I live in Indiana. What are a couple of VA home loan Lending institutions/banks that are VA approved with (Lapp) and offer the bes
I would always recommend using a lender that specializes in VA loans. For example; my company is located in Fort Hood, which is the largest military base in the world. So obviously we help soldiers and veterans all day, everyday. Give us a call if you want a VA specialized to help you. www.bofecentraltexas...

Should I walk away from my 2nd mortgage
There are programs out there to help folks just like yourself. You may not have to get an appraisal to refinance your loan. It all depends on what type of loan you currently have and whom it's with. I would love to talk to you about your options. Feel free to contact me anytime. Ray at 254-449-7196 or www...

Is there a difference in Private Mortgage Insurance rates between Conventional loans and FHA loans?
Yes there is a difference. The amount will primarily depend on the loan to value of the property versus the loan amount. I would be more than happy to explain in detail. Ray at www.raylewisonline.com

What are some ways to pay down my mortgage faster?
You can do a few things, just depends on how much extra money you have.1) Pay your monthly mortgage payment bi-weekly. You can do this via your banks "bill pay" instead of using a service. This will take off one extra monthly payment per year.2) You can pay a lump sum every year with your tax return...

are loans available on manfactured homes
Yes, we offer loan programs for manufactured homes in all 50 states. However, there are restrictions and parameters that each property has to meet in order to qualify. I could send you a breakdown on what we look for. Feel free to contact me: Ray at 254-449-7196 or www.raylewisonline.com

Are there any LTV requirements for FHA Streamline refinances?
The general rule of thumb on the LTV for an FHA Streamline is 97.75%. However that depends on whether your specific scenario requires a new appraisal or not. The LTV can go higher if you don't require a new appraisal. I would love to walk you through the difference. You may contact me at:...

Are there any lenders that will qualify a foreign national that holds a L-1 Visa?
The answer is yes! We can help your client with the purchase of the home in any state. Please feel free to contact me (Ray) at 254-449-7196 or rlewis@englending.com

Who do experienced realtors recommend as lenders/brokers for VA loans in NW Indiana?
If you ask most Realtors who they prefer or recommend you'll most likely receive a different response from each. For example; Take my wife for example. She refers every one of her clients to me. Am I the absolute best? She thinks so. You can have a case where the mortgage company has an office within the...

My mom has good credit but mine is poor. But we need both of our income. what can we do?
Unfortunately you both have to have the min credit score for the program you're applying for. So, if the program mandates a 640 credit score, then you both must have a middle credit score of 640. The good news is; there are programs out there that can help increase your credit score fairly quickly. I...

Currently in Chapter 13, is there a requirement that I file a loan mod ONLY with my servce lender?
Unfortunately yes. In order to do a loan modification you do have to go through your current lender for that. You may have other options though. You may qualify for a streamline or HARP refinance with your current lender. Either way, you would need to contact them.

If I apply for a mortgage with my wife, will lenders use the lower or higher credit score to qualify?
The mortgage company pulls what we call a tri-merge credit report which shows us all three scores from the three different credit reporting agencies. We will use the middle score of those three different agencies. So, if you have a 707, 695 and a 703 we would use the 703 score. Each of you would have three...

Is it easier to get approval for a mortgage loan by putting down more money?
Larger down payments do help, however you still must qualify with a certain credit score, income and assets. If you have 50% down, but have a 450 credit score you still wouldn't qualify. I would be more than happy to walk you through the process. Please contact me at: Ray 254-449-7196 or...

How long after a refinance can I rent out my current home?
It would depend on the circumstance behind you wanting/needing to move. If there are no extenuating circumstances then you will need 12 months. However, you would still have a hard time getting approval to purchase another home if it's within 50 miles of your existing home. The...

Can I get an FHA streamline refinance even though I am unemployed? Credit score 720.
The answer isn't so cut and dry. You do have to be employed, unless you're receiving some type of other income. For example; social security, disability, pension/retirement or some other type of variation. If you have other income like the aforementioned you can use it to qualify. If not, you...

Graduating from college soon, starting new job, how long to buy house?
As long as you begin your new career in the accounting field, you can buy asap. We would only need a copy of your degree and first paycheck. You have the option of moving forward with an FHA loan, which only requires 3.5% of the purchase price as a down payment. You do have various options with your case...

Is there any difference between a short sale and a foreclosure in terms of how they affect your credit?
Absolutely. A short sale does not effect your credit as a collection/charge-off. It shows as "paid" when you finish the short sale. Also, lenders do not mandate a restriction on when you can purchase another home after a short sale.However, if you allow the home to be foreclosed, that's...

Can I get a home mortgage straight out of college?
Absolutely! You would have to qualify though. You would need the min credit score and credit history, as well as, the first paycheck from your new employer. Also, you'll need to be working in the field of your degree. I would be more than happy to help guide you through the process. Feel free to contact...

If I refinance an FHA mortgage before the new PMI rules take effect, will I have to pay premiums for the life of the loan?
You would not have to pay the premiums for the life of the loan, as long as it closes prior to the revised effective date. Refinance before June and you'll be under the current regulations. Please feel free to call or email me and I can help you refinance before then. Ray at 254-449-7196 or...

How To Find out how much entitlement I have left after a foreclosure on a VA loan?
I would agree with Peter and call the VA office. They can tell you how much is being "charged" to your entitlement. 888 244 6711 in NC or your Local Center at 800 729 5772.The answer is not as easy as outlined by others in this blog. I am located in Fort Hood, which is the largest military base in the...

Are FHA loans only for primary residences?
You can only use an FHA loan to purchase a primary residence. You can however refinance an FHA loan as an investment property if you have moved out and its used an investment property now. I hope that helps. Please feel free to contact me if you need any further assistance. Ray 254-449-7196 or...