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Melissa Stutes's Answers

Can I Get an FHA Loan With a Credit Score of 600?
Yes, you can get an FHA loan with a credit score of 600. Typically the adjustments associated with that score could increase the interest rate higher than a rate someone might get with a 620+. However, you can always refinance into a lower rate at a later time if your score improves.
Can recent unemployment affect me getting a mortgage?
A gap in employment won't affect you. Write a letter of explanation as to why you were unemployed at the time.
Looking for a Hawaii Broker
I'm licensed in Hawaii. Please let me know if I can be of assistance. Mahalo!mstutes@mahiloans.comNMLS# 948108
How do I get off the mortage I share with my ex-wife?
You would need to refinance in order to take yourself off the mortgage. However, your ex-wife would need to qualify on her own or with the help of a "non-occupant co-borrower". Best of luck!
could i go zero down for VA with a 620 credit score?>
Yes, if you are income and credit qualified. You will also need your Certificate of Eligibility to show your entitlement amount in order to come in with a zero down payment. Most lenders/brokers can order this for you.
best loan scenario for bad credit?
I work with an investor who goes as low as 560, but just as Chereen said...certain criteria has to be met. It can be done, but your income and credit needs to be verified. It's helpful that you can make a 20% down payment too.
Don't lenders fees have to be listed on a GFE??
You should have received a GFE within 3 days of submitting a loan application if you weren't denied for income/credit reasons within those 3 days. If your lender did not disclosure a GFE, then you can file a complaint about the company with its regulatory agency. I would send a copy of the complaint to all...
down payment assistance for fha loans?
Yes, there are homebuyer assistance programs available. It depends on gross annual income and where you are looking to purchase a home that will determine qualification requirements. Email me at if you have more questions.
Is there programs for 3% down and no pmi
Most lenders will require a 20% down payment in order to avoid monthly mortgage insurance...unless you find one with their own portfolio loan product (they service the loan instead of selling it on the secondary market). However, it may be very difficult to find a lender who offers such a product. Since...
Are gifts allowed toward VA closing cost
Yes, only family members are permitted to provide gift funds. Also, it must be documented by Gift Letter, evidence of donor ability, evidence of the transfer of funds and evidence of receipt in the borrowers account. But...yes gift funds are allowed to be used toward closing costs.
When i lok at rates and there is apr, is that what i should go by for lenders?
Not necessarily. APR is the annual cost of borrowing money, expressed as a percentage. The APR includes the interest rate along with other fees associated with the loan. So in reality, the APR for a loan might actually be higher than the loan's interest rate.Compare rates, points and fees if you're...
was preapproved then denied even though lender knew about student loan, what is going on?
Did it eliminate your funds to close and/or required reserve money? If you still have enough money in your account(s) to cover closing costs, pre-paids and reserves (depending on the loan program), you should have to only show a supplement to your credit proving the loan was paid--in-full. If you...
I make $90kyr I have 30%down on a $195000 home , I have a 540 credit score. My credit report has fraud on it, I need a mort. ASAP
Contact the 3 credit bureaus now!!! My website has more information on correcting credit errors, This will take time as you will need to submit information to them and they will have to investigate the matter. Until may want to see if a small...
can i build using usda on land i own?
The issue you will have with an RD loan where you're going to build is the appraisal report. The lender is going to want to see that there are comps within a certain proximity with similar specs (# of rooms, bathrooms, living space, etc.)...and what are the values of those comps. If you contact a local...
which loan is normally cheaper va or fha ?
If you qualify for a VA home loan, then that loan program will have less of an upfront cost to get into the home. VA will go up to 100% financing, meaning no down payment requirement. FHA requires, at a minimum, a 3.5% down payment. VA will also allow for a lower monthly payment as no monthly mortgage insurance...
recently divorced but credit still ok can i get approvel?
As long as you income and credit qualify, with the alimony payment included in your monthly debt, you will be fine.
When can i get a mortgage? Recent divorce
Yes...if you income and credit qualify for the loan program best suited for you then you can obtain home financing. A divorce will not dictate's what debt has incurred, your credit score (which is passing) and your income will determine your eligibility and the amount you can borrower. ...
I'm trying to get a VA loan but my credit is poor
Your score is not that far off from where it needs to be - 620. Within 3 months, improvements can be made. That is if you have the time. You may check with a mortgage broker/lender to see if anyone offers a portfolio VA loan that allows a lower than 620 credit score. I work with an investor who allows as low as 560...
best refi option for eliminating mortgage insurance?
You should consider a conventional loan. Also, consider a 20 year term. Rates are typically lower for a shorter term, and you'll continue reducing the years of your mortgage quicker. A 20 year term will also keep your payments reasonably low (compared to a 15 year). Good luck!!
if i get preapproved will i also get a rate lock?
Your loan officer will advise you on the best time to lock. Typically, you won't lock a rate until you have an accepted offer. Once you have a fully executed contract (signed contract), then you will want to ask your loan officer how interest rates are performing. At that time, you can start monitoring...

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