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Dan Marchiando's Answers


Can He Do This?
If you truly believe you've been discriminated based on race, you can contact the following government agencies providing enforcement for the following two laws:EQUAL CREDIT OPPORTUNITY ACTThe Federal Equal Credit Act prohibits creditors from discriminating against credit...
Not on loan but on title. Can I get a loan after foreclosure?
That is a tough question. Your public record may be clean, but when completing a new standard Fannie/Freddie 1004 loan application, on page 3, you have to answer a question "Have you had property foreclosed upon.....in the last 7 years". I believe you will need to answer "yes" and then...
How to refinance after HAMP modification? Who can refinance in California (Ventura county)?
My understanding is that once you do a Modification, then your future options are severely limited. Fannie Maes current (August) guidelines say:"Modified MortgagesA modified mortgage is a loan that was legally modified after loan closing in a way that changedany of the loan terms or...
Are VA rates usually lower or higher than normal rates?
Hi Sam,VA rates are very competitive even with the low down payments they allow. They are really the best mortgage loan available today if you qualify, and often the lender credit or premium is enough to pay the VA Funding Fee. Zero down if you want, or put a little down, and get a lower Funding Fee. Loan...
I'm looking to take over my mothers mortgage, is mortgage assumption possible on other loans than va or fha?
Ryan,The Garn-St. Germain Act which is codified in U.S. Code section 1701j-3 allows for certain exemptions to the Due-on-Sale clause in many residential mortgages, for certain people. Your situation seems to fit. You probably won't need to do a formal assumption of your mother's loan, you would just...
Can i use income from a non borrowing spouse?
Hi George,The short answer is unfortunately no.I can imagine a couple scenarios where you might want to refinance property without your spouse on the loan. 1. If you owned the property from before you were married (separate property), or if your spouse had poor credit. In the first instance, the lender...
How much can borrower ask for in closing costs?
Hi Jason,You can negotiate with a seller or other interested parties for whatever you want, but lenders do have restrictions on what they will allow in a financed transaction. The answer to your question does depend a few factors. FHA loans have a maximum "Interested Party Concession" (IPC) of 6%, of...
Are there any lenders who offer FHA (or similar low or no down payment programs with w2's only and no tax returns in California?
Hi Dino,There are certainly lenders who will accept paystubs and 1 or 2 years of W-2s as proof of income for wage earners. However, ALL institutional lenders now obtain authorization from each borrower, using an IRS form 4506T, so that the lender can obtain a transcript of the borrowers' tax returns....
Does a borrower need to income qualify for harp 2?
Hi Jared,Unlike traditional Agency loans, you are not limited by 45 to 50% debt ratios. But you do have to have SOME source of income, even if it isn't enough to qualify for a loan outside HARP. Contact me through my profile. I can help.Sincerely, Dan Marchiando, California mortgage broker
Is it advisable to refinance in order to get rid of PMI insurance fee?
Hi Jimmy,You will need to determine if the refinance is really in your best interest, based on what your goals are. Someone giving you advise needs to have more information than what you've given, to give specific advise. That said, it is possible that with your bank's refinance, that the payment is...
Is it possible for someone to be on the mortgage but not the deed?
Hi Tim,You can have occupying co-borrowers, like a spouse, and non-occupying co-borrowers, also referred to as co-signers. These co-borrowers/co-signers have to be on title at loan closing for conventional loans, but the rules don't specify a percentage, so they could just have a fractional...
what's the max amount i can borrow with a VA loan that will still get me 100% financing?
Hi Ojai buyer,The maximum Ventura County guarantee is computed based on the now REVISED Ventura limit of $598,000. The Maximum Guaranty and Entitlement Available is 25% of this amount, or $149,500. For a $700,000 purchase, you would need a guaranty of 25% of the purchase price, which would be...
are there any zero down FHA loan programs available to teachers?
Dale,There is only one loan program I am aware of that combines a down payment assistance second loan with an FHA loan, for almost no money down. The program is called the Extra Credit Teacher Program from CalHFA. The teacher has to work in a "high priority" school (API ranking of 1-5), be a first-time...
can a mortgage be transferred if the original buyer died and it was left to the other person in his will?
Hi,This is a question that comes up often, and can be easy to deal with in many cases, especially when a property is inherited from a parent. Generally speaking, most residential mortgage loans have what is called a "Due-on-Sale Clause", which prevents just anyone from taking over payments on...
I need a loan
Christeen, The loan you are asking for would not be a mainstream Jumbo loan, but it is possible that we have a niche lender to do the loan. But you don't paint a complete picture with your scenario. Income and the quality of that income plus post-closing reserves would be key in overcoming the negatives of...
Is 4.250% a good rate for a conventional home loan if I have a Fica score above 740 in San Beranardino, CA
John, There several other factors besides the credit score that can affect the rate and price (points) for your loan. Factors include whether it is a purchase or refinance; purchases often are cheaper. Other factors include the loan-to-value in combination with your credit score, whether you are...
I inherited a home with a VA loan, if the mortgage company allows me to assume the loan do I have to meet certain credit criteria
Hi,You should not have to have the lender approve you to take over payment of the inherited property and loan as long as you fall under the rule of the Garn-St. Germain Act. It is very likely that you can just continue to make the payments on the existing loan, as if you were the original borrower. For...

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