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Shon Atabaki's Answers


HELOC used for new home
To add to Steven's response, be sure that you shop around to determine how the new lender for your new home purchase will calculate the payment on the portion of the HELOC that is not drawn, as that can vary significantly & could impact you ability to qualify for the new home purchase.You...
What does maternity leave do to qualifying for a mortgage?
You will be in good shape based on the scenario that you've described, assuming that your credit scores and rental history are also satisfactory. Best of luck!
Selling house for more than purchase price, will that affect my ability to get a loan on a new house?
There are a couple of layers to your question actually. If you hold the property for less than 12 months, the gain on the sale will be treated as a short-term gain, and subject to ordinary tax.With respect to qualifying for a mortgage for a new home, the holding period will not be a factor.With respect to a...
Is it possible to refinance our mortgage and 2nd equity loan after bankruptcy?
FHA loans allow for a waiting period of less than 1-year after a bankruptcy if you have documentable extenuating circumstances. However, you are still limited to a maximum loan-to-value of 97.75% of the current appraised value, so based on your current loan balances & estimated home value, a...
Refinancing without a husband now
Many good responses here already. I would add that if your current refinance is going to be based on the HARP program, as with an FHA streamline scenario, you will need to document that you are single & provide evidence that you have been solely responsible for the mortgage payments on your current...
Second FHA Loan on a second mortgage?
It is permissible to be a non-occupying co-borrower on an FHA mortgage when you also have an FHA mortgage on your primary residence. It is also permissible to obtain a completely new FHA loan on a completeley new primary residence if you were in a situation that required that you relocate to Dallas,...
VA hybrid mortgage question
The VA Hybrid ARM's are exceptional loan programs on account of the annual loan caps of 1%. The 3/1 has a 2.25% margin, but you can also get a VA 5/1 Hybrid ARM with a 1.75% margin at the exact same rate, and with the same annual 1% loan caps. The decision to refinance into an ARM is largely going to depend on...
If I lose my job, will I lose my house?
A word of caution is in order. You may not be at risk of losing your home solely due to the prospective loss of employment, but if you are facing that possibility, it would not be wise to use up current savings for the downpayment. I would recommend holding off on closing on a purchase and holding on to all of...
Just did a Short Sale, question about new mortgage
For a loan that is guaranteed by Ginnie Mae, which includes both FHA loans & VA loans, you typically would have a 3-year waiting period to be eligible for a new mortgage. This all depends on how everything is showing up on your credit report, including the final disposition date reported by B of A. ...
FHA w/ 608 credit score...anyone doing these?
Based on your target purchase price, down payment description, and the credit score you've described, you should be able to get an FHA loan from a Lender who services their own loan portfolio, of which there are still some who won't impose any pricing adjustments because of the score...
Reverse mortgage information
Lots of good & in some cases very detailed answers already, but to reiterate, you do not have to pay off the mortgage prior to obtaining a reverse mortgage. You can obtain a reverse mortgage with three pay-out options: 1. Lump sum; 2. Regular monthly payments; 3. Equity line of credit. PLEASE be aware...
Can I only lend with a hard money loan?
Rest assured that 620 is not a "very bad" credit score. You will easily be able to finance your purchase with a 20% down payment without having to pursue a hard money loan. Best of luck!
New home, sold old one
I would recommend a conventional loans with you puting down just a little over 10% as a Downpayment & request a 3.5% - 4% Seller credit to pay for ALL closing costs, from which you can also pay for an up-front MI policy & completely avoid having any monthly MI. That will give you an attractive rate...
Home improvement loan
A Heloc will provide the greatest flexibility for you long-term & will have the lowest closing costs. The rate is variable however, so doing a cash-out refinance with a low fixed rate loan may be well worth spending a little extra in closing costs. Best of luck!
Between FHA and VA mortgages, are VA always cheaper?
I would recommend a VA loan. There is a VA funding fee, based on the downpayment amount, but with a VA loan you can request a Seller Credit of up to 4% of the sales price which should be able to cover all closing costs AND the VA funding fee ...even if you opt for 100% financing! Best of luck!!
If I was foreclosed on back in 2010, can I buy a home now?
3 years at least unless you do something clever such as a "Subject To" purchase or have a huge downpayment & use hard money. Best of luck!
I am interested in a home equity loan. How do I find the best rate?
I would recommend a local bank or credit untion unless you have a private banking relationship with a large bank. Best of luck!
Being a single parent with an income over $85000 a year, can I get a loan with a fico score of 620?
Generally yes, and there are some excellent programs available such as the Washington Housing Finance Commission House Key loan program, which you may be eligible for, depending on your circumstances. It's best to get pre-qualified early to know your best financing options. Good luck!
clarification- 203k Streamline
Cosmetic updating that would be a nicety and not a necessity would not constitute an eligible repair or improvement under the 203k streamline guidelines.

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