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Colby Neal's Answers


Does anyone know a lender that works with fair/poor credit but good salary and 30% downpayment?
You're eligible for any loan product. The difficult task that most self-employed borrower's face is the income calculation of qualifying for the loan product.Here are the requirements and the way debt-to-income is calculated in this situation:Must be with the same employer or in the same line of...
I'm interested in applying for an FHA loan to buy a home. Are my student loans considered when applying for an FHA loan if I'm enrolled in college half-time in a degree program? My understanding is that if I'm enrolled at least half-time in a degree program that my student loans are in an "in school deferment status" until I've completed the program and thus would not be considered when figuring my monthly payments (debts). Is this true?
Hi Dana,That is correct. You're student loans need to be deferred 12 months from the date you close on the home so the payment does not have to be counted as a liability.Sincerely,Colby NealBranch ManagerAffiliated Bank MortgageNMLS # 815067 | Member FDIC(866) 282-2956 x 6104 | Office(800) 488-6185...
Days on the market for Alpharetta GA
Dear Mr. Cokelover,A general idea of how long a home has been on the market prior to selling or going under contract will be tough to gather. Put a realtor to work to give you a good idea. For a more case-by-case basis www.zillow.com will tell you how the date the property went on the market, went under...
We have a bankruptcy. February 2014 will be a year it was discharge.
Hi Jim,simply put, yes. *Minimum credit score must be a 620 or higher to qualify.*Minimum loan amount of $80,000*3.5% down payment on the property.Have you had any of the following in the past 3 years?1) foreclosure2) bankruptcy3) repossessionReference requirements, guidelines, and easily apply...
Converting Fannie Mae conforming loan to VA loan
Hi Devon,I've specialized in VA loans for the past 8 years. apply online: www.vahomeloanguarantee.comCall: 866-282-2956Email: info@vahlg.comThanks,Colby Neal
How much higher is the interest rate for conventional if my credit falls just below 720?
About .335% up to .5% depending on the bank, lender, or investor.
if i am married and seeking a va loan, will my wives bad credit affect my chance/ interest rate
Hey Ben,OU grad from Tulsa here. I've been doing VA Loans for 7 years; I'll guarantee to provide the lowest cost mortgage. Oklahoma is not a community property state so your wife does NOT need to be on the loan as the borrower. She can however ben on the Title; so you would both have equal ownership.www...
I co-borrowed on a house and had to short sale 5 years ago.. can i still qualify for an FHA home loan if its my second time?
Hi Keith - The foreclosure must be 3 years out from the date HUD paid the lender. As long as you have re-established credit, a credit score of a 620 or higher; and no major collections, bankruptcy, judgments, then you should be in good shape to move forward. - Colby Neal
How do I get a mortgage if I am out of student loan deferments and I need to have it deferred to qualify?
Add a co-borrower or take another class to defer the student loan an additional 12+ months.
Will a current student loan count toward credit for approval
As long as you have a 640 or higher credit score; even with no open accounts you can still qualify for a home loan. We offer a low rate guarantee!
what kind of rates are available for 5/1 Arm
3.5% based on a 720 credit score... We offer a low price guarantee!
Should I just keep renting or no
Credit score depending, PMI is .54% monthly. Not too costly, especially vs. FHA's 1.25% PMI. rates are likely as low as we'll see them. Later = higher rates and higher home prices. Guaranteed low price lending Colby Neal Colby@imortgagelending.com
What is the fico required for for usda loan 2014
620. 31/43 ratios if less than a 680 fico Guarantee low pricing colby@imortgagelending.com
Going through a divorce - need advice about mortgage
So you're fully responsible for the payment you have to be on the mortgage and in turn on title, as owner. You can be added on the title via a title company; but to be added to the mortgage you could refinance him off and you on. Depending on the current rate of the mortgage it might be beneficial to approach it...
How do you get a first time home buyer loan with no credit
You need a 640 credit score.. If you have no revolving lines of credit the solution is to provide 3 non-traditional lines of credit: One has to be 12 months proof of rental payment. others can be anything you can document 12 months proof of payment on (i.e utility bill, cell phone, etc) |...
Don't lenders fees have to be listed on a GFE??
Ask for a 'fees worksheet'. The GFE compiles fees from the bank, escrow, title, etc. Its confusing to say the least. In any event, our branch will guarantee the lowest priced mortgage.
could i get an ARM with bad credit (600) if down payment is large
FHA ARM, Possibly. Conventional is not possible. You'll need minimal payment shock (from rent to mortgage payment) 2 years on the same job, and 4 months of reserves.
Is there a way I can avoid paying the closing costs
YES. Your lender and realtor will structure the purchase agreement contract with an estimated 3-4% in seller paid closing costs. This will prevent you from having to bring cash above the down payment to closing. www.imortgagelending.com, Colby@imortgagelending.com
Are there regulations that govern the rate or cost of PMI on conventional loans?
PMI is based on your credit score & down payment amount. Rate is determined based on credit score and loan program.

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