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Dotty Owens's Answers

is it possible to do a conventional loan for a condo at 95% LTV?
Hi Connie,You can purchase a condo putting 5% down as long as Condo meets certain criteria. I would be more than happy to speak with you further about this. My name is Dotty Owens and I am the Broker/Owner of C.U. Members Mortgage in Connecticut. I can be reached at 203-469-5626. I hope to hear from you.
No Income Tax, W2, Paystubs Loan available Now!! Does it work in Connecticut ?
There are some programs out there that say they are doing No Income - Stated Income Mortgages. I do not know of any specifically however. Good Luck.
do mortgage rates depend on rental history at all, including past eviction
Hi,If you have had a previous eviction on your credit history, this might effect your rate. There are many other factors also that can offset the rate you are charged, such as how long ago it too place, what the circumstances were, etc.Dotty OwensMortgage BrokerNMLS# 70977C.U. Members Mortgage...
can you e a first time buyer if you buy a house out of state
Hi MMichaud99996, no you cannot be a first time home buyer if you own a home out of state. You are only allowed that distinction if you haven't owned a home of any kind for at least 3 years. With the Conventional and FHA programs that are available today, you are allowed to put as little as 3% down on an owner...
what happens if the borrower does not live in the fha purchased property?
You are allowed to have 1 FHA property that you do not live in as long as there are specific reasons, such as you are moving out of state and buying a house in another state. If you are looking to simply purchase a property as an investment property, you can't do FHA in most circumstances.
can you qualify for fha loan with one late mortgage payment?
Hi Derick, It would depend on when the late payment occurred and what your credit scores are.
my credit score is 710 and i make $90K yearly, can i get approved?
Hi,I'm Dotty Owens and you certainly can get approved. Do you have a specific property in mind? I'm in East Haven CT and cover the state of Connecticut. I am a Licensed Mortgage Broker and a Licensed Realtor. I'd be more than happy to speak with you at length to qualify you and perhaps if you don't have an...
Are PMI fees negotiable?
Hi Joseph,PMI fees are not necessarily negotiable, however there are many different options available for PMI today. PMI rates depend on the amount of money you are putting down on the property, the PMI company that the Lender you are working with uses, whether you are going with an FHA or...
I only have cash reserves for 20 out of 24 months. What are the chances that underwriting will approve anyway?
Hi. Exactly what are you trying to do? What do you need 24 months reserves for?
first time homebuyer interested in a FHA loan. Can we have less than 20 percent down?
Hi, Yest you can. I have another program where you don't have to put any money down. Please call me at 203-668-7770 to discuss it.
Looking to buy in the next few months. How for in advance should I lock into a rate?
Hi Melinda, You will need to purchase a home before you can lock in a rate. Then you can lock it in for up to 60 days and in some cases up to 75 days depending on the lender without having to pay any sort of an up front lock in fee. Please feel free to call me at 800-624-2427, I'm Dotty Owens with Northeast...
I am looking to pull out cash from my home. Is there a laximum amount I can take?
Hi Lorenzo, the answer to this questions isn't a quit one. It depends on how long you have owned your home, what type of loan program will fit your needs best, i.e., a Conventional loan, FHA loan, Jumbo loan, etc. and what your credit scores are. It will also depend on your qualifying ratios and the loan to...
Does a Harp refinance require a appraisal fee?
Hi, it depends on what you are trying to do. You can get an appraisal if you want to try and include the closing costs into the loan amount. If you don't want to or you know there isn't enough loan to value, then it isn't suggested that you get an appraisal. I hope that answers your question. Please feel free to...
I am currently over 2 years into a Chapter 13 bankruptcy and wish to refinance my home. Options?
I have a program that will allow you to have late payments on the mortgage after the BK also. It will depend on how late you are. Please feel free to give me a call Dotty Owens, Northeast Mortgage 203-668-7770,, NMLS # 70977. I hope to hear from you. I believe I can help you.Dotty
Need information on a loan assumption.
What Joe said is correct, however, I would also like to add, that it is always a good idea to speak with an attorney to be sure that your best interests are met in any kind of a Real Estate Transaction. I lend in Connecticut. If you need any additional information, please feel free to contact me at...
What's the difference betwn collateral and mortgage?
Hi,Very simply put, Collateral is an asset, security or guarantee that is pledged for repayment. A Mortgage is a debt that secures the Collateral for a Lender. Most of the time when you get a mortgage, a piece of property or land is used as Collateral. The Lender secures the Mortgage to the Collateral,...
Credit dropped after approval. Does this change anything?????
Hi,The answer to your question depends on whether or not your scores dropped below the level that is acceptable to the lender that you are working with and the level that is acceptable for the Program that your mortgage was approved for. You may have acceptable scores for the lender, however, the...

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