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Michael Zuren, PhD's Answers

How long does the seller have to respond to our offer on their house?
Hi Erick,Unless there is a time frame written in the purchase agreement, there is no time limitation for the seller to respond. You could contact your real estate agent and ask them to notify the listing agent (in writing) of a time limit on your offer.Thank YouMike Zuren440-953-0447 #15
are there any down payment assistance programs in ohio
There State of Ohio (OHFA) offers down payment assistance of 2.5% to qualifying first time homebuyers. The OHFA website is There are also various city and county programs available. The website to the Cuyahoga county down payment assistance program is Feel free to...
Would i qualify for an fha loan with a 638 credit score?
A 638 credit score would be acceptable for FHA financing, but income, employment history, credit history, and an acceptable appraisal of the house you intend to purchase would all be considerations of an approval. If you would like to be pre-qualified feel free to call me at 440-953-0447 #15.Thank...
what exactly are "mortgage points"?
Points are charged to buy down the interest rate. Typically on a 30 year fixed rate 1 point equates to .25% lower rate. Feel free to call me with any questions, Michael Zuren Schmidt Mortgage 216-990-2148. NMLS # 249573
Will anyone give a mortgage with a 615 fico score with 20% down?
On FHA loans, Schmidt Mortgage will go down to a 580 middle score (reserves required). Also, a full acceptable credit report would be required. If you would like to be pre-approved for a mortgage feel free to call me at 440-953-0447 #15.
can i get a 203k loan with a 680 fico?
Schmidt Mortgage's middle credit score requirement is 680 for an FHA 203k loan. If you would like to be pre-approved feel free to call me at 440-953-0447 #15Thank YouMIke
Refinancing with a 620 credit score.
FHA financing allows for 620 middle credit scores. The value of your home and debt to income ratio will also affect a loan decision. Feel free to call me at 440-953-0447 #15 if you would like to be qualified for the refinance.Thank You Mike
is there a 60 day waiting period for adding money into a savings account to make a down payment on a conventional loan ?
If the monies from the deposit are undocumentable then yes. If you can document were the money came from and it is an acceptable source you should be able to use the money right away to qualify. Feel free to call me with any questions 440-953-0447 #15.Thank YouMike
Are the requirements for buying foreclosed homes less strict
Depending on the loan type you use for financing the property the requirements could be the same or stricter. I would suggest asking your real estate agent what loan types the seller (selling bank) will accept. Feel free to call me at 440-953-0447 #15 with any questions.
What's the turn around time for usda approval in ohio?
Once the loan is fully approved by the lender, USDA's turn around time is currently 14 days...
buying home with grant?
The State of Ohio has a down payment assistance program. Their website is Feel free to call me with any questions 440-953-0447 #15 or to be pre-qualified for a mortgage.
Ohio down payment assistance for first time home buyers
Yes, I would suggest having your credit pulled by an experienced loan officer. They can review the credit report with you to see if there are any inaccuracies, accounts you can pay down, or any other things you can do that will increase your credit scores quickly. Feel free to call me at 440-953-0447 #15...
2 refinances at one time
Yes, you can refinance 2 mortgages at the same time. I would also suggest using the same lender for both. If you have any questions, my phone number is 440-953-0447 #15 Thank You Mike
respectfully request info to refinance and add water proofing loan consolidation which may take me to total of house value now
The FHA 203k loan allows repairs/improvements to be added to a mortgage. The work typically needs to be completed within 90 days of the mortgage closing. Feel free to call me at 440-953-0447 #15 with any questions. Mike Zuren
do you do 2nd mortgages
Sorry, we just handle 1st mortgages. If I can help, my contact number is 216-990-2148.Thank YouMike
How long does it take to get approved for a va loan?
It should take 30 to 40 days, but depending on special circumstances such as appraisal issues or outstanding underwriting conditions it could take longer.
What's the maximum LTV I can be at to get a refinance?
The maximum loan to value will depend on the loan type and if you are pulling any monies out of the house. Feel free to call me at 216-990-2148. I will be happy to answer this questions further. Mike Zuren
Would I be eligible for any home loans?
If your other credit meets the guidelines you should be able to qualify. Feel free to call me at 216-990-2148 Mike Zuren at American Midwest Mortgage
Need to know where to start!
I will be happy to pre-qualify you and answer any questions. Michael Zuren @ American Midwest Mortgage 216-990-2148
We are looking for an FHA LOAN for a new house.
Feel free to call me at 216-990-2148 Michael Zuren American Mortgage Lo#009157001 NMLS#249573 We offer FHA and OHFA mortgages.

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