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Dana Anghel's Answers


is asset based financing available with fha
It's possible there is a lender out there doing it, but you'd have to ask around. A representative from Impac Mortgage Wholesale mentioned this morning that they are working on releasing a program that will allow exceptions for people that have a hard time proving income, but that have significant...
what is the best way to get my ex wife off the mortgage?
As long as she is on the deed of the home, she has rights to the property. As long as her income was used to qualify for the home, the lender will hold her responsible. The easiest way is to refinance the home in just your name, but if you don't want to do that, then you can have her sign a quick claim deed, and then...
If my dad has a reverse mortgage and can't remember thru who is the a way to find out
That information will show up on the county records, and also on his credit report (he can obtain a free copy at www.annualcreditreport.com)
Who can pay for termite treatment on VA loans?
"You are not allowed to pay for the termite report, unless the loan is a refinance. That fee is usually paid by the seller." Source: VA website, under "other loan costs" http://benefits.va.gov/homeloans/purchaseco_loan_fee.asp
what's the ideal fico for going jumbo?
There are two major things that influence pricing: credit score and loan to value (LTV). It really depends on the lender you chose to go with. I have one lender that considers anything 740, and one that sets the standard of excellence at +760. It depends on how conservative they are. Either way, the more...
If I only have 5% to put down can I get an FHA loan?
I have one lender that will approve FHA loans with credit scores as low as 580 (generally it's 620 minimum) - but they do require a 10% downpayment. Perhaps this is what you are referring to.Otherwise, the minimum FHA downpayment is 3.5%. If you do have 5% available, and a decent credit score and history, I...
Is it ok to have 2 FHA properties or will i need to deed quit??
From the FHA Handbook:"FHA will not insure a mortgage if FHA concludes that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be encumbered will be the only one owned using FHA mortgage insurance. We do not object to...
how important is BBB rating for mortgage companies
BBB is in the business of making money.. you pay then to be accredited. I've noticed that business that pay for the accreditation will suffer less from complains (a lot of them will be closed based on the fact that BBB has deemed that the business did their best to solve the problem - not always the case when...
what's the minimum equity needed to do a va cashout
Some lenders will have loan to value limitations, but there's plenty out there that do 100% cash-outs. It will be a full qualification process, not to be confused with the IRRRL (Interest Rate Reduction Loan). Income documentation and an appraisal will be required. You can check out www.utloanofficer...
Are brokers allowed to lock in your rate without my permission?
Short answer: yes. Your loan officer can lock the interest rate at any time, thou it should have been discussed ahead of time. It really depends on what the company policy is. Personally I decide with my borrower when to lock the rate, and I prefer to wait until after the underwriting approval, so that I can...
i did a usda no downpayment loan with my first home, can i do this again?
USDA is a loan program intended for low to moderate income families. You cannot have more than one USDA loan at a time, and you can't own any other properties when applying for a USDA home (unless it meets the commuting distance requirement, meaning it's about 50+ miles away from your new residence). So...
how much cash would i be able to get out of an fha cashout refi?
Jason is correct. If you have 28% equity right now (backed up by an appraisal), you will be able to get a cash-out for 13%. Your new loan to value isn't allowed to go higher than 85%. However, you probably don't want another FHA loan because of the high cost of the new mortgage insurance. I suggest refinancing...
can i go zero down with a usda loan if my credit is 635?
620 is the minimum. Make sure you do not own any other real estate property, get pre-qualified with a lender, and start looking for a property in an eligible area. Here is the link to the USDA map: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction...
is it possible to pay closing costs on credit?
You cannot charge them to a credit card. You could take an advance on your credit card, have the cash deposited into your account, and use it to pay for closing costs, BUT - that is why the lender wants to see your bank statements and wants explanations for any large deposits. The lender will want to include...
Can i get a jumbo loan with a 712 credit score?
Jennifer, on a primary residence up to $1,500,000, 700 is the minimum credit score required. Higher amounts might require a 720 credit score, but an extra 8 points can be easily achieved by lowering your balance on an account or two. All the information you need on conventional Jumbo loans can be found...
can I get a VA mortgage with a nothing down if I have a 705 fico or do i need higher
Ken, the only way you would be required to put money down on a VA loan is if: a) you've used part of your entitlement already and you don't have enough available for the loan amount you are requesting; b) you are looking to get a loan over the conventional loan limit, which is $417,000 in most counties, and...
i cosigned and they defaulted - hurt my chances of a new mortgage?
The only way you can take your name off the loan is through a refinance, or by having that house sold. The mortgage lates will affect your credit score as well, but depending on the mortgage you are looking to get, you could probably submit a letter of explanation to the underwriter and get an exception....
will FHA finance a manufactured property?
I recently closed on a manufactured home loan in Moab. Your loan would have to meet all FHA requirements - the only thing that's different is that you will also need an engineer inspection and certification in addition to the appraisal. This is another $400 up front. The house has to be constructed after...
I am looking for a company that does cash out refinance at 100% of the appraised value. Do you know anyone that does this?
The only loan that allows a cash-out of up to 100% of the appraised value is the VA loan (and not all lenders will go up to 100%).Unless you have VA eligibility, you are generally limited to 80-85% loan-to-value (depending on which lender you go with, and whether you go Conventional or FHA).I can help if...
Will I qualify for a mortgage? I recently took a new job, 640 credit score, never late with any payment first time home buyer.
If your new job is in the same field of work, and hopefully you're not self employed (!), you shouldn't have any problems. A letter of explanation stating the reasons for your job change might come in handy (such as higher earnings opportunity). It will be underwriter discretion is considering if your...

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