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Carlos Alers's Answers

I have recently gone through a chapter 7 bankruptcy. I have a good job that pays me $80,000 per year plus bonuses. What are my chances of getiing a decent mrtage rate?
You need to let me know how many years you have been out of BK. Based on that I will tell you if you can even get financing right now. For example, FHA only allows you to purchase a home after being out of a CHAPT 7 for 3 years. Conv Financing takes 5 years out of a chapt 7 in order to get approved for a mortgage. Your...
Which one is better in getting a mortgage? High income or good credit score?
The answer is: both. You need good credit to qualify for a mortgage but you also need to be able to make enough money to be able to afford the new house. So the question you need to ask is: How long will it take to fix my credit?
Why is financing a condo ding you rate?
He can eat that if he wanted to, but he has passed the cost on to you. We usually just absorb the cost for the buyer since we are a direct lender.
Dp you do 20% down
Nobody offers this any longer, only commercial deals are done like this now. The only real program is called a HIGH NET WORTH program. Your client would have to have a high net worth in order to qualify for that stated program, but I have never had a client who had the net worth and needed to go stated. Sorry.
Please help..I need advice...
Thats because there is no such rule. Bottom line is that the LO's underwriter doesnt like your deal for whatever reason and is making you jump through hopes to get you approved. The only thing that they have a case against you for is if you have not been doing the same line of work for 2 years. So for...
What are the FICO score ranges?
What is your FICO score is the question. From there I can tell you what percentile you rank within the nation.
New Job at Bank Previously self employed....need mortgage
Sure thing, I can get you done. Call me, we can do 3.5% downpayment. 815-690-8000. Or fill out a quick application on my site:
Paying hte backup lender
Its nice of you to want to compensate the LO that is not going to do the deal for you, but he cannot collect any fees from you that have not been disclosed to you upfront. It is illegal, and you will end up hurting his license rather than helping him. If you want to thank him, refer him to someone else.
In the state of Illnois if you are applying for a reverse mortgage and you have previous in a adjustable rate mortgage can rate be fixed if my children wanted rebuy the property at fixed rate ?
Sure it can. Call me later on today and I can set it up to make sure that happens: 815-690-8000. My name is Carlos Alers, I'm the Branch Manager for Open Mortgage in Schaumburg. your answer here

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