Question about getting a new mortgage, bad credit
HI - sorry you had such a hard time with medical problems and resulting financial issues, but glad that you have pulled through and are making wise moves in reestablishing your credit and moving forward. You should be fine with the collections, which seems to be your main concern here. Both FHA and Va...

Looking for a lender with the best rates..any suggestions???
HI - well, I could also say just contact me for best rates and best service, BUT, you actually can get significant comparison information by looking for a website that lists and compares rates from various lenders. Just Google something like Comparison of Mortgage rates and check out some of the sites...

If I let my Pre-Approval lapse, and re-apply, will it hurt my credit score?
Do not stress over this. Wait until your husband gets home, and go shopping together to find a home. You don't want to rush into such a big decision; this could just cause more stress if you end up buying a home or paying a price that you're unhappy with. Running your credit score for a mortgage...

How can an appraisal hurt your options at refinancing?
The appraisal is very important to a refinance, and can create problems. If your home value has dropped since you bought your house, and you appraisal shows that you have less than 20 percent equity in your home, it might mean you have to start paying Mortgage insurance in order to do a refi. If you have...

Underwater mortgage, need advice
As the other lenders state, you may now be able to refinance, no matter how under water your loan is, using President Obama's HARP program. Your loan does have to be owned by Fannie Mae or Freddie Mac. I can check this for you, or you can check it yourself by going to the Fannie Mae website http://www...

I have a fico score of 650 and am looking for a 250000 VA loan would i qualify with this score ?
VA actually doesn't have a minimum score, but more lenders set one, typically at 620 or 640. Your 650 is high enough! Let me know if I can answer any questions on VA Loans. Marty Stern

How can i tell how much my home is worth without an appraisal?
You can also go to www.homesandland.com and click on the Research Local Home Values button on the right. Then put in your address, and you will get valuations of your home from several different websites such as Zillow.com and Appraisal.com. These will not necessarily be the same value that a human being...

where can i find a complete fha inspection checlist?
Try googling FHA inspection checklist 2013. One of the first results will be PDF: FHA Inspection Check List. This is the complete list.

Are HARP rates higher than conventional in general?
HARP rates are about the same as conventional. Rates will vary of course based on such factors as the loan to value, your credit score, and the loan amount.

What is the difference between a 5/1 arm and 7/1
With a 5 year arm (5/1) you're locking in a rate for 5 years, and your rate may go up after that. With 7 years, you're locking in a rate for 7 years. Obviously the longer period that you lock in a rate, the better. However, if you're only going to be in a home for 3 years, the 5 year ARM is probably ok. You might also...

High income, in town for a short time: what is the best mortgage approach for me?
You ask some good questions, and some of these should be discussed with your tax accountant. But one point I can make as a mortgage agent is that it's a very competitive buyer's market right now, and by offering a higher down payment your offer stands a better chance of being accepted if there are...

how fast can a loan close in Orange County Ca?
HI - well, if you just got in contract 16 days ago, your loan may be closed by now depending on what lender you chose. Different lenders offer different times, some take longer, some can close a loan in 10-15 days. This assumes of course that you're providing all of the needed documentation asap, that the...

How many discount points will change the interest rate?
The answer varies, by type of loan and by lender. For the most part, one point, which is one percent of the loan amount, will buy you a reduced rate of at least 1/8th of a percent to 1/4 of a percent. Feel free to contact me to review rates and buydowns.

Does age matter to purchase a mortgage loan?
Hi - as long as you meet income and credit and asset guidelines, you can be approved for a home loan. I'm actually working with a female client your age right now who's buying a home after renting for many years. She just got in contract after 2 months of house hunting and is very happy! Please let me know if I...

Explanation letter for cash depostied in my account.
As cgummer notes, the key is just sourcing the gift, which typically involves a bank statement from the gift donor showing they had the money in their account to gift, and then the transfer documents; a copy of the check or wire from that account to yours, and a deposit receipt into your account. I'm...

How do I get mortgage negatives removed from my credit reports made by Home Loans Services (out of business) 7 years ago, taken over by BoA, and now taken over by Nationstar
Actually, negative credit items are supposed to drop off of your credit report after 7 years, so these bad items may be gone soon. You might talk to the company that ran your credit report - they can verify the drop off date, and/or help you contact Equifax to dispute an item. Best of luck!

will PMI cancel automatically once i've reached 78 LTV on an FHA loan?
Yes, the MI is on your loan for the entire 30 years, BUT, that's only if you keep the loan for 30 years. It is likely that within a few years you may be able to refinance into a conventional loan where the MI can still be cancelled at 78 ltv. Or perhaps you'll sell this house and your next house will not be bought...

are rates going to go lower for a refinance in sf.
HI - its unlikely. At the end of 2013, mortgage experts expected rates to shoot up early in the New Year. Fortunately, that didn't happen, and rates actually dropped, almost reaching the lows of last year. BUT, now we're starting to hear concerns again that rates will be going up. The Federal Reserve just...

getting a va loan with 733 credit and high DTI?
HI - I'm in Northern California with HomeStreet Bank. We can do DTIs over 50% on VA loans provided you have at least 3 compensating factors. Examples of these are: showing you have made a similar housing payment (such as rent) for 12-24 months; having a down payment of 10% or more; accumulated savings;...

Do lenders pull out the credit score for prequalification? If so how could i shop for mortgage without affecting my credit score
Hi - Having inquiries into your credit can affect your score by a few points, however, typically all MORTGAGE-related inquiries done within 15 days only count as one inquiry, so any effect on your score is minimal. It can be very important when getting pre-qualified to have your mortgage agent run...