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Ellen Wright's Answers

now a good time to lock or foresee rates dropping soon?
I do not think interest rates will go down any more. in fact all the economic reports I am reading are saying we have been enjoying low interest rates longer than we thought would happen.If you need to refinance I would say do it now, as well as purchase do it now. I have Grant money I can give you towards buying...
i am a contractor in OR. and would like to get a va loan to build my own home is this possible
Most constructions loans they will not allow u to be your own contractor. You would need to name a general. To my knowledge there are no VA construction loans out there. You would need to do an interest only construction loan then when the house is completed you could refi into a va loan. Hope this helps Ellen...
Would like information about EEM - energy efficientcy mortgage?
Usually EEM fall out, meaning they start them and don't finish them. you qualify for the loan, and the EEM cost can be put on top of the loan w/o qualifying for. But the catch is is the cost of the improvement really going to save you dollars. they will compare your old utility bills agains the cost of the EEM...
using 401k to qualify for fha mortgage
Wendy: I have free Grant money, 3 or 5% of the loan amount I can give you towards your down payment or c/c/ or p/p. you have to have a 640 Score, cannot make more than 69,805.00 in income, no more than 45% debt to income ratio ( I can calculate this for you) you can use this Grant money with USDA, conventional and...
How do I get my Ex off my loan, after I had it modified?
Jessicadon't worry about getting him off the loan portion. In mortgage lending. If he wants to purchase another home, and if the Divorce decree awards the house to you, & you can prove with cancelled checks and or bank statements that you have made the mortgage payments for the last 12 months, then the...
refinance this 1st fha loan to get rid of the 2nd interest only loan/ chase and lower mo.pymt to pay down mortgage
Hello LindyI am sure all the mortgage terminology can confuse even the best of us. Looks like all you need to do is refinance your current FHA loan and pay off the 2nd. sometimes this can save you in your monthly out go, you do not have to pay to refinance out of your pocket except for the appraisal ( $550) ???. ...
can I get a refinance after a chapter 13
Grahamyes you can refinance after a Chapter 13 Bankruptcy. I am refinancing another one right now.Please call me Ellen Adams541-521-7192 Academy Mortgage
aRe maximum borrowing amount diffrent depending on fico score?
Jillthe Loan program gives us the parameters for borrowing money & how much each loan type will allow., thenDebt to income ratios tells us the amount you can personally score : affects the rate and debt to income borrowing power. It is all considered when coming to us for a loan.Ellen...
How can I add wife to the mortgage? VA loan
Dear Kasen :You can just continue making payments as normal get 1/2 the money from her , & I assume you will be filing a joint tax return so the interest deduction will show there.option 2: add her to the title ( the less expensive way to go) this way you can never sale or refinance with out her permission. she...
are USDa loans available in Oregon outside of the greater portland area?
Jestina:I am closer to you in Eugene Oregon. I have funded loans in elkton. give me a call 541-521-7192
Is there a place where I can find the estimate of property value for commercial buildings in OR?
Priscillayou might try contacting a Commercial Realtor in Portland, they could hlep you.
Can someone please provide more information on a 2/28 loan?
I agree they are rates fixed for 2 yrs, then go into a variable rate. Gary, I am a mortgage lender in Eugene, right near you. Maybe if I were to guess you are in one. I have not seen these for 10 yrs. call me & we can discuss your options. ellen AdamsStearns
Can someone please explain the student loan forgiveness program? These loans totaling 57k are the only thing really standing in my way of getting a loan. Thank you!
I don't know what field you are in. However I was involved in one where the buyer was a mental health counselor. FHA & conventional guidelines are: on a Debt relief student loan program which is the forgiveness each yr. you may not have to pay a monthly payment, however if the mo. payment is NOT on the credit...
looking for a home loan for an investment property that I will be living in as well.
CeliaYes, you can purchase a 2-4 unit property. We would consider it owner occupied with you living in one of the units. with 20 % down you have lots of options. and I can consider the rented units as income coming back to you to help you qualify if need can make loan application on my web site. ...
Looking to make improvements on my house and need to pull out equity. LTV around 80%
Hi RichardI am a Lender for Oregon & Washington. Can you give me a call, I would have to clarify a few things in order to guide you down the right path.Ellen Adams541-521-7192

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