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Jake OLeary's Answers

How do I go about requesting a loan to buy my first house?
Hi Kayla, Buying your first house can be intimadating and it most likely will be your biggest investment! So it is important to find a Loan Officer or Company you feel comfortable with and work on getting your self as educated on all the different programs and terms. You can do this by talking with...
Omly have 1 year of W 2's
Here at AmericaHomeKey,Inc in Washington State would be able to review your situation to make sure you would qualify. A few questions would need to be answered: What did you do the year before? In school, unemployed, paid under the table, and etc. I think you would have great shot at moving forward. If in...
I got an Adjustable Rate Mortage (ARM) on my house a year ago. Did I screw up?
No you did not make a bad choice in picking an ARM. Depending on the length of your ARM you can always decide to switch to a 30yr fixed if you plan on staying in the home past the time your ARM expires. We are located in Tumwater WA so if you have any other questions we are local and would love to help go over any...
Mortgage loan after foreclosure with credit scores in the 800s
3 years for FHA is the typical time but on an exception you can get 2 years.
Wife has a worse credit score, but better income.
Typically you will take the mid score of the lowest borrower for qualifying. If there is enough income for you to qualify for the loan it would make sense to use your 770 credit score for better pricing on your loan. Your wife can be put on title but she would not be on the loan if that is okay with you and your...
Can I use VA loan to buy a foreclosure house that needs roof replaced?
You could look at FHA 203K program! This is a rehab loan that will allow you to fix properties that are in distress. VA does not have a rehab program that I'm aware of so the seller would have to have roof and other repairs complete prior to funding. Thanks Jake O'Leary
Co-Borrower on Mortgage?
Rates are going to based on the lowest mid score of all borrowers on loan so it sounds like your mid score will be used. There are ways to build up your score depending on what is showing on your credit maybe review your credit and see if you can improve your scores. Good Luck Jake O'leary!
Do you all think the rates have actully hit their bottom and it is upward from here?
Currently right now rates are at historic low levels and like the other posts we don't have the crystal ball to perdict rates. If loan program and rate fits your needs then I would go ahead and lock.
Usda guaranteed rural home loan with limited proof of income?
With a letter of explanation of the job gap and recent paystub I think you should be okay. This would have to go in front of the underwriter but with your credit score and reserves as strong compensating factors I'm sure you could get approved. Thanks Jake O'Leary -- joleary@americahomekey...
what happens if i owe more on my house than it is worth?
If your home is Fannie Mae or Freddie Mac there are options to go upto 125% Loan To Value and Unlimited Combined Loan To Value if you have a 2nd mortgage. Contact me at or call 360-915-9609 -- Thanks Jake O'Leary
Refinancing my home with 706 credit score
Hey Peter, Yes it would benefit for you to at least look into this and see how much savings a month you could receive in doing a refinance. I'm in Olympia and you can reach me at 360-915-9609 or joleary@americahomekey.comJake O'Leary - nmls58366

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