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Greg Filzen's Answers


Purchase a home
We lend on FHA purchases down to a credit score of 640, so you qualify on FICO score. You also apparently make enough to qualify for the home in terms of income. You would only need to put down 3.50% for an FHA loan, or 5.00% for a conventional loan. The monthly mortgage insurance is much less on a conventional...
Investment property vs. 2nd home purchase
A second home usually has interest rates about the same as a primary residence so classifying that way is better for you. However it must "make sense" as a 2nd home. Typically a home in the desert, or at the beach that is at least 30 miles away (distance can depend on lender) would make sense. One...
Can I get a va home loan with a credit score of 669?
Hi James,There are a few good answers here. The 669 score is fine. However ALL VA Lenders whether they are banks, brokers, or direct VA lenders like us (Mortgage Capital) have to receive your application and upload the file electronically along with your credit report to a system knows as DeskTop...
Is it standard for lenders to include insurance & mortgage & taxes to prequal me?
When qualifying a borrower for a mortgage it is standard to include all mortgage payments, taxes, insurance, mortgage insurance, and homeowner's dues (HOA) in the calculation, as well as all other known debt (such as car payments, student loans, and credit card minimum payments). Taking all of...
Is there any kind of harp program for investment properties? We are in VIrginia
Yes, you can get a HARP loan under HARP 1 or HARP 2. Your loan must be either serviced by or owned by Fannie Mae or Freddie Mac, and originated prior to May 1st, 2009. We are a DIRECT Fannie/Freddie HARP lender and we can process and underwrite your loan in-house, and fund it from our office. We have been in...
how can i get discount points?
Discount Points are defined as "points you pay" to get a lower interest rate. Not sure if that is what you mean. If you mean "receive" discount points, that is known as a lender credit or rebate. Your loan officer would offer you a rate at "Par" paying no points nor receiving a lender credit/rebate. Then you...
What exactly is difference between closing versus closing and funding?
I disagree slightly with the answers here. If you are "going to closing", that may mean in slang just that you are signing documents. But the Closing itself happens in 3 stages. 1) You sign. 2) Documents get send back to the lender and then "Funding" happens....money gets wire to escrow and then 3) Depending on...
loan option when husband has poor credit?
Hi. The veteran must be on the loan to qualify for the VA backing the loan. VA loans have great terms, rates, and program guidelines. There is no mortgage insurance, generous credit rating allowances, and debt into income ratio allowances as well. We might be able to get your husband approved with a 605...
Colorado Conventional 5% Down - Gift Funds?
Your income at $98k is $8167 per month. Adding your debt and principal interest and taxes, you are right at the 45% Debt to Income Ratio (DTI) limit that MI companies typically require. So it looks like this will work, but the numbers are close. It is true that you might get a Fannie/Freddie conforming...
Question I own my company but I w-2 myself. I dotn want a ton of paperwork do I have to submit my personal and business tax returns?
If you own 25% or more of the company you will have to submit both personal and business tax returns all schedules even if you pay yourself a w-2. The underwriter needs to know that the company is still profitable while paying you a salary and wants to see the 1120s and/or k-1s that are filed. If you are not an...
how likely is it to get a vA loan with 667 credit scoer?
It is VERY likely that you would qualify. A 620 score is typically OK for VA approval. Your debt to income ratio needs to be calculated. All VA lenders in the US typically use the VA's Automated Underwriting System (AUS). The best way to know if you are approved is to apply and let us run the AUS. Then you will...
refinances that do not require appraisal
Depending on which investor/lender you use the VA does allow "IRRRL" refinancing without an appraisal. "IRRRL" is the VA's term for "Internal Rate Reduction Refinance Loan". The VA allows no appraisal on IRRRL's but some lenders/investors will still require it. That is why some VA lenders will tell...
disabled Vet needs a home mortgage in Oregon..
Hi, our company Bluestone Mortgage Capital is a direct VA Lender licensed in 31 states. We have a VA underwriter on staff in our office, and we underwrite and fund your loan in house. As a disabled vet, if you have at least a 10% recognized VA disability, you will not have to pay the VA funding fee at closing...
How important is verification of rent?
There are two parts to your question. First of all, you may qualify for a "traditional" which means Fannie or Freddie backed loan. Just because you have only had credit card type credit for 2 years or less does not disqualify you for a Fannie/Freddie loan. Some of our investors also allow for...
New FHA loan after foreclosure - waiting period???
Hi Lisa,I usually don't comment on the competition, but I've never seen so many bad answers on a question on Lender 411 before. Here is the scoop. You can get an FHA loan only one year after a bankruptcy, short, or foreclosure if you can prove you had a financial hardship. Otherwise you have to wait 3 years. If...

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