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Scott Kinne's Answers


Bare necessary information needed for refinance
Most loans will be run through an Automated Underwriting system and IT will determine the documentation requirments that will be needed for the loan approval. Sometimes the approval may only require 1 year of Tax Returns for a Self Employed individual. However, based on your question, it appears...
Underwater Loan, Freddie Mac, what can we do?
The new revised HARP program is being released and it appears it will help you to refinance. Of course you will still need to qualify for the new mortgage and your credit scores need to meet the requirements. Also, it appears you won't have to go through your existing lender to get the new program so...
Do I qualify for the new HARP program?
If you meet the credit requirements it appears you should qualify for the new HARP program as they have removed the limitation of 125%. However, we lenders are still waiting for final word from the banks as to what the details of this program are going to be. Under the old HARP program, if your loan was...
What does a prior bankruptcy do to my chances to refinance?
Typically, assuming you filed a Chapter 7 Bankruptcy, you will need to wait at least 2 years from the date of the Discharge before you can obtain obtain financing. Then the second issue you need to overcome is to re-establish your credit and make sure the score rises above 620. Best to consult with a...
I'm looking at my options to refinance our 2.5 year old 30 year 5.0% fixed conv. mortgage...
Assuming you have 20% equity based on a new appraisal, and credit scores of ~800 as mentioned, our rate today for a 30 yr Fixed Rate $218K loan amount was at 3.875% @ 0 pts (3.901 APR), based on a 50 day lock. However, if this is for a Condo you can expect the rate to go up slighlty. I usually don't suggest 15...
Should I refinance or pay off my home early?
Hi Harold,There are many additional items that need to be considered to help correctly determine what is the best approach to take in your situation. Some of those have to deal with your cash flow and other assets available. I always try to build in a little flexability for my clientelle. Its also good to...
can I get preapproved for a loan online?
It is possible to be Approved for financing with out meeting with the loan officer by doing everything online. Of course loan officer such as myself love to meet clients becasue it allows us to better understand your needs and other financial concerns you may have. However, a good loan officer can spend...
Is there a way to include my car loan into my mortgage debt?
You also have the option, instead of refinancing your first trust mortgage, to add a 2nd trust by taking out a Home Equity Loan or Line of Credit. It's still a 2nd payment you need to make but by borrowing from equity in your house to payoff your car note the interest you pay on your 2nd trust will...
When I get a contract for the sale of my home do I continue to make mortgage payments until settlement...
Yes, always make your payments when due. Just let the settlement company know when you made your last payment.
What does it mean when a mortgage becomes subordinate?
This means they won't advance should the lien in front of them be paid off. Typically, when are refinancing a First Trust mortgage and have a 2nd trust Home Equity Loan, when the 1st is paid of with your new primary mortgage the existing 2nd trust lien then advances to first lien position. Most...
How long before a pay increase is considered on for a refinance application?
In order to go to settlement using the new income we would need a letter from HR and a paystub showing the increase has taken place prior to closing on your refinance. If the raise is not needed in order to qualify for the refinance loan then it is a mute issue and you can close prior to the raise taking affect.
Apply income without being on the loan?
Just to confirm the other answers already posted, we cannot count income from an individual who is not on the loan. Do you know your credit score? Maybe it's not as bad as you think and you may still qualify to be on the loan. Depending on the loan type and amount you need, your minimum credit score...
Can my dad refinance such that I can assume the mortgage?
Yes, depending on the amount of equity currently in the property. Since you are not currently on Title to the property it would be considered a Purchase transaction. You could "purchase" the property from him with a "Gift of Equity" where you wouldn't be required to put...
we are doing lease to purchase at this point and paying off all our credit cards
Any amount on a Credit Card is considered Debt, but all that is held against your debt to income ratios is the Minimum Monthly payment amount as shown on the credit report for the account. Your credit score is dependent upon the Balance on the credit card compared to the High Credit Limit. You mentioned a...
Can I lower my mortgage rates by refinancing from a conventional loan to an FHA loan?
As mentioned by the other lenders, its all dependent on your overall circumstances. The first key is how much equity you have in your home. If at least 20% then the conventional loan would usually be better unless you have poor credit scores, or have high Debt to Income ratios. In that case the FHA may be the...
possible to get a loan with a 2nd mortgage chargeoff after short sale in Virginia?
You have basically two (2) issues that need to be addressed, the short sale and the Charge Off. The only financing that does not require you to wait a specific time period after a short sale is VA finanicing for Verterans. FHA requires at least 3 years unless you did not have any Mortgage Late payments...
Can my husband buy my house?
The first question is - When did you file Chapter 7 and when was it discharged. If it has been discharged over 2 years then you may be able to stay on the loan for a refinance. If all this has occured recently, and your husband is not currently on Title to the property, then the transaction would considered a...
What is the seasoning requirement for a short sale with a VA loan?
Just to clarify things, VA does NOT HAVE a short sale waiting requirement! However, some investors have what are referred to as "Overlays" that can tighten down guidelines and therefore THEY are putting on the restriction, NOT the VA. There are lenders in the market who do not put any...
Is buying a short sale any different than a normal home purchase?
From a Lending point of view, there is no difference. However, from the buyers point it is much more time consuming. Even though the "sellers" have signed the contract, it is still up to their bank to approve the sale of the property for less than the amount owed to the bank. Therefore the bank...
How can I find out how much HOA fees will be for a neighborhood?
You can also check the internet for other Listings of homes for sale in that same neighborhood to see what they list as the HOA Fee.

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