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David Hosterman NMLS 220562's Answers

Can I buy a house with a 630 mid credit score?
Our company will allow FHA loans down to a 620 FICO. We also have ways to possibly get your scores up to a 640 to get you a better rate. Please give me a call at the information below so we can see what we can do for you. Thanks and have a great day!David J Hosterman 7400 E. Orchard Road, Suite 2900NGreenwood...
I need to fix my credit score, can i adjust the middle score by contacting that bureau?
I would be more than happy to give you some insight on how to do this. Our company works with our credit vendor to get this done all the time. It typically takes about 3 - 5 days once we get the necessary information. I have had customers get as much as 100 points added to their scores. Please feel free to reach out...
Your husband will have to refinance the house in order for you to get off the loan.
will i qualify for a condo through FHA?
JerryIt certainly sounds like you could qualify for an FHA loan and potentially even a conventional loan. There are many great programs available and the rates are still low. The pre-approval process is simple and can be done over the phone in about 10 minutes. Do you have time to chat either today or...
Rates on homepath mortgage compare to fha?
The Homepath product is going away in October so the sooner the better to get going on this. Fannie Mae is replacing this with their Homestyle program. The rate for Homepath is typically higher but there is no MI. Let me know if I can help in any way. Thanks and have a great day!
good chance of assistance through CHFA?
We can certainly do CHFA as well as other down payment assistance programs. We have approval with other companies that may be a better option for you. I woudl love to chat with you about your options. Some of these programs require no money down. Let me know if I can help in any way. Thanks and have a great day!
Too late to switch lenders?
I would be more than happy to help in any way I can. There should not be any financial obligation with the exception of the appraisal. I have been a back up lender on fall out deals in the past and have closed them in as early as 8 days. Let me know if I can help. Thanks!
can i refi primary mortgage and not the secondary mortgage?
You certainly can. This is called subordinating. You would need to request this to be done by the 2nd mortgage company. They typically will charge a minimal fee to do this. Typically with subordinations they will not allow any cash back to the consumer at closing.
Can you combine multiple peoples income to qualify for a VA loan?
In order to do a a VA loan the borrowers must be married. VA does not allow for co-signers.
When making a large payment can it be applied to principal only?
I would reccomend speaking with your current lender and asking them about a potential recast of the loan.
Can a harp refinance be used to combine 2 mortgages?
In order to be eligible for a HARP refinance Fannie Mae and Freddie Mac require the mortgages to be Fannie or Freddie owned. Typically 2nd mortgage are not owned by Fannie and Freddie so the likelyhood is not good to be able to do this.
Good credit score but in-between jobs?
This should be fine. Typically Fannie Mae wants one paystub covering 80 hours and FHA wants a month worth of paystubs. Both prefer the job to be in the same line of work.
Is there an age limit on applying for a 30 year loan?
From my knowledge there is not an age limit. I think that would go against ECOA.
I have a good job history and 20% down payment BUT credit is 570-580... Can I get a mortgage loan?
Our FHA program allows us to go down to as low as a 580 FICO depending on specific parameters. Let me know if I can help. Thanks and have a great day!
Can we use my income and my husband's credit score to qualify? I don't have credit, but his is excellent?
This is not allowed. Any borrower on the loan has to have their credit associated with the loan. Lender will typically take the lower of the two scores for qualifying purposes.
How hard is it to get a loan with a so-so credit score but 30% down? Credit is 605 on Experiean
Our company allows for credit scores as low as a 580 for FHA financing. Let us know if we can help in any way. Thanks and have a great day!
Self employment question
Essentially lenders want to see all pages of the tax returns. The income from the schedule E is typically cash flowed the same with all lenders. There are items that can be added back as income. Thanks!
Verification of rent?
Many times rental history is not required to be documented. If it is we could ask your parents to fill out a verification of rent. Feel free to reach out to me should you need some help. Have a great day!
Jumbo loan needed
I would love to chat with you about your options. Please reach out to me and we can discuss. Thanks!

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