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Douglas Bullwinkel's Answers

Looking to buy my first home
You're in a great position to purchase a home today based on your good credit scores with 3.5% down payment. You new house payment should not be more than around 50% of your gross monthly income, before taxes. That income would be based on your w-2 income and your husbands tax returns. His income can be...
Banking Paperwork
I'm surprised that you have been able to get this far without having a preapproved loan. Most home mortgages require 2 months bank statements, 2 year w-2's and 2 years tax returns with recent paystubs covering a 30 day period. The preapproval process only takes a day or so and we can issue you a...
What are requirements for HARP 2?
Although the final guidelines for HARP 2 have not been released yet, it appears that you can have no late payments in the last 6 months and no more than one mortgage late in the past 12 months. The proposal is that there is no maximum LTV requirements. If your current loan did not require PMI, your new loan...
financing second property then having daughter move in?
When buying a second home, this would be considered a secondary primary residence. If you plan on renting the property, regardless of who you are renting to, you would need to purchase this home as an investment. The rules have changed and a violation of the owner occupied agreement you would sign is...
I thought that if you pay 1point, that the interest rate goes down 1 percent. Is that incorrect?
Phil is exactly right. The market changes constantly so the cost to lower your interest rate will vary each day. Typically the average cost for .25% or 1/4% lower interest rate on a 30 year fixed rate loan will be around 1% of the loan amount but some days it is considerably more or less, depending on the...
What is a fair percentage to pay a property management company?
It varies depending on what area you are in. The Bay Area is higher and those fees might be on the high end. In the Sacramento area the average is 60% of one months rent for finding the tenant and about 5% to 6% of the monthly rent for management.
Jumbo loan for VA. Looking to purchase in 2-3 months and want to get started
I can offer you VA Jumbo Home Loans up to 1.5 Million. Please call me anytime and I'll get you a no cost pre-approval so you can start shopping for your new home. Interest rates are incredible right now but that won't last much longer.Please call with any questions.Doug BullwinkelAcademy Mortgage...
who is the most trusted reverse mortgage company.
There are several mortgage companies that do a good job with reverse mortgages. Please email back and I'll be happy to give you several names. You need someone that specializes in these and not someone that does one now and then.Good luck,Doug Bullwinkel, Loan Originator,
how long do I have to be employed at my job
The previous two answers were both correct. Lenders want to see a history of the past two years, preferably in the same line of work if not the same job. You can just be starting a new job and the salary will be counted for qualifying as long as you have a history of working. Maternity leave cannot be used...
what is the minimum down payment for FHA?
3.5% is the minimum down payment for FHA loans. With our down payment assistance programs, we can provide the down payment and most of the closing costs. You can reach me at 916-295-0044, Doug Bullwinkel, Envoy Mortgage, NMLS #281609

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