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Dave Metsker's Answers

Reverse mortgage information
Good questions. Depending on your ages, you will have about $150,000 available, minus $50,000 to pay off your existing mortgage, which is required. Brand new programs, just out, allow you to receive the $100,000 balance as a line of credit, at a low fixed rate. Contact me, Dave Metsker, at...
How would a lender find out if a homeowner rented out their reverse mortgaged home
Most lenders send an annual re-qualification letter, where you indicate that the home is still your primary residence. Also, returned monthly mail statements are a clue.
FHA vs. Regular mortgage loan? First time home buyer.
If you have at least 20% down payment, and your loan will be $417,000.00 or less, a conventional (regular) loan may be best. Most first-time home buyers have limited down payment, and opt for FHA, which requires as little as 3.5% down payment. Hint: ask your seller to pay all allowable closing costs. This...
What money can be used to pay for closing costs etc. when purchasing a house?
Though technically not "seasoned money", it comes from an acceptable and verifiable source. Use it. Enjoy your new home.
What are some ways to pay down my mortgage faster?
Pay off your smallest balance credit card, which has a rate FAR HIGHER than your current mortgage rate. When that credit card balance is zero, add that monthly payment to your regular mortgage payment. Continue to do this with your remaining credit cards, and watch to see how fast your mortgage balance...
High Debt Ratio
Purchase a home now, at a price range that will keep your total debt ratio below 43% of your soon-to-be income. Or, search for a home that offers owner financing, where your future debt ratio will not be a problem. Just don't get over your head in monthly payments, and lose it all.
is there anyway to get a mortage with a current discharge of november 2011 having a second person on the loan
With sufficient down payment, a qualified person could purchase the property as an investment property. A spouse, or close family member who will live in the property, and who has no BK and has sufficient income, could qualify for the loan. You could be added to title after closing.
are loans available on manfactured homes
TrueCompass Lending Corporation provides reverse mortgages on double-wide manufactured homes built after 1976.
Home equity loan with good credit but hight debt ratio
Jeff has it all together. You need a smart loan broker, one who knows how to figure debt ratio AFTER the loan closes. Some credit cards require a monthly payment of only one to two percent of the balance, so it may help to pay off only a portion of the balance. Also, you may need to wait until 12 months after...
Will the changes to the reverse mortgage program retroactively affect current reverse mortgages in any way?
The elimination of the standard HECM reverse mortgage, scheduled to take effect for FHA case numbers issued on or after April 1, 2013, will have no effect on fixed rate reverse mortgages now in effect.
can I get a loan even though I filed banckruptcy three months ago?
Look for a lease option or rent to own. That way you can establish a housing payment history, as you wait for the BK to season. I have sold several houses this way in the Portland, OR area. Also, seek to establish your credit with a secured credit card from a local bank.
Is buying a short sale any different than a normal home purchase?
Get ready to wait, and wait, and wait. Some existing lender service companies are starting to speed up the process. But be prepared to be patient. It could be well worth the wait.
Currently in Chapter 13, is there a requirement that I file a loan mod ONLY with my servce lender?
Consult your attorney. A change in your mortgage debt, either in amount or required payment, can affect the terms of your bankruptcy plan.
In California bankrupcty, are tax refunds considered disposable income if needed for medical or car repairs?
Bankruptcy falls under federal laws. Consult your attorney. In general, money received during a calendar month is disposable income, and money or other assets retained after the month acquired are assets. Also, the bankruptcy court will most likely attach and retain any tax refunds.
impact on average people with the situation of stock marketing
What you may be asking is, how does the stock market affect interest rates. A better tool to watch is the 10-year maturity Treasury Note rate. You will find that in the financial section of most major newspapers, or check out, There is a saying in the mortgage industry, "As goes the the...
can a bank renege on a loan after the loan has closed using info they have had since the application?
My over 25 years' experience in the the mortgage industry tells me that the closing agent did not do the proper advance coordination with the title company. This can happen at the last minute, when the title officer reviews the file in depth, prior to giving approval to record the loan documents. ...
Is it always a good idea to pay your mortgage off early?
A good financial plan is to pay off the highest interest rate debts first, which most often are the credit cards. After the credit cards are paid off, and you make a habit of paying them off in full each month, move on to other debts, such as car loans. Again, pay off any debts whose interest rate is higher...
become a mortgage broker
The best course of action is to first obtain a loan officer license in the state(s) in which you want to operate. Next, locate an independent loan broker who will train you as an "apprentice", and agree to set you up as a net branch, once you show ability and integrity. As a net branch, you have...
Do you have any programs for people younger than 62 that are on ssi and own a house
If you own a home with a mortgage balance less than 50% of the current value of the home, and you have a family member such as a parent over 62, who lives with you in the home, they may be able to help you qualify for a reverse mortgage. If this sounds workable, call me at 503-620-2239.

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