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David Kosmecki's Answers

Can recent unemployment affect me getting a mortgage?
Great question. After a period of unemployment, a 6 month re-employment is required. You can count on my 37 years of experience. Good luck!
VA construction loans
A construction loan is a mortgage with payoffs to contractors during the process and allows an appriased value as of when work is completed. (Future value). VA does not provide that type of financing. If you are asking about a VA purchase of a completed new construction, that would be a normal VA loan....
Is refinancing necessary to remove myself as co-signer from a mortgage?
A servicer can take a party off the mortgage but it is not likely. More like 1 in 1,000. Worth the try but more likely a refinance is necessary. If you decide a refinance is necessary, give me a call to see how easy my 40 years of experiance can make it. Good luck!
My insurance company says that I don't need flood insurance but my mortgage company requires it, what do I do?
Your mortgage company ran a flood certification which came back that said your lot is in a flood plain. There are 2 types of designated flood plains by FEMA. One is a blanket designation that indicates your lot or a portion of your lot is in a flood plain, The 2nd acutally has elevations. If you are in the 2nd...
How much of a down payment can be a gift?
Conventional with 20% down all can be gift. With less down, you will need at least 5% of your own funds. With FHA all can be gift and your only need 3.5%. Good luck, Dave Kosmecki 763-519-1100
What are my options if I have a conventional loan that is not owned by Fannie or Freddie that is underwater?
There is talk about a special program that may come out later this year for your situation that will have a net effect similar as if it was owned by Fannie Mae or Freddie Mac. There is not diffenite timing or if for sure it will happen, I have several clients waiting. The only current option today is to pay...
Where to find a lender who will allow me to self perform the work on a 203k loan?
Simple answer, if you are a licensed contractor or if a licensed contractor who would be responsible for the work would hire you. David Kosmecki 763-519-1100
What's the best way to shop around for mortgage rates from lenders without damaging my credit?
Know your credit score your ltv and type of loan as well as the loan amount. Ask 2 questions:1. what is your rate2. at that rate, what are your lender closing costs, the 800 line items on the HUD.David Kosmecki 763-519-1100
I have a condo, which is investment property, that is underwater. Will I qualify for a HARP loan?
If Fannie Mae or Freddie Mac, yes. We do investment properties on the HARP program all the time as well as Condos. David Kosmecki 763-519-1100
Is there such a thing as a minimum debt to income ratio requirement?
No but you do need a current credit history to be able to score.
is it possible to get a buisness loan to buy a small bowling alley with no money down and no collateral?
The other answers already listed are correct however, with no cash you need to think outside the box. One option might be to lease the business with an option to buy down the road. Another option might be to find a seller that is will to carry the purchase on a contract for deed with either no downpayment, a...
Lenders in MN offering FHA Short Refinance Option
I offer the product in Minnesota. The issue is the current lender agreeing to a short pay.
Should I refinance with a conventional loan? I want to get out of FHA MPI a year after original purchase.
Moving to a conventonal loan is a good idea. The prerequisites include credit score, loan to value and haveing sufficient time in the current loan so a new appraisal can be used. If you are short of the needed 20% equity, consider a lender paid single preimium mortgage insurance product - no monthly...
Is there a difference between the down payment and points?
Down payment is the amount of money between the purchase price and the loan amount. Points are a prepaid fiance that are part of the closing costs. Usually points are paid (by buyer or seller) to lower the interest rate of the mortgage the buyer is obtaining.
Can anyone figure out how to refinance me???!!
Go to a local lender with lots of experiance who is not tied to a bank. They can analyze all the facts and give you a better answer. Good luck!
Follow Question to Can anyone figure out how to refinance me???!!
Clever idea but unfornutely, no. It soulds like they need to do a short sale with the current lender so you can finance it.
Can I get approved with a middle credit score of 623 in illinos for an fha mortgage?
You will need 24 months from the discharge to use both of your incomes. While you are waiting for the 24 months, I would work on getting the collections paid or settled for less than full balance. Be sure to get a "paid as agreed" letter from the creditor when you pay as it is very likely that that...
Should I refinance or downsize?
Good question! If you are going to downsize, refinancing is not a good idea unless a lender is able to do a "no cost" refinance where the costs are paid from the lender's premium and not your cash or equity. Refinancing certainly could save you some money depending on your current rate...
Can I qualify for an investment loan using income from a rental property?
Absolutely. You can use all income reported on your taxes as long as it is forseeable to continue for 3 years.
My father has a VA mortgage loan, my mom is not...what happens?
When married only one spouse needs to have VA eligibility to obtain or refinace a current VA mortgage. If this doesn't answer your question, please ask further. In my 35 years in the industry has had me work with many VA borrowers and loan senarios. You can call me directly if you like at 763-519-1100.

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