Reverse Mortgage Question
A reverse Mortgage gives you access to the equity in your home without having to make a monthly payment. For most seniors the situation is that they are "house rich" and "cash poor." The biggest asset is the equity in the home. The Government became involved in this program in 1989...

What is a good average down payment there days? for the best rate possible?
The lowest down payment program in the "normal" mortgage market would be an FHA loan. You can put 3.5% down. If you are looking for a FNMA Foreclosure there is a "homepath" product you can get into a home for as little as 3% down with no Mortgage Insurance.VA and USDA allow for 100% plus...

How long is it taking these days for a refi to complete if credit is good? Is 1 month reasonable to expect or is it usually more?
One month is a reasonable expectation but the clock starts ticking when you actually apply. Many people include their own "shopping around" in their turn time equation and when we complete it in two weeks, they say that it took a month. The timeline should go something like...

First time home buyer first steps?
The first thing you can do is get a copy of your free credit report. Consumers are entitled to a copy of this periodically. Be careful where you get it because someone may wind up billing your card for a service you do not need. Be sure to cancel that service once you get a copy! Next, I recommend getting with a...

Reverse Mortgage Quick Question..
The answer to your question is yes but you need to be informed of the following:1) Under 62 spouse needs to be included in counseling and will need to sign some specific documents recognizing that they are aware of the fact that a reverse mortgage is being taken out. 2) There is significant risk to the...

Omly have 1 year of W 2's
Everyone makes things sound so easy. The answer is yes, but until your entire picture and history is disclosed nothing is certain. There are a lot of questions that need to be answered first. Do you have ownership in the business? Is it more than 25% (we will need business tax returns in this case). Why only...

I got an Adjustable Rate Mortage (ARM) on my house a year ago. Did I screw up?
There is not much to fear in today's world of ARM's. 5 yr and 7 yr rates are very competative and you have the ability to refinance into a 30 year note if you feel you will be there longer. The key variable is to start to look at potential changes 12 months before your rate is going to adjust so that...

I want to finance a mortgage with my parents and not a bank.
Make sure your parents are aware that they will receive offers from different financial institutions to purchase the loan that they are holding. When the mortgage is recorded it becomes a matter of public record and those offers will come up from time to time. It is advisable to obtain an attorney and...

Should I refinance to a 7/1 ARM if I pay approx 40% over the payment every month?
The best answer to your question is YES, you should refinance. The next question is do you go to the 7 year or do a 15 year because you can get lower rates and a faster pay off either way you look at it.15 year is a new payment of $1283. Using a rate of 4.125. This could be a better/less risky solution. The 7 Year option...

1 year worth of w-2
I recommend getting the seller to pay a portion of you closing cost and using those funds for a one time up front mortgage insurance premium that eliminates any additional monthly costs. There is some risk based pricing out there that will lower the amount based on your score. Or, perhaps you go to 95%...

My elderly friend is in need of help with his reverse mortgage.
First, he borrowed 50K 13 years ago and did not have to make a payment during that time so interest compounded to the point where his balance is 175K. This really isn't such a bad thing. Second, the current and only Reverse Mortgage is the FHA Home Equity Conversion Mortgage and this may be his...

How does lender 411 work? What's your loan origination fee?
Lender 411 allows you to get answers to questions like this, access to information about potential lenders and brokers. You can find them directly through answers like this or by seeking rates. Note that when you shop on line, you may get bombarded with phone calls and hopefully Lender411 can supress...

Hi, I was offered a 4.75 fixed loan for $1270 a month and have to pay at closing $300. However, my other option is to get 5% and at closing get $900 back. I need to lock in the rate what do you recommend?
Rates change everyday. Your indecision likely cost you this opportunity as rates are worse now than when you were offered that deal. Either way, you should have locked in because when you lock, you can still decide what to do later because you are locking that day's rates. My advice would be to take...

how do you apply for a loan to buy a house?
You should call three lenders and have a conversation with them about their rates and process. You should be able to develop a comfort level about the competence of the individual, what their rates are THAT day and some information about their process. After those conversations, decide which one gave...

I am 52 yrs old and have rented the house i live in for 21 years. During the course of that time I raised 3 children alone and put myself through nursing school. I have been a nurse for 15 yrs and do not even no where or how to begin to see if I can finally own my own home. any help would be great.
First of all stay local with your shopping! The internet is a great tool but what you'll find is a littany of callers with the "lowest rate" blah blah blah. Contact three people, discuss with them what you want to do, then decide who you feel most comfortable. Get pre approved first, see...

My score is 777,my hubsands 750; I am a recent stay at home mom, will the lender use my score w/out income?
You can be on the loan, you husband's score will be the one considered but, you may not have the correct score depending on where your information if from. If you are using a free consumer report then it does not have the same layers of risk as a mortgage credit report so the score can be completely...

should we wait to buy a house
My advice is to get your financial house in order, fix your credit and buy the home jointly. Don't look to put down a big down payment, look for creative Priviate Mortgage Insurance solutions and consider an FHA, USDA or VA (you need to be a veteran) loan. It shouldn't take much to negotiate...

What's the lowest downpayment accepted for a home purchase as first time in Boise?
I think Ron Pippin is overpromising and will under deliver

Replacing a 1st & 2nd mortgage with a home equity loan
There is a similar product in the European mortgage market. It never really caught in the US but essentially the mortgage and banking accounts were related. As you pay in you can access the money again. The key variable would be that you work to pay down your mortgage and if you need to go back and get the cash...

Can someone explain Freddie Mac Expanded A-Minus Program?
Freddie Mac used to offer an A- program that expaned the credit criteria for a borrower to get a loan. There used to be 3 or 4 levels of criteria. Once the credit and housing meltdown began, these programs went away. It was a product desiged to offer homeownership opportunities to more people. Today the...