Tampa.
My mortgage is backed by Bank of America. Am I eligible for HARP?
I would not just assume you are eligible as some of the posts have stated. I would follow Bert's advice and look up your property thru the Fannie and Freddie web sites.
Are there any lenders participating in HARP 2.0 in Florida area?
Yes, the wholesale guidelines will be released around the 17th of March. I would strongly recommend that you get a quote from a mortgage brokerage business before you move forward with your current lender.
Can I cash out up to 125% with Harp 2?
No, HARP is designed to help homeowners reduce their term or payment. Cash out is not allowed with HARP 2.0.
HARP 2.0 Mortgage rate - Is this honestly the best deal for me?
Do yourself a favor and wait a week or so and call a local mortgage brokerage business to get a second opinion.
Harp program
Depending on your current scenario you should be able to do much better than that. I am closing one this week with a rate still in the 3's using HARP 1. Wholesale guidelines will be out in about a week for HARP 2.0. They want to close you as quickly as possible before the program hits the open market.
Is there a way to get more than 4 mortgages?
Yes you can!! A lot of lenders put a cap on 4 properties but Fannie and Freddie allow you up to 10. I would find a small local company that has no underwriting overlays.
Balance on "no-cost" HARP refinance is higher???
I would get a second opinion because you might find a smaller company to help you with your loan with lower rates and fees. I only lend in Florida but I would try someone local.
What are some tips for first-time home buyers?
I agree with Bert. Gather the following and go speak with a local company.Tax returns for the last 2 yearsW-2 forms for the last 2 years30 days of recent pay stubs2 months of bank statements (where the down payment money is coming from)Good Luck!
getting out of VA loan and switching to another loan? upside down in our home.
Why do you want to get out of the VA loan? If you are upside down then I would inquire about a VA streamline.
Mortgage inquiry
I would contact a local company and let them pull your credit so they can point you in the right direction
what's the range of interest rate from hard money lender?
If Florida you would need around 30% to 35% down and the rates would range between 8% and 12% for a hard money loan depending on your loan scenario.
After refinancing, will my loan still be a freddy mac or fannie mae loan, or don't know?
Yes if you current have a Fannie or Freddie loan and you are refinancing thru HARP your loan will stay as a Fannie or Freddie.
Any other programs for non fannie mae/ freddie mac customers to refinance?
I think if you give more details regarding loan amount and the value of the property we can better answer your question.
HARP Refi Denied - What's HARP?
If the loan is HARP eligible I would still try that before trying a straight conventional loan with those credit scores. You should be able to find a mortgage broker in your area that can run a quote for you. If she is the only one on the current loan and the loan is eligible for HARP you can't be added. I...

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