First time home buyer questions
Getting a mortgage loan is a very personal process and it's important you find a lender that is competent and that you like. You are already making a good decision, by seeking out someone local that understands local traditions has relationships with the local Real Estate community. If you have a...

my landlord has a home property he lives in and approximately 11 additional rental properties.
Whether your landlord can or cannot do a modification may not matter. Sounds like a precarious position to be in, not knowing if you will be forced to move out in short notice. I'd suggest look up local non-profit housing organizations in your local area to find out what your rights are as a tenant if in...

can i deduct the fees for a loan modification
Talk to your CPA, Accountant or Tax Preparer on this question.

Mortgage for two-family home which buyer wants to occupy as a single family home
FHA will allow you to finance at 3.5% down just like a single family home. Beware, converting the home to one-family may reduce the value. Doing that could put you in a bind if you want to sell or refinance.

appraisals
Appraisals are required on most purchases, but can be waived on some refinances - in order to be waived the property and loan amount would need to be run through a data base to determine if the property is eligible for an appraisal waiver. Income may not need to be qualified on all refinances.

What if your 2nd mortgage won't work with you and the interest rate is 13%!
This is tough situation to be in and unfortunately you are not the only one. If you are considering selling and don't have the liquid assets to cover the difference between your mortgage obligation and the sales price, there is the option of applying with your lenders for a short sale. This is where...

Refinancing from a FHA 30 yrs to FHA 15 yrs - Do I get UPMIP back on current
Hi Jeremy,William is correct - you are entitled to a partial refund up to 3 years. If you are looking at a 15 year mortgage you are correct in expecting better terms in reference to rate and mortgage insurance rates. Depending on the value of your home and financial situation a conventional loan may even...

Are there any HARP 2.0 lenders who will work with someone in Chapter 13 Bankruptcy?
The rule on a Chapter 13 for Fannie and Freddie non-HARP loan is: "Debts are paid back on a monthly scheduled payment plan by client and are eligible 2 years from date of "discharge" or 4 years from date of "dismissal". If there are special considerations on a HARP loan they are NOT specifically...

How to buy a house after bankruptcy?
Like everyone has said on here - your first call should be to your attorney. If you want to buy a house now, make sure you tell him not proceed with any legal action to correct the affirmation issue until you have secured a new home loan. Next call the same day needs to be to a local lender (someone you can...

Can I co-borrow?
Angel - you need to sit down with someone to look at both of your credit reports - The scores you are discussing are only a minor part of the picture. I took an application today for someone with a 618 and it is a good loan and will close, I turned someone down 3 hours later with a 698. No one can give you good...

Can i streamline refinance my fha mortgage with a credit score under 600?
Hey JRolph - An important question no one asked is this: Do you have any Mortgage Late payments in the last 12 months? You are allowed one. Otherwise, you will not qualify for the program. The first place I would call would be your current Loan Servicer. Their number will be on your Mortgage Statement. FHA...

How do I qualify for an FHA mortgage. Do you offer thosa. Do I qualify? Thanks.
The question you may want to ask is what are the qualifications for the best loan for me. And the best way to find out is with a real conversation with a local lender that can best understand your goals and desires for a mortgage - Talk to your friends and family and get a referral to a lender. A good lender will...

Am I legally obligated to pay for a 2nd appraisal if the refi was not granted?
It depends on why it was needed. If the first came in low and they think it was a bad appraisal and the second gives you an opportunity for more accurate appraisal to get you the value to complete the transaction - then the lender would have to disclose it to you and they would be allowed to charge you. If it is a...

Fanny 5-10 rules
Do yourself a HUGE favor and find a lender near you that specializes in financing for investors. The way most of us learn the rules on these kind of loans is by getting burned by not looking for criteria that we don't know about. Some of the answers:1) Number of properties - a 5th is allowed by Fannie...

Fannie 5-10 with Commerical LOC
If you have a bank that is willing to give you a LOC on multiple units, you should be talking to them about your future home purchasing plans. As loan officers we are paid by writing loans - but we also need to be responsible in steering you in a different direction when appropriate. You may be doing this...

Only deceased spouse on mortgage, but bith on deed
You can keep making the payments or refinance - I would suggest talking to Gus who has already responded. I work with him and he is a very strong lender. Best of luck to you and sorry to hear of your spouses passing.

Only deceased spouse on mortgage, but both on deed
Sorry to hear of your loss. This is a situation you will want to have a direct conversation with a Michigan Lender. It is very likely you can refinance, get it in your name and take advantage of today's great interest rates. You will want to talk to someone who understands the title side of lending and...

Can my husband quit claim our free and clear home to me after my Bankruptcy has been discharged?
You really want to talk to your attorney about this. I would ask him/her if you are allowed to own a home and what the value can be - my guess is his answer will be that you can own one and it may not effect your bankruptcy based on the value. I would also be concerned that even though the quit claim deed transfer...

Only been employed in mi for 1 month. Left ca and job (34yrs). Who will give me a loan?
Myplayx -- You should be fine - you would want to talk to a lender that can analyse the employment history. I see advice from Brokers that say don't use "Big Banks" and advice from Banks that say don't use "Brokers." You are smarter than that, you want to use some one who...

Can I refinance an FHA mortgage with high LTV?
Yes you can. This is a pretty easy process and highly suggested especially if your current loan is from May 2009 or before. Good luck, I'd love a chance to answer any other questions for you. Mike Silkworth 517 489 2328