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Michael Zimmerman's Answers

Home Equity Loan - Poor Credit
I currently work in the North Carolina and Virginia markets. The first mortgage option would be the best option for a lower score. Contact me at 757-390-7303 or Michael Zimmerman NMLS# 924701 or email @
HARP Refinance After Bankruptcy
Good Afternoon BConne,Depends on the Chapter filed. Give me a call at 757-390-7303 or www.vabeachmtg.comMike Zimmerman with Southern Trust Mortgage Nmls #924701
Looking at new construction in north Georgia. My husband, the sole income provider, has a FICO middle score of 608.
Are there any other issue with the credit that can be addressed? Either credit cards with high balances that can be paid down and then ask the companies to rescore. Or accounts that are being reported incorrectly?
Which is better for a first time home buyer, conventional or FHA?
Really depends on your personal financial situation. The best way to find out is to sit down with a mortgage professional. A mortgage professional can work up the number both ways and then you can decide based on your financial needs. You can reach me at 757-390-7303 or apply online
do you know of a lender that handles va construction loans
Carol,Yes, we handle construction loans. You can reach me at 757-390-7303 or online at Look forward to talking with you.Michael ZimmermanNmls 924701Loan Officer with Southern Trust Mortgage
can a mod agreement combine a two different loans a first and second into one loan from two differnet banks .
No, I use to work in loss mitigation and one of the hardest parts of moving forward with a modification is getting the second to subordinate to the first.
Illegal Immigrant
I agree with the comment above, the only chance might be hard money.
I am looking to purchase an investment property. It costs $180,000. Can i get a LTV above 70%?
Yes, but it depends on credit score and debt to income. New york is not in my footprint but if the property is in VA, MD, DC, NC, SC,GA or PA give me a call. 757-390-7303. Or apply online at
Fannie relief program, contact me at 757-390-7303
Qualify for an FHA loan jointly?
620 or better should not be a problem
Transfer the house to the son while still paying the mortgage
I would advise you to see an estate attorney, or some would advise to do a quick claim deed.
Selling my fha home, ok o want allll the money i get for a new home. Do i have to pay fha off first?
You would have to payoff your current mortgage, if you wanted to use the proceeds to purchase your new home.
Ok so if i sell my fha home then why does it say i can transfer to a new buyer? I need to sell to get aanother home. S
You would have to being dealing with a borrower, who could pay the difference in cash
Are VA rates usually lower or higher than normal rates?
VA rates are usually lowest offered program.
any lenders in pa that have "home steps" freddie mac home loan
We also have some great programs for the PA market. Give me a call at 757-390-7303 or website Look forward to speaking with you.
Should I buy an investment property?
I agree with the first comment stated
I purchased my home FHA and now it is 'unsellable'
If you have no MI payment and the amount is less than expect. I would continue to pay the loan as agreed. Especially in this climate where FHA has a lifetime insurance.

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