Mortgage for two-family home which buyer wants to occupy as a single family home
Your best bet is to purchase using FHA, 3.5% down with mortgage insurance... this way, it doesn't matter... you still get the great rates FHA is offering right now, and you can keep it zoned as a duplex. FHA, 1-4 units, owner occupied, there is no "Pricing Hit" for these property types. If you...

I want FHA203K in rural Oklahoma, can any lender qualify if already 203K Approved?
Hey Alva... Your scenario is absolutely a no brainer... so long as your living in the property , you can purchase with 3.5% down, and most lenders who do FHA will do 203K... (This is assuming your 4plex is one parcel) I'm in Arizona and am not licensed in OK, but it's weird you cannot find a lender... a good...

Refi undwerwater home
FHA rate and term refinance will go to 97.75% Loan to value. You can get your closing costs paid by your mortgage company, so the only money you would need to bring in would be about $5400. This would go to lower your principal balance. This would only apply to Owner Occupies Loans. WilliamAcres.com

Minimum downpayment for an owner occupied triplex?
FHA allows you to put 3.5% down on Owner Occupied purchases. If there are property deficiencies, you can do a 203K loan where you can actually finance the improvements. FHA charges an upfront premium of 1%, and there is also a monthly MI of 1.15% annually. The monthly MI could drop off once your loan reaches...

How much is my house worth today?
There are several places you can go and get an fairly accurate idea... First is Zillow... Search for homes sold within the last 3 months and compair the values to homes similar in size and subdivision as yours.. do not rely on the Zestimate, as most people in this industry will tell you that the Zestimate is...

When a primary residence ceases to be primary
You don't have to refinance, however if the rates are much better then what your current rate is, then it might make sense to refinance while it is still your primary residence... if you have to move in the future, at that point your primary becomes a rental. (depending on the type of loan, FHA, VA,...

How much time to apply for a loan after escrow opens?
Well Beloit, you should have been working with a Loan Officer before you ever started looking at homes... Most LO's will tell you upfront what you're going to be charged for a loan... If the interest rates go up or down, his fee is already disclosed and won't change. You certainly...

arm 5/1 rate
The most recent government laws impose strict penalties for Loan Officers who don't adhere to the rules.. That being said, it's very difficult to get an accurate quote from any lender who has not taken a full application. You can thank our current administration for that special gift... but the...

Paying hte backup lender
Both loan officers should have quoted you up front what the costs were... The fact that one is a correspondent or not shouldn't matter... both lenders would underwrite, and it's a misconception that one would be better than the other.. Typical compensation varies based on the loan amount, but 3%...

My dad passed away last month. He did reverse mortgage his house.we want to keep the house.looking for loan to repay the $300 thousand he got.looking for loan.need advice.
The reverse mortgage that is currently on the home has certain time restraints regarding how soon it must be paid off after the passing of the owner. 3 months is automatic, with extensions permitted by the discretion of the lender to a maximum of 12 months. The home must be paid off without exception in 12...

Getting refund for appraisal when it was late and lock expired
That's a tuff one.. The appraiser was hired to do an appraisal, and he preformed his duties in a timely manner and produced the product, IE, the appraisal. Your Broker selected the lender, and the lender selected the appraiser, or appraisal Management Company. He took a week, but under the current...

Should I refinance?
The best way to determine your Net Tangible Benefit is to take the $2000 it's costing you and divide it by your monthly savings of $100... 2000/100= 20. It will take 20 months for your refinance to pay for itself.. if you're going to be in your home for more than 20 months, it's absolutely worth...

Two refinances one deal
It's very likely you will get a deal from your mortgage guy, but only if your using a broker, not a bank... the bank loan officer's hands might be tied.. he might tell you he's giving you a deal, but that would just be a sales pitch.. if you are dealing with a mortgage broker, then he will...

I am a first time home buyer trying to get a mortage? Any help?
It would be nearly impossible to buy a home based on your scenario, on your own with an 8 month job. FHA allows a college degree to be used towards the 2 year requirement, so long as you come out of college with a degree and you're working in the field you graduated in... other than that and maybe a few other...

can you get PMI removed from an FHA loan in less than 5 years
FHA MIP will be there for 5 years minimum (unless you did a 15 year mortgage). Even if you pass the 5 year mark and your balance is below 78%, FHA, at their option does not have to remove MIP. I have a client that has been fighting with FHA for nearly a year trying to get it removed and they refuse... WilliamAcres...

LPMI
Most lenders out there today have LPMI as an option. Your best bet is to contact a local Mortgage Broker, (not a bank). He has access to a vast number of lenders, and he'll be able to help you with the right choice...WilliamAcres.com

cost of 203(k) loan
It really depends on how much the estimate is on repairs. If your lender will allow an "Escrow Holdback" for repairs, then the only additional costs would be to have the property re inspected after the repairs are complete... $100 or so. Several lenders allow for up to $5000 in escrow holdbacks. ...

re-submitting a loan
There are quite a few lenders who will allow the appraisal to transfer... I would cut your Loan Officer some slack... With all the ridiculous guidelines, overlays, and laws, it's becoming more and more difficult to close a loan. Most of the things that pop up last minute are out of the control of your loan...

According to this site, the 5/1 arm rate increased from 2.96% (last week) to 3.17% (this week). Is that correct? I thought rates were on the way down?
Rates change daily, but it's not driven by anything other than Mortgage Backed Securities, or MBS... keep in mind, that rates can only go so low before it becomes a "Bad Investment" for Wall Street... My guess is that rates probably won't improve marginally from where they are at now......

How do I determine who my carrier is
If by carrier you mean your lender, it will be the name of the company on your mortgage statement... Unless your mortgage is being services by someone other than the company that is billing you every month, you can call the servicer and inquire with them.. WilliamAcres.com