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Ernesto Marez's Answers

Could I get a loan to buy a house even if I had to short sale a house
If you have made all your payments on time and never went into default leading up to the short sale, then you are eligible to purchase another home without any waiting time
Loan options for multifamily purchase in MA after bankruptcy
hello, best bet for purchasing a multi-family property & get rental income credit , is an FHA loan with only 3.5% down. feel free to email me directlyErnesto Marezemarez@oldlinebank.com240-544-1243
if i have an arm and am underwater on my mortgage what should i do
the first step is find out if your loan is owned by Fannie Mae or Freddie Mac, go the following link: cutting an pasting it your web browser. go to TOOLS then "Does Fannie or Freddie own your loan, type I the required information.If the either...
could you get a va loan for a greater amount then the house say to pay off vehicles and credit etc so you only have one payment
Actually,Refinance : 100% cashout refinance on a VA loan is allowed.Purchase:the seller is allowed to payoff the buyers debt in order for the veteran to qualify for the purchase.Feel free to call or email me with any questionsErnesto Marez - Mortgage Banker emarez@thefederalsavingsbank.comThe...
So if I buy a home that needs renovations would I take out an FHA 203k loan as my loan?
If you decide to go with a 203K FHA Loan you have 2 options: Min repairs must equal or exceed $5K1. if the repairs are $35K or less and not structural in nature , you can do an FHA 203K streamline. (no 203K consultant required)2. If the repairs > $35K or are structural in nature , you must go with a Full FHA 203K...
10% down for construction, 20% down for perm?
the builder should have a list of banks they had used in the area, or go online and search for local banks or credit unions that offer construction loans.they will either base it off the acquisition or appraised vallue depending on their portfolio.
if given the option, should i go with a FHA or Conventional home loan?
When advising a client as to which program is better form them , it depends on a few things: >credit scores ( if you have low scores you could find yourself paying more for your monthly MI going conventional PMI , then you would FHA) ( conventional is great if you have high enough scores and a higher...
how do i refinance an underwater loan not owned by fannie mae or freddie mac
As of today If you have a conventional loan not Fannie Mae nor Freddie Mac Gauranteed loan, your only option is to work it out with your current servicer. HOWEVER HARP 3.0 is the improved version of the HARP Program and an enhanced version of HARP 2.0 which will bring about a new set of enhancements and...
Is there anything like HARP for non fanny may or freddy mac loans?
I assume your have a conventional loan and not an FHA, VA or USDA loan?HARP 3 will allow you to refi even of your upside down, only thing is one is sure when the HARP3 program will be available.
why do lenders charge with points?
We will only charge a client an origination point to buy the rate down and get a client a lower than market rate, unless it is a portfolio loan for "out of box or near miss fannie mae or freddie mac loan.
is 620 acceptable for an fha loan?
FHA does not have a minimum score, however lost lenders or investors do, the normal is 640. Your might be able to find a lender to do a
Will young age affect the loan rate or my chance of buying a home?
you should be fine, as long as your have a credit profile or a past history of alternate credit ( anything you have been paying for at least 1 yr), the rates are the rates, has no bearing on age, or any other discriminating factors.
Can my loan be denied now that the loan was approved and papers were signed?
unfortunately ...yesthe lender will pull credit at origination and again prior to settlement,they need to ensure the buyer's still in the same porition or a better position prior to settlement.what are his scores now and before the late payments?was it on a mortgage ?you can get some lates removed, but...
Bad credit but paying off all other loans. Is old debt going to hold me back?
What are you current scores? Plain and simple you have to have debt in order to have credit scores ( ironic isn't it, the only thing that can give a score can also ruin your scores)You can absolutely improve your credit scores, the best way is revolviong credit, credit cards have the most impact on your...
Im looking to buy a home to rent out, will i be denied a harp loan?
HARP is a refinance program for homeowneres under water for both primary and investment properties,if you looking to purchase an invrstment property you will go with a conventional program(Fannie Mae , Freddie Mac or portfolio programs are available)be prepared to put out 20-25% for the...
Can I hire an appraiser if i'm unsatisfied with my agents choice?
Actually the Lender or investor orders the appraisals via an AMC (appraisals management company) it is a 3rd party that manges the appraisers and at random. If you not happy with the value , you can appeal the value, but make sure you have comparables to substantiate the can definitely be over...
how to qualify for homesteps mortgage
there is also a Rural Develpoment Program that you can use.Ernesto Marezemarez@thefederalsavingsbank.com301.535.2912
Refinancing question
can the home your are currently occupying be consdiered a 2nd home, if so you might be able to occupy the first property as a primary home and have your current home as a 2nd home.if you can carry both properties without renting the current primary, it might work for you. for at least a year.however contact...
I have 2 mortgages and less than 7 years to pay on them. The first is 7.5% and the second is higher. I have never missed a payment, but would like to combine both mortgages without all the fees, appraisal, etc. Any advice?
it should not be a problem. you can refinance both loans into 1, as long as the vlaue is there to combine both, if not you can use the HARP program if the loan is guanteed by Fannie or can refinance up to 95% Loan to Value and roll in all closing costsemarez@thefederalsavingsbank.com301.535.2912

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