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Brady Smedsrud's Answers

FHA Condo Loans
Yes, she is wrong. An FHA condo loan has the same down payment requirements as an FHA home loan which is 3.5%. Your tax credit can be applied to closing costs however you can not apply it to your 3.5% down payment. Closing costs may be origination charges, title fees, recording fees, underwriting fees, ect...I...
Is it hard to get approved?
There are many banks actually loosening their reins right now. You should not have a problem qualifying with any ratio below 45% with most lenders, especially with credit in the 700's. Take some time to talk to some other loan officers from other banks or brokerages to see what all your options are.
Mortgage on New Construction?
Yes, you can lock in for long periods such as 90 or even a 180 days. However you will take some pretty serious hits on your rate for locking in for such a long period. You also may have a problem with finding a broker that will do this for you since there are many issues that may come up before the closing date...
Where is Mortgage Broker Compensation in Good Faith Estimate?
He is getting paid through his lender. I am sure your broker will be willing to lower the rate that he has offered you for a higher origination cost. In other words you can buy down the rate if you want.
reverse mortgage with no equity and little income
Your house would have to appraise for around 410K for most lenders to consider a reverse mortgage. To give you an idea of what your house is worth, talk to a realtor to see if they can look at comparable properties around West Yellowstone that have recently sold.
Is there a benefit from switching to an ARM from a FRM?
I suggest simply refinancing your 30 year FRM to a lower rate unless you plan to move in the next five years. Rates are at a near all time low and the chances of them doing anything but moving up in the next 5 years is very unlikely. In a worst case scenario you may be stuck with a rate around 7 or 8% even with...
Credit Question when it comes to mortgages?
Jenny,You should be fine, 620 is the lowest we can go but if your above that your good. You may take a small hit on your rate however. With your credit score above 620 then what you will be able to get approved for is going to depend on your income and how much of a down payment you have. Give me a call and I can go...
How long until i can refinance from a short sale with 2 defaults?
One year for FHA if you can prove extenuating circumstances and there is evidence you have reestablished good credit since. Extenuating circumstances are nonrecurring events that are beyond the borrower's control that result in a sudden, significant, and prolonged reduction in income or a...
are loans available on manfactured homes
Yes they are, as long as there is a permanent foundation we can do them. Let me know if you would like to discuss this further. We are based in Montana but can lend in all states. Bank of the Rockies - Brady Smedsrud (406)556-1800
Buying in rural area - need advice.
It sounds like you wouldn't have a problem qualifying for a home. USDA is going to be your best option since it has no down payment requrirements and the mortgage insurance associated with it is a fraction of what FHA is. Besides the main cities, most of Montana is considered rural so all the properties...
Is interest paid on money the mortgage company puts into escrow while repairs are being made to the homeowner's property?
If the account is made for repairs that must be done for financing to take place, then it is not a line of credit, it is an escrow holdback account for those repairs. The appraiser probably listed the appraisal 'subject to' certain repairs which must be done within a certain time. If it is an escrow...

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