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Jim Schaefer's Answers


If I close on a mortgage on june 2 when will my first payment be due?
There are 2 possible answers to this question if you are referring to a 1st mortgage - July or August. It will be July if you choose to take an "interest credit" at the time of closing. It will be August it you choose to pay the interest due during the month of June at the time of closing. Your loan officer should...
How long til we can get a mortgage to buy a house after bankruptcy Chapter 7
The 3 year clock begins upon the transfer of title on your previous residence. If the Sheriff's Sale was in March 2013 and the redemption period was 6 months after that, you start counting the 3 year waiting period from September 2013. FHA and VA will allow financing after the 3 year waiting period. ...
My husband is totally disabled and bed bound. How do we get the necessary papers signed by him to refinane our home
Good afternoon! We would be happy to have one of our local Licensed Mortgage Officers meet with you and your husband at your home. You will have the best service and products to meet your needs. Please reach out at your convenience - I'm happy to help! Jim Schaefer jschaefer@goldstarfinancial.com...
Mortgage cosigner rights on the house?
Having a co-signer on your property would give them the same legal rights to your home as you would have being the occupant. They would also have the same financial responsibility on the property as you. If you would like to find out more about this, feel free to reach out. Jim Schaefer - 612.501.5113
normal VA mortgage turnaround times
Normal turn times are 30-45 days, but we could expedite your file in less than 30 days if needed. Feel free to reach out! 612-501-5113 Jim Schaefer jschaefer@goldstarfinancial.com . Gold Star is based in Ann Arbor Michigan!
Are piggyback loans an option for self employed
Piggyback loans can be an option for self employed workers. The details will be dependent on annual income shown on tax returns and if you are doing a purchase or a refinance. Feel free to reach out to discuss - Jim Schaefer @ Gold Star Financial. 612.501.5113 or jschaefer@goldstarfinancial.com
I have an FHA loan with PMI and want to get rid of the PMI. My credit score is 677. Is that possible?
Yes, if your loan balance is less than 80% of the current house value. Feel free to reach out at your convenience and I can help you with any other questions you may have! Jim Schaefer Gold Star Financial - 612.501.5113 Thanks in advance.
we own a duplex, according to zillow market price is$950K we owe $425K, have and equity line of 98K. can we refinance to get cash.
Yes. You are able to get cash out on this property. There are several loans that we could finance this transaction with. Gold Star Mortgage can help you with the financing and we can get the loan closed in 30-45 days. Call me at 612.501.5113 or email me at jschaefer@gsfmail.com! Thanks, Jim
What is the lowest FICO score that is needed for a FHA loan? Looking to buy ASAP but working on credit. We are in the high 500 range currently.
Hi Kimberly - most lenders will state you need a 580 credit score for FHA, which is true. However, the companies typically do not have the ability to control the loan and underwrite the file - they broker the loan out to a 3rd party lender. We have the ability to handle your file in-house. I'm happy to help you...
Can one apply for a HARP loan to refiance if they have a bankrupcy less than 3 years old?
If your loan is currently owned by Freddie Mac or Fannie Mae (I can help you with that determination) and you have been in that loan since May 31, 2009, then your loan may be eligible for a HARP refinance. HARP does not take bankruptcy or other derogatory credit issues (other than mortgage lates) into...
Is it possible to get a mortgage after a bankruptcy?
We have a program that allows for financing 1 day out of bankruptcy, with certain down payment requirements. Check out my contact info at Jim Schaefer mortgage dot com for more info!

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