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Mike Shaw's Answers

Can you get a VA loan for a mobile home on leased land. We own the land, and will lease it to my Son-n-law and daughter.
If it's leased land you cannot. Here's a solution, add them to the title of your land. Also it has to be on a permanent foundation to get a mortgage, so you might as well add them to title, they could get the loan without you cosigning. I work in Colorado, call me if needed.
Can I refinance my loan from FHA to Conventional with stated income?
The simple answer is no, however others are correct, it depends on what you are trying to do. There are some loans that offer "stated-like" options that may have slightly higher rates. If your FHA rate is in the low 3's it may be worth keeping. I will run a free analysis and show you hard numbers without...
How do I find the right mortgage broker?
I can only offer fix-n-flip loans in TN but if you are looking for a personal home or rental try using the Lender Search tool under Community above. Ask them if they do 203k's. Are you looking to buy your own home, rental, or do a fix-n-flip? Fannie Mae HomeStyle is another option for personal home...
Can I take out a loan on a home I am currently selling?
Bridge loans can be expensive but your only option if you are already selling. However, if you have other assets for a smaller down payment you can purchase the new home and then put the rest of the money down after it sells. This is a loan scenario called Delayed Financing that may work for you as well.
Amending taxes after getting mortgage
That is an interesting question yet more of a moral one. It is very possible you could get away with what you are proposing. Banks cannot verify or prohibit changes to future income. However you are changing past income. Loans are audited for about 90-180 days after they close where they will request IRS...
First Time Buyer Options.
Well there are a lot of questions here but I assume your total gross annual income is 160k and that the 7100 includes the new mortgage payment, plus loans and credit cards which puts your Debt to Income ratio around 53%. If the loan is within the FHA limit for the area , it still requires more than 16k down....
Am I able to get a lower rate without restarting my loan. I only have 12 years and I would like to keep it that way.
Yes the refinancing world has changed, you can get custom term loans such as a 12 year loan for example. I would look into a 10 year loan which will have the lowest fixed rate and keep you on track. I only lend in Colorado but there are great lenders in the directory on this site that can help!!
10 Years Left on my loan - But Need Lower Rate
The truth is that you are in control of how fast you pay your mortgage down. As long as the rate is lower, the trick is to keep making the same payment you were before but the extra savings will be applied to the principle and help accelerate your pay down. It does look like getting a new 10 year loan would be...

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