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Lynda Mckenzie's Answers

Can I refinance an investment property through HARP even if the orig. loan was taken out when property was owner occupied?
The following occupancy and property types are eligible for securing a DU Refi Plus or Refi Plus mortgage loan:oone- to four-unit principal residences,oone-unit second homes, andoone- to four-unit investment properties.The existing mortgage and the new DU Refi Plus or Refi Plus mortgage loan...
GSE owned mortgage or not?
I would be happy to help or if you prefer you can look your address yourself. Here are the websites:Fannie Mae: Mac:
The bank is refusing to offer a fixed-rate mortgage on a home since there are no comparable sales?
I would suggest like the others that you utilize the services of a local RI mortgage lender. I am located in Cranston, RI and also have an office in Warwick, RI. By switching, a new appraisal will be done and the rates are not tied to the lack of comparable sales. The rates would be tied to the type of program...
Are there 100percent LTVs out there
If you have a fha mortgage then you can do a streamline with no appraisal.If your loan is serviced by Fannie Mae or Freddie Mac and was sold before May/June of 2009, then you may be eligible for a HARP program which allows loan to values of 105% to 125%.I would be happy to check to see if you qualify.
Hi Savann,I am available if you would like to discuss your options. My contact information can be found on this site.Lynda
Gifts or grants from qualified housing resources can assist with the down payment amount.
Grants and gift money are allowed on certain programs. They allow you to use money from other sources other than yourself towards the down payment.Gift money is money that is given to you by an immediate family member with no expectation of repayment. You must always source where the money came from...
If I apply for a mortgage with my wife, will lenders use the lower or higher credit score to qualify?
We will use the middle fico score from each borrower. The lower of the two will be used for pricing purposes when determining the rate.Most lenders have a minimum 640 fico score requirement.
Re HARP Programs
Unfortunately, we don't know when HARP 3.0 will be made official (if ever). Nor do we know who will qualify for HARP 3.0 when it's passed.There is talk that the program will be offered to borrowers who currently do not have their loan serviced by Fannie Mae or Freddie Mac.
Is there a way to get a bigger mortgage if I'm going to get a substantial raise in the near future?
You would need to provide a current pay stub reflecting the increase to use the higher income.
I've had two late payments in the past year...can I not refinance?
Mike,Your question raises a question from me.Where you late on your mortgage or some other type of account? Typically lenders prefer that you not be late within the last twelve months on your mortgage. However, with a DU Approve/Eligible recommendation, you will be OK to proceed. This means if the loan...
When can we expect the mortgage rates to fall again?
The market has already started to correct itself and rates are slowing improving from the last few weeks increase. There is no way of predicting how low or high they will go.Rates are subject to market conditions on a daily basis.
How much down payment is required for an investment propoerty?
For a single family or condo it will be 20%. For a 2-4 family property, it will be 25% if using Fannie Mae products.
Bought home 5% down. Newly renovated. Can i cancel PMI?
Jim,Based on the many comments below, you now know that the mortgage insurance will follow the term of the mortgage on a 30 year FHA loan under the new guideline changes in June, 2013. Unfortunately, the bank will not automatically re-appraise your home to eliminate PMI.As others have suggested, you...
is there a minimum credit score needed for zero down on VA loan
With your current score you should be eligible for VA financing. Feel free to contact me via my profile. I am happy to assist you.
Can i get the lowest rates for good credit but low credit spouse?
Lenders will take the lower of the two middle scores.For example if your scores were 766, 740, and 750, the lender would use 750 for you. If the coborrower has 688, 650 and 640, the lender would use 650. Hope this helps.
can i refience in house is worth 290000 owe 359000 its fa loan its with owen
If you currently have a FHA or VA loan the answer is yes. You can do without an appraisal.If your home is owned by Fannie Mae or Freddie Mac, I would be happy to see if it is eligible.My contact information is located on my profile. Feel free to reach out to me if I may be of assistance.
what is the curret rhode island va streamline refinance interest rate
Robert it would depend on your overall profile. (loan amount, credit score, dti, etc.) The estimated rate would be between 3.625% and 3.75% with no points.I am happy to help.
is the upfront mip fee waived on fha with 80 % ltv
Unfortunately no. I should also note that there is monthly mortgage insurance that stays for the life of the life regardless of the loan to value ratio.I have other mortgage options available that could be less costly if you would like to discuss. I am happy to help.
Looking for a USDA lender in MA
I am happy to help if you are still in need of a loan officer.

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