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Joe Metzler's Answers


I am making less money than when I bought my house. I want to know if there is a program out there that I can refi and get my interest rate down and payment down. I have an interest only mortgage with a 5 year arm. The 5 year arm is up next December and I want to refi. I have good credit and never been late on my mortgage payment.
The only way to really answer than question is to provide a local mortgage broker a full application. They will review all the major items: home value, income, credit, etc. to determine if there is a loan you qualify for today. It doesn't cost you anything, and the initial review can usually be done over...
Typically, how long do you have to wait after being favorably discharged from bankruptcy before acquiring a Home Equity Loan?
Generally speaking, most lenders will want a minimum of two-years past the discharge date.
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Everyone on the loan is 100% responsible for the loan.
Are there any no doc loans or stated income loans available?
From a realistic standpoint, there a NO "traditional" stated income, no doc, or lite doc loans available. These programs were the first to go away in 2007 with the mortgage market meltdown. Since then, state and government laws and lending rules have virtually made them impossible in the...
Should I lock my rate before April 1. I have heard many changes are coming. Please advise
When thinking about locking in a mortgage interest rate, three things can happen. Rates can go up, rates can go down, or rates can stay the same. On a purchase transaction, I always suggest locking your rate as soon as possible. This is because NO ONE has any realistic clue of what the rates may do in the...
Looking for a lender with the best rates..any suggestions???
Who has the best rates? Everyone! Quoting is easy. Anyone can quote. Having an accurate quote and actually delivering on that quote is a whole different story. While interest and closing costs are logical things to "shop" for, they are only part of your search. Getting a perceived good deal on...
I have a credit score of 530, bankruptcy chapter 13 discharged in 07. I found a home with 20 percent equity already in it, can I get a loan?
Can you get a loan? Realistically, the answer is no. Even in the height of the sub-prime loan era, with that credit score is was virtually impossible to get financing. Today... Flat out no. Sorry.If you start getting over 580, there might be a small chance... over 620, and now you are talking... Over 640, and you start...
conventional loan
I love the internet, yet I hate the internet because so many people have attempted to replace the expert knowledge of a licensed mortgage professional with simply reading web pages. Generally speaking, you may be able to find conventional financing with a 640 credit score from numerous lenders, but...
2 single individuals - Qualify for FHA?
With Conventional and FHA financing, a non-married co-borrowers is not an issue. You may be confusing this with VA, which DOES require the couple to be married to use a co-borrowers income to qualify. The only person eligible to be a co-signer on a VA loan is a spouse. MN or WI? www.MnBestRates.com
Mortgage loan after foreclosure with credit scores in the 800s
The best "standard" program is FHA, allowing you to get financing with just 3.5% down after 3-years. There is an exception at 2-years, but to get it, you could NOT have had ANY late payments on your mortgage or anything else in the 12 months prior to your foreclosure. Assuming you've met...
Is a credit score of 595? where does it fall comparatively to americas average?
We're not going to hold you in suspense, the national average credit score is 692 (as of January 2011). That value is based upon research conducted by Experian, one of the three major credit reporting and scoring agencies. In my humble opinion, while you may find a lender willing to lender at that...
Is 7% interest on a 30 year fixed refinance good or bad?
Just asking if 7% interest on a 30-yr fixed is a good or bad rate doesn't give any lender enough information to provide any sort of legitimate answer. That rate could be high, great, or even low! All lenders would need to have a full application, review your documents, including credit report, and...
My score is 777,my hubsands 750; I am a recent stay at home mom, will the lender use my score w/out income?
I've been providing residential lender for nearly 20-years, I know of no program that allows us to consider former employment income. NOW THE GOOD PART. It shouldn't matter. I just quickly ran the basic parameters (price, income, taxes), and it would appear as long as he doesn't have a...
What's the lowest downpayment accepted for a home purchase as first time in Boise?
The best answer is that your question doesn't give ANY LENDER enough information to give you an accurate answer. Each buyer is different. Credit scores, income, debt-to-income ratios, and more dictate what YOU WILL BE ABLE TO QUALIFY FOR. In some areas, you are able to combine a FHA loan, which is...
FICO of 620 seems to be a magic FICO to get good rates. Is that correct?
A 619 score would NOT be classified as good. For the vast majority of lenders and programs, you would be denied based upon that score. Remember, just because you meet a minimum score, does NOT mean approved! Here is a basic run of credit scores: Miserable credit score: Less than 500. Bad credit score: 500...
What constitutes a second home vs. an investment property?
Investment properties are homes in which you will NOT live, and you will be collecting rent. A second home is a home you WILL live in. A classic example of a second home would be someone who lives in a northern (cold) state, who buys a "second home" in Florida or Arizona for the winter. Second...
I see an article on this site that says today rates hit lowest in a year. Is that correct?
Mortgage interest rates -- just like stock prices -- change price daily and you can win big or lose big if you don't know what you are doing. For the homebuyer that is "shopping" for a mortgage, or waiting for rates to fall, or just "hasn't gotten around to it", we...
What does it mean to float a rate?
Mortgage interest rates, most of which are basically tied to the mortgage bond market, fluctuate all day long. When a lender quotes you a interest rate, that rate is immediately subject to change with the market conditions. The quote could be valid for days, or just minutes. Floating a rate simply means...
Freddie loan refinance... no pmi? a joke?
Your case is a prime example of why selecting the correct Loan Officer is so important. Without benefit of a full file, everyone here is just quessing. Others are commenting that you should be able to access Freddie Mac's relief program, where if your previous loan did not have PMI, your new loan...
When do these lender "Conditions" end?
Over "conditioning" is the mortgage world we live in today as a direct result of the mortgage / real estate mess where just about anyone could get a mortgage loan. Asking for more conditions based on what you already turned in is very common. Maybe the documents have become too old. Maybe one...

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