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Christopher Jones's Answers


propert sold in forclosure while buyer is in escrow on short sale
This is more of a legal question especially when you refer to liability. However, my "opinion" is that the lender who held the mortgage has the right to sell the property especially if they went through the foreclosure process in the state the property resides. Short sales have been a...
Construction loan and existing mortgage.
You may want to consider an FHA 203k consultant loan..you can tear the house down to the foundation and build from there...of course you have to have plans, a HUD consultant etc. if you need a referral for a good 203k lender in NY let me know...
Building a Addition
There are a few options for you for your home improvements. My experience is in the Fannie Mae HomeStyle Loan and the FHA 203k. I would disagree with the notion that the 203k is only for those needing major repairs. There are 2 types of 203ks. The streamline 203k is for improvements, costs etc not to exceed...
I need help finding a refi on my jumbo loan in Chicago, IL
Hi, Yes you have options. I'm with a large mortgage banker in Chicago. We have in house portfolio jumbo products as well as access to an array of mortgage lenders. Feel free to contact me anytime at 312-505-9949. Thanks, Chris
Can't find a lender to refinance with harp 2.
We are offering it....However, I am not licensed in Florida. I can get you in touch with someone at my bank to assist if you want. Is this your primary residence? Chris
Low credit score FHA 203k
Hi,Our bank offers an FHA loan to 580. However, for the FHA 203k we require a 640 fico score unless there are very strong compensating factors (ie assets, low debt to income ratios, stability of income, etc). Chris
Are there lenders outside of your current lender willing to refi under-water mortgages?
Yes. There are lenders willing to refinance underwater homeowners. Most banks have access to HARP 1 and HARP 2, I would imagine....The rate you are being quoted doesn't seem all that bad. I have found that there are adjustments for loan to value exceeding 95% on these programs and they go up...
need asistance
Hi,We have an FHA product with scores as low as 580. Feel free to call me tomorrow and I would be happy to see what we can do.Best regards,Chris Jones312-577-5205
Not sure if I have pmi, think it's lpmi. I was told radiant would partake in harp
I can do a harp with pmi or lpmi and am in chicago...call me tomorrow if you'd like to discuss. 312-577-5205
We live in SC, we have a conventional Loan and wanting to purchase a new home,can we get another conventional loan? Not selling.
Yes you can. As others have correctly stated, you will need to qualify with both mortgages.
Employed overseas, employment history verification
How much are you putting down and how long employed in the usa
some websites say a min. credit score of 620 is needed for a HARP loan but others say no min. score is required. which is true?
It depends on the individual lender. Most banks have minimum credit score requirements even if Fannie and Freddie do not
I am having trouble finding a lender who wil work with me on a HARP 2, DU refi plus. Where should I look?
I would be happy to see what we can do. We are doing quite a few HARP refi loans. Chris JonesGuaranteed Rate312-505-9949m
Need assistance refinancing but have Lender paid PMI
I can help if it is HARP eligible. My guess is this is an old countrywide loan with lender paid monthly mi. We can do this and I just closed one 3 weeks ago.Thanks Chris Jones312-505-9949 mChristopher.jones@guaranteedrate.com
should i contact lender?
It could take that long especially with a broker in that the underwriting is usually done with the end lender vs in houseNot meant to be a knock on brokers in that there are a lot of very good ones. But they don't typically have the underwriting done in house. Our refinances are currently 8 business...
What are the restrictions on getting more than one FHA loan?
If you were a cosigner on another FHA loan, (non occupant coborrower) you can apply for another FHA loan as your primary residence. You must be able to prove that the individual you cosigned for on the other FHA loan is making the payments on their own.
What is a local non bank lender
It is usually referred to when speaking of a bank that does not take deposits and is an FDIC bank. Most, if not all, mortgage banks are non bank lenders. We act as a mortgage banker, but do not accept deposits. Chris JonesGuaranteed Rate
What are my low down payment options?
For a true commercial loan (over 4 units), you likely will need to put down at least 20%. However, for FHA financing, you can go as little as 3.5% down. The FHA loan limits are based on the county that property is in and number of units (up to 4). What county/state are you looking in?For example, in Cook County...
What loan types can I use to purchase a live/work space?
This is typically classified as a commercial loan. However, the Federal Housing Admin (FHA) allows for "non residential use" like you are describing here. The FHA appraiser will determine among other things, the square footage of the commercial space. There should be less than 25% of the building's...
I did a short sale 3 years ago. Do i qualify for a mortgage now?
You can be 2 years out of short sale with 20% down with conventional financing. FHA requires 3 years from the completion date. Call me if you would like a preapproval at 312-505-9949. Chris Jones, Guaranteed Rate, Christopher.jones@guaranteedrate.com

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