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Larry Lechel's Answers

Can a lender out there help me refi?
Chuck - hi! I've read through the responses and they all seem to be correct and providing you with the information necessary. I am a mortgage broker in Indiana - please give me a call at 260 221 0030 - (mobile number) - we can discuss your situation. I believe that they are trying to qualify you under...
Any suggestions on what I should do?
Hi Michel! The HARP program permits for you to finance your escrows into the loan - along with the standard closing costs. You should not have to come to the table with any money. The market is has been up -BUT pricing seems to be have improved slightly today! You ae welcome to give me a call at: 260 221 0030. I...
Bank of America turned me down
I am a mortgage broker in Indiana - -please go to our website or give me a call for more information. I can work on the transfer of your existing - and if there is truly LPMI then we will seek alternative financing to accomplish the same goal. Give me a call or visit our website: www.Lechelmortgage.com260 221...
Joint Deed
While not on the note you have equity interest in the property. If the payments are not made and the lender initiates foreclosure then it would tie up the property for a long time and if you desired to liquidate the asset you could not necessarily do so in an expeditious or pain free way. It would be better to...
Can we get a First time Home Mortgage with a credit score of 603 and No banckruptcy or Collections
I offer FHA loans down to a 530 credit score (requires 10% down) and down to a 580 with on 3.5% down. As JoeMetzler indicated there are other requirements like Debt-to-Income ratios, job history, etc.., that come into play although the direct answer to your question is YES. You can reach me at...
Joint Owner
A licensed real estate attorney should answer this question for you.
fha loan minimum
Your best source of information on this topic could likely be found at HUD official website or Even if fha will insure a low loan amount doesn't mean that a bank or mortgage company will do the same as low loan amounts are very costly to a lender.
what is the penalty from withdrawing from a refinance after already committing to it?
William answered the question well. While he lends in AZ only I can lend to you. I look forward to hearing from you.
203k loan
Yes. Seems like a small project for a 203k refinance though. While I do these type of loans there are other options as well. Give me a call: 260-348-7519.
do you need a downpayment
You could have the option for a no down payment loans. James in this post thread answered the question well. or
A home was quit claimed to me with no mortgage can I take out a bill consolidation type loan to pay back taxes?
There is a lender named First Guarantee Mortgage Corp that goes down to 580 score. Here is there number: (240) 575-3347. Best Wishes.
Can somebody help us understand what our options are?
I would suggest that you contact First Guarantee Mortgage Corp., as they go of the BK discharge date not the date of deed transfer. I am a 15 year experienced mortgage broker in Indiana and the deed transfer date would not be an issue for me although I am not licensed in your state. Here is there phone number:...
Re-fi after chapter 7?
I can help you if you have made your payments on time for 12 months. 260-348-7519.
Can I purchase a home with FHA or VA and get funds to add on an inground pool?
I have reviewed the answers given by my peers and I am proud to say that this forum is filled with knowledgeable people. I have been in the business since 1998 and I have witnessed many "loan officers" give bad advise and everyone here appears to be spot on with their direction.
FHA OTC Lender
I would suggest that you explore you options with the gentlemen below that say that they have a source for funding. Many times there are products that FHA will insure but no lenders that will write and fund the loan.
Can I get a VA loan with a credit score of 600 to bulid a house
I can do a VA loan down to a 580. Let me know if I can help you.
We have a conv loan, first at 168,900, second 47,790 appraised last yr for 193,000.
William at Velocity answered well. I am licensed in both Indiana as well as Michigan. I would love to help you but check me out first. My website is and my LinkedIn page is: have information on the...
On average, what percentage of a loan do closing costs make up?
In the mortgage loan broker world it will vary depending upon the following factors: 1) Which lender it is placed with 2) Whether the broker is paid by you the consumer (called Borrower Paid Loan B.P.C.) or a by the lender (Lender Paid Compensation L.P.C.), and 3) The State and location of the property. The...
If I refinance an FHA mortgage before the new PMI rules take effect, will I have to pay premiums for the life of the loan?
Go to my facebook page and scroll down to a post from yesterday and you will see the Mortgagee letter directly from the Department of Housing and Urban Development. Simply search for "Larry Lechel"

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