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Mike Schults's Answers

Everything about our refinance is fine, except that our property is a hobby farm that is on 45 acres, and we're getting declined because they cannot sell our loan in the secondary market. What are our options?
I would call me and let me turn it into my bank they don't have to sell the loan if it's good and can just hold onto it. Just need to get your info on it thanks
question how much do we need to put down with a 780 credit score?
You could run into a snag you need to have 70% equity in the house you are using as a investment home if that home is upside down or higher than 70% Loan to Value the new home you are buying might have to be treated as a investment home as well even if your going to live in it. They are trying to keep people from...
Can I get a reverse mortage on a new home
You would still have to meet the guidelines as well
10% down on $600K without jumbo??
Jumbo loans are great right now.
Loan for another rental property
I can do loans in Alaska and I am a Banker and Broker so the sky is the limit feel free to call me.Mike SchultsCertified Mortgage Planner310 770-7969
Can I use the two homes I own outright as collateral for a loan?
If your over 62 you can do a reverse mortgage all day long. If your not 62 You can do a private money but the rates are higher unless you can do the full doc loan.
preapproval reliable?
You always run the risk of not getting a loan. You need to work with someone that really will look at your tax returns and bank statements make sure your credit is in order. After eveything is looked at and you get a pre-approval that is good.But don't go buy a new car or take on any major debt while buying...
looking for home loan after a bankrupcty. discharged in may of 2012
You can wait to do a loan in 2014 or you can do one now but you need to put 45% down if you have the down payment money give me a call thanks.Mike 310 770-7969
Qualifying for a mortgage after Chapter 13 Discharge
Everyone is going to tell you two years because that is how long your going to have to wait. You can keep asking and the answer will keep being the same. BUT I can do it for you right now 40% down the rate is 12% and 5 points so you can buy a house before the 2 years are up with this private money but you might not have...
Can my husband quit claim our free and clear home to me after my Bankruptcy has been discharged?
You need to talk with a BK Attorney about that one. My guess is you are good after the discharge but still would ask someone that does BK's. for a living.Now if you need a Mortgage Loan we can do that for you after two years from Discharge of a BK.
I am getting ready to refinance. The lender told me today if i get a 15 yr fixed fha loan. At 2.95% i have to pay closins costs.
You are leaving lots out of your question. I can do 2.75 no cost all day long on a FHA loan with the loan being $300,000 and a fico score of 740.If the loan is $130,000 with a 640 fico it would have to be higher to cover cost and you would have a hit to rates for a smaller loan and lower credit score. Whats your loan...
HARP 2 refi on our current home, but we want to purchase a second home soon and make it our primary residence. Is this possible?
You can only do a Harp2 if the loan was made before May 2009 if after that date you can't do a Harp2 but if it was for 2009 you can and buying the house later can be done if you can make both payments and service all your dept.
appraisial vs. brokers price opinion?
Not sure what you asking but I am guessing you mean the fee for the appraisal on maybe the good faith they sent you? If that is the case what they have on the good faith is pretty close to what the cost is. I know that I put $500.00 on mine and most the time the cost is $450.00 by the way they can't charge you more than...
If my loan gets sold will my terms change?
Your terms will always stay the same as what your note says and the loan you took out. When your loan is sold they sell the servicing but the loan will always stay the same. You note is secured by a property unlike a credit card that is not and that is how credit cards get away with that.
Termite issues affect appraisal?
No you can Tent after not a big deal. You will get a termite Clearance after it's been treated so you can have the appraiser come out anytime.
I am working hard to get my credit score up. Just got it to 572 in about 6wks from a 540.Is there anywhere I can get a mortgage?
I have a place that lends in all 50 states will do a 500 or over fico with 10% down. This is a great loan to do with no mortgage Insurance. You hear FHA can do them at 580 the thing with that is yes they can do them but chances are you will have something on your credit that FHA doesn't like that got you to a 580 fico or...
80/10/10 Jumbo in CA with BK 4.5 years ago.
Just closed one with a BK 3.5 years old in CA on a $1,100,000 Purchase so yes to 4.5 you get better rates at 5 years BK on a jumbo but even under you can get a rate around 4.875 so not bad. loans up to $4,000,000 20% down unless you want to do a profit sharing loan I can do 10% down with that. On a side note if you keep the...
Can i build a home ith a va mortgage?
VA is only a guarantee on a mortgage they don't do construction Loans and that is what your going to need if your building a house. You can find money that someone will lend but it's going to be a higher rate. Once the home is done you can always use the VA to do a re-fi on the home paying off the loan you got with...

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