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Mac Church's Answers

is a recent forclosure a no for anything? good income and 3/1 l/v.
Greetings. Three years from the date of transfer of sale, unless you are a United States Veteran or active duty, then it's only 2 yrs. Hope this information helps. Have a great day!Mac
What's a better option? IRRRL or conventional refinance with no mortgage insurance?
HI Mr. Morricone-Great question. If you are eligible for a VA loan, I always say to use it. There are so many benefits to having a VA loan, like loan assumability as well as government assistance should something ever happen to you (loss of job, etc).The funding fee is only .5% and 0 if you are considered 10%...
Will I get higher interest rates if I do a cash-out refinance?
HI Mr./Ms Marston-Fannie Mae and Freddie Mac both have pricing hits for cash out refinances. The rate is not always affected, but the cost of the loan is.It all depends upon your loan to value and your credit score as well. If it is a FHA or VA loan then there is no difference in the pricing or rate.If you would...
Am I contractually obligated to continue if I signed an "intent to proceed" document?
Greetings!They can most likely hold your application fee if you paid for one of those in advance, but that is it. Customers have the right to change lenders if they are unhappy with the service or the rate. I would check with the lender, but I beleive they can only keep your application fee, if you paid one....
Mortgage after Chapter 13 Discharge
Greetings! You can buy now, you just need to make sure you have not had ANY lates on any accounts since being in the chapter 13. I can do loans in Maryland, and I would NOT go to a mortgage broker because they are under more scrutiny than banks now. If you need more info, you can contact me at mac...
Will lenders make exceptions to the DTI requirements for FHA loans?
There are many ways to reduce your debt to income to increase your purchasing power. I'd be more than happy to help you.Please email me at and I'll see what I can do for you.RegardsMac
What kind of 5/1 rates are available? I have a loan at 450K.
this would be considered a high balance loan since over $417k you will be looking at 3% with a score 740+ and the max loan to value available by fannie OR freddie is 75%. If you are a veteran, the rates are at 2.875Mac

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