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Manuel Gonzalez's Answers

I closed on my condo in October 20009. I am underwater on my value, r they goin to extend the harp 2.0 closing date?
In an effort to reach more U.S. homeowners, the government revamped and relaunched its Home Affordable Refinance Program (HARP) October 24, 2011 -- one year ago last week. By all accounts, "HARP 2.0" has been a success.More than 1,000,000 underwater homeowners will use the reformulated...
Fanny 5-10 rules
Investment: 6 months reserves on subject property, plus 2 months reserves for each other residential property owned, excluding the primary residence or those owned free and clear.Provided to you by Home Buyer Manual
Had a foreclosure 2 years ago, can I get approved by any lenders for a VA loan with credit score in the upper 690s?
For borrowers with a past foreclosure, the time period required to reestablish credit is 7 years (no conditions after 7 yrs). Extenuating circumstance if the Automatic Underwriting System decisions an approval it is still 3 years
Have there been any more developments regarding HARP 3.0?
What is the reason you ask for 3.0? There are many enhancements in the current Home Affordable Refinance Program that may suite many if not all. The only other enhancement I could think of is removing the risk layers to affect Rates, which I don't see ever happening.
can I get a 1st time buyer rate?
Hi, yes you would still qualify as a First Time Home buyer. Purchases currently have better pricing then a refinance. You would qualify for that incentive as well as perhaps others. Have you checked out the HUD website to see the available programs? What state are you in?Here is the link for the Hud...
Can you borrow more than you own in equity through a reverse mortgage?
The maximum amount you can borrower is calculated by the lender, a special tool is used that uses your age (62 years or older) equity in the home. Attached is a very useful link directly from hud. Were you can find the best answers to your questions.http://portal.hud...
Is there a program to help with downpayment for 1st time buyer, single parent making over $90k?
Hi I would check the state banking dept website. There you'll find the income limitations and amounts for Bonds, and local grants. Good LuckManuel
Refinance a home in the Uk from the US?
Hi Michae if you use a bank that is Global I'm sure they can help you. I would try Citi Bank or Hsbc. Those are in my oppinion the 2 biggest global you can use.Good luck.
What happens if a reverse-mortgaged property is destroyed by a natural disaster? Does the loan become due?
Hi JFranco, I agree with Travis, you should definitely check with your servicer. There may be a clause in your closing documents that states damages due to natural disaster. Easiest quickest way is to check with your Servicers, but then triple check by reading your closing papers. If you don't see...
Only deceased spouse on mortgage, but both on deed
What would you like to do refinance the loan or transfer ownership? You should be able to talk to a title company and they can do a deed transfer.
Looking to purchase a house - PA - 599 middle FICO
Fha doesn't have a minimum Fico score. Participating lenders do.If you'd like contact me through the link to portal and we can discuss options, your going to need to out down 10%. Thanks Manuel
Does anyone know a good mortgage banker in New York?
Hi Nicole. What area in NY are you looking in, also is it for a purchase or refinance?ThanksManuel
Can I get a home loan after a rate reduction loan mod
Hi Jkilde. Becuase in order to modify your loan successfully you need to be behind on your mortgage. In refinances most lenders if not all require that there is not more than 1 late in the past 12 months. I've seen people late as much as 3-5 months on their credit history. If so the question is, how long...
Short Sale approval vs names on contract
Hi J.D.CO, Both the Sales Contract and the Shortsale approval need to have all buyers and sellers listed on them.
Can HARP loans be assumable?
Harp loans are not assumable, you can add yourself to the title and pay the mortgage however, the person who currently owns the home can move out of it and if they're applying for another home can then show 12 months cancelled checks from you to omit the debt for themselves.However the mortgage...
Need assistance refinancing but have Lender paid PMI
Jeff and Melissa I would contact a mortgage broker, they can assist you in paying down debt to make your debt to income ratio work.Your case is not uncommon and you can refinance.Good luckMG
will harp 3.0 work with investment property?
Harp has always allowed working with your investment property. Its sometimes that you have to go directly through the lender who holds your loan currently. In many cases I've seen where a person couldn't get approved for an Investment property because when they acquired the loan when they...
Most times, getting one loan with mortgage insurance is a better option. Depending on where the property is located mortgage insurance is not only cheaper but also safer. With 2nd loans being many times an adjustable rate and for a certain period of time. Mortgage insurance however is till you have 20%...
If I refinance through the same lender with HARP, can I keep my current LPMI?
Yes you can as long as underwriting decision engine recognizes property as eligible. All terms of private insurance stay the same.Shop for the best rate and refinance with confidence.Good luckManuel GonzalezCenmark Mortgage NMLS 346916

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