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Bob Wilson's Answers

is the rumor correct for another tax credit for 1st time buyer?
With the tax credit in Ca. it is based on your taxes owed and divided over a three year period. It will not be in a lump sum and it will just be taken out of taxes owed and rebated back to you. If over a three year period you would have paid 10K in taxes you would get it back but if your tax bracket is lower you will only...
What is better co-borrower with not so great credit or no co-borrower at all?
What loan program are you looking at doing? We have some that will use alternative types of credit and it is a Govt. subsidised program. Check out our web page and give me a call.
Good deal? Should I take it?
It looks like you are getting some good answers. It's always best to shop around. We have an easy online application We'd love to hear from you.
Is it true that for second home refinance rates go higher? What constitutes a second home as opposed to an investment home?
A second home needs to be exactly that. The key is whether it can be considered that. How far from your primary residence is it? My real concern is working with a family friend that you obviously don't trust. Rates for non-owner occupied second homes are higher but the home might qualify as a second...
Can I Refinance my home before the ARM adjusts?
You are exactly where millions of American's are on their home loans. The biggest question is - How much equity do I have? If you can pay off your current loan and still have 20% more value (equity) left, you stand a chance. Even if you had to pay mortgage insurance your payments on a 4.25% loan would...
Is it standard practice to have to pay a $1995 Guaranteed Lender Fee? Aimloan is trying to charge me this. too much?
Look for the exit! All USDA FEES should be listed as "USDA Guarantee Fee" , and the VA Fee will have "VA" in the fee charged. It could be an "Origination Fee" but in today's market you shouldn't have to pay an origination fee, it really depends on your local...
Can My Wife Refinance?
Can your wife's income cover the payment (principal, interest, taxes and insurance) and all of her credit debt and still be below the 45% debt to income? You can add her to title but most lenders want to see a time frame before they can do financing on the loan, usually 6 mos. or more. Remember they are...
Have good property under contract, where can we find a loan..65% LTV, 5%-8%, 5/30.
I work with lenders that do that type of financing all the time. The key is the numbers on the property and the client credit scores. The property will have to be able to make sense financially for the lender.

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