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Raymond Denton's Answers

Can I get an FHA Loan even if I've already bought a house?
>>Do I still qualify for an FHA home loanYes. You can use the FHA program as many times as you'd like, it's not just for first time homeowners.
VA refinance now that I am on disability
>>Do I need to refinance my current VA mortgage in order to take advantage of the lower ratesYes. But disabled veterans don't receive lower interest rates then other veterans. They receive a reduced VA lending fee.
Spouse eligible for FHA loan?
>>would like to know if my ex-spouse is still eligible for a FHA loan on her ownYes.
Which document is it? Is it your Title Deed? If yes, then "no". The Notary must place their seal on it in order for it to be valid.
Refi to lower rate?
A program called "mortgage coach" was designed for Loan Officers to answer questions like yours for you. Find a Loan Officer that's familiar with the program, and ask her to run your scenario. You'll know real fast if it makes sense.
what mortgage options are available for first time home buyers. and is there a qualification number of years working at one job?
All mortgage options are available, but the 3 best are FHA, VA and USDA. With FHA, you'll need 3.5% down. With VA and USDA, the down payment is 0.You'll need 2 years in the same line of employment.
Home Equity Loan
You can get a hard money loan, or if you're old enough, a Reverse Mortgage, but not a traditional mortgage.
How long after a bankruptcy has been discharged can a mortgage loan be gotten for a home purchase?
With FHA and VA mortgages, 2 years from the date of discharge for Chapter 7 and 12 months from the date of filing for Chapter 13. And no lates on anything during that period of time.
How long after a bankruptcy can I get a home loan?
For FHA and VA programs, 2 years from the date of discharge for Chapter 7, and 1 year from the date of filing for Chapter 13.
Is a refi still considered to be a purchase money loan?
>>Is that considered purchase money by lenders?No.
Loan Pre-approval Question
The pre-approval is specific to the Lender that gave it to you. You're able to shop around and look for a better deal, with another Loan Officer, while you're looking for a new home.
Purchase price significantly lower than mortgage?
Don't listen to the Real Estate Agent, Tricia, she doesn't know what she's talking about. Your Loan Officer is the person that'll tell you if you're able to qualify, and for how much, and will provide you with a pre-approval letter. All the Realtor needs is that...
Trying to get home equity loan
>>With the hard money loans wouldn't I be able to refi in a few years and still be ahead of the interest and penalties that I'm paying to the IRS?There's a software package called "Mortgage Coach" that's used by Loan Officers to answer questions like that. You...
fico score
You can see the same FICO scores I see from Everyplace else provides you with "consumer" scores, not "FICO" scores. And you won't receive an "inquiry" ding when you pull your own credit from, because it's considered a...
How do you "close" a HELOC without paying it off?
You can't - it must be paid off prior to closing it.
Can you get a good mortgage rate with a FICO score of 733 but Only 1 Year Income in the last 2 years?
Yes, as long as you're in the same line of work, and your employer provides a letter saying they love your work ethic and have every intention of retaining your services for many years to come.
How do you get a home loan as an entrepreneur?
Yes, but there are a few Stated Income programs available, for those who'd have trouble qualifying with tax returns. Look for a Mortgage Broker that works with Portfolio Lenders, and you'll find some offering a Stated Income program.

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