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Michael Creed's Answers

downpayment requirement -- historically?
To answer your question directly: No, I do not know what the down payment requirements were, "In the 90s, 80s, 70s, 60s..." mainly because the guidelines are changing constantly. I think that we as loan officers have just ebbed and flowed with changes, learning them and helping folks get into...
Refinance my home at 5.75%
Hi Jared!Yes! You should be able to save a significant amount of money by redoing this loan, even if you were to continue to pay it off in 27 with the new loan (not going backward). Please contact me using any of the forms shown at so that I can put together a...
686 Credit Score, need to refinance my home loan
I agree with Herman in that it depends on your qualifying factors; it should be well below your current rate. If you want a free quite from a local lender right here in SE Wisconsin, give me a ring at 262-293-5144 or submit an application at
Paid off DMP. How long do you wait before applying for loan?
If DMP is Debt Management Plan, assuming you have been paying on it as agreed for the past year, with a mid-600's score, you should be good to go now. I am based right here in Wisconsin and I would love to answer any more questions that you may have. You can get all of my contact information and, if you...
Do you foresee rates going lower on 5-1 ARM or should we refi now?
Now's the time to get moving on it! They probably will stay low, like you said, but the probably will not get much, if any, better. Today along has not been great for rates. If interested in completely free analysis of your situation with proposed new options compared to it contact me. My contact...
Can I find a lender to give me a loan refi at 87% without PIM?
Hey there - I hope you are dry after last night's storm! There's a lot going on here. Please call me at 262-293-5144 (or 800-627-1925, Option 1, Extension 5144) to discuss this in a no cost, no obligation setting. My office is in WI and I would love to help. Check out my past client...
Can my wife and I both use our 401k for a down payment on our first home?
Hi Anderson! Typically this is a great strategy, particularly when home values are increasing. Check out the full details in a blog post I wrote about this topic last year at . My contact information is available at the top of...
do lenders ever issue pre-qualifications without an official credit check?
Yes, but it's not worth your time or energy. You need something more solid than that and your seller's agent will likely never let their seller accept an offer with a weak letter like that. Check out my blog about this topic http://www.closewithmichael...
could i go zero down for VA with a 620 credit score?>
Absolutely! Give me a ring at 262-293-5144 to discuss it further.
will PMI differ depending on the lender?
Yes, it varies on many factors, one of which is the lender. Give me a call if you want to discuss it personally. I have a licensed loan officer on my team who lives in Mayville that I can connect you with. 262-293-5144
My house will be paid off this October 2014 would like to get a equity loan to do repairs to my home how can I go about this??
Good Morning and congrats on having your home almost paid in full; that's got to be a great feeling! The process is quite easy, give me a call at 262-696-9048 or visit - MC | We're a national direct mortgage lender and I head up the branch in Brookfield, WI
Mortgage cosigner rights on the house?
Both replies below are spot on; I'm just throwing in a third response to provide even more solid consensus.
Funding for home with two buildings on site
Typically this will not be an issue so long as there are comparable sales (Comps) that also reflect these attributes and home is legal in regard to zoning. Feel free to call or text me for more information. 262-696-9048.-Michael________________________________________Michael Creed | Sales...
Need to lower my mortgage payment
Hey Audra! Did you get this taken care of yet? As the others have said, it's certainly a great time to consider this, particularly with the recent changes to FHA (though conventional might still be a better option). Please reach out to me if you still have questions. My office is in Brookfield, but we can...
If we are already in a chapter 13 and our home is not in it, can we get a refinance loan on our home?
Absolutely; FHA allows for that. Like the other reply said, there are several caveats that have to be met, but it's doable if you meet them. Please give me a ring at 262-696-9048 or 800-627-1925 x5144 and we can chat about it further; at no cost, of course. -Michael Creed NMLS 50441
Can You Use Your VA Entitlement While On Active Duty?
Hi Stanlee88851 - Thank you for your service! Yes, as long as you have served 90 consecutive days actively, you'll likely be able to use it. The VA always has to make the final call on Eligibility, but we have access to their portal to get that COE issued for you quickly and at no cost. Full eligibility...
will my credit take a hit if i decide to apply through another lender?
If you're worried about credit inquiries, don't be; the law specifically has the scoring models programmed to ignore any inquiries in the past 30 days related to a mortgage you can read all about that at https://www.myfico...
Can I be sued?
Probably not. If your father is still alive, that's his choice in most situations. Definitely connect with a real estate attorney, the fee would be minimal and they can do the QCD too.

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