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Ed Craine's Answers

Need details re the property, the transaction, and the loan you are seeking. Feel free to call me with details. 415-406-2330.
Am I being scammed?
I would go by the old adage, "If it sounds too good to be true..."Why would somebody who doesn't know you be willing to lend you $8,000 at 2% interest? Would you loan somebody you didn't know $8,000 at 2% interest?
mortgage insurance
No. If you are a qualified veteran, VA loans are available with as little as zero down payment and do not require mortgage insurance.
Refinance application
All good comments below. By the way, there are many lenders that do not charge an application fee. (Most I believe.) In fact, depending on how the person is licensed, it may not be allowed.
what is the difference between a conventional and a VA mortgage for the purpose of refinancing?
There are a variety of differences. Primary among them is that you have to be an eligible veteran to qualify for a VA loan. The programs are originated and underwritten differently. Each has advantages and disadvantages. Would be glad to discuss with you and find out your particular needs and goals.
Currently in Chapter 13, is there a requirement that I file a loan mod ONLY with my servce lender?
Not sure exactly what you are asking. Assuming you mean to ask if you have to file through the BK court. You should consult with your attorney. All contracts (and a mortgage is a contract) fall under the purview of the court. Any changes need court approval.
can I refinance if Im 2 months behind on my mortgage?
Trying a loan modification is a good idea. You can try it on your own or thru an organization like naca.If you're looking for a short term fix and have good equity, you might try a private loan. If you can find one, it will be more expensive than a conventional loan.Good luck.
What kind of loan do I need to build a custom home
Most likely a construction loan. Find a good local mortgage originator who is experienced in construction loans. You can ask local architects, builders, and realtors if they can refer someone qualified. You can also do an internet search.
I paid off a loan last year and the loan had to late payments on it,and even though it has been paid off for 1 year .
You might be able to do the work of asking the lender to remove the two items yourself.How long ago did the late payments occur? Is the reporting correct?
should we refinance a paid off rental property to pay off primary house
Depends on a variety of factors unique to you. Best approach is a team approach with your tax advisor, financial advisor and mortgage professional working together to provide you information that will inform your decision.
Just got married and my wife has bad credit...what should we do? We're looking to buy a house in the next year.
Find a top notch local mortgage loan originator to work with. You'll get the best advice for your particular set of circumstances. Your wife can very likely make a huge impact on her credit over a 6-12 month period. So have her credit report run and evaluated, make a plan, and start to implement it...
Is this a good time to buy or should I wait until investors buy all their investment properties?
Find a top notch local real estate agent if you don't already have one. Also find a top loan originator. Sit down with both and review your situation in detail. Then make a plan based on the advice you receive and what makes sense to you.Although prices have risen in many markets, they are typically still far...
What is a 125% mortgage? Is that HARP ?
A 125% mortgage is one where the loan amount exceeds the value by 125%. It could be a HARP loan if it is for a refinance of a Freddie Mac or Fannie Mae owned loan. It could also be for a VA or FHA streamlined refinance.Feel free to contact us if you have questions specific to your situation.
I want to buy a home in arizona, should i start the approval/ loan process here in california before house hunting?
I would recommend looking for a lender in the area that you're moving to. They'll be experienced with local customs, issues, real estate agents, etc. and will be better prepared to help with any challenges that may come up.
how much are mortgage rates?
Lots of factors determine what rates are available for you. Best to review your circumstances with an experienced mortgage professional. We'd be glad to review your particular situation and give you an idea of what you might expect. Feel free to contact me. We're near you geographically.
How accurate is an online appraisal of a property?
Not reliable. Sometimes can give you a general idea, but often are widely off the mark.Get a top local real estate agent, or hire a professional appraiser.
What is the FICO credit required for a mortgage with 30% down?
Generally speaking, yes. As the saying goes, "The devil is in the details". Best to get an excellent loan originator who can guide you through all of the options for your specific situation.

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