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Akali Dennie's Answers

Refinance Question
Yes you can refinance. Depends on your LTV. Since you no longer live there, it will be considered an investment property and you will be subject to higher costs. But, depending on your current rate, it may make sense for you to refinance. Hope this helps.
Interest Rate
My first question would be why would you want to break the lock in the first place. Is this a purchase or refinance? It is true you could break the lock and take your business elsewhere but I would ask WHY? If it is for a mere savings in the rate of say less than 1/4 percent, you would incur new costs with the new...
How much time and cost will this take?
You will sign a Grant Deed that takes the property, briefly, out of the trust and into your name. This has to be done because otherwise the title company would have to actually read and understand the trust, making sure it wasn't irrevocable etc. It also means you can sign all the mortgage papers...
I concur. The funds WILL NOT be considered taxable income. Hope this helps.
Discharge Vs. Dismissal
A dismissed or discharged Chapter 7 stays on your credit report for 10 years and a dismissed or discharged Chapter 13 will stay for 7. As far as your credit, you can qualify for an FHA/VA loan after 24 months has passed. The key is to BUILD your credit in the meantime. Work on repairing your credit by pulling a...
No credit check on a streamline refi?
The process for you should be rather simple with no late payments on the mortgage in the past 12 months. The concern should be what rate can you get and how much you can save. I believe I can offer you a rate under 5%. Please email me to discuss. We are Direct Lenders. Talk to you soon.
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I would love to speak with you on this and give you some great ideas. It is important to understand are you trying to not have the other siblings make a claim to the home if your parents pass away? You would like to be the only individual with ownership rights if this happens? I can be reached anytime.
Looking to buy my first home
With the scenario you posted, you would qualify for an FHA loan. FHA requires a minimum of 640 credit score and you can qualify for a 30 year fixed under 5%. Have you already picked the home out that you are looking to purchase. I would love to speak with you on this and give you an excellent rate with great...
Can I qualify for an FHA ?
FHA can only be used for owner occupied purchases. I don't know who gave you the advice but maybe he meant something entirely different. If you would like to own a home in another state and you will not live there, you can do this by being a non-occupant co-borrower. This would mean if you have a family...
Is this true?
I do not know where you heard that but FHA has very specific lending requirements. Most importantly, most lenders have established a minimum credit score of 620. If you are a first time homebuyer, there are many benefits to purchasing a home with FHA. Some collections and derogatory items may not have to...
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The first question I would ask would be how much equity is in the home. If the aunt has at least 20% equity in the home and you can qualify for a mortgage, you can do a GIFT OF EQUITY purchase. This would allow your aunt to sell the home to you without the need of a down payment from you. Please email me for more...
What is the chance to refinance just a 2nd mortgage if you have less than perfect credit?
Depending on your overall situation, you may be better looking into a loan modification. Look into the Making Home Affordable program. I believe you will find your answers and relief in this program. Hope this helps.
How long will the rates remain low?
The low rates have been engineered by the federal government in response to the deep recession. Not since the 1950s have rates remained so low for so long. With this being said, the fed's purchase of mortgage back securities have come to an end and you can certainly expect rates to rise by the end of...
Should we refinance soon?
Refinancing would DEFINITELY be beneficial to you. You should combine your 1st mortgage ($180,000) and your second mortgage of ($25,000). With the associated points and costs it would give you a total mortgage of about $210,000. You most likely could receive a rate of 3.875% for 15 years FIXED. This...
my credit score is good and make an above average income and have no bills but I show some late payments on my student loan in the last six months, can I still get mortgage loan?
Well, to properly answer your question, it would depend on what is your credit score and how many late payments. Why are the student loan payments late? If your credit score is over 620 and you have a strong letter of explanation for the late payments AND you are presently current on your student loan, it...
Gift to pay off our mortgage.
The advice that GVDenny has given is correct. But always consult a CPA to be 100% certain. Hope this helps.
Can anyone help me find a loan?
My first question would be why do you think you would have to go stated income? Are you self employed? Are you afraid the rental income would hurt you since you claim a loss each year on them? If either of these are your scenario, you may still qualify for an FHA loan. If you can prove that you have at least 25%...
Death Of Borrower
I am so sorry about your mother. You have my condolences. When someone dies without a will, it is called dying "intestate". State law requires the property go through the probate process to have legal title properly transfered to the heirs. An administrator is appointed by the probate court...
quick claim deed transfer?
My advice would be to talk to an Estate Planning Attorney in your state since this is something that you want planned in the EVENT of death. Hope this helps.
New Laws In NY ?
Have you looked into a modification? Call your lender and inquire about the HOPE for homeowners program. This could possibly get your rate modified. Hope this helps.

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