Do you find Lender have a problem explaining reverse Mortgages and the way they work?Are Seniors being sold reverse mortgages by Loan Officers who know nothing about the product?
LO get the Reverse training or they can't present the product.

Like to purchase a $800K rental SFH with $300K down and $500K loan
Strickly based on your financial numbers, you'd probably qualify. However, digging deeper to determine if you are qualified for a mortgage:- 2 year stable income (W2 vs self-employment) in same line of work- source of downpayment (in your bank for 60 days or liquidation of other asset)-...

What is the minimum FICO score needed to get a 10 percent down 30 year fixed conventional loan?
Hi Jeffrey,Conventional 30 year fixed:minimum credit for loans

No down payment
1) No down payment, if you or your husband is a US Veteran, you may be eligible for a 100% VA loan dependent if credit score is 600+. 2) 3% down payment program with a minimum 740 credit score3) FHA 3.5% down payment program, 600+ rico scoreLet me know if you have questions.Ted w: 908-722-9217 x11

what are the HUD back to work program requirements?
Borrowers can be back to work less than 6 months with just a 30 day paystub and a 2 yr work history prior to the gap!

Can i use my son to help qualify for refinance?
Yes, but keep in mind that the your mortgage debt will be included as his personal debt if he purchases or refinances his personal home.

what is the minimum credit score for a usda streamline?
Minimum fico score for FHA streamline refinance is 550.Ted ArkGolden Mortgage CorpTel 800-327-0123

government home loans versus conventional
As your credit score of 752 is stellar, you probably want to explore all options and their associated costs. For example, if you are eligible for a VA loan, you may qualify for 100% VA financing dependent on your income and purchase price. Conventional financing has a minimum down payment of 5%.Call me to...

private lender vs going with my bank?
Mortgage brokers may have alternative wholesale lending agreements with private lending sources, bank or credit unions. Typically, these lending institutions may have alternative lending programs outside of the Fannie/Freddie Mac lending criteria which consider other compensating...

How long will a preapproval last?
I would suggest defer any "large" purchases until after you close your new home. It is common practice for lenders to run your credit a few day prior to closing. Any increase to balances on credit report may result in over extending your debt to income ratios and denying your loan. Why take a chance we you...

Selfemployed and need a mortgage
Compensating factors when looking at stated income would be 1) high credit score 720+ 2) liquid assets to support "stated income" 3) 20% down payment. Would still need to review your tax returns.Ted ArkGolden Mortgage Corptel: 908-722-9217

Should I include wife on mortgage please advise
James,By including your wife on the mortgage, I guess you want to establish credit history for her. If you put your wife on any future mortgage loan, lenders use lowest the middle score of any borrower on the loan which impacts the pricing and ultimately your interest rate. NJ is a marital state, so she...

I make $90kyr I have 30%down on a $195000 home , I have a 540 credit score. My credit report has fraud on it, I need a mort. ASAP
Gather hard copy proof that the derogatory credit items are not yours. Typically a letter from the individual creditor. Sometimes the credit reporting company can do a credit rescore to get the score higher. However, any OPEN, disputed credit items with any of the credit agencies are not factored into...

Va irrrl versus va streamline?
Interest Rate Reduction Refinance LoanThe VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage...

do all inaterest only refinance loans count deferred college debt in D/I ratio?
Deferred college debt due in 12 months will be counted in Debt to Income ratio.

can a mortgage be denied for a visible crack in exterior foundation
If the appraiser comments on the "visible crack" in appraisal report, the underwriter would request a copy of any home inspection report. Would probably require a certified inspector review the crack width/depth of damage, comment on impact on home foundation and any remediation needed prior to...

What happens with a reverse mortgage at death?
When the family member passes, the Reverse Mortgage will have to be repaid when the last surviving borrower on the loan passes away, moves from the home permanently or does not occupy the home for longer than 12 months. The borrower or heirs may be eligible for time extensions ranging from six months to...

debt to income ratio is 43% is that too high for a mortgage
Thomas, If your debt to income ratio is 43%+, a Fannie/Freddie approval would hinge on compensating factors of your loan profile. i.e. down payment, credit score, asset reserves after closing, job stability. If you are a business owner, there are portfolio mortgage programs which would allow for...

First time homebuyers, husband has bad credit
For underwriting purposes, we use the lowest middle score of any borrowers on the mortgage. If you are looking to increase your buying power, you can include him the loan. However, you will be penalized by a higher interest rate 10% minimum down payment required for a lower credit score (550-579). We...

Self employed, looking for lender to help?
Yes, there are programs for self-employed. I have a two programs which might be able to allow you to qualify. One is based on your gross sales, down payment and asset reserves. The other is a bank statement program which calculates your income based on your personal or business deposits. My office is about...