Forgotten Your Password?

Need to Register?

Eric Vander Werff's Answers

If HARP loans do not care about upside down or appraisal what do they care about?
They do care if you are currently employed, that you show a solid credit history, and that you are improving your situation by refinancing with the HARP program (term reduction, payment reduction, refinancing from an ARM to a Fixed rate, etc).
What are the major differences between FHA and Conventional loans?
FHA loans only require a 3.5% down payment and are very popular with newer home buyers. The upfront mortgage insurance of 1.75% can be financed into the loan. The lowest FHA rates can be had with a credit score at 640 or lower in many cases. Seller's can contribute up to 6% of the purchase price toward...
HAve the rates risen for good?
Rates have definitely risen over the last two weeks but historically, we are still in a FANTASTIC rate environment overall. If you are still holding out to buy or refinance, I wouldn't wait! Rates could very easily move back up to the 4's, 5's and 6's - once the upward trend really...
I JUST started a business and want to buy a home, what do I do?
Pretty well said by the previous posts, Private Money, non-occupant co-borrower, lease option for the next few years, and there are still deals out there that offer owner financing depending on the down payment. All good advice - good luck to you!
Harp refi and self employment
Would love to try and help you - like mentioned earlier, will need to take your application and run the Freddie Mac approval to see what the findings say. Feel free to contact me and I can walk you through it. Thanks,
Can we get a HARP 2.0 loan from a different lender when we currently have PMI?
Hi jamesm_519_207 - I would love to help you with your refinance!! Eric 206-794-6388 or We are FDIC so can lend in all 50 states and I do a TON of these HARP 2.0 loans with MI. Thanks!!
Hello i currently have a bankrupsy on file it will be 7 years in August discharged chapter 7. My mid fico is 658 and my wifes is
There is really only a slim market for Home Equity Lines of Credit and the average Bank / credit union is starting at 700 or 720 FICO and only lending up to 80-85% loan to value. I would really like to know more about your situation and what you are trying to accomplish - I think there may be a product out there...
Why are rates going high so fast?
Good answers below - MBS massive sell-off's, increase in 10 Yr Bond yield, comments from Fed to start tapering Quantitative Easing, worries on China economy & more. Rates are still in a historically great place - get your loan locked while rates in the 4's are still availalble. Like said below, it is...
What do I do if my wife has no credit?
Yes - you can still apply on your own as long as your income supports the desired loan amount. Just a friendly bit of advice - I would have your wife apply for a $500 limit Credit card and maybe another small loan that will report positively on her credit. Six months from now, as long as the payments are made on...
What is a 125% mortgage? Is that HARP ?
Hi, this really could apply to a Fannie Mae or Freddie Mac HARP loan but could also apply for FHA or VA streamline refinances depending on current values vs. current loan balances. Most of us can do unlimited LTV/CLTV Fannie or Freddie Refinances now, even if we aren't your current servicer. With regards...
creative loan needed
Thats a tough one - I would contact a local, regional bank or credit union and see if they lend up to 90% CLTV. The programs I can see will allow up to 85% in CA but not to 90%. You might be able to combine a partial HELOC and partial unsecured or personal loan to get there. Hope that helps and good luck!
I need A Lender that handles Fannie Mae Underwater Properties
Love to help, give me a call or email from contact info here. Thanks!
Is there any way I can get a mortgage on a house that I don't have residency with?
Yes for sure - you can refinance your investment property or buy a home you intend to be a rental. Best rates and programs are going to be with 25% or more in equity or down-payment.
I heard there is a conventional mortgage that allows a 10% down payment.
Fannie/Freddie conventional loans allow as little as 3% down. The "My Community" purchase loan has a very low mortgage insurance factor if you are below the income ceiling. Also, you can get a loan with 10% down if you work with a lender who can broker your loan under US Bank's Portfolio product - those...
Can we get an 80-10-10 loan still?
Yes many lenders still have this (my company included) . There are also 90% one loans with or without mortgage insurance available depending on what state you are in and your credit profile.
Can you do HARP loans if your loan is not Freddie Mac?
HARP specifically is for loans delivered to Fannie Mae or Freddie Mac prior to May 31, 2009. If your loan is FHA or VA, you might still be able to do a streamline to lower your payment (if that is what you are trying to do). Also, if you have some equity, you might be able to still refinance and still achieve...
I am planning to buy a home next year, what is the outlook for mortgage rates next year?
So many "experts" online and in the financial news are saying upward trend. Yet, we've seen a very similar short term spike in rates in 2011 for a few months, then it trended downward again. We've seen these swings up and down more than once in the last 10 years. I hope I am right that we will see another trend...
if i have an arm and am underwater on my mortgage what should i do
Fannie Mae lookup : Mac lookup : those don't work I would call your servicer and see if they could convert/modify to a fixed for you?

Subscribe to our news feed.