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J.D. Peck's Answers

streamline with wells
Really the only advantage is the fact that the escrow account will transfer over which is great if you need immediate relief and need to "skip a payment" which you pay for in the end anyhow, but regardless of what type of refinance you choose, your escrow balance will be refunded to you. The...
home purchase
I agree with the previous answers, but would like to add that it's a necessity that you re-establish your credit. Even after you've waited the required time for the discharge, you will need to have open and active tradelines with a good history. There are many credit card companies you can go...
Streamlined Refinance
I agree with William. If you have FHA, VA or USDA you can do a streamline. Your best bet is to contact a local broker to go over the details of your current situation. Guidelines may vary slightly depending upon the lender you choose, but income is generally not verified, just your employment status. In...
credit score ?
Each lending institution will have different guidelines and investor overlays, but yes you can. I'd recommend contacting a local broker rather than a bank.
Can you quality for an FHA loan if you were unemployed 10 months out of the last two years?
The short answer is yes, as long as you have been consistently employed for the past 6 months. You will however need to provide a detailed letter of explanation, and possibly supporting documention for the purpose of the unemployment.
To refinance or not? Is there a better deal or this a good one?
I agree with Bert. Shop around with a local broker. I've heard nothing but nightmare stories about a refinance with Wells. Personally I think you can do better on the rate. I am just about finished with a HARP at 4.875% on a property that is no longer owner occupied. With that said, if this is your primary...
home owner vs mobile home and land
Yes you would be a homeowner if you bought a mobile home however, obtaining financing for a mobile home is extremely difficult regardless of credit. The first step is to contact a local mortgage broker to see where you currently stand. If they're good at what they do, they'll be able to give...
Bank of America turned me down
You should contact a local broker and get a second opinion if you don't see it on your HUD-1 (Settlement Statement) they should be able to help you find it. However, they are correct. If you had lender paid MI, you do not qulify. It may also be listed as Up Front Mortgage Insurance on the HUD.
Loan officers mistake I'm paying for
The first thing you need to do is take a look at your HUD-1 (Settlement Statement). I find it hard to believe that taxes were not collected for your escrow account, and that is an easy answer for the inbound telemarketer at the 800 number for your current lender, but it is possible. You will need to look on...
Cash out home loan 125% value
Your only option with that LTV is a change in the rate and term of your existing mortgage. The maximum LTV allowable for cash out is 100% and that is only on a VA mortgage.
harp 2.0 can a co-borrower be removed in a harp 2 refi, not an ex spouse, just an ex boyfriend?
Yes, it is possible as long as you can provide detailed evidence that you have been making the payments on your own with no assistance for at least 12 months.
need asistance
You should be able to find several lenders out there who can help you out. However, with your scores where they are, you are going to find that you'll have a slightly higher interest rate and a more difficult time throughout the underwriting process. You should be able to find someone local who can...
Can I get a refi if I work commute in another state?
You should have absolutely no problem with this. I'm questioning why the underwriter would even see this as an issue at all. If you and your family occupy the property, all utilities are in your name, your W-2's or 1099's are addressed to this residence and your paystubs are addressed...
Another followup but I have concrete details now and need advice
It would appear that you're looking at a conventional probably without mortgage insurance, based upon the rate, I would guess U.S. Bank (but I could be wrong). At 88% LTV, you should definitely consider an FHA. Even with the mortgage insurance, it will still be significantly cheaper than what is...
how to buy a bank owned foreclosed home with conventional loan?
I agree with the other statements (except for the hard money loan). Stick with a local credit union or community bank for a situation such as this.
Home classification for refinance
I would consider this to be a 2nd home. As I saw previously stated, contact a local broker.
Are there government programs that allow consolidation of 1st and 2nd mortgages?
I agree with Mr. Bennet, and would also like to add that the only way you can obtain this LTV with a conventional mortgage in order to combine the two loans is if the 2nd was for the purpose of purchasing the home. If you took out the 2nd seperately or at a later date, this would be considered a cash out...
Are banks offering conforming loans at 90% LTV?
90% is certainly available in a conforming product, and depending upon the credit situation, the mortgage insurance maybe less than that of an FHA mortgage at 90%. There are also some conforming products that go up to 90% with no mortgage insurance, but are a little more difficult to qualify for. My...

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