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David R Youngs - Assistant Vice President's Answers


Can recent unemployment affect me getting a mortgage?
As a general rule, less than 6 months of having a "gap of employment" would not disqualify you in itself. There are situations where unemployment income can even be counted towards your "qualified income," depending on the circumstances. The industry guidelines as a whole and also individual...
credit score 580 is there any where in MN we can get approved for a loan we are looking for nothing more then 60,000$
I know this is an older question, but I wanted to state that I have access to several underwriters that will do a loan with very little adjustment to interest rates for FHA, VA & USDA loans down to 500 credit scores. Keep in mind though that if your score drops below 580, you may need to put more money down. If...
I am trying to refi in SE WI and under water. Please help
There are sadly still many that may be in a situation similar to yours, despite values increasing overall. I would be curious to know more about the situation though, because based on what you're describing, there might be more to this than what appears... it may not be as "cut and dry" as others are stating....
Do usda loans have adjustable rate options?
The others are correct, adjustable rates are not an option with this financing type. May I ask though, how have you determined that a 7 year ARM is the best program for you? Is this a loan option that was recommended by someone else, or is this your idea?Have you had a chance to accurately compare the pros...
getting a homepath mortgage - do i qualify
Your credit should be high enough to qualify. Also if your other debt payments are relatively low, then depending on the price of the home you may qualify from an income standpoint. Are you looking at the standard HomePath or the HomePath+Renovations? I have access to both if needed and would be happy to...
Can you keep listing your house even though you have a signed purchase agreement from a prospective buyer?
Good question. It might sound nice to leave your home on the market so that you can have a chance at snagging perhaps a better offer on your home. However unfortunately it typically doesn't work that way. When you accept a buyers offer and sign a "purchase agreement," that is a legally binding agreement...
ca i qualify for a no money down usda mortgage with a 695 credit score?
Yes this is certainly a credit score that would be within the qualifying guidelines. However as others have stated, there is more involved in qualifying for a home loan than just a credit score. I specialize in working with practically ALL loan types available in both MN & WI, including USDA loans. If you...
Can lenders give rate quotes and then increase even though nothing has changed?
Interest rates follow the stock market. Therefore interest rate pricing can change throughout the day, sometimes multiple times. Let's say you receive a rate quote from a lender this morning. If you intend to "shop" from one to another, the only way for that quote to truly be comparing "apples to...
switched jobs - going to matter for loan?
Generally if you're switching to another job in the same line of work, underwriters will only require 30 days worth of pay stubs to document that you are working. A verification of employment likely would also be needed. Also it helps if you will still be paid hourly or salary, not commission, as this is...
Buying condo versus single family
Another factor to consider is that you will have monthly HOA (Homeowners Association) dues that come with Condo associations. Although your Master Insurance policy is paid through this, on average this will raise your monthly payment overall when compared to a similar Single Family home at the...
Will i get usda approvd with 1099 income?
Great question! Although it can be more difficult to qualify for loans when you are self-employed or paid as a 1099 contractor, that in itself does not mean you would not qualify. The only way to know for certain if this would work, would be to look at your complete income situation to determine what...
Should I lock in a 20 year fixed at 3.25% today or wait later in the week?
This is always a tough question. Deciding whether to "lock" in a rate or "float" on a rate is really a decision that only you can make, as each have their pros and cons. Also in addition to what the market and rate pricing is doing lately, there are many other factors that affect if a person should lock in or...
Getting a Mortgage while having legal trouble
When you ask if this lawsuit could "cause issues on her side," what exactly are you referring to? Are you asking about qualifying to refinance? Modifying your current loan contract with your loan service company? Buying a new home? Or something entirely different?Of course if your question...
Can a parent cosign on a mortgage for a child who is currently in school?
The short answer is most likely YES. There are options for another individual to "co-sign" on a mortgage loan, even if that person will NOT be occupying the new home with the primary borrower (your daughter). The primary factor that would determine if this would be possible would be dependent on which...
As a first-time homebuyer, how do I make the loan process less confusing?
You are not alone in your feelings on this. The home buying process can be rather involved and there are sadly many "horror stories" out there of people that felt things went very badly... The #1 key to a relatively simple and stress free buying process is to select high quality home team professionals. ...
Can i get another mortgage to buy a income property?
Are you asking if it is possible to get financing for a purchase of a rental property in general? Or are you asking if you can get a 2nd mortgage loan on a rental property? In short, the answer is YES to both. It's just a matter of knowing how to go about doing it. Of course depending on your goals also, how this...
how does a cosigner affect a mortgage downpayment
That's a good question. Unlike a vehicle loan or a credit card application, where just having another person on the loan could create an approval, it does work differently for mortgage loans.The person that co-signs with you on a mortgage loan may or may not actually help you get an approval. For...
I am interested in an "earth home" Any lenders in WI who can accommodate without being an adjustable rate?
I have an underwriter that works with these types of homes and many of the clients I work with are in WI. As Joe Becker mentioned below, give us a call and we'd be happy to discuss your options in more detail, without any obligation. Thanks! Toll Free: 866-680-2840 Ext. 12
Can you buy a foreclosure by getting a loan? Or do you have to pay cash?
You definitely could get financing for this. It would work the same way it would for any other property as well. The biggest factor to be prepared for though is the timing of things. When you are buying a property that is bank-owned, sometimes they may take some time before they accept the offer. You may have...
I'm interested in learning more about a reverse mortgage loan.
Hello Claudia - There are quite a few options available for reverse mortgage loans nowadays. One of the nicest benefits is that they are HUD insured, meaning there is added protection for you and your family. I would be happy to discuss how they work and offer you a complete outline of the options you...

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