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Dave Skow's Answers

Applying for an FHA home loan
yes should be able to asuming 1) the loan your parents have is not a FHA loan and 2) you can qualify with their payment being factored into your qualifying ratios Dave SKow Guild Mortgage 206 714
First time home buyer with several questions in Seattle WA
*depending on long she has been earning / working as a " temp " - this income may or may not be usable for qualifying .......assuming worst case that it isnt ....will your income be ample to qualify ? if you are Ok with your income alone and your scores are fine - you should be able to secure very good rates/ fees ** look...
planning to do joint mortgage/joint ownership, what's the lender opinions?
is " family member " planning to live in the property ? if yes- your options are good and you should be able to get best rates and plently of program options if not , they are considered to be a " non occupant co- borrower" and the # of programs and options decrease
what happens if i owe more on my house than it is worth?
1) selling it will be hard to do without bring in funds 2) if wanting to refinance - likely no options What are you wanting to do ?Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Mobile (206) 714-9745
Is anyone doing less than 20% down for construction loans in Washington state?
No ...not that I am aware of two large lenders with construction loans in puget sound aea are WASH FED. and Umpqua might check with them I would also recommend checking with the smaller banks and credit unions in the area that is being built in
Wholesale rate loans?
wholesale loan rates are rates provided to mortgage brokers to use in order to then add their profit margin ( normally called a loan origination fee ) to and then to quote to the consumer ....a borrower is not able to obtain a loan using the wholesale loan fees ( unless they find a loan officer thats OK making )...
I have had steady employment except when I took a break from work to focus on school. Less than a year later, I re-entered the workforce as temp to perm for 3 months and then full-time permanent. How long do I need to wait to apply for a home loan or do I need to wait at all?
you should be Ok as long as the present full time job is not all commission position ...did you get a degree from the education / school you mention ....are these jobs are simialr in nature ?? .a good letter of explanation will be helpful as well ....get pre approved with a loan officer so you can know for certain
Different ways to refinance a rental property
Ideally the loan to value needs to remain below 75% for most rental property refinance programs to be viable ...using a 230K loan , that means the home would need to appraise for 307K to make this possible work ( this info is applic in WA state...I am not 100% certian about AZ ...but would think that this simple...
Can I get a 4.0% Home refinance rate?
A rate of under 4% is available as long as :* you qualify * credit scores are decent ( 740-760 are excellent ) using the figures you provided ..the loan to value ( ltv) is 83% ...Are you paying Mortgage insurance now ? if not - there are options that you can use to avoid paying this on the new loan and still keeping...
Can I refinance my home loan for a better rate?
Would need to know the following to answer the question accurately : loan balance , monthly mortgage insurance amount ? is present loan FHA or conventional ? I assume present loan is a 30 yr fixed and that you are interested in another 30 yr fixed ?Dave SKow Cobalt - Seattle dave.skow@cobaltmortgage...
Can recent unemployment affect me getting a mortgage?
if you have been employed and have income or the past year+ - you might be able to qualify for a loan ....get pre approved to know for sure
Seattle WA FHA Lenders for Credit Scores Between 600-620 Options
Tom ..hi there ...hope all is well ...try Wells Fargo , Guild or Eagle ( all should be able to handle this score on a purchase loan ) firm requires a mn 620 unfortunately ...Take care ...Dave Skow
Refinance Home to obtain lower fixed interest rate.
if presently in CH 13 ...there are likely no options for awhile either ....I echo prev reply ...check with present lender / servicer for any options
Investment property vs. 2nd home purchase
if you plan to use a loan - the pricing is similar might consider havcing her on the loan with you and if this can be done - you might be able to get owner occupied pricing on a loan - good luck -Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Mobile (206) 714-9745
Is there a way to get more than 4 mortgages?
if you are looking for a mortgage for a primary residence the # of other mortgaged properties you have is a moot point if you are looking for a mortgage for a rental property , there are options for loans ( with max financecd properties being 10)
HARP for an -accidental landlord- situation
Rental properties are definitely eligible for the HARP program you know if the WA loan is eligible ?whats the present rate and balance ? what do you think the realistic market value of the home ?yes- Any lender will take into account both loan payments when qualifying Thanks and feel free to call or...

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