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Edward Fallon's Answers

Mortgage for two-family home which buyer wants to occupy as a single family home
You could also purchase it using an FHA 203k mortgage, and finance the money needed to convert it to a single family home.
Transferring FHA loan to child
Assuming the loan from your mother and taking over the existing FHA loan is one option. If you have significant equity in your home, another option would be to see if she can "gift" to you the equity in the home and use conventional financing. At the very least, you are transferring ownership of a...
We are current starting the process of purchasing a home with a full 203k mortgage. Will the Bank allow us to buy/finance kitchen cabinets on our own. And just make the installation of the cabinet part of the 203k plan.
Yes. In fact, you can have the money for the cabinets released at closing so it can be paid for in advance to avoid delays. I am not licensed in NY, but feel free to call me at 610-308-9001 and I can direct you to someone who is. Ed Fallon, Allied Mortgage Group
how do i go about a rapid rescore and is there a cost associated?
Mark,I can do a rapid rescore for you and there is no cost to the customer. Please call me at 610-308-9001 anytime and we can discuss. I've done this successfully for many customers. Quick question for you - are you looking for advice first on what actions you will need to take to get at least two of the scores...
inherited money, looking to flip a house for short term investment, any suggestion on the type of loan to use?
My advice would be to take aeither an adjustable with a low rate or even a 15 year fixed, it depends on what would be available to you based on your downpayment, credit score, type of property, occupancy, etc. Even more important would be to keep the closing costs to a minimum. I would even take a slightly...
Remodeling my bathroom will cost about $25,000. should i refinance then remodel or remodel then refinance?
Use the FHA 203k loan or the Fannie Mae Homestyle to refinance. You can do the appraisal now, even when the work is not done, and based the value on the completed value, just like new construction.
Can i finance finishing my basement? It will cost about $15,000
Yes, you have a lot of options, depending on the existing equity in your home.
spouse's information used for our loan, but insurance deducted from her pay
Most lenders use the gross income before any deductions when qualifying a borrower.
i have bad credit
Paul,Call me Monday at 610-660-4712. I'll be happy to discuss this with you.Edward FallonNMLS#144708Allied Mortgage Group
my house is underwater and i'm going through divorce. need options
You would have to do some careful analysis but you may want to consider FHA 203k, which would let you borrow money to refinance and fix up the home, and the "improved value", or projected value with the repairs, would be used to determine the loan amount. You would want to compare the amount you owe now...
will a past eviction influence rates?
Probably not, but why guess? If you want to contact me we can do a free pre-approval for you.Edward Fallon | Senior Loan Officer efallon@alliedmg.comO: 610.660.4712 | C: 610.308.9001 F: 610.680.3657 | NMLS# 144708 Allied Mortgage Group7 Bala AvenueBala Cynwyd, PA 19004
need to know if I'll have trouble getting prequaled
You should be OK with w2s and your tax return. Will also have to verify your year to date income independently but if you receive W2s it should be OK. Call me at 610-308-9001 if you want to walk through the preapproval. Ed Fallon, NMLS 144708
Do you have a phone number to call.
You can call me at 610-308-9001. I am licensed in NJ.Edward Fallon | Senior Loan Officer O: 610.660.4712 | C: 610.308.9001 F: 610.680.3657 | NMLS# 144708 7 Bala Avenue, Bala Cynwyd, PA 19004
Are LOs supposed to offer float down??
You can always approach your lender about floating down to a lower rate if rates have dipped significantly, and you are free to apply to another lender if you feel that is your only option. Every lender handles floatdowns differently. You should check with your lender to see if they can accommodate your...
How can I get my fico from 630 to 730 in the span of a year??
Do not just pay off your debt. Without knowing how it will effect your score, it is the biggest mistake a homebuyer can make as many different factors influence the credit score. If you would like to contact me we can run your credit and put it through our credit analyzer to see what actions will have the...
Does it make sense to make additional payments when you have a FHA loan?
You have choices. If your FHA loan is a little older, you can reduce the principal balance and eventually have the MIP drop off. However, do you know what the value of your home is now? Depending on what you bought the home for and how long you have owned it, you may have enough equity to refinance out of the...
rate of ARM depends on what factors in the market?
Many of the same factors that affect fixed rates - investor demand for mortgages, domestic policies that affect the economy and inflation, and global events.However, if you are talking about what affects the ARM rate when it adjusts, all ARM rates have this formula: Index plus margin equals new...
Need 80-10-10 financing on a $550K home in Charlotte. Fico is between 680 and 700. DTI is low. Income strong. Any options?
I might be able to help you. We require a 700 FICO, but we use the middle FICO from the highest wage earner, not the lower of the two middle scores if there are two borrowers. If that helps, please email or call.
What 's the max LTV for a conventional loan amount over $417,000?
90% maximum, but many programs limit it to 80%. Depends on several factors. Please contact me through my profile to discuss the specifics of your situation.
Do underwriters call landlords for rent verification?
The mortgage company typically will contact the landlord, either themselves or through a third party service, to obtain a payment history. This may be done in several ways. In lieu of that, you may provide cancelled checks for the past 12 months.

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