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Joseph Afonso's Answers

Wife has a worse credit score, but better income.
We can analyze her credit and there maybe something that could be done in order to raise her scores. Contact me if you would like more information 602-531-7040 or Afonso NMLS # 208706
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?
You can have your credit analyzed and there maybe something that could be done in order to raise your scores. Contact me if you would like more information or Afonso NMLS # 208706
What's the lowest downpayment accepted for a home purchase as first time in Boise?
3% on a homepath loan should be ok and FHA only requires 3.5% and you can also look into USDA financing which is 100% financing.
With a middle score of 519, would I be able to qualify for a mortgage to buy ?
My advise would be to have someone analyze your credit and see what can be done to raise your scores whice will give you more options. When we pull credit reports we have the abillty to see if there is anything that can be done to raise your fico scores. If you would like any more info contatct us...
What constitutes a second home vs. an investment property?
A second home typically is at least 20 miles or more away. An example of a second home is a home that you would live in either in the summer or winter months. An investment property is a property the you would lease out and not live in. If you would like to contact me we can discuss your options.Joe Afonso...
Is there an alternative to providing a mortgage lender with 2 years of W2 forms?
When your lender requests copies of your transcripts they can also request of your W2's.
Do I qualify for FHA 203K Loan with a credit score of 680?
You should be able to qualify with a 620 FICO score.
Own my land and home free and clear no mortage and my score is 629 what kind of loan is best?
I would advise for you to have your credit report looked and depending on what is on your report you may be able to raise your scores and this will give you more options. If you have any other questions give us a call 602-531-7040
Why are property values still dropping? What is driving this still? I have seen reports saying the properties are still dropping. How much further will it go?
One reason would be because of all of the forclosures and short sales. As for how much further values will drop that is hard to say reports had said that we had alreay hit bottom and here we are home values are still going down...
Can anyone tell me what an open end mortgage is? What is the difference between that and a conventional mortgage?
An open end mortgage allows the borrower to increase the amount of the mortgage at a later time. Open-end mortgages permit the borrower to go back to the lender and borrow more money if certain conditions have been met. There is usually a set dollar limit on the additional amount that can be borrowed. A...
If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get?
Working on both will benifit you. With a 740 fico score you will not have an adjustment to your interest rate because on your score and with 20% down payment there will not be an LTV adjustment.
Who is a lender that will provide a home loan with bad credit?
I would recommend you speak to a lender that will take the time to assist you with raising your credit scores. This will put you in a better situation.
Old judgment and 609 middle score, working on fixing credit but how soon?
You should be able to find lenders that will accept a credit score of 600 and allow a 3.5% down payment they may require lower ratios. Most lenders will require a credit score of 620 and will most likely run your application through DU/LP and that will determine yuor ratios.
We own a home. Can we buy another and rent one out?
Yes you will be able to purchase another home. Will the home you are purchasing be a new primary or investment if it will be a primary you should be able to purchase it with a 5% down payment or if it will be an investment it will require a 20% down payment. Also if you don't already have a FHA loan this...
I've locked a 4.875% interest rate on a FHA 30 yr fixed loan. The APR is at 5.519%. is this good?
One reason would be because the Upfront mortgage insurance premium (MIP) is a prepaid item and it is factored into your APR.
Take loan? 30 yrs fixed, $330k loan, 20% down , credit score ~800, $1k fee, rate 4.875%
I am located in AZ and we would be able to offer you a lower rate but our total lender fees are 1400.00. Contact me if you are interested at Thank you
Would my husband's income count?
Your husbands income will not be allowed if he will not be on the loan. I would also make sure that the lender will not look at the previous address on the loan application and discover that your current address is going into foreclosure.
What banks offer competitive loans for people with 90% LTV?
You needed to be an occupant of the property when you originally took out your VA loan and obtained the VA Certificate of Eligibility, you can obtain an IRRRL when you are no longer living in the home.
Is refinancing the right move for me?
It does sound like he is giving you a higher rate and coving your closing costs. Your credit score will also affect the interest rate that you receive. I would ask him for a couple more options.

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