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Eddie Sexton's Answers

We are about to refinance when we discovered a credit mistake by our credit card company impact our credit negatively.
You can use the service as long as they don't charge you. We offer this service for free. Eddie Sexton 866-766-1918
6 Questions I have about refinancing...
1. These closing costs seem excessive. We can refinance you with zero lender costs. 2. If you escrow for insurance, the only amount you would need for this cost is a few months of insurance cost to set up your new escrow account. 3. We could always look at refinancing you on the exact number of years you have left...
We are 67 years old and could not afford for our mortgage to increase. Please help
It sounds like an ARM mortgage is not the best choice for you. I would recommend a fixed rate. Right now mortgage rates are still near all time lows and refinancing into an ARM doesn't sound like the best choice. We can use anyone's appraisal so don't worry about that money spent. You can...
How is DTI calculated? What is a good DTI? DO student loans count against DTI?
In order for you student loans not to be considered into your DTI, they must be deferred for at least one year. You'll have to provide verification of this deferment and time period in writing. Standard DTI max. is 50%. However, we can go to 60% with compensating factors such as assets, job time etc.
how would it work for parents to buy a 2nd home for themselves, but we actually live in it and pay all costs 100% from beginning.
The best way to do this is have the co-sign for you as a non-occ co- borrower. This way you get the rate associated with a primary residence without having to qualifiy by yourself.
Reverse Mortgage Question
I'd be glad to discuss this with you if you like. The easiest way to understand a reverse mortgage is to look at it as if it is like a regular mortgage and instead of you making payments and the loan going down, the interest is added to the balance each month. You can stay there for the rest of your life and...
How long is it taking these days for a refi to complete if credit is good? Is 1 month reasonable to expect or is it usually more?
A typical refinance time is about 30 days from application to close. This is a reasonable time frame give or take a couple of days.
I can't find an FHA lender around me. I live in Marion, Indiana
We specailize in FHA loans and we are able to lend in Marion IN. Please call me and I'll answer any questions you may have. I can be reached at 866-766-1918.
Omly have 1 year of W 2's
We can lend with one year of W2 statements. Please call me at 866-766-1918 and I'll be glad to prequalify you for your purchase.
Should I refinance to a 7/1 ARM if I pay approx 40% over the payment every month?
If you don't plan to either pay off the mortgage or sell the home within 10 years, I would keep the mortgage I have or refinance into a lower term fixed rate. If you think you can pay the home off or will sell it within a 10 year time frame, you may be OK w/ the ARM at 3.25.
conventional loan
For a conventional loan you will need to have 20% equity or have a 20% down payment on a purchase. PMI companies will require a minimum 660 score to write the required insurance for any loan more than 80% of the homes value. With that said, and assuming you have 20% equity, a 640 score will qualify you for a...
Rebuilding credit and wanting to buy a house.
Your current scores qualify for a VA loan. However, there a several other factors which will determine how much you can qualify for. Those include other outstanding debts, property tax and home owner's insurance amounts. I would be glad to figure all this out for you but I would need more...
Anyone have recent interest rates for 700 credit scores on FHA, USDA, and VA loans in Florida?
VA is, by far, the best purchase program available if you are not putting down 20%. Not need to look at any other program. Call me and I'll be glad to discuss. 866-766-1918.
Wife has a worse credit score, but better income.
It depends on a few factors. How much is your down payment? Are you taking out an FHA or a Conventional loan? How long is the term you are looking for? Depending on the answers to these questions, it many not make too much of a difference if she is on the loan with the lower score. It really needs to be analyzed...
Is a credit score of 595? where does it fall comparatively to americas average?
I help many borrowers move from a score like yours up to being able to purchase in just two to three months. Call me at 866-766-1918. I have many references for this same situation.
603 Fico
We can write FHA purchase loans down to a 580 credit score. However, we will use a few techniques to bring your score up while we are working on your loan. This will result in you getting a better rate than the 605 wlll get you. Please call me at 866-766-918.
My Equifax score is 565, my Experian is 574 and my Trans Union is 587 how bad is my credit in reference to purchasing a home?
We have a program which usually has someone under your circumstances ready to buy within 60 to 90 days. Please call me at 866-766-1918 and I'll be glad to go over the details.
Loan Scenario: CT, $143,920, 690, 80% LTV, Purchase
It depends on the classification of the condo. You may be able to put down as little as 3.5%. Please call me at 866-766-1918 and I'll be glad to check out the classification of the condo to determine your required down payment.
FICO of 620 seems to be a magic FICO to get good rates. Is that correct?
We can offer low FHA rates with scores down to 600. Please call me at 866-766-1918 and I'll be glad to give you a quote.
Why are rates all over the place? I see on this site some lenders have it at 4.875, others at 4.5. Isn't that a big difference in payment?
Your decision should be based on rate and closing costs. Most lenders can provide a wide range of rates for any particular circumstance. However, the closing costs which are associated with each rate can be much different. There are a few factors to consider when choosing the right combination. How long...

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