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Sean McGrover's Answers


Credit Score for Conventional Loan?
Paul, I was talking to some lenders the other day and they mentioned that if you do not have at least a 740 credit score, it would be very difficult to get private mortgage insurance for a conventional loan with only 5% down. I too would suggest looking at the FHA loan program. The mortgage insurance is...
203k loan
I would not suggest using a FHA 203K loan for your project. To use the FHA 203k loan, you would need a minimum of $5000.00 in rehabilitation to your home.
can owner financed mortgage be renegotiated with additonal loans added without spouse of buyers consent?
Basically if the home is your primary home, when approaching a lender to add another loan to the property, the lender is going to request that both spouses sign for any new loan. If it is an investment property, then the buyer/borrower will not need the consent of the spouse nor will the lender request it....
I own 1 condo but would like to buy another with little to no money down.
What I would suggest is if you really want to purchase an additional condo and have little or no money to put down, but can manage the payments, then I suggest offer to take over payments of someone that may not want their condo or ask to do either a lease option contract or a rent to own contract. How these...
Morgage after foreclosure
Suek, if you have a large down payment and employment, I wouldn't even wait 3 years nor 1 year. What I would suggest is find a home with a for sale by owner and negotiate owner financing or consider a rent with an option to buy. Either of these scenarios will allow you to own or control a home today and...
can a trust own a home
I would suggest you speak to a real estate attorney in your state. The reason I suggest this is because, there are more than one type of trust. You have land trust that many investors use to move their properties into for protection and you have family trust, which many people use to shelter their assets...
Can my in-laws purchase a home for us now and then sell it to us in 8 mos. when we are ready to purchase a home?
If you in-laws purchase it as an investment property and you move in and pay the mortgage and you and them are okay with the structure, why buy it later? You will only incur more closing costs and you may not get a better rate later when you decide to purchase. By the way, when you short sell a home, with the...
looking for lenders advice to fix damaged 2007-2008 old credit.
Tracy the first thing I would suggest is pull all three of your credit bureaus and review the debts. A little trick that I have learned over the years is that creditors make many mistakes and if you question the derogatory items on your credit report, you may find that the creditors cannot confirm that...
Can I forego the conventional waiting period after a foreclosure if I have a sufficient down payment?
Down payment will not change the waiting period after a foreclosure. If you use traditional financing, then you will ultimately have to wait the 3 years before you can be considered for a new home loan through conventional lending . But here are some alternative ideas that may interest you. If you want to...

Sherea, I don't know your situation, but by paying off the mortgages on your rental property, you would be losing the tax write-off of the interest you are paying on your investment. This could potentially mean that you are giving more of your earned income to the government, instead of putting...
How can I get loan if I don't receive W-2's on new job?
Typically you have to be able to provide up to 2 years in the same business or same line of work. You have been with this company for 7 months. Prior to this company, were you working is a comparable industry or doing comparable work within another company? If so, you may have options. If this new company is...
Renting my house and and they want to take over the payment to build their credit up what do i need to do
I have a suggestion that may be of interest. Have you considered doing a wrap around mortgage? This is done by visiting a title company or real estate attorney and having them write up a new promissory note and mortgage for the individual(s) that will be renting your home. It's kinda like a rent to...
I want to refinance my 30 year fixed mortgage to either a 15 or 20 year fixed rate mortgage.
Mac have you considered approaching your current lender and asking them if they can assist you with the refinance. I know that many of the lenders who are holding those 30 year loans are willing to refinance on shorter terms if they are eligible for HARP. Additionally, there may be less costs if you stay...
Does monthly payment quote mean pricipal and interest?
Richar, the monthly payment typically includes principal, interest, taxes and insurance to determine your total monthly payment.
Buying a house with a 589 credit score and student loans?
Shawna what I would suggest is pull your three credit bureaus and determine if there are any derogatories on the bureaus that would be hurting your credit. If so, I would suggest writing to the credit bureaus and questioning the validity. Potentially, you will find that some of the issues will be...
Can 650 score qualify you for a new home loan with high money down?
Cindy, hi I would be willing to meet with you to discuss your options. I have offices in Miami and Orlando and I am presently in Miami. If you are interested in meeting, please call me at 407-765-0341 or email me at sean2109@yahoo.com and I will visit you in Ft. Lauderdale.
Buying after short sale
Hello, there are many alternative and creative ways to finance a home. You can consider a lease with an option to buy. This way you can lock in your purchase price today with your option contract and when you are ready to own, you can proceed to purchase the home when you are ready. Another option you have is a...

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