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Steven Brand's Answers


I am looking for the best 5/1 ARM or 7/1 ARM cash-out refinance rate, can someone help?
You're asking 3 interesting questions. The first one is dependent on what state you live in.. up to 80% may be possible to qualify. So the quick answer is MAYBE... but your "appraised value" will be 100% the determining factor. Your 2nd question of a "target rate" goes back to your...
Prime Interest Rate?
I'm interested to know more about the loan you have and the "fully indexed rate" if you say you're paying a "rather high rate". If you've been paying the loan down you're probably in a better position than most people and you have options regarding...
what documents and paperwork do I need to apply for a mortgage?
Lenders are generally looking for the same thing for every borrower: CREDIT, INCOME and PROOF OF SEASONED ASSETS. As a self employed person the income that the u/w will look at will be the "taxable" income and your MLO (mortgage loan originator) should complete a SELF EMPLOYED INCOME...
Any lenders for discharged 7 or 13 . All other number excellent.
All the specifics of your scenario make it difficult to pin it down... especially throwing in the "manufactured home" zinger. Most investors have an overlay on those and all rules are off. According to Chapter 4 in the VA handbook... you MAY be eligible between 1 and 2 yrs if you are a Veteran or...
Is it a good idea for me to buy a duplex with the va loan?
Its a GREAT idea. However... you can't use income on UNIT #2 as "qualifying income" like FHA... so your income would have to support the entire payment. AND... VA loans are for PRIMARY RESIDENCE purchases only... so you MUST live in one of the units.
Are there any options out there that require less than 15% down?
I'm at iLoan and can do a $500k first position loan amount (at/below 90%) with your scenario you described in MN or WI (pending a full application and certain other qualifying specifics like Joe said). Check out my info at: www.StevenBrandHomeLoans.com
HELOC used for new home
Do you mean $300k equity? If you want to purchase a new home and you have a $160k HELOC on house #1 the underwriter who is going to be reviewing your file for a new purchase on house #2 has to ASSUME that the full $160k is taken out and use a payment on that ALONG with your other debt and the new housing PITI...
Here is my questionwill a mobile home qualify?
Joe's got some good info for a MANUFACTURED HOME which is generally thought of as a "double-wide". A MOBILE HOME being a "single-wide" is typically not considered "real property". We can finance a MANUFACTURED HOME to a limited degree but not a MOBILE HOME.
Paid off DMP. How long do you wait before applying for loan?
As long as you're not talking about Digital Monitoring Products... we're all on the same page. :) There's more to just that and the credit score as to other things that MAY be on your credit. I'll review your credit report with you (in the Baldwin/Roberts/Hudson area if you need) and...
If I was foreclosed on back in 2010, can I buy a home now?
Great Question. Many people are in different SITUATIONS and the guidelines are all different depending on the TYPE of loan you may be able to qualify for. I sat down with all the guidelines from Fannie Mae, Freddie Mac, FHA, VA and USDA and wrote a great BLOG that has the "seasoning...
VA mortgage after BK and foreclosure
quick answer to your question is confirmed by other... the date of the "discharge date".For OTHER INFO that you may find interesting... here's info from the VA HANDBOOK:The US Department of Veterans Affairs will allow an eligible Veteran to qualify for a VA loan TYPICALLY two years after...
Is there a penalty to refinancing a first and second mortgage into one loan?
William is correct... unless there's something FUNKY with the loans you have now. I agree with his advice on contacting a "local mortgage broker" instead of a bank. FYI... a "local correspondent lender" has very similar strengths in the ability to SHOP around for you unlike...
do you work with first time home buyer programs
Yes we do. My iLoan branch is located right in St Paul and we work with MHFA (and their corresponding DPA programs). Depending on where you're looking you may qualify for a ZERO DOWN loan (USDA) or if you're a current/past member of the military you may qualify for a ZERO DOWN loan (VA). Another...
Question regarding Refinance, Harp, Underwater
The new HARP program is GREAT if you fit into the box. You are EXACTLY who this is targeted for as one of our SEVEN suggestions for borrowers who are UNDERWATER depending on specifics of their situation. Check out a good Licensed Mortgage Loan Originator (like me) to help you out. ...
Harp refinancing question...
We are currently hiring Loan Originators and it seems you have a better grasp on LLPA's and pricing loans than most of my competition. :) Honestly... there are a few more things to know about your situation, your liquidity, your job stability and what you plan on doing with sticking with investment...
short sale
yes please.
What "first-time" home buyer programs are out there to take advantage of...?
Bay City is eligible for a great government program that is used for FTHB (first time home buyers) that is a NO MONEY DOWN purchase loan. Would that be OK?I've been working with home buyers for over 10 yrs in the Mpls/StPaul metro area and western WI. www.StevenBrandHomeLoans.com or leave me a VM at...
My credit score is 507, I have steady employment, and qualify for a VA loan. What are my chances of getting a loan?
Great info for your question. Like most folks said... visit with a local "mortgage guy" and the probable recomendation will be to look at another introduction to a trusted Credit Repair Specialist who can guide you to get your credit scores high enough to qualify for that awesome "no...
Is there a new refinance program to help homeowners with private, non-government bank loans
There's a possiblity of another option that is rarely suggested or used by mortgage professionals but it may be something to look at. If approved... you could combine the 2 current loans into ONE 30 yr fixed rate loan at the rates you hear on the radio and TV at a loan size that is less than the current...
HARP after Loan Modification is that possible
One of the guidelines to HARP is that your loan was "purchased" by Fannie or Freddie by June 30th 2009. That "modification" is considered a new transaction and therefore doesn't fit into the rules. And/or Joe's comment regarding just being denied due to the MOD.

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