100% cash out finance (not refinance)
Hi Rory - thanks for the question. Under current VA guidelines you can technically cash-out 100% on a new loan, however what VA says and what actual lenders offer is slightly different. Most Lenders have 'overlays' on agency guidelines which means they add certain requirements or...

I have a LTV of 90%, can I refinance?
Hi Rachel - thanks for the question. You seem to be in a good situation to refinance into today's low interest rates without having to go through HARP. With a 743 credit score you qualify for our OnTheHouse(TM) Refi Program which offers a true no-closing cost loan. If everything else looks good you...

Mortgage options?
Hi Peter - thanks for the question. You have a few good options here - at first glance most loan officers will suggest the $417k + 2nd Mtg option which is good for many reasons, however do make sure whomever you talk to explains each option thoroughly. They should be providing you a blended rate for the two...

Can I refinance a home at 100% LTV if its not Freddie or Fannie?
Hi there, thanks for the question and listing your scenario. The correct answer depends on a couple of factors. By the reference to Fannie or Freddie if you're referring to the HARP program the short answer is - no. In order to qualify for that program, which enables you to refinance regardless of...

I need help finding a refi on my jumbo loan in Chicago, IL
Thanks for the question. Quicken is not the easiest to deal with and their fees are outrageous. There are a few options we can look into, you would benefit from a much lower rate by splitting the Jumbo loan. Conforming first mtg ($417k) and the balance on a fixed second or HELOC.Your rate today on that first...

If the harp program is backed by the government why are the mortgage companies able to set their own rules and not approve you
Hi Shanae - thanks for the question. It's a matter of risk measurement. Most lenders layer additional requirements above agency guidelines to limit their risk on the loans they originate. - Sam at sam@silvercreekfinance.com

Above 125 LTV lender in Illinois needed
Thanks for the question. Not all lenders have adapted the new HARP enhanced guidelines yet and even when they do your best bet is to go with a local banker - big banks are notorious for charging steep fees and in most cases you can get a better deal elsewhere. We currently offer HARP loans with the new...

Harp 2.0 with PMI to remove co-borrower
Hi Beth, thank you for the question. The short answer is yes - there are a few other items to be taken into consideration but HARP does allow you to remove a co-borrower from the loan. PMI is not tied to one certain lender and would not pose a threat to refinancing with someone else. I would recommend steering...

Harp 2.0 with PMI to remove co-borrower
Hi Beth, thank you for the question. The short answer is yes - there are a few other items to be taken into consideration but HARP does allow you to remove a co-borrower from the loan. PMI is not tied to one certain lender and would not pose a threat to refinancing with someone else. I would recommend steering...

New Refinance Program for conventional loans
My advice would be to contact your current lender and find out if they can offer you a streamline refinance. Try speaking with someone other than a customer service rep as they typically don't have much knowledge on what they can and cannot do. Unfortunately as Ray mentioned there really...

Buying a new home 30 days after refiancing current primary residence
Hi Ron, thanks for the question. Congrats on the savings, that's great! There are a few key items to look into when purchasing a new primary residence after you've refinanced your existing home loan. Generally a solid letter of explanation will work but it really depends on the lender...

I own a home with no mortgage and I want a fixed rate HEL should my bank be pushing me to get a HELOC instead?
Hi youseg, thanks for the question. Whether the bank offers you one product over another depends on their product offering but typically a good loan officer will visit every available option and tailor the loan to best suit your needs. If you do not have a mortgage on the property, your equity is the...

I've applied for a HELOC based on my bank telling me that I couldn't get a HEL, which I've found out isn't true.
Hi youseg. As William mentioned - it's as simple as contacting them and just telling them you want to cancel the transaction. In Illinois we have a '3-day right of rescission' law for all owner-occupied residential properties, which means even after you sign the mortgage documents...

Is there a way to refinance a conventional loan without an appraisal?
Hi JHendr_ thanks for the question. We do conventional loans without an appraisal as long as your current loan was sold to Fannie Mae or Freddie Mac prior to June 1, 2009 as Matt said. Most lenders have access to this program, I recommend doing your due diligence prior to signing anything or allowing...

What kind of debt do lenders consider when issuing loans?
Hi PParke_, thanks for the questions. The correct answer depends on what type of loan you're applying for (Residential, Commercial, etc) Residential Loans only take into consideration items reporting on your credit report such as credit card minimums, installment loans, student loans,...

Mortgage company screwed up my escrow transfer is now lying
It seems there can be a few things going on. Typically an escrow credit from your current lender is reflected on the payoff letter NOT the HUD. However if you did the new loan with the same lender they might be able to show the credit internally or have additional leniencies on showing it on the HUD. I have...

What is the minimum credit score required to get a USDA rural development loan?
Hi Hkreuger, thanks for the question. Minimum FICO score requirements will vary from lender to lender - we can fund USDA Rural with a minimum FICO of 620 100%LTV. If you have any further question please feel fre to contact me directly. Thank you. Sam. www.silvercreekfinance.com

Is 3.875 a good rate for a 30 year refinance at 85% LTV? I have a credit score of 810
Hi jimand, thanks for the question. It depends on the type of refinance you're doing and how much the lender is making on the deal. With your score and LTV I'd say you should be able to obtain a rate of 3.50% or better as of today. I'd be able to give you an additional rate reduction if we...

Can I get closing cost credit of 3% on a fannie mae own property in illinois
Hi Jason - thanks for the question. Closing cost credits are agreed upon with the seller or asset manager bank owned or in this case Fannie Mae owned but as far as allowed on a the mortgage loan they are as follows: Fannie Mae loans are on a "sliding scale" and also depend on occupancy. Owner occupied...

likely rate for 755 credit score with
Thanks for the question. It depends on your mortgage lender and/or loan officer. Loan officers and/or mortgage companies have different compensation levels thus affecting your rate (this includes big banks which sometimes are worse). Your loan type (FHA / Conventional) will also play a factor --...