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Joe Shamie's Answers

Can someone shed some light on this 8K credit with Obama's deal for home purchases. Is this only for first timers?
It is for First Time Home buyers. However, the definition of a first time home buyer simply means that you have not owned a home for the last three years. So if this will be the first home you will own within the last three years you should qualify. That said, the opinion of a professional taxpreparer should...
I wonder if I qualify, credit score of 680-695
It sounds like you will qulaify for an FHA loan.What state are you in?
buy our first home.
There are seveal factors that will go into determining how much you can qualify for. It would probably be best if we spoke. Give me a call at 732-759-8189 x-102
self-employed, looking to purchase a home
You will need to docuemtn some sort of income. May be best to buy all cash and then refinance after you have income you can document.
If I refinance my bank loan through an individual investor, can I still deduct the interest on my federal taxes?
You shoule be able to deduct the interest. All you need is a valid promissory note that outlines the loan amount, interest rate you will be paying and the term.
Fha mortgage co-signer question
The situation you are describing is that your mother will be a Non Occupying Co-Borrwer. This is no longer allowed.
Should I rent out old house so I can get a new house? confused
You are probably going to have to wait until you are employed again. Even if you rent your current home, you will only be able to use 75% of the renatal income. After that the underwriters will net the expenses out of the rent, so you probably wont be able to show much of that income. In addition, documenting...
How much time to apply for a loan after escrow closes?
The amount of time you have for escrow is negotiable. That is something you and the seller can agree on. Most escrows are about 30 days which should be enough time, provided you have selected a lender and are ready to apply for the loan. I can usually get a deal like yours done in 2 weeks from the time I get the...
mortgage broker question
I would need more information.How much of the $12k is your down payment?Are you escrowing for Taxes & Insurance?What county are you in?
First time home purchase
Im not sure what your exact question is. If you are asking which program would be best, the answer depends on several factors. Generally speaking, the 30 year fixed will be best for most borrowers since the rate is fixed and the monthly payments will be lower compared to the 15 year fixed. With your credit...
Quick question from pa
If you are putting 10% down or more. We can do better. Please call me. Joe Shamie 732-759-8189 x-102
rent and buy a new home
You can use rental income provided that it can be documented. If your income is high enough, and you can demonstrate the ability to carry bothe mortgages, you will not be required to document the rental income. Give me a call if you would like to discuss this further. Joe Shamie. 732-759-8189.
Can I find a better deal then this?
If you LTV is 60% or lower I can beat that on a 15 year fixed with no closing costs.Call me. Joe SHamie 732-759-8189 x-102
I'm not sure what our FICO score is, but can you do manual underwriting to prove that my wife and I are responsible and pay our debts well?
In order to get the best rates you need to go thru a Fannie Mae/Freddie Mac progrom. both of these require an automated underwriting decision, not manual. I can take a look at your credit at no charge to you and provide you a copy of the report. Joe Shamie 732-759-8189 x-102
Will the 1st time buyer tax credit be exteneded to 2010? that is what I heard.
The framework has been extended but still needs to be voted on by congress. buyers will have untill April 30 to sign the contract on the home and must close by June. There was also a provision made for a $6500 credit for "move up" buyers (non-first time)
Down payment on 2nd Property help?
If the new house WILL be your promary residence you might be able to get a way with a 10% dwon payment. However, you will have to go to great lengths to prove that it will be your primary.
Refinance help...
There may be something we can do if there is no mortgage on your primary. Please give me a call to discuss. 732-759-8189 x-102
Will the mortgage rates rise if FED stops buying the mortgages? I heard that is going to happen in APR. Is that correct?
The simple answer to your question is YES. The Fed is in the process of winding down their purchases of Mortgage Backed Securities (MBS). Simply put, MBS are bonds whose collateral is a mortgage. Interest rates have an inverse relationship to MBS prices, when MBS prices increase, mortgage rates will...
how do I go about putting a mortgage on a home that i completely own even though i have a bad credit score?
If you own the home "free and clear", it will depend on how much ofthe home's equity you want to borrow coupled with your credit scores. If your middle score is 640 or above, you can borrow up to 85% of the home's value. Please call me if you want to discuss this further. Joe Shamie....

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