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George DeVine's Answers


10% down, conventional, no PMI, should I do it?
First of all, it is not NO PMI, it is a one-time PMI payment. To determine if it is better to pay a one-time insurance premium vs. monthly mortgage insurance, divide the monthly mortgage insurance cost into the proposed up-front premium to determine the number of months it will take to break even. ...
What is considered a "good" credit score? True Credit says my score of 730 gets a grade C
Sorry to contradict the previous post, but 740 affords you the best rate for a conventional loan with 20% equity, while some mortgage programs may not factor the score into the rate (FHA for example). Also, the score your monitoring service quotes you isn't the same score that we in the industry...
Can my mother co-sign
It depends upon her residency status in the US. Also, she will need established credit.
How does a person qualify for down payment assistance?
Call a local mortgage professional. He or she should be able to direct you to agencies that may offer down payment assistance, or below market interest rates. I did a simple google search Tx down payment assistance and found the state agency http://www.tdhca.state.tx...
When looking for a home loan should I also shop for low rate mortgage insurance policies, too?
You should review this with your financial planner. If you don't have one, have a family member, friend, or co-worker refer you to one. An advisor will review your overall financial situation and advise you on how much insurance you should carry. In the end, you should take out a regular life...
Can I get a loan to buy a foreclosure?
Many people refer to purchasing a bank owned property, as purchasing a foreclosure. In this case, you are purchasing a bank-owned prpperty, not a foreclosure. Purchasing a home at foreclosure refers to purchasing a home "at the curb" while it is being auctioned off. I assume you mean...
How can my roomate and I buy together?
You can purchase a home together and both be on the mortgage. You are asking yourself some really good questions, and I applaud you for addressing these issues before jumping into a substantial financial commitment. My suggestion is to speak with a real estate attorney who can explain how you can...
Will lenders deal with an underwater borrower
What you're looking for is a Fannie Mae refi-plus loan, and nearly any lender can offer it to you. Put a request in on Lender411 for a quote, or ask a family member, or friend if they know a good mortgage lender they can refer you to,
How to refinance a new Fannie Mae - Freddy Mac backed loan?
If your loan is in fact held with fnma or fhlmc, then there is a special mortgage program that will allow you to refinance the first provided the second lien holder will agree to subordinate. You're welcome to reach out to me at gdevine@atlantichomeloans.com or 401 301 0130 for more details.
Can I get a 40 Year Mortgages in MA
We offer 40 year mortgages, however, I'd be surprised if stretching the term out to 40 years makes the difference in qualifying. I agree we the previous post, you may want to consider an adjustable rate loan. We have a 10/1 where the rate is fixed for the first 10 years at 3.875% with no points, or...
What is credit score needed to qualify for a FHA?
Generally speaking, 620 however we have a program that will go down to a 580. I'm a RI based lender, and would be happy to assist you. Please call me at 401 301 0130 George DeVine. Thank you.
How long does it take the mortgage company to find out if your taxes are filed by irs. We filed and gave all docmnetation including the check statement showing the irs had cash our check.
It only takes a couple of days for the IRS to process the request for the lender. The real issue is how long it takes the IRS to process your tax return. They can only document that it's filed after they have actually processed your return, which could take a few weeks. The alternative would have been...
Behind on mortgage and unemployed, HELP!
Unfortunately, you won't qualify to refinance your mortgage. I believe the only option is to request a loan modification from your current lender. They will want to see that you have sufficient income to make the new mortgage payment.
If I apply for a mortgage with my wife, will lenders use the lower or higher credit score to qualify?
As previously mentioned, we will use the lowest middle score. Assuming this effects the rate, or qualifications, you might want to see if you qualify in your name alone. I'm a RI based lender. Please feel free to call at 401 301 0130 if you would like to explore further.
Can a mortgage preapproval be withdrawn? i.e. can I be turned down after getting preapproved?
A mortgage preapproval is always going to be conditioned upon various credit criteria, such as income and asset verification, or acceptable appraisal. If these items don't meet underwriting requirements, or if there is a material change in your financial situation, then yes, a...
Question about FHA financing
You must put down 20-25% for multi-family properties to qualify for conventional financing. You cannot purchase in the name of an LLC and your dad wouldn't be able to purchase unless he was using the property as his primary residence. I'm based in RI and do quite a bit of business in MA. Please...
My husband and I live in MA outside of Boston and we are first time home buyers with VA loan...
We have a service that will allow us to review certain aspects of your credit profile and advise what needs to be done to enhance the score. Please give me a call at 401 301 0130 or email at gdevine@atlantichomeloans.com and I'd be happy to review this for you.
Qualify for an FHA loan jointly?
Most lenders set the minimum fico score for the most attractive rate for an FHA loan at 640, however you do qualify with a 620 fico. We do have a service that allows us to review your credit and advise what you need to do to pull the score up to 640. There is no cost for this. Please call at 401 301 0130 if you would...

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