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Charlie Sparks's Answers

Can Lender give themselves Thumbs UP when replying to questions asked??
And Rocky... what about lenders giving a ThumbsDOWN to their competition? Can you tell if this is being done?
can i be approved for loan of 15k w credit score of 590 property appraised @ 64k
You didn't indicate if you are looking for a 1st or 2nd mortgage. On a first mortgage a 590 score doesn't automatically disqualify you with me but there would be a min loan amount of at least $50,000. (This is not an offer to extend credit or a commitment to lend.)
Refinancing a Underwater Investment Property
I don't lend in VA but can at least offer some advice. If your current loan is FHA it is possible to do a 'streamline' refinance without an appraisal. If it is conventional, (either Fannie Mae or Freddie Mac), the loan is too recent to qualify for the existing HARP program. Currently a...
Can I purchase a second home after recently refinancing my first home?
Before saying 'yes' there are additional details that I would need. If you prefer to work with a local, licensed Albuquerque lender please feel free to contact me. Charlie Sparks, - 505.350.3745
My mom has good credit but mine is poor. But we need both of our income. what can we do?
There are lenders that will accept credit scores under 620 and I work for one. I'm not sure where you are located but if you are in the southwest perhaps I can help. Even if you are not I welcome you to contact me via my profile page do discuss your specific details.
Is approval possible with little to no down payment? Good credit, but no savings.
I don't lend in Illinois but do concur with the advice provided by these three lenders. Good luck to you!
can a bank renege on a loan after the loan has closed using info they have had since the application?
It doesn't sound like the bank is wanting to renege. They are just wanting to ensure that the mortgage is saleable to the secondary market, most likely Fannie Mae, Freddie Mac, or HUD/FHA depending on the type of loan. Yes, the lender and title company should have caught this well before now. Even...
Is it always a good idea to pay your mortgage off early?
A simple rule of thumb is... can you invest your money at a higher rate of return than the after-tax rate you are paying? Mortgage money at today's rates is some of the cheapest you can borrow. The mortgage interest deduction reduces the rate even further. I agree with DaveMetsker to pay off higher rate...
Is it easier to get approval for a mortgage loan by putting down more money?
Besides the accurate comments on debt-to-income ratios, putting 25% down on a conventional loan will often reduce your interest rate or closing costs. I'm a mortgage banker in NM and lend in NM only but my co. lends in several western states. Contact me if you'd like more information: www...
Can I purchase a home with FHA or VA and get funds to add on an inground pool?
I concur with my colleagues. The only way to get funds after closing is with the FHA 203k program and that is only for repairs/upgrades to the home. It can include landscaping and repair of an existing pool but constructing a pool is not allowed. I'm a licensed mortgage banker in NM and don't...
Scary letter received from Wells Fargo
The lender that approved you for the refinance should be held accountable. They had information on your credit report that you had just taken out a recent mortgage on your (now former) primary residence. This should have been a red flag to them that additional questions should be asked and...
What happens if I make large payments to principle?
Look at your amortization schedule and find your current balance. It should be on the line for the # of payments you've made so far. Beginning with the next payment start adding the principal portions of future payments until you get to an amount that's close to $30,000. These are the payments...
Do I qualify for the Harp 2.0, and if so who can I call? I have had no luck w/ BOA only because of lpmi.
I don't lend in NH but you are getting good advice here! I'm sure you will find a lender411 loan officer that can help you. Charlie Sparks, Albuquerque, NM - NMLS# 195031
I just refinanced my house, but considering converting it to an investment property and moving into a rental. Can I do this?
I wouldn't recommend converting your home to a rental so soon after completing an owner-occupied refinance. Even though you are looking to rent a new residence as opposed to purchase one, your current lender will be alerted when you change your mailing address with them as well as with your...
high income to debt ratios
If your current mortgage is FHA or VA there are options to refinance without any income verification. My company is licensed in CO but I am not. I'll be happy to refer you one of our loan originators who is if you would like. Charlie Sparks, Albuquerque, NM - NMLS#...
Is it possible to get a loan against our paid for home? My husband had to retire early due to his plant being sold.
Dave Metsker beat me to the punch. A reverse mortgage could be a good option. You probably won't be able to borrow up to 85% of the value, but you wouldn't be required to make a monthly payment. This is worth looking into. Best of luck to you!
What can I use the lender credits for?
Good advice so far. Your best choice in my opinion is to take a slightly lower rate to eliminate the excess. This is equivalent to buying the rate down, but not with money out of your pocket.
HARP refinance question (2 parts)
Regarding the 2nd part of your question, if your current mortgage isn't backed by Fannie or Freddie, any option is in the hands of congress. They will possibly be discussing and hopefully passing a bill to revise the HARP program to include other mortgages that were sold to private investors.
If I refinance my primary residence today, can I then rent it out to use the income to qualify for a new mortage?
Hello, I don't lend in NY but can answer your question. If you refinance into a new owner occupied mortgage you will sign at least one document stating that you intend to occupy the home as your primary residence. If you rent it out within 12 months you will most likely attract the attention of the...

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