credit score of 632. debt to income ~12%. what is rate range ?
Hello Jerrodlee, Estimated FHA 30 yr fixed rate with your current credit score would be 4.5% (6.128% APR). Can you let me know the purchase price as well? There are also other loan options for you as well that we can discuss since you are a first-time home buyer.

how long do preapprovals last?
Hello Corrine, pre-approval letters are typically good for up to 60 days. We would verify again just a few things to be sure nothing has changed since your initial pre-approval letter. Pulling your credit again may not be necessary until you are ready to submit an offer on a home. You may call me anytime...

Should a seller pay 3% of the closing costs on loan amount or purchase price?
A seller credit towards a buyer's closing costs and prepaid taxes is always based on the purchase price. The maximum seller credit for a conventional loan (5% minimum down-payment) is 3% of the purchase price and the maximum seller credit for a FHA loan (3.5% minimum down-payment) is 6% of the sale...

Should i be preapproved (or prequalified - not sure what the diff is) before visiting open houses
Great question. You should be pre-approved for a mortgage and not pre-qualified. A Pre-Qualification typically means a buyer has spoken with a lender (who may or may not have pulled a credit report) and verbally discussed employment, liabilities, payment histories, and assets. Actual...

do conventional mortgages have pmi insurance?
Hi there! All mortgages will require you to pay mortgage insurance if you do not put at least 20% down on a mortgage. A conventional mortgage would require a minimum down-payment of at least 5%. A conventional mortgage is most likely a better way for you to go than FHA (depending on your credit score). The...

how much equity would i need to do a cashout refi?
Yes you may. VA rates on one of the best rates available for a 15 year and 30 year fixed. I am local in CT. Feel free to reach out to me with any other questions. -Robert 203-530-2674

is it possible to do a conventional loan for a condo at 95% LTV?
Hi there! Yes, it is possible to do 95% financing on a condo. I am actually doing 2 right now. I would be happy to help you and answer any more of your initial questions. Please reach out to me at any time. I am local. 203-530-2674

what credit score is needed for a reverse mortgage
Hello, you would be fine with those credit scores. This is a very easy loan to qualify for. I would be happy to give you more information on reverse mortgages to see if this loan is right for you. I am local mortgage banker in CT. You can reach me any time thank you 203-530-2674 -Robert

Income and mortgage payments
Hello,If you take your monthly gross income of $2,667 ($32,000/12 months) and multiply this by 32%, this is generally what your total monthly housing payment would need to be around (including your monthly taxes, home insurance, and mortgage insurance if any). I would need to know how much the...

Will I qualify for a second home with 735 credit but only minimum down payment?
Yes you may. I would be happy to help you get started. We are located in Fairfield, CT. You may give me a call any time. Evenings are fine as well. 203-530-2674

Will I qualify for a conventional mortgage with a 706 credit score?
I would be more than happy to assisit you. Our minimum credit score is a 620. I would need some additional information to pre-approve you for a loan amount. Give me a call anytime at your convenience 203-530-2674. We are a direct mortgage lender in Fairfield. You may also email me at robert...

Can i get a mortgage with my boyfriend even though we are not married?
Yes you may. This is very common actually. I would be happy to get you started and to answer any additional questions you may have. I am a local direct mortgage banker here in Fairfield. Please give me a call to be pre-approved 203-530-2674. Or you may email me at robert.graybill@rmsmortgage.com

Home was originally financed as second home unbeknownst to me...
Yes, you can still get a 'no cost' refinance regardless of what the property is now being classified as. I would be happy to help you. You may call or email me any time. Evenings are fine also. 203-530-2674 or robert.graybill@rmsmortgage.com. We are located in Fairfield CT

Can i get a VA ARM with a 675 credit score?
Hi there, we offer a 5/1 ARM with a 675b credit score. Call me any time I am a local direct mortgage lender. 203-530-2674 or robert.graybill@rmsmortgage.com

interst only payments
Hello, yes we offer interest only loans. You may call me with any additional questions. I would be happy to help you. Robert.graybill@rmsmortgage.com or 203-530-2674

Lease to own good way to get mortgage with student loans/
A lease to own is a fine idea if you really love the home and it is a good locations for you. This should give you time to pay down your debt. I can help you with a plan of action. How much debt realistically can you pay off in the amount of time for when your lease expires? And how much debt would you need to pay off to...

Should I short sell? Behind on mortgage payments
Sorry to hear of your situation. Being 4 months behind does start to put you into foreclosure territory. A short-sale is an option if you owe more than the home is worth, however, if you would want to buy a home again in the future you would need to wait 3 to 4 years depending on which loan program you would...

Is there a VA mortgage for buying joint land/home?
Hello,With any type of mortgage including a VA mortgage, financing is available only for one building lot. If the 2 acres were part of the property of where the home sits and according to the town's field card it is showing they are one lot, then you would be ok. If the 2 acres are a separate lot and is just...

Better rate buying bank owned/?
Hello,REO or foreclosure properties, if they are single family homes, have the same rates just as any single family home purchase. If you plan on occupying the home as your primary residence, you may purchase a single family home with as little as 3% to 3.5% as a down-payment depending on the loan...

Is a "deed in lieu of foreclosure" treated the same a foreclosure for credit purposes?
Deed in lieu is treated similar to a short sale, but the timeline (number of years) to be able to purchase again is very similar to a foreclosure. If severely late on a mortgage (typically 4 months or more), a credit report most likely will be showing the mortgage as a foreclosure.