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Michael Eiden's Answers

Anyway to get a loan with a 570 credit score?
Dear Homebuyer, William aswered your question about as well as anyone could. With that score, you have to be prepared with10% down and good compensating factors (some of which you stated, rental history, good income etc...) If the down is not possible, you will need to see if there is any way to raise your...
If the rules of changed in the Harp 2.0 program why am I still ineligible?
Hello there. You have already gotten some great advice on this one. We are a local independent Banker/Broker and I have been helping lots of BofA customers. You can get your BPMI transferred in most cases. If you are open to a discussion, I am here locally. All the best
how much will 1 poing lower a 3.75 interest on a 200,000 mortgage?
Hello, thanks for your question. Right now it's roughly a 1/4 percent or .25%. In other words, you could be looking at 3.5% for a 30 year fixed. That equal about a $28 difference in payment. So... your breakeven is roughly 71 months. ($2,000 for the extra point divided by the savings of $28). Hope that helps,...
Locked in refi rate, payed appraisal, delayed closing 75 days re-ran credit, and DONT qualify?
Unfortunately they can. Escpecially if it's been 90 days since they first pulled your credit. It also depends on how long your initial lock was for. Most lenders only allow you to extend it twice. It might be best for you to find out exactly why your score dropped and see if it can be easily rectified. If...
Commercial loan
Well, if you are refinancing then no, you can't place it into an LLC. However, if you are just changing title, you can do that at an escrow company. If you are refinancing, then just do the refinance in your name, then do a quit claim with title afterwards to place the property into an LLC. Hope that...
will harp 3.0 work with investment property?
It sure will, feel free do drop me a lind if you'd like to discuss more. Click my profile to learn. Have a great weekend.Best,Michael
DU Refi Plus - West Melbourne, FL
Hi Lorne, you might be able to find a good loan rep here: Good luck!
Can I still get a mortgage if I have deferred student loans?
Of course you can :) If you don't mind that I'm in Portland I'd be happy to help you with your options.Best,Michael
Do USDA loans have limits on income and other restrictions?
They do indeed. Depends on if you have 1-4 people in your family, or 5+. In addition, it matters what county you are buying in. For Lane county the maximum income is $74,750 for 1-4 persons and $98,650 for 5+ persons. It's also important to note that everyone in the home over 15 years old earning income must be...
I\'m going through a divorce, how does a quit claim work and is it something i should even consider?
It's simply is an insturment to change ownership to the property. However, it in no way releases the obligation of the other party (I assume your husband) from the financial obligation of a loan if there is one against the property. This can also be achieved by a "Warranty Deed". My advice would be to...
are there Jumbo USDA loans?
There really isn't a limit per se on the loan amount. It really boils down to your income and the property capped by your personal debt to income ratios. So, for example for a family of 4 or less in North Plains the income limit is $83,950 for all adults living in the home. That comes to $6,995 per month inccome....
Where does your credit score need to be with Wellsfargo to qualify for conventional loan?
I don't know about retail (walk right into a branch) however, I am a Mortgage Banker and we underwrite loans for Wells Fargo. Our minimum is 620. If you need some resources on building credit, or finding our your score, drop me a line and I can point you in the right direction. Good luck!
What exactly is difference between closing versus closing and funding?
Closing simply means your have "closed" on your loan. Meaning, you signed all the loan documents. Funding simply means all of your signed paperwork has gone back to the lender. Once all conditions of the loan have been met (typciall 24-48 hours) they order the wire for the loan funds to be sent to title....
Can I get a mortgage with no MI if my credit is 731?
You have to put down 20% to avoid MI. HOWEVER, there are ways to mitigate it through financing and/or using rebate pricing so you don't have the monthly cost and it might prove less expensive over the term of the loan. I'd be happy to run some numbers for you and explain in furhter detail :) You can visit my...
do i need to provide pay stubs and tax returns to get prequalified?
Yes, you must submit your last 30 days of pay stubs, 2013 and 2012 W2's along with your 2012 and 2013 Federal Tax returns. You will also need to provide your last 2 months of bank statements along with ALL pages. Hope that helps. Michael
can first time buyers get conventional financing
We have a branch down in Medford. Talk with Kevin Beard... he can help answer your quesitons. Luck!
HOA and Reverse Mortgage
Hi Beverly... this doesn't seem likely. Drop me a line or email, would be happy to help.

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