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Aaron Brown's Answers

I am a first time home buyer trying to get a mortage? Any help?
A lender may not always ask for a 2 year work history because you were a student prior to landing a job for last 8 months. In this case, a FHA underwriter may ask for a transcript or some other form of proof to clear this condition. Are you thinking of going back to college in near future or does current...
Credit scores and other questions
5.79% could be the APR ( Annual Percentage Rate ) which is always going to be higher than actual Interest Rate. Did BofA apply mortgage insurance to your total monthly payment?
Living in Nebraska...buying investment property for my retirement
Is $40K your gross or net income?The goods news is that you do have an excellent credit score and solid assets.Buying a 2-4 Unit Property as an investment is going to require 25% down payment. I'm calculating your current total debt to income ratios at 33% and if we include 2-4 Unit purchase,...
not "Fannie Mae compliant" property
Are you sure it's not consider as a "condo"? If you can locate the actual property classification via county's website, this would give correct verbage. A town home that occupy's a percentage of land, should be fannie mae approved. If it's a condo, find out the condo...
Do I qualify?
Have you lost employment or concerned about being let go prior to final loan approval? Aaron BrownFlagstar Bank480-538-0611 Ext: 226
Refinancing my home in the bay area (California)
You may want to call loan servicer and ask about requirements to get rid of PMI. If you do have 20% equity in the home, then the servicer may require a full appraisal to be done to verify home value. This could be a simple way of reducing monthly payment without having to refinance loan. Or, you can attempt to...
Is consolidation a must right now?
You may want to have a couple of loan scenarios prepared prior to making a decision. By consolidating both mortgages, you would be considered a Jumbo Loan, which has a higher rate than current advertised rates. I am a local lender/Bank ( North Scottsdale ) and would be more than happy to assit you. Best...
Are there any downsides to a FHA Steamline mortgage loan?
It seems too good to be true from what you have mentioned. One big change with FHA loans is that upfront annual premiums have increased as of April 18th, 2011. Therefore, your monthly mortgage insurance is going to be doubled to what your paying right now.
do you need to have 20% equity in your home value to qualify for refinance & does all 3 credit reports need to be at 740? I have that on 1
Per Fannie Mae & Freddie Mac Home Affordable refinance programs ( assuming that your mortgage in secured by either one ) & you currently don't have mortgage's not required on new loan if you don't have 20% equity. You can findout whether or not Freddie or Fannie...
Mortgage on a house fully paid
As you see, most likely to be treated as an investment property. On that note, you can take a loan up to 75% of the appraised value. How recent did you buy this property? It's likely that you may have to owned property for 90 days before taking out a loan ( equity ) to perform home improvements.Aaron...
Refinancing FHA loan, is this a good offer?
Sounds like the broker/lender is going to provide a credit to cover all costs/fees with FHA streamlined refinance. I suggest that you ask for a Truth In Lending and Good Faith Estimate just to be on safe side. On paper, it does sound like a great deal but like others have mentioned, it may be worth looking...
Refinance with cash out on a condo
Most likely, you will have to wait 7 full months from purchase date to apply for a cashout refinance. If this is your primary residence, you'll be capped at 80% of the appraised value. Aaron Brown-Flagstar Bank480-538-0611 Ext: 226
Can I use a HomePath loan for an investment property?
We Do them!!!Down Payment Requirement for Investor Purchase ( Home Path Renovation ) is 25%Give me a call at 480-538-0611 Ext : 226Aaron BrownFlagstar Bank
Can I refinance my home to a lower rate?
It's worth finding out...Are you interested in a 30 Year loan term?Please let me know How I can help you out.Flagstar Bank: Aaron Brown888-760-8383 Ext: 226
Looking to refinance my home mortgage, middle credit FICO of 749
3.875% ( no points )Lender Fees: $ 840.00Contact me to discuss options ( 30 Yr or 15 Yr ) 888-760-8383 Ext: 226 Aaron
Middle fico score of 719, what rate can I get for a refinance?
Have you ever taken out any equity on this property? 30 Year is avg at 3.75% ( NO Points )Lender Fees: $ 840.00Aaron Brown ( 888-760-8383 Ext: 226 )
New home mortgage rates
Every Bank/Lender & Broker is fishing from the same pond when it comes to Interest Rates. I would agree with the last reponse from Cmilker...that you can expect an interest rate between 3.875% to 4.125% ( depends on the day ) but likely to fall into that range on and off. The best thing to do is compare lender...
What is the best first time home buyer mortgage in Arizona?
Hello Ben,On paper, everything seems to be legit for a loan approval. Please feel free to call me and I would be happy to discuss the loan approval process. Best Regards, Aaron Brown; Flagstar Bank: 480-538-0611 Ext 226
Are there still brokers out there? My realtor is recommending a broker.
Compare and Contrast the Fees given by a broker and a bank, as interest rates are likely to be the same.I would be more than happy to assist you with any questions;Aaron Brown, ( Flagstar Bank ) 888-760-8383 Ext: 226;

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