If I take a 401K loan for buying home will it affect the bank loan?
When a borrower uses his or her financial assets--life insurance policies, 401(k) accounts, individual retirement accounts, certificates of deposit, stocks, bonds, etc.--as security for a loan, the borrower has a contingent liability. We will not require that this contingent liability be...

Mortgage rate?
carusobonnie... Your 1997 bankruptcy should not be a factor in underwriting and should be showing up on your credit report. Generally, bankruptcies drop off of your credit report after ten years. As for the collections, they are from eight years ago and I am surprised they are still on your credit report. ...

Co-Borrower on Mortgage?
Interest rates are always based on the lowest middle score. If your middle credit score is lower than your parents, your rate will be based on your score.

Do you all think the rates have actully hit their bottom and it is upward from here?
If you snooze you lose! I've been in the business for 28 years and always advise my clients to lock in as soon as possible. It is much easier to kick yourself if rates go down and you have locked in than if they have gone up and you haven't locked it in. Rates always go up much faster than they come...

Buying first home with VA loan and average credit score?
Your situation is perfect for a VA loan with no money down. To reduce your upfront costs, have your Realtor negotiate with the seller to pay all or most of your closing costs or see if your lender can help you with them. Too bad you are in Washington, I would love to work with you!

If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get?
Most lenders will approve a Debt To Income (DTI) ratio of 45%. This means that, based on your income of $96,0000, your total monthly debt (house payment, car, credit cards, school loans, etc.) should not exceed $3,600. The question I always ask my clients is "what kind of monthly payment are you...

Take loan? 30 yrs fixed, $330k loan, 20% down , credit score ~800, $1k fee, rate 4.875%
I don't know how long ago you received your quote, but based on today's rates there shouldn't be a $1K fee on a 4.875% rate. All of your costs should be paid out of the lender's yield spread premium.

Swimming Pool
Taylor, you can do a cash out refinance up to 85% of the value of your home. If your home is worth $225,000 then you can borrow $191,250. When you look at doing a new first mortgage or a line of credit like William suggested look at what type of loan you currently have and at what interest rate. Fixed rates are...

Do I have any options? (refinance dilemma)
From what you have written you should be able to refinance under the HARP 2.0 program. You would refinance your first mortgage and subordinate the second as long as your first mortgage is owned by FannieMae or FreddieMac. If you want to talk, I can be reached at 602-312-2192. I am licensed to do loans in...

Can an unmarried couple refinance a mortgage?
Hi Cynthia, you will be fine refinancing your mortgage. I have been doing loans in Colorado for the past 29 years. Feel free to give me a call if you have any questions. Tom Winberry, Professional Mortgage Associates, Ltd., 602-302-2192, NMLS#224054 CO MLO 100009794

completely new to this - how much should i expect to put down?
The $5k down on the property will work for both FHA and Conventional loans if you keep your purchase price at $100,000. FannieMae and FreddieMac both require a 5% downpayment while FHA requires 3.5%. If you are a veteran you can get a VA loan with 0% as a downpayment. I guess my question is, do you have...

how much do i need to put down on a $320,000 property with an FHA loan?
The maximum FHA loan for a home in Fountain CO (El Paso county) is $271,050 for a One-Family home. So, if you are buying a single family home/condo you will have to put down a lot of money for a down payment, $48,950. Two-Family homes have a maximum loan amount of $347,000. The minimum down payment for an FHA...

refinance my 80/20 loan in Colorado??
Now is a great time to refinance. You should take advantage of the low interest rates being offered right now. With the lower payment you could put more money into savings, pay down a credit card faster, maybe afford a new car. If you do have a loan to value less than or equal to 80% you will avoid mortgage...

VA 15 year refinance
Hi Larry, I guess my first question would be are you aware that your payment will probably go up by switching to a 15 year mortgage? I am licensed to do loans in Colorado and have been doing VA loans there for 25 years. Feel free to give me a call at 602-312-2192. Tom Winberry, NMLS #224054