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Chris Corica's Answers

how to refinance when you are told the property does not meet certain guidelines
I agree with ColoradoLender. As far as Rwoodwards answer, it would be tough to know what kind of savings would be available or if it makes sense to refinance without knowing all the details. Along with the credit union and current bank, try a local bank who has portfolio products available. They may have...
What is better? Paying more points now and better rates or no points and worse rates?
With a few basic details it would be easy to determine the break even mark for paying points. Based on the break even point and how long you plan to stay in the house, you can then determine if it is worth the added upfront cost.
Jeff - how much are you looking to put down? From there you can narrow down your options. If 20% or more, conventional may be the way to go.
How long do you have to own a house before refinancing?
If you just purchased and are looking to refinance there are a few things to look for. Depending what county you are in you will want to see if a CEMA makes sense for you. This could save you from paying thousands of dollars in New York state tax again in closing costs. Make sure you deal with someone who is...
Is it possible to refinance an ARM mortgage for a 30-year fixed after you've owned a property for three years?
Absolutely! Now would be a great time to explore your fixed rate options depending on your long tern goals. Feel free to contact me through my profile for a no cost, no obligation, mortgage refinance analysis.
How is DTI calculated? What is a good DTI? DO student loans count against DTI?
Joel - If this is a Fannie Mae or Freddie Mac loan the student loans WILL count against your DTI. Please view the link page 465. this is an FHA mortgage and the student loans are deferred for more then 12 months they can be removed from...
do you help people with poor credit?
You will need to be more specific. Please share a bit more about your credit situation and what you feel mnakes your credit poor. Do you know your FICO score? Do you have any BK's, Judgements or Foreclosures? Please elaborate.
how would it work for parents to buy a 2nd home for themselves, but we actually live in it and pay all costs 100% from beginning.
Fstadler has it right. What you are looking to do is considered mortgage fraud. Not a good idea at all.
Is it possible to get a FHA loan on a condo?
Yes but it must be an approved FHA project.
Is 7% interest on a 30 year fixed refinance good or bad?
There is not enough info to answer your question. 7% could be good or it could be bad. There are a lot of variables involved. What is the loan amount? What is the LTV? Does that rate include any type of lender paid PMI? How is your credit? What is the property type? Are you able to verify your income and job...
Is a down payment required when porting your mortgage to new home?
Porting a mortgage is typically allowed but very rarely an option that is used. You and the new property would still need to qualify through underwriting as a new loan but could possibly save you money on some of the fee's. I believe the general answer to your question is Yes but that will ultimately...
Help..We need a portfolio lender? Are you out there?
While you may find a portfolio lender to help your situation you would be best served doing an internet search for "Mixed Use Property Loans" in Kansas.
My husband and I are trying to buy our first home in Durham, NC. and FHA loan qualifications
Most banks will use the lowest middle score between the two borrowers. In your case a 634 would be the qualifying score. Making a few basic assumptions you should be fine getting an FHA loan. There are plenty lenders that go below 640. Best of luck in your home buying process!
Can anyone qualify for a USDA loan or are there criteria you must meet?
USDA loans must have a property located within an approved area to qualify. There are income limits and credit restrictions as well. If you are looking in NY and would like a no cost, no obligation consultation, feel free to contact me.
My husbands credit score is 630 and mine 675. Do we qualify for first-time home buyer loan with 100% financing?
If the property is eligible for USDA financing you could obtain 100% financing with no MI. If you are in NY and would like a no cost, no obligation consultation, feel free to contact me. Best of luck. Chris
Please help..I need advice...
Since you were pre-approved by two banks simply go to the other one. I am not aware of this guideline but it may simply be an underwriting overlay they have added at this particular bank.
What is the minimum credit score requirement for a USDA Loan?
Many lenders have their own minimum credit score overlays, anything below a 580 will be difficult to obtain financing.
I heard on radio that if I have 30 year fixed mortgage of 5% or more, I can save with 15 year fixed mortgage
The amount in interest saved will be determined by the loan amount. All things being equal, a 15 year payment is always higher then a 30 year loan. The big difference is you are paying interest for 15 fewer years.
I had an 7-1 ARM that expired last September, but remained at 5.25% for this year also.
To refi or not will depend on your long term goals for this property. Mainly, how long do you plan on keeping this home. The longer you plan to be there, the more it makes sense to refi now.

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