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Bruce Dawson's Answers

Is document preperation fees for a new home deductable?
If you're talking for tax purposes, I would say no. If you paid discount points then that could be claimed. I would get with your tax preparer and provide your HUD-1 to him/her.
Can we refinance a mortgage while being under a Chapter 13 if mortgage is not included in plan and always paid on time?
It's possible if you've been in Chapter 13 for at least a year with a good payment history, have the credit scores to qualify for the mortgage, and have trustee approval.
What advantages are there for getting a conventional refinance over a VA refinance/IRRRL?
With a VA IRRRL there is no income or asset verification. If you are bringing money to the closing, such as paying your taxes instead of financing them in the loan, you would then have to verify assets, but no income verification. If an investor doesn't require an appraisal as an overlay,...
what determines amount of PMI?
Your loan amount and your credit score if conventional. For an FHA loan the loan amount will determine the amount.
have a high DTI at 54% but credit score is 796. what are my chances
I would need to take a look to see what you are counting towards your DTI. With the new rules that just took effect, we would not be able to go that high, but maybe the DTI can be reduced by not having to account for something you are counting.Bruce Dawson
what is an arm's lenth transaction?
A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other...
Is it best to be married to qualify for an fha mortgage
There is no requirement for you to be married to obtain a FHA loan.
who pays for a va termite inspection
VA will not allow a veteran to pay for the termite on a purchase. It's the seller that would have to pay for the letter. Please feel free to contact me if you have any further questions regarding a VA loan.
could I get a lower rate going VA or conventional?
That would depend on your credit score, but most likely you would have a lower rate with a VA loan. Most of our loans are VA and 9 times out of 10 a borrower goes with a VA loan when they are rate conscious. If you're in TN or KY, please give me a call to discuss.
Is there any sort of inspection checklist for VA purchase
A purchase of a home using your VA will have to meet Minimum Property Requirements (MPRs). You can probably find this doing a Google search. The big thing to remember is that, if something can cause further damage (ie..bare exterior wood, leaks, cracked windows, dry rot), or a safety hazards (ie..loose...
2014 tennessee closing times for an RD loan
A 45 day closing is a good answer, providing there are no title or appraisal issues that would hold the file from being submitted to RD.
will bankruptcy affect me even though i was not on the loan
If you were not on the BK you should be ok.
are 5/1 ARMs available for VA loans?
Yes, they are out there, but most will take a 30 year fixed since the rates are still somewhat low. But, like Ryan stated, each situation is different and you probably know what you are doing if you're asking about an ARM rate.
i want to buy a house with my friend - he is not VA eligible but i am
If your friend has VA eligibility it's possible, with VA approval, to use a portion of both veterans eligibility; however, finding a lender to allow that may be hard to find. If your in TN or KY, please give me a call to discuss further (931) 551-8999).
Would I be able to get a 2 unit home, 30 yr fixed NOT FHA?
If you are a veteran you could do a VA, as long as you are going to occupy one of the units as your primary residence.
Getting a mortgage with collections on my acct
It shouldn't, but as Colby mentioned, you will want at least a middle score of a 620. Please give me a call or email to discuss.
I'm purchasing a house, in which the bank had me to insure before closin, what are the new rules for insurance and purchases
Unless there were special circumstances to your purchase, normally your insurance is set up so it clears underwriting and then it gets paid at closing.
What distance from first to 2nd home must be?
It will depend on the situation and location. I would touch base with a lender and discuss instead of relying on a certain distance.
Can a reverse mortgage ever be foreclosed?
If taxes and insurance have not been paid, that could result in a foreclosure on a reverse mortgage.
Extras insurance fees on VA loans?
Nancy is correct, there is no mortgage insurance on a VA loan, VA guarantees the loan. If it's your 1st time using VA the Funding Fee (FF) is 2.15% and it is financed into the loan, unless you elect to pay it at closing. If you put money down the FF could be less. If you receive VA disability of 10% or more you will...

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