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Anthea Emerson's Answers

So confused about credit scores :( And a little irritated to boot: 666
I know that 30% balance is the standard response, but it really does depend on who the Creditor is. If it's a "prime" credit card, such as Bank of America, Chase, Wells Fargo, AMEX, Discover, etc., then you're safe at 30% balance.If it's Capital One, First Premier, HSBC, etc., it's best to be below 20%. For...
People have suggested I lock before rates gets worse, but i'd like some professional advice. Should I lock now?
As TLCLender suggested, it depends on some factors. If you know the approximate date you will be closing on, then lock your loan. As a mortgage professional, I always suggest locking a loan after receiving an initial loan approval or at least after an appraisal. The 10-day lock is always the lower rate...
Considering current market rates, is now the best time to lock or are rates likely to get better than this?
Hi Brent,It's difficult to know exactly when to lock and it can almost be compared to knowing the best time to buy stocks! Before you lock your loan, considering the following issues first:1. Do you already have a home under contract?2. Will you be closing within 60 days?3. What kind of loan program will...
can you get a mortgage loan for a purchase price of $30000
You might also want to look into Credit Unions and Private Lenders in your area. Good luck!
What is the minimum down payment you require for home purchase using government loans?
Another government program is the USDA with 100% financing. It is area specific but I would advise you to look at FHA and Conventional as well.
Are we entering a slow period for home buying?
Home prices won't drop but you might find less competition from other buyers. October thru beginning of February are typically the slower months for real estate but it's just less competition not necessarily lower prices unless you find a seller that really needs to sell quickly.
We have a HELOC. The bank turned us down for refinance due to the appraisal being less than what we owe on the home. Now we are upside down. We aren't behind on the payments yet, but work has cut to 32 hours a week, which makes it hard to meet those payments each month. Is their any help available for our situation?
You can try to negotiate with them for a settlement but more than likely, they won't accept something that will suit you since you're currently on time. You can try to do a HARP loan which will allow for up to 125% loan to value ratio or try a government loan modification - HAMP. Call or email if any questions...
In 2012 foreclosed in mn when can i get a new mortgage on a home?
As someone else mentioned here, you can generally buy another home if you can show a detailed hardship. It's not an automatic approval either and a divorce or separation does not count as an extenuating circumstance. You have to show a clean credit history for the prior 12 months and attend HUD...
I was unemployed for the past 2 years and just started my new job in december. How long do i have to wait before i can refinance?
It's usually 60 days but it can depend on the underwriter and how everything looks for you. Sale Price, down payment, how much assets you currently have and a very good letter of explanation for the two years of unemployment.
I am selling a home in Palm Coast Florida who pays closing cost
Typically in Florida, both buyers and sellers have their own closing costs to pay. For a seller, you will end up paying State Tax based on the selling price, prorated Taxes based on when you close, Title Company closing fees (ranging from $500-$800), and Owner's Title Policy (meant to insure clear...
Can I even hope to get a mortgage loan as a graduate student with a credit score of 777 and annual income of $25,000?
Absolutely! If you've been attending college for at least the past two years and can show that your income will continue for the next three years, you should have no issues at all. For the home you're currently renting, you can treat it almost like a refinance if you can prove that you've been making the...
can we get refiance after having a modifaction loan several years ago.
Yes, you can. Depending on your lender, as long as you did not have a principle reduction on the modification, you should be fine. You can also inquire about the HARP program as well.
Do I have to pay-off my Reverse Mortgage if I buy another house with a CONV Mortgage when I close on the new house?
No you don't. You do have to be able to qualify for both mortgages with your income however. Will this new house be a primary residence, second home or investment property?
Why would a morgage company ask about unreimbursed expense on a tax return
That amount gets deducted from your gross monthly income. If you've claimed $2000 as your 2106 tax form for 2012 and $1800 for 2013, these amounts would be added together and divided by 24.
will a bad credit spouse hurt our mortgage
Yes, your wife's credit will affect your interest rate and more than likely will disqualify you for a mortgage. The only reason borrower's would need a co-signor is either to qualify for a higher sale price or to help someone's credit.
mortgage on a house that I have rented out?
You might have to qualify with a Foreign National Loan. As for the rental income, unfortunately, you might end up having a monthly debt versus income. If you're not claiming any net profit from the rentals, we would probably still have to count taxes and insurance against your income. Most landlords I...
loans without mortgage insurance
There are a few factors to consider but I would suggest a Conventional loan with 5% down payment. With the $6000 down, you'll be at around $100,000 sale price. You can, however, afford a higher priced home with an FHA loan which only requires 3.5% down payment and the seller can assist you with almost all...
Can usda loans work for investment properties?
USDA is strictly for primary residence only. This is a program meant to help homeowners with little or no money to use towards the purchase of a home. The homepath program might be an option for you. Some banks will allow you to purchase with 5% down investment property.
if I put down 25% can I get a mortage on a condo?
Make sure the Condo is approved with FHA or Fannie Mae. If it's approved, you can put much less down. Email me if you'd like the link to see if the Condo Association is approved.
For usda loans can i still have the seller pay the closing costs?
Absolutely! The seller can pay up to 6% closing cost. If the house appraises for more than the sale price that you offered, USDA will allow the difference to go towards your closing costs. So either way, you're covered. What comes out of your pocket will be the escrow amount once the contract is approved...

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