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Marty Borges's Answers

Switching to an FHA home loan
I can get you a pretty good rate on FHA but you will be paying mortgage insurance that will raise your monthly payment. If you are putting down 20% then I recommend a conventional loan because you avoid mortgage insurance. I would love to compete for your business since I believe I can offer you the lowest...
Upside Down!
What is your margin on your loan? What borrowers need to understand is that when rates adjust they usually adjust to a lower rate unless you got your mortgage through a subprime lender. If your margin is under 3.00% then you are looking pretty good. The index that it would adjust to is below 1% so your rate...
Self Employment Loan Options Could Really Use Some advice
I have a stated income program that might work. Please call me @ 310-971-7444 Marty with Vesta Capital
FHA Loan with a low credit score?
I can help you if you have a 620 but that is the minimum credit score that is needed. you can email me at
Prime Interest Rate?
Prime can only go up.. If your overall rate is above 4.875% then I think its time to refinance. If you want, you can do a 20 year loan so you don't have to go back into a 30 year fix. 20 year fix rates are the same as a 30 year fix and right now we can offer you a 4.875% on a 30 year fix and lower if you are willing to pay a...
Assumption Or Refinance?
I have ran across these deals in the past. A refinance will be best and you will need to show that your mother past away to take her off title. Rates are good right now so I would jump on it. Give me a call and I can help you out..Marty
How to Get an FHA home loan?
Is your home over valued? FHA only goes up to 96.5%. Fannie mae allows you to go up to 105%. Give me a a call and we can go over some options that you may have available.
First Time Home Buyer
Since you didnt claim it on your taxes then you might be able to but you only have until the end of the month to go into escrow! Depending on your state, there are some new credits for first time homebuyers that start May 1st. The following link will guide you to the form to fill out.http://www.irs...
Home Owner Assosciation In Court
While the HOA is in litigation, most lenders will not let you refinance until that is settled. But you might get it done through a private investor but I am sure it depends on how much the lawsuit is for.
Rate with %40 down
So it looks like you have to go stated income to qualify for the loan. So there are other factors like credit, etc but I do have a pretty good stated income programs with rates in the low 6% range. If we can document income to qualify they you are looking at a 30 year fix around 4.875%. Call me to go over some...
my credit score is 598, im trying to get pre approved for a home loan to buy a cheap house that needs little to no work, ive found several houses all under 25,000.00, but to place a bid i need to be pre approved, how can i do that
You will not get financing with a credit score that low. FHA is the lowest requirements and they require a 620. With a loan amount that low, I doubt any lender will do this loan. Your options are only private through a local bank if you can get one with that credit score. Sorry
Should I Refinance
If you have equity in your house then yes I would recommend combining your 1st and 2nd mortgage. If you do not have equity then I would try and modify your 2nd mortgage into a lower fix rate. Your last option would to short sale your house so you can get into a more affordable house. There are some incentives...
Does a refinance affect my credit score
The answer is No.. I have done thousands of loans and I have seen borrowers credit get better but they typically stay the same unless you have a lot of people pull your credit. You want to stay away from that. Normally it stays the same since you are paying off 1 credit and adding a new one. We offer very...
Monthly Payment
Actually the 30 year fix are at 4.75% today and have been staying below 4.875% over the last month. You can get a 5/1 arm at 3.375%.. We deal with wholesale lenders therefore I believe we have the best rates! All the other payments for insurance, and taxes will be the same as the other quotes
Co-Signer Passed Away
They bank won't find out. If you are looking to refinance and you have equity in the property, we can do a stated income program with just your name
How long does it typically take to get a mortgage
Approvals are under 48 hours once we have all documentation to submit. If all goes well you can close within 2 weeks as long as everyone does there part. Rates have hit record lows with the 30 year fix below 4.25%.
Can I qualify for a home with just stated income?
It depends on your overall ratios. FHA offers alternative financing with low credit. Email me at martyborges@gmail.comMarty
Can I qualify for a HARP2 loan with my status?
HARP does require you to provide income but no assets. Income for 1 year but HARP has higher debt to income ratio and seen approvals up to 65%. What was your income for last year reported on your tax returns?
What about interest rate?
with a 600 score your only option is FHA with mortgage insurance. But rates on a 30 year fix FHA is about 3.375% with no fees. if you can get your score to 620 you can go conventional with no mortgage insurance.
Fannie Mae 3.0 vrs Interest rate on 10 year note?
William is right but to understand better on a consumer perspective is to think that MBS somewhat follow Treasuries. Treasuries are safe haven for traders when bad news or news from overseas that can affect the stock market. So traders want safer bets so they put their money into treasuries. But this is...

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