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Brian B The Loan Professor

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  • Website URL
    https://www.boelending.com/brian/

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  • Location
    Northern California - Nationwide Lender
  • Interests
    Senior Mortgage Banker Lending in all 50 States. If we cannot do the loan in house we have other banks that we can broker out to. FHA, VA,Down to 600 Conventional, Jumbo, Harp 2 (up to 175% LTV)USDA - Now doing Manufactured Homes! Please contact me for detailed information.... feel free to contact me through PM or email.... always glad to help.

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  1. Yes this can be done and is often used for college kids or in your case elderly parents If she didnt have the BK her income could help but that eliminates her leaving the qualifying income completely up to you To qualify your income will have to be enough to cover both mortgages and all debts - as long as your debt to income ratio is in line and you have good credit this shouldnt be a problem loan and most any lender can do it for you. The advantage will be with down payment and rate - you loan will be considered owner occupied instead of an investment Good Luck
  2. You should be fine - the decision will be based on your debt to income ratio Monthly Gross vs monthly min payments including projected mortgage (payments divided by gross gives you the percentage) Keep the debt to income below 45% you should be fine I would try local banks and credit unions for a loan that size - they are more friendly on smaller loan amounts
  3. Great advice above Most lenders never see a true 203k - they just dont come up that often The 203k streamline is a lot more common - For the 203k the burden is on you to get the estimates and hope that the value is there when it is appraised The appraisals are based on current value and an estimate of what the value will be after repairs - Banks like to see the sales price at or below current value and have to see it show a positive equity position for the after repair. Good Luck -
  4. Refi allows you to take your time - so if you arent in a hurry ask around and compare - If the bank you are working with is easy to work with and has a competitive rate there is no sense changing -
  5. We dont really allow recommendations as it opens the door for solicitations - we try to keep this user friendly and not a place where people will be mobbed by mortgage pros They sound like options should be available - NO Pmi may be an option but it usually means a higher rate If the rates are as high as you state then they will have options to lower their payments Depending on the area they may or may not be in a high cost area so combining the loans will make it a Jumbo If thats the case keeping the loan split could be the cheapest route monthly - When you shop for a lender have them lay out all of your options and then decide what works best for them....... Good Luck Hope this helps B
  6. Great question - very difficult to understand - if you are well versed in the process comparing rates and costs can seem simple - if you dont know what you are doing what can look like a great deal sometimes isn't. One way or another all banks charge for a loan so thinking you can get a no cost loan or believing lines like no out of pocket costs can end up costing you in the long run. The best thing you can do is understand the process so you can compare rates - You have to look at all of the following Costs (all costs) Rate Bank fees Many of the costs are not controlled by the lender - the appraisal and title fees all go to other people and the bank has no say in them - Banks charge a fee - they can also charge points (a percentage of the loan amount) If a bank is giving you the best rate but charging you 1% of the loan is it really the best deal? The one thing you dont want to leave out of the equation when deciding on a lender is the communication and reputation of your loan officer If someone says they have the best rate but in the end they cant get your loan through their rate wont matter Buying a home is stressful - having someone to walk you through everything may cost a little more but could be worth it Good Luck with your purchase - most banks offer VA so it wont be hard to find someone to help you Thanks to your husband for his service.......... Hope this helps B
  7. As stated your mother could possibly buy and rent to you - you could even enter into a lease to own type agreement - later you could refi and pay her off transferring title at that time To do this she would need to qualify on her own - you could not include your income - if she has the income and assets to qualify then it isnt a problem - keep in mind that if she were to try and buy or obtain further credit this would be considered a liability against her - Hope this helps B
  8. You can have the deed put into a trust - sometimes people wait until after the close - check with your title agent and loan officer to see which works best in your scenario Hope this helps B
  9. Yes it can however that isnt much income - even if it is grossed up to 125% you are talking 1150 a month for countable income if the payment with taxes insurance and mortgage insurance is $450 or more that isnt going to leave room for many other debts Are there any other credit obligations (car cards etc) Boarder income isnt usually allowable at first for fha Hope this helps B
  10. You should be fine you have a couple of small things after a BK which never looks good but other than that everything else looks fine You can count the 401k as reserves without withdrawing it - just get out what you need for a down payment if thats the plan Hope this helps B
  11. Hi Sherry It sounds like FHA would be a good fit If you are in a hurry I wouldnt touch those negatives - if you have time paying them off and getting them off your scores would boost your credit - it doesnt sound like it would take a lot of money to clean up
  12. Because of your recent modification I think you may run into a wall trying to get financing. We would have to dive deeper into the details He could however finance on his own. You could then rent your place 1st time buyer status doesnt do much for you these days he would be considered a 1st time home buyer you would not - B
  13. yes you should be able to use those funds for reserves
  14. The earnest money usually converts to part of the down payment You cannot double dip - if you use it for down payment it is gone and no longer available for you if an emergency pops up - Hope this helps Brian
  15. Your best bet is to try and prove it is outside the SOL Provide proof for the underwriter and see if that works It is still their call, this does not work 100% of the time but worth a shot Good Luck BrianBTheLoanProfessor Mortgage Forum Lead

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