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Hello CB family, Long time not posting hoping y'all doing great. My mother in-law is selling one of her houses in Southern California and she asked me if someone I know might be interested and I thought It might be a good investment option to buy her house and rent it out. So assuming this idea is good enough how should I proceed? do we both go thru the same Loan Officer, Lender, Realtor, etc.. The house price based on Zillow/Redfin/Realtor/Opendoor is averaging $440K and I have my own house already that I pay mortgage on it. I appreciate your input everyone.

Does anyone have any idea if I can expect for my mortgage scores to drop after refinancing? Here's my situation: I signed the loan docs for my refinance just this week. It's supposed to fund on Monday, September 28th. On Tuesday, September 22nd, I put an offer on an investment property that was accepted the following day (Wednesday, September 23rd). I received a soft pull pre-approval, however I'm waiting until my refinance funds before doing a complete hard pull application, because I don't want any problems with refinance. Should I be concerned that my score is going to drop when my old mortgage is paid off and before my new mortgage is reported? Right now, my middle score is 747 and I don't want to scores to drop before I get pre-approved for my investment property purchase. Should I hurry and apply as soon as I know the loan is funded, so I don't take the risk of my score dropping because of the payoff of the old mortgage? Any of you mortgage gurus have any knowledge, insight or experience with this situation? Thank you in advance!

New account...old user. Hopefully I can get some good advice from the experts here. I am hoping to refinance my mortgage and have some questions about how to proceed. Info: Salary: 78K/year..solid employment in the medical field. Same employer for the past 8 years Scores at the moment: Mid score is 690, clean report with no negatives on any. My scores have dropped due to high utilization of CC DTI: high (75%) I built and closed on my house in Nov 2018. Owe: $295,000 Value: $400,000 (give or take a few thousand) I put 20% down to avoid PMI Current interest rate 5.25% 😕 By the end of this month, I will have paid off 32K in CC debt. I will have an additional 20K left on my reports but on cards with high CL's so my utilization will be low on the ones that are left. Other monthly obligations: Car #1 $657/month Car #2 #330/month CC's: $400/month (remaining 20K that is left over..this is an estimation but should be pretty close) So here is what I am hoping will happen (keep in mind...could be very different from reality as I really don't have a lot of knowledge about this) That's why I am here. I am hoping to wait until June to start the refinance process once all the cards that I am paying down have a chance to update to zero balances. What are the chance my scores would boost up to the 740+ mark (wishful thinking??) I want to pull out some of the equity to pay the remainder of the CC's, would this be an option or advisable? I assume that if pulling money out leaves less than 20% equity in the house then I would have to start paying PMI...is that correct? Am I taking a risk waiting until June? Although to be honest I doubt I will be approved which my current DTI. What are the chances of me getting approved at all? Is there anything else I should be considering? I will say that I am working two jobs at the moment which is how I am paying down my cc debt. Its only a six week contract but pretty lucrative. Will that income factor in to my DTI? Thank you, -S

Hi Folks - I'm scheduled to close on a new construction home 8/30. The kids start school here in MD on 9/3. They enroll in new schools and I want to get them settled as much as possible. That background might come in handy for the scenario that I'm seeking advice on. Here's the scenario: purchase price is $439,540. I'm currently doing an FHA loan with 3.5% down. My mortgage credit score is 726. The loan estimate has me paying $300 month in PMI. The issue is that in October I get my yearly sales bonus; at that time I can put down the ~$90K needed to cover the 20% down payment to remove PMI. Questions for those experienced in the industry: 1. Should / can I delay closing for two months? If so should I go conventional? 2. Should I move forward with the FHA loan and refinance quickly? How soon can one refinance? 3. Should I move forward with the FHA loan and simply pay $90K on the principal of the loan and reduce the amount to have PMI removed? Thanks for your help in advance.

Hello, I tried to do a FHA refi on a first mortgage that has never been late and a second with no payments in many many years. Well the FHA now requires all mortgages on the property too have a on time 12 month history. I am already in the process of my attorney working on a modification of the second defaulted loan. But we want too have a back up. Any ideas of other refi loans that this wouldn't be a issue with?

I am looking at purchasing my first home in the spring of 2019. I got my credit scores up to qualify for a FHA loan. Just recently I had a garnishment hit my paychecks from the city I live in (long story). The garnishment will be on my paychecks for at least the next few months. My question is will this keep me from being approved for a mortgage? Or will it simply lower the amount that I am approved for?

My wife and I had our BK7 discharged in June 2017, which puts us at June 2019 to qualify for an FHA loan. My question is when would be the earliest we could actually speak with a lender about qualifying for a loan? Our goal is to move into a house very soon after the June 2019 date our BK was discharged. We would like to have some of the leg work out of the way and not have to wait until the exact date of our discharge to start the paperwork process. Our lowest middle score is currently 679, our DTI is 33% (back end), and our gross salary combined is 160,000. I am sure our middle score will be well above that by early next year. We are considering purchasing a new Ryan home and possibly utilize their in-house financing which is NVR, just not sure when we should approach them. Thanks.

Good morning, I am writing this on behalf of a family member. She went through a nasty divorce in 2009 and had to vacate the home. The ex husband still resides in the home, however he has paid the mortgage late consistently and the house is always going into pre foreclosure. Because he refuses to sell the home her name remains on the mortgage and her credit score is horrible because of this. Is there any way to remove her off of this so she can try to salvage her credit? Can it be reported to the credit bureaus?

I'm at the tail end of building a new house and due to some material delays, my closing has been pushed out until the end of October to possibly end of November. My builder has not given me a firm closing date yet. Here's my dilemma: I need to finance a car for my soon to be 16 yr old daughter. This never would have been an issue if my house was on schedule. I should have already closed according to the original schedule but as I said there were some unexpected delays. I know that I cannot finance anything so close to closing but here are my questions. Will my mortgage broker be able to tell me at what point it is safe to apply for new financing? ~~2 weeks before? I know some of my friends have had to provide documents less than 24 hrs prior to closing. I do not want to do anything that will jeopardize my house. I am assuming my mortgage will not start reporting until the month after my first payment, correct? I am sure my score will take a small hit with the inquiries for obtaining the mortgage but I am hoping it will not be much. I want to get the best possible auto financing. my mid score right now is in the 740's. Any suggestions or recommendations on how to proceed? Thanks