80/10/10 Loan Question...
Yes, 80/10/10 loans are still available, but as you can see from the responses below not everyone is doing them. We have several combination loan programs - conventional fixed rate and ARM programs. Feel free to call or email me with any questions and for a quote!

ARM or FRM?
Hi Paul,5/1 and 7/1 ARM rates are around 1% - .5% lower than the 30yr fixed. I would be happy to provide a loan comparison along with a cost/benefit analysis and go over the numbers with you to see what would work best. If you have a financial advisor you work with, I recommend talking with him/her...

80/20 piggy back loans
John,The max high balance conforming loan limit for the Richmond MSA is $535,900 for 2012. Here's the HUD loan limit lookup tool: https://entp.hud.gov/idapp/html/hicostlook.cfm. Conventional guidelines allow 90% max Loan-to-Value for high balance loans (fixed rate on a primary residence...

If my husband and I own a business and it is an LLC, are we considered self employed?
Yes, you would be considered self employed even if you issue W2s to yourself. I would expect that you also generate K-1s at the end of the year (S-Corp designation?). Generally, the most recent 2 years federal tax returns are required for income documentation.We are a mortgage company in...

LP/DU analysis question
LP is the acronym for Loan Prospector (Freddie Mac) and DU is Desktop Underwriter (Fannie Mae). DU and LP are Fannie and Freddie's automated underwriting systems (aka AUS) and they are used for a majority of loans these days. In order for banks and mortgage companies to sell a conventional loan to...

I would like to take out some equity on my home which is owned free and clear. I need to consolidate some credit card debt and do some renovation on my home. I also own a second property which was inheirited that has a reverse morgage that i need to refi out of.
You could do both refinances concurrently. Otherwise, I suggest the following approach: 1.) Refinance the debt first that costs you the most per month in finance charges (credit cards or reverse mortgage). 2.) Which refinance would give you greater peace-of-mind? Go with that one first. Feel free to...

Does a month gap in income affect mortgage qualification?
No, but underwriting will require the most recent 30 days worth of paystubs from you current job. Feel free to call or email me anytime of you have any other questions.Jason Crigler, Crown Mortgage, Charlottesville, Virginiawww.crownmortgage.com, Free pre-approvals, no application fees.

80/20 loan
Hi Sheila,Defaulting on a mortgage loan would not only hurt your credit but would also put you at risk of losing your home. Piedmont Housing Alliance (http://piedmonthousingalliance.org) is a local non-profit that may be able to give you some helpful information. And I am in Charlottesville and...

how much lot/land can i get with USDA rural loan
USDA Rural Development loans do not have an acreage limit but they do have a site value limit of 30%. Also, there are geographic and income restrictions: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1I would be happy to talk with you in further detail about the...

with a 706 fico and 6700 to put down on a 200000 property what loan program is best?
Hi Kenny, If the property is located in an eligible rural area, you might qualify for the USDA (U.S. Department of Agriculture) loan which requires no down payment. And if you're a veteran, the VA loan is the way to go. We offer free consultations and pre-approvals and there aren't any application or...

2nd Va loan
It's possible to get another VA loan but it depends on how much remaining VA entitlement you have and/or what entitlement you've had restored. I would be happy to help you check your current entitlement. Feel free to call or email me with any questions! Regards, Jason