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Eileen Hebert's Answers

HARP for an -accidental landlord- situation
Hi,Thanks for asking about HARP for investment properties.Would you please provide the address so I can confirm the property is HARP eligible?How long has the home been rented? If it's been2 years or longer then we can count your rental income to qualify, if not then we can't use the rental...
Scary letter received from Wells Fargo
Hi, This is unfortunate. However it is all about your "intent" at the time you signed your Note and Deed of Trust. Your intent was to stay in that home as your primary residence. Life happens, things change. You did not have the intent of renting it out when you originated the loan or signed the...
Can i get some assistance please?
Hi James!Thanks for asking about similar homes to yours that have sold inyour area.Here are three comps that may be helpful to you:Nearby Similar Sales1.29320 215th Ave SE, Kent, WA 98042 Sold on 6/4/2013: $275,000oBeds: 3oSqft: 1910oBaths: 3.0oLot: 0.28 ac2.21406 SE 293rd St, Kent, WA 98042 Sold on...
What could disqualify me from a usda loan?
Hi,Here are the most common reasons for not qualifing for a USDA loan.1. Home not located in eligible area2. Borrowers household income is too high3. Qualifing ratios exceed 29%/41%Hope this helps!EileenBank of the Pacific(360) 293-9982
is the rate i see on the GFE my rate and is it locked?
Yes, I agree 100% with JSimmons. Did you receive a rate lock agreement from your lender?Ask your lender if the rate is locked or not and request a lock agreement. Most lenders will issue you a reate lock agreement to sign at origination that states if you are locked or not. Even if you are not locked in the...
do i need to provide pay stubs and tax returns to get prequalified?
Yes, most lenders will request these items to do a true pre-qual for you. This way they can enter your actual earnings into the AUS and get a "real" approval for you and your Realtor. One you can depend on. Good luck to you!
best DTI for a VA mortgage? what is the minimum please
Hello,The general VA Debt-to-Income ratio is 41%, however with compensating factors you may exceed the 41%. Hope this helps,Eileen
can first time buyer buy an investment property?
Hi,Most investors are going to require 20% down plus some funds in a reserve account to cover rent loss. You have good credit and rates are very low right now. Hope this helps!Eileen
My husband is VA eligible but his credit is poor can we use mine
Hi,On a VA loan all debts of married spouses are considered. Ratio's and residual income is also considered, if your only concern is the credit score you're in luck! Sounds like you may be getting a new home for Christmas. ;>)

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