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Josh Lund's Answers

Does closing credit cards lower your credit score?
Great question! If you talk to 10 people, you will get 10 different answers. In my 16 years of looking at 1000's of credit reports, it has been best for my clients to leave a small balance on a couple of credit cards they have open. With closed or zero balances, in time, I have seen scores decrease...
Can I get a streamline FHA refinance to switch from a 30-year to a 15-year mortgage?
You are allowed to switch to a 15 year term from your current 30 year term, as long as your principal, interest, and mortgage insurance payment does not increase by more than 20%.
Can I qualify for a HARP refinance if I underwent a bankruptcy last year?
The good news is that the guidelines have changed for this program and there's no longer a waiting period requirement between a bankruptcy and refinancing (under HARP). You'll need a credit score of at least 620, but email or call and I'll be happy to go into more detail for you....
hello, I notice there is a 5000 dollars fee from broker, the lender pays that right?
It depends upon which document you're looking at. If you're looking at a Good Faith Estimate, is it listed under "origination charge?" If so, that would be the borrower's responsibility (you). If the lender is giving you some sort of credit to offset this charge, that...
Can you re-fi a former primary/now investment property even though appraisal is lower than loan amount?
We see this scenario often! We have so many clients that went to their banks 1st (i.e. Wells Fargo, credit unions, etc). who turned them down. In fact, just closed a streamline refinance last night with the same scenario. The borrowers went to their local bank first and were turned down because the lender...
Are there any lenders that will qualify a foreign national that holds a L-1 Visa?
No problem. We do these all the time. L-1 Visa is all you need. Flagstar bank will complete these loans. Just closed this EXACT same situation. Call or email with questions! Happy to help out.
Can I get a mortgage with a settlement form a bar fight against me?
Other options would be to see if your fiance will qualify on her own or you could find a co-signer to help her until the judgement's been satisfied.
HARP refinance question (2 parts)
Norman, you can look that information up at: or Just a helpful hint, put in the least amount of detail (first couple of letters in the street name, etc). The tools are a little finicky, so less information is better. The tools...
Can I refinance or modify a non-Fannie/Freddie/FHA loan on a rental property from an underwater interest-only loan?
Unfortunately not because your loan is not backed by Freddie or Fannie. The HARP loan is only available to government backed loans such as these. I'm not sure what your financial situation is, but the options right now would be to raise your rent at the end of your lease or if you no longer have a...
Can having a high income make up for a low credit score when applying for a mortgage?
It will definitely help your approval process with a high income...but again, depends upon how low your credit score is. If it's in the 500's, high income won't make a difference.
What is the average time between initial application and closing for an FHA loan?
If you have the completed application along with all of the required documentation, our turn time is 3 days in underwriting and then 2 days to get the documents out to the closing/title company.
Is a HARP a possibility in our situation?
Your situation sounds like it definitely qualifies for a HARP loan. You can go to to look up your current financing to see if it's Fannie Mae owned. Once you confirm this, feel free to contact me at my office because we're licensed in Florida and...
How long do I have to work at a job to be considered for a mortgage loan?
2 years, however... it doesn't have to be with the same employer. You just need to have 2 years of experience in the same field or role.
How long do I have to wait before I can refinance a FHA Streamline 203k loan?
Great answer Dustin! You couldn't have said it better!
Looking for a refinance with a bankruptcy.
These are a lot of good response, but everyone is forgetting that with Fannie Mae or Freddie Mac have current refinance programs available for 1 day after bankruptcy you van refinance your primary residence.
FHA vs. Conventional? Looking for lenders near Portland
Hello, I am licensed for loans in OR. Working on a cabin loan right now for a client near Mt. Hood. Happy to help answer questions and give you the break down on FHA vs. Conv and what loan works for you. or
Im looking for a 30,000 loan to help with travel and bills. I recently had a company pull the rug out from under me overnight.
These are all really good answers from the lenders above. If you own a home currently, you should look into opening up a home equity line of credit because they are usually easy and cheap to open!
Should I refi now or not worth it?
All great answers! If you're going to be saving then why not!
can I get a fha streamline loan with a credit under 600
Most lenders do require a 640, but there are a few lenders out there that allow credit scores as low as 580. You should talk to a local lender or a local bank to see what your options are. OR you could talk to a credit professional and see what your options are to get your scores up.
Should I buy an investment property?
Great question! What you're looking at doing is buying an investment property. Most lenders usually require 25% down for a condo. With today's' market it's a great investment. You should sit down with you local lender.

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