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Michael Patterson's Answers


Which MN lenders are participating in HARP 2.0?
Our company has an office in MN and is a direct lender with no additional lending "overlays" to Fannie Mae or Freddie Mac HARP 2.0 guidelines. www.lhfinancial.com. I run a branch in WA State and can't personally originate your loan in MN but our VP runs that office so you would be in good...
What's the difference between a HARP 2.0 and a FHA Streamline Refinance?
HARP stands for Home Affordable Refinance Program and the "2.0" refers to the revised guidelines recently announced. The new rules are designed to allow more borrowers to successfully refinance, even if they are under water in their home equity. As a lender, we are hopeful that the...
Can I do a HARP refi even if I had a LPMI late 2011?
A bit of a complicated question, so the answer isn't totally cut and dry... raises a couple more questions for you. Per my prior conversations with our MI reps, it's my understanding that if the LPMI was a Single Premium put in place by the previous lender then the premium was already paid in full....
How do I get off the mortage I share with my ex-wife?
Unfortunately, since your name is on the original note, the lenders won't release you without a refinance... especially if your wife doesn't make enough income to support the loan by herself. They would want to keep your name on there to have more assurance that the mortgage will be paid. Some...
can i buy a home with a bankruptcy
Hi Warren, this blog post I wrote is a good resource to review. Different loan programs have different waiting periods http://www.epropertysites.com/blogs/1240435336/6/When-can-you-get-a-Mortgage-again-after-a-Negative-Credit-event.html
Does the Harp Loan requier income verification
NO! (Just kidding... I just wanted to give a different response...) Unfortunately, yes, income verification is required for HARP loans. Depending on the automated underwriting approval results however, we may be able to obtain reduced documentation. Some approvals only ask for 1 year tax returns for...
What do FHA home inspections look for?
Are you talking about a home inspection or an appraisal inspection? A home inspector will of course do a more thorough job inspecting the condition of the home. An appraiser would be more focused on the value of the home, and noting quality and condition... primarily making sure the home meets HUD's...
Scary letter received from Wells Fargo
In the terms of the Promissory Note for loans on Primary Residences, there is usually a requirement that you'll live in the home for at least one year. After the 12 months, the home could be rented out. (I'm certain the customer service person you talked to either wasn't aware of this, or...
Are streamline FHA refinances possible on investment properties or only owner occupied residences?
Streamline FHA Refinances are in fact allowed on 2nd homes and Investment Properties, however only when an appraisal is not required. We currently require a 680 mid-score on all borrowers. FHA also requires that a minimum of 5% reduction in monthly payment be a result of the refinance. Some...
Have there been any more updates as to when HARP 3 might be released? Is it likely to pass or not?
In my personal opinion, (Enter disclaimer here - the views of this individual are not necessarily indicative of the opinions of said company here... blah blah blah... ;) In my opinion, a few things will probably delay any implentation of a HARP 3.0 program - in a form that most consumers are really crossing...
Credit enhancement caused my HARP refi to be denied. I have excellent credit, good income...what's the deal?
Wow. Tough question, and harder to explain in a simple answer. My commentary will have to be a somewhat complicated answer to what seems like should be a simple question. Unfortunately, there are a lot of moving parts and potential reasons... anything from possibly being something specific to your...
Can I refinance with a foreclosure 3-4 years ago?
I get asked this same question at least once per day. I get asked so often that I wrote a blog post with a cheat sheet chart that I refer back to daily. Link: http://landhomenw.com/when-can-i-get-a-mortgage-after-a-foreclosure-short-sale-or-bankruptcy.htm It's important to get the full...
Refinancing underwater home without Fannie or Freddie
I have an idea, but it's a bit creative and out of the box... not exactly what you're asking for, but might provide some payment relief if your credit scores are good and the debt ratios work. First, I'd look into a rate and term refinance on your first mortgage. Rate and term means that...
HARP Refi...problem with AUS and need some help
Bob, you definitely got a lot of great answers about not being able to roll in the 2nd which is true. That should have been identified in the first few minutes of your conversation initially. Doing rate and term refi on the first with HARP and either paying off the 2nd or having it go back in 2nd lien position...
Can I save my VA entitlement to use it later on an investment purchase, rather than a primary residence?
VA only allows purchases of primary residences using VA eligibility. (1 to 4 units) You can however convert it later to an investment property. You can even do a streamline VA refi on an investment property as long as you don't need to obtain an appraisal.
What options do I have for refinancing an underwater mortgage that is not owned by Fannie Mae or Freddie Mac?
I've helped clients understand some out of the box options on their loans. One possible solution if you have access to funds that you could use to bring down your mortgage balance to a level of 95% loan to value or better and you have good credit, you may be able to move some of the existing loan...
What types of mortgages are assumable? Would getting an assumable mortgage now be financially prudent?
As many have answered here, VA and FHA loans are assumable, under qualifying conditions. In my experience, qualifying to assume a loan is very similar to a full loan qualification. Unless the interest rate on the assumed loan is substantially lower than local market rates for FHA and VA then assuming a...
Can I get a reverse mortgage if I owe student loan
Our Reverse Mortgage division manager can answer this for you. You can contact her directly at: Colleen Moore cmoore@lhfinancial.com or (866) 519-6290. http://gemtg.com
Can I refinance my current home? My previous home was a short sale with missed payments, a little over two years ago.
Great question, and I get asked this question very regularly. Here is a great "cheat sheet" that I refer back to almost daily that goes over the various loan program waiting periods after negative credit events. Sometimes there are multiple events that affect this, as well as extenuating...
What is the lowest credit score FHA approves for a first time buy?
640 offers better pricing on high balance FHA. With a 612 you're pretty close. Might be worth a conversation to see what could bring up your scores quickly vs. going with a sub par loan program with a higher rate (if you even find one for FHA high balance). Once you're at 640, 3.5% down payment is the...

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