Is there a refinance home loan that is based off gross income and not netprofit?
Unfortunately, all Lenders go off your adjusted gross income, which simply means, what did you pay taxes on after all expenses have been deducted. It appears your Lender has already modified your monthly payment & I doubt very much if they would do a 2nd mod but you can always try. The worst thing...

I am making less money than when I bought my house. I want to know if there is a program out there that I can refi and get my interest rate down and payment down. I have an interest only mortgage with a 5 year arm. The 5 year arm is up next December and I want to refi. I have good credit and never been late on my mortgage payment.
Ben, Fannie & Freddie have 2 programs available which you can actually go up to 125%, but the loan needs to be owned by either Fannie or Freddie. You can go to their websites & input your address information to find out if your property is eligible. Rates are great, & one of these programs may...

Need advice - trying to get pre-approved but am in a strange situation
I agree with virtually everybody's answers. In this mortgage environment you want to be upfront & truthful. Most Lenders require an FBI fraud form that requires your signature. I can assure you honesty is the best policy! I have been in this industry for over 23+ yrs. If you require further...

15-yr vs 30-yr
Obviously you can get a better rate on a 15 yr note. Once you go above a loan amount of $417,000 then the loan becomes a jumbo loan where the interest rate will be higher on both the 30 & 15 yr note. What I always tell my clients, to look long term. You can always do a 30 & pay a couple of extra payments a...

We want to buy a home but we have less then great credit. what do you suggest? Were looking for a home under 100K jut dont know what we need to do to get started
Nancy J RelefordChief ManagerHome Equity Mortgage, LLC2670 Memorial Blvd. Ste CMurfreesboro, TN. 37129615-867-3060615-867-6926 Faxwww.homeequitymtg.com"2006 Broker of the Year Award"

Hello, we are currently looking to by a home. The home needs some updates but, we are being told that the lender (s) no longer allow for repair credits by the seller at closing? This is something new. How do you get new carpet or replace out dated forms after closing?
What you would probably qualify for is an FHA 203K loan which allows for repairs. I am located in TN & do these types of loans. Give my office a call to discuss your situation & options.ThanksNancy J RelefordChief ManagerHome Equity Mortgage, LLC2670 Memorial Blvd. Ste CMurfreesboro, TN....

REFI at 100?
The quick answer is no.Unfortunately those programs no longer exist!

Is it standard practice to have to pay a $1995 Guaranteed Lender Fee? Aimloan is trying to charge me this. too much?
You should be asking what type of loan are you receiving. The VA loan has a funding fee that you are required to pay, unless you are a disabled vet or a USDA loan which requires a 3.5% fee based on the loan amount. Other then that I do not know of any other loan out there that requires this fee. If you don't...

Can My Wife Refinance?
The short answer here is if your new wife is not on title then no.

Refinance with 76% LTV, can this be done?
Just be aware that if your're doing a Fannie or Freddie loan under the new changes that have just taken place, based on your score & being below 75 percent, if you go above 75 you will have to pay .25 in rate or points under the new rules. If I can help I am located in TN, give me a call for your options....

what documents and paperwork do I need to apply for a mortgage?
All answers are correct, but I will tell you if over the last 2 yrs you have shown a loss on your returns, don't waste your time, you will not be not be able to get a loan. Good luck!

what is the policy of the first home buyer in Nashville, TN
Hey Josh, the other 2 people that answered your question prior to me are right in what you're going to require. The good news is you have options, but too many variables for a simple answer. I am located in Murfreesboro TN just outside of Nashville. I have been in the mortgage industry for 24 yrs. Give my...

WE are renting our home the owner is wanting to sell it. Can we use use our reciepts to help with our loan?
When you're saying your credit is bad what are the issues? Are you renting the mobile home or are the mobile homes just sitting on the property. There are so many factors involved in todays market for getting approved for a loan. Most important is your credit and crecit score. This is numbver one, if...

Can I get a 100% mortgage with a 590 credit score?
I agree with Doug, there are no programs allowing 100% with that low credit score. What is the reason for the low score. If you have had a BK recently, I would suggest you start establishing new credit and make sure you have a payment track record of perfect, no lates whatsoever. Nancy J RelefordChief...

Buying a second home, do we qualify?
Enter your answer here

Jumbo loan question?
You know the problem with just answering your question with an interest rate doesn't really help you. In this mortgage environment, there are so many variables that attribute to a loan, that until someone takes your application, runs your credit, looks at your debt to income, and starts the...

Would to like to refinance with an FHA Streamline loan
I'm not sure why you haven't had any luck. Who are you calling. I am not licensed in IL but I do FHA streamlines all day long without appraisals. Who are you contacting?

Do I qualify for an FHA construction loan?
When you're asking about an FHA construction loan, are you talking about a FHA 203K renovation loan? How long have you been getting rent on the VA property. If you want to count the rent you will have had to show on tax returns for 2 years or more, otherwise you cannot count the rent income. You will...

What is the minmum score for a good refinance rate?
you can get an FHA loan now with a middle score of 620 & the interest rate can be pretty competitive. I

Need to sign over the deed & mortgage
What you would have to do is refinance the property to get your brother off the mortgage & then have him quitclaim any interest he has over to you. This is the only way to do it. It is no different then being married & getting a divorce same concept. If you need help, please give my office a call or send...