Can I get a 40 Year Mortgages in MA
Hi there out in Deerfield.Thanks for your question. I've got you covered right here.Here at Annie Mac Home Mortgage we have a wealth of programs available - including Fannie, Freddie, FHA, VA, USDA, MA Housing, and many others. And we have many different flavors of those - including 40, 30, 25, 20,...

Is it possible to refinance our mortgage and 2nd equity loan after bankruptcy?
Hi, Diana.Thanks for your post. Love your candor too! I think this has already been well answered, but I'll weigh in here too.The BK will likely cause an issue with refinancing at this point because it's still recent. FHA tends to be the most flexible and they have a 2 year waiting period from the...

5-10% down no PMI/MIP
People in hell have been "looking for" ice water for ages. And I think that's what you may be looking for here. Instead of looking for a lender that's going to make promises which can't be kept, you should be looking for realistic terms from a reputable lender who will get the...

Does deferred student loan debt count toward debt-to-income ratio when applying for an FHA loan?
Steve, this has been properly answered already. I'm just coming in with a shameless plug. I'm knowledgeable, experienced, fun to work with and I come highly recommended. And I'm local too, so we can get together in person if you like. Give me a shout and let me help you with your...

my credit score according to my lender is 633 very close to the 640 I need, how can I raise this within a day?
Tim and Joe have both already nailed down a great answer between them. Failing not having a program which goes down to 620, there may be some moves which can be made which will help improve your score in a short time frame. Identifying the move can take 24 hours, then the move will need to be made, supporting...

What is the minimum score to qualify for an fha loan
Dear Mark,580 is all that's required by FHA guidelines, but you may need some compensating factors like long-term employment, a low DTI, liquid reserves, etc., to satisfy investor requirements. Give me a shout and we'll gather some information, share some ideas and see what we can do for you. My mobile...

we brought a home in my wife name and i am paying the mortgage what happened if we are sepreated?
Dear Woodsada736,First, my sympathies to you and your family during this difficult time. There are few questions I'll need for you to answer so I can help you and some distinctions you'll need to understand in order to answer mine. Being on the mortgage is having financial responsibility for the...

How much income is necessary for buying a 600K home in MA if we have 15% down?
Dear RomanCatholic, to avoid paying jumbo rates and PMI you'll likely want to structure the mortgage as an 80/15/5 piggyback combo. The new Dodd Frank regs provide safe harbor to lenders who keep max expense ratios under 43%. So for example if you bring in $10,000 per month then the total of all your...

is a letter of commitment different from prequalification?
Dear Jmosher,If you asked 10 different lenders these same two questions you may get 10 different answers for each because there are still many out there who don't understand or respect or adhere to standards. I'll do my best to simplify for you.1) A pre-qual and a commitment are part of the same approval...

How are bonuses/overtime factored into my income?
KeenanS, Congratulations on your promotion. I think most everyone else has answered how MOST lenders will treat your income situation and iMortgageLending might either be a noob or didn't read your question or the details you provided. Most of us who sell to Fannie and Freddie and any loan programs...

are FHA MIP and PMI the same thing?
Dear nlyonne, FHA insures mortgages with both the Up Front Mortgage Insurance Premium and a monthly insurance premium. The UFMIP is rolled into the mortgage so you don't have to come up with it out of pocket. And the monthly MI is paid each month as part of your mortgage payment. Be advised that in most...

Likelihood of getting approved for FHA with 654 credit score?
Good morning, Coleweathers. 654 should be just fine. FHA is flexible with credit scores as low as 580 and down payments as low as 3.5%. FHA also allows gifts as an acceptable source of down payment and closing costs paid by the seller. Please give me a shout and we'll get the ball rolling for you. My mobile # is...

do all condo owners have to sign off on FHA approval docs prior to making the condos FHA available?
No. FHA approves your community. Your community doesn't approve FHA. The way to get your association approved for FHA financing is to have the person(s) in your community fill out and return FHA's paperwork to HUD/FHA. Your community will have an association and possibly a management company. Someone...

How to transfer a real estate deed
If you're looking to simply transfer ownership that can be done with a simple quit claim deed at your local registry of deeds. If you're looking to have him take over the financial responsibility of the mortgage, and if the loan is in fact a VA, he can speak with your current servicer about assuming the...

is the upfront mip fee waived on fha with 80 % ltv
Hi, Rosa. I believe the point has been made that FHA has both an up-front MIP and a permanent MIP regardless of down payment / LTV. My question is why are you leaning toward FHA if you may have access to 20%? If your score isn't quite up where it needs to be in order to go with conventional then I may still be able...