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Ray Antonelli's Answers

What advantages are there for getting a conventional refinance over a VA refinance/IRRRL?
Conventional Refi eliminates the mortgage insurance but may not be available to those with credit issues.FHA or VA would be a better option.
Lenders for missouri home loan.
Hi TracyIn Reverse order there are a few lenders that do mortgages at 600 score but it takes a month of Sundays to get the loan approved. Better to work on getting the scores up a little to above 640. On time car lease payments should report to credit and will help. The secured card will also help. The key to ...
How do I refinance my mortgage?
Lenders are looking for 3 thingsHow much income you have versus expensesWhat your credit is likeAnd how much you owe versus your mortgage amount.If you would like more info please call me216 337 7520Ray Antonelli
My reverse mortgage was almost complete. The appraisal was done and I knew how much I would
Your credit score does not matter much in a reverse mortgage transaction.It's too bad the title co didn't discover this issue earlier in the process.It's possible the appraiser uncovered it while the appraisal was being done.Check with your board of zoning to see what the process is...
How do i sell fha home and transfer it? That dont male sense! I wanta sell , keep the money and then transfer. Is this possible?
The title co handles the transfers.When you sell you get whats left over.It doesn't matter what kind of title or mortgage except if you haveand FHA mortgage the sale must complete before you can use FHA to buy another home.
Owner financing interest rate
Of course the interest rate depends on a number of factors. Good or bad credit. Down payment amt...etc. The 30 years fixed rate with good down payment is in the mid 4s. It varies a little daily.
What factors should we consider to distinguish a second home vs investment property
For lending purposes any non-owner occupied property requires a greater down payment and higher credit scores than an owner occupied property.Rates are slightly higher for investment or 2nd homes but not significantly.The biggest bump is down payment requirements and scores.For example, an...
What is a good mortgage payment for 4400 income per month?
The answer depends on the rest of your monthly obligations that show up on your credit report. Generally you can spend up to 40% of your gross check (before deductions) on mortgage payments, car payments, student loan payments and credit card payments.The other 60% is what you live on. Food , Clothes,...
Yes. FHA and some other loan programs allow gift funds but the gifter needs to sign a doc acknowledging that is is a gift and doesn't have to be repaid. Call me for more info about qualifying. 216 337 7520
How long does the underwriting process take?
The actual underwriting process is only one day or so. However, gathering all the info to supply to the underwriter and processing the rest of the loan is what takes additional time. Call me for details.Ray216 337 7520
Am I eligible for any lease to own programs?
I think a landlord would jump at the chance to do a lease to own, land contract or a lease with option to buy with your credit scores. Bear in mind you only need 3.5% down if you use FHA to purchase. You can also get gifted the down payment as long as the giftor signs a doc stating it's really a gift and doesn't have...
When can i get a mortgage after foreclosure?
You also need to have established good credit. Your mortgage scores need to be 640 or higher across the board.
are lenders approving subprime loans?
It would take a month of Sundays to get a loan approved at 595. I think it would be better to get a few months of credit repair under your belt to get the scores above 640.If you find a home you like the seller may consider a lease with option or a land contract with 10% down. Check with your local Real Estate...
After a Chapter 7 bankruptcy with property surrender which rule above applies? 2 years for bankruptcy or 3 years after the sale?
The date you surrendered the property is not material. If there was a foreclosure then it's 3 years with some lenders and 4 tears with others with re-established on time credit. If a BK then 2 years for an FHA loan with re-established on time credit.
Can I use funds in my solo k 401 to purchase real estate to repair, then sell for profit?
If you have very good credit you may also use unsecured business lines of credit to fund your investments. Each line comes with 6 to 12 months interest free and only reports to the clients business credit profile. Not the personal credit. This prevents a score drop if a credit card limit is maxed. call me for...
i mostly do freelance/contract work, mortgage options?
Your scores appear to be good enough but it depends where you got the scores from. Online scores are more likely to be higher than what a mortgage pro would pull.If you report enough income on your tax returns to qualify for a mortgage and your scores hold up you should be OK.You'll need the down payment in...
Can a reverse mortgage ever be foreclosed?
What is the reason for the foreclosure notice?If he didn't pay the RE Taxes or homeowners insurance that could cause a problem. I teach classes on reverse mortgages, call for details. 216 337 7520
Hello I can,t seem to find ONE place to compare new construction loan rates/deals in monmouth county,nj
I don't know of any place to compare rates for that type of loan.Your best bet would be to talk with a local loan officer to start the process. I would recommend you pull your own credit and provide a copy to each LO if you wish shop for rates. One of the best places is run by Experian. all 3...
Little credit history, can i use rental history to qualify?
Hi Jace,If you paid the rent by check and can get copies of the cancelled checks, that plus the student loan payments showing up on credit will go a long way towards getting you approved. Of course you must have funds for the down payment as well. You need a minimum of 3.5% of the purchase price in cash if you go...
if ive been late onr rent twice in the past 3 years will i be unable to get amortgage?
It Depends on when you were late. I you've been on time in the last 12 months and can prove it with cancelled checks then the chances of qualifying are good. There are 3 secrets to qualifying. 1) Credit score and how well you pay, 2) Debt ratio and 3) Loan to value. Call me for details 216 337 7520 Ray

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