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Bill Cook's Answers

Stated Income Loans
These options are still available from a few portfolio lenders and not at hard money rates. What is your liquid asset situation?
When are brokers required to release GFE and TIL
You should have had it by now. This person is licensed? Ask for a copy of your credit report and shop around. Or just find another one and ask for a seasoned loan officer and confirm that you will get a TIL 3 days after the app
Getting a jumbo or 80-10-10
Yes, we can do that. Just need a 720 score or higher along with adequate income.
How long must I wait for the Rates to drop again? If at all?
They have been very low for such a long time. House Speaker Boehner was just interviewed this week and said that Bernanke is wrong to have kept rate so low for so long. The equity markets are pricing in this rate hike and rates have gone up the last 3 weeks. I'd go for it now if it meets your objective.
What should we expect percentage wise for closing costs on a new home loan?
The costs can vary nowadays thanks to the govt. overhauling the good faith estimates. It can be 1%, 2% or depending if you are doing a permanent or temporary buy down on the rate. Is the seller going to contribute to the closing costs? Also, give yourselves a high-five on getting an accepted offer in this...
Can I buy a home with no money down at all?
As mentioned above, the USDA and VA loans are your best bet. Although, I'd strongly consider coming in with some type of down payment as you will get the better rates. FHA has 3.5% and there is a .50% down program. If you are a teacher, firefighter, policeman you may be eligible for a grant.Financial advisors...
Are stated income loans still available?
We offer stated loans - NOT much higher rates ( about 1% over full doc rates ) - NOT Hard Moneyin CA, CO, OR, WA, TX - owner occupied SFR to 4 unitsfrom 20% to 30% to $1M; up to $2MONLY a 5 year fixed ARMIt must make sense though - no waiters, college students, or barbers claiming $150Kit goes through 3 levels...
Which bank offers the best 30 year fixed
Well, the inside news is not many. If they do, it takes a long time since they make no money off of you. Nowadays, direct lenders can beat Banks more often than you think. Wells, BofA,Chase are not the panacea of great rates. Some direct lenders who offer rates from Wells and BofA as a banker beat Wells and...
who has the best 30 year fixed loan?
We have the some of the best rates for jumbo loans over $417,000 when we were pitted against Wells Fargo retail (walk-in)
What exactly is difference between closing versus closing and funding?
Funding usually happens one day before closing or if the loan is funded early in the morning,the loan may close the same day it funds.Funding is to pay off the seller, and/or existing liens (if a refinance) and related loan costs
Do you offer Bank Statement Loans in Pennsylvania?
We offer those loans . 12 months persoanl or business statements. Our program requires a 720 score but may be lowered.
If I don't have enough money for a down payment, do I always have to pay private mortgage insurance?
1. The short answer is no.2. More than likely - Yes1. a. No because there are equity sharing programs and investors who may want to partner with you in the down payment to gain a share of the property's equity appreciation in the future. So, you can come up with 10% and they can bring in the other 10% and you avoid...
30 year fixed jumbo loan with 10% down and no pmi
We have that jumbo product up to $1.4 Mil depending on the state. If North Dakota, yes it's available with a 730 score or higher and adequate liquid reserves. It will be a combo 1st and 2nd or you can opt for one loan at 85% without PMI.
Looking for a jumbo loan 80-90% LTV with no PMI
The best rates are associated with borrowers who have strong financials (income and liquid reserves) and credit scores above 740. Having said that, we have some of the best rates and terms with 85% LTV up to $2 million in Texas.
Co-signer question
No. both of your incomes together are needed to qualify just as both of your credit profiles. If your co-signer has great income or commpliments yours be sure their credit is ok. I had one borrower thinking to add a relative and shrotly found out they her brother was going through a divorce. She came to find...
I need to refinance, but I have IRS debt to pay off. Is it possible to use my equity, to make the offer to the IRS?
You will need to have a payment agreement plan in effect and then you can refinance.
What LTV can I get with a self-employed bank statement loan?
We can get you a 90% LTV bank statement loan with a 725 credit score and eligible incomeThe better rates are at 80 LTV and below. Depending on your state, a different licensed loan officer will help
Looking for a jumbo loan in orange county california after short sale and chapter 7 BK
This is definitely a loan we can do from what you described. You can even put down 20% instead of 30%. We just did one where they were only 2 years out and got them a 5 Year ARM at 6.375%. Dsiclaimer: Each borrower's situation is different. Apply at and speak to William
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.
It sure appears that you can refinance. However, that is sibject to verifying your credit report and income.

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