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Elden Lewis's Answers

i have a credit score of 610 i need a refi .i am entering a begining of a balon. can iget a refi?
I agree with William although i wouldn't confine myself to just brokers. You may want to include some regional banks in your search sometimes there closing cost are more reasonable. I would definantly stay away from the "BIG BOX" guys they are not in the business of helping someone...
I have poor credit but my husband's is good. Can I gift a down payment to him to buy a home?
Cynthia, William from Velocity is right on the money with his answer. I couldn't have said it better myself. Sometimes it helps to have someone to agree with an opinion just to reassure that your getting the right advice. Feel free to contact me for additional advice @ 317-566-6129....

What loan options are available when purchasing land for a new construction?
There are a few options you have. However, it depends on when you intend to build. If you intend to build down the road, let's say 12 months or so, you could get a lot loan. Generally these are available through your local banks or credit unions. Mortgage brokers will have limited assess to these types...
Can I refinance (with zero closing costs) and put my house on the market or do I have to commit to living here 1 more year first?
Call me and lets discuss your situation. I am a local lender here in Indianapolis. Everyone pretty much has it rtght as far as the closing cost and rate are concerned. However, if your lender uses Fannie Mae of Freddie Mac, they use standard documents or mortgage documents and it has the following clause...
Is a cash out refinance better than a 203k loan for small renovations?
A lot depends on the amount of equity you have in your home as it stands. You will need considerable equity to do a cash out refi or to get an equity loan (HELOC). I would only use a 203K if you had little or no equity. 203K loans can be complicated, time consuming and the closing cost are more than a 203B FHA loan.
What type of loan should I get if I want to buy some land to eventually (6 months - 1 year) build a home on?
You will need to get a lot loan. Charlie is right in one respect, you will be pretty much limited to local banks or credit unions. There are a few mortgage banker that will do them. Check with the realtor you purchased the land from or the builder you plan to use to build your house to see who they recommend...
Are FHA loans still a good option for first time home buyers now that PMI charges last the whole loan lifetime?
Basically FHA is good if you have some minor credit issues and the down payment is an issue. If you can come up with 5% and credit is excellent its better to go Conventional and carry PMI. Recently the FHA increased MIP rates (the same as PMI for conventional loans) on government loans and it making them...
Can I roll up my closing costs into an FHA loan?
William from Velocity pretty much hit the nail on the head. However, I would look at all options as far as lender choices are concerned not all brokers are as he describes. I do agree with idea of not using the "Big Bank" "Big Box" lenders. You should always look local. You have someone...
HARP Refi...problem with AUS and need some help
As you can see from most of the responses you cant roll in the second with HARP. Just for kicks tell your broker that you want to subordinate the second and if he gets an approved/eligible you will know that's the problem. Otherwise he must have some info entered incorrectly
Can I save my VA entitlement to use it later on an investment purchase, rather than a primary residence?
It can only be used for the primary residence except if you occupy one of the unites of a 2-4 unit building. I think you should know from what i can tell from your question is there is no limit as to how many times you can use your VA entitlement. You can use your entitlement then sell the home and the...
can i refinance a home that was purchased on contract
Yes, absolutely it is possible I an with a local lender, First Merchants Bank, call me, Elden Lewis, at 317-566-6129 and lets discuss your options.
Can I transfer a mortgage from being my name to only being in my spouse's name?
You cannot transferred your name off a mortgage. The only way to do that is to refinance in her name. If you want off the deed, that can be done. The only way to release you from liability is for her to refinance it in her name.
Is there a waiting period for getting another FHA loan if I want to turn my current home into a rental property?
There are special circumstances where it can be done, but you cant buy a house at 3.5% down and decide you want to move across town a couple of months down the road and put 3.5% down on another property. FHA does not want to be in the investment property business. It is possible under special circumstances
Why are credit standards so strict at present? Will loans be easier to get if mortgage rates go up?
The rates being high or low really have nothing to do with the tight credit. It's more about the losses that the mortgage industry has sustained over the past few years. A few years ago Fannie Mae & Freddie Mac went to what is called risk based pricing. That mean your credit score among other...
Looking at new construction in north Georgia. My husband, the sole income provider, has a FICO middle score of 608.
I am a bit confused the banner says your score is 608 and you say it is just shy of 700. Did you mean 680? If so 680 in some places can get you a construction loan. Shop around dont check just one lender. If you have to resort to credit cleanup check with the loan officer, AN EXPERIENCED ONE, and make sure he knows...
Can I buy an FHA approved condo with a VA loan?
Yes you can as you can see from the answers you are receiving. The exceptions being any overlays a particular lender may have.
Is it better to fix up a home before selling it or sell it as is?
There are a lot of factors that go into making that decision. If it were me and i was not experienced in property values i would contact a real estate agent and let them know of your intention and take their advice. Find the agent in your local market preferably one who has been a realtor for some time...
Can my husband refinance without my signature?
The only way he could do that is if you give him Power Of Attorney giving him the authority to sign for you. The lender would require a specific POA as well. If you did not sign a POA then you should be OK.. However, not knowing New Jersey law i suggest you contact an attorney just to be on the safe side.
Can I qualify for a mortgage if I have student loan deferment?
Of course if you qualify with the payments then yes you can. However, if you do not qualify with the payments then you can go FHA as long as the payments are deferred for 12 months from the date of closing. You cannot use conventional financing under those same circumstances except when the installment...

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