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Peter Traum's Answers


Investment property mortgage refinance question
I have to disagree with Travis. If you have access to the best programs in the country it is indeed possible to refinance an investment property up to 80%. Contact me to discuss further. Thank you.Peter Traum
203k Loan Question....
Yes, S Perri you can. The appraisal will be based on the future value of the house once improvements are done and that is what you will be allowed to borrow on, not today's value.
can i get a mortgage with no credit even though I make $80000 a year?
Yes you can. There are ways to establish you are a good credit risk without traditional credit. I am right here in Bergen County, Montvale, if you want to discuss it. Peter TraumNJ Lenders
Help
Charles great question and there is a solution. I will be talking to you soon. Thanks.Peter
Reverse Mortgage Question, for my father...
You can absololutely use a reverse mortgage and it is common to do so to avoid foreclosure. I am in New Jersey and can meet in person with you and your father. My great Uncle is in Lakewood so I am there to see him often. It is complicated and best done face to face as so many questions come up. Please feel free to...
Fannie Mae "High Balance Loan" Question
H Jenwed. Anything over $417k, the long time max loan limit, is a high balance loan but you should be able to do less than 10% down. Call me on 973 983 5858 to discuss. We are in Montvale and lend in Rockland County and are very familiar with the area in which you are looking to buy and I can meet with you in person...
what's maximum CLTV on Harp 2?
Albert, as most of the experts here stated HARP can be unlimited but it does depend on the lender. HARP II, the second generation allows lenders to make loans with an unlimited amount of negative equity. However, many have decided against that option and set their own limit. You need to review it with a...
Need to refinance but have high DTI ratio
Your debt to income ratio may be high for some lenders but not others. In addition each lender may calculate your income slightly differently depending on their guidelines. Just because you think it is high or one mortgage company told you it was high does not mean that another company won't...
HECM and reverse mortgage
A reverse mortgage is not right for everyone. For some it is the perfect loan. It depends on what the specifics of your situation are as to your finances and what you are trying to accomplish. There are a lot of misconceptions about reverse mortgages. You'll want to really understand them to...
Can I get a conventional loan that is greater than the purchase price?
WMadar you can not consolidate debt at the time of purchase. If you were to put enough money down you might be able to pull the equity back out in the form of a line of credit or refinance fairly quickly. The only additional cash you can pull out would be for construction to the home via an FHA 203k loan but it...
Should I get a conventional loan or FHA with a 5% down payment?
If your credit score is high enough conventional would be the better way to go as the mortgage insurance will cost less and your payment will then be less. Your entire picture has to be reviewed to determine which is the best option. Our company is a top lender in NY/ NJ and we would be happy to review your...
shoudl i pay cash or get a home equity loan for a remodel?
Stanley another potential option depending on how much equity you have might be to refinance your existing mortgage and take the additional cash out to do the work on the house and keep your savings in the bank. Depending on the terms of your current loan a home equity might make more sense. A full review...
my fico score is 725 and my wife is 600.we can put 50% downwe are retired and total monthly income is4775 with 300000 in cash assets. can we get a mortgage for 120000?
John from what you describe it sounds like you would likely be fine qualifying for a $120,000 mortgage. I am in New Jersey and cover your local area. In addition if you are looking to buy I know several good agents in Hillsborough and the local area who can help you. Contact me by e mail at peter@njlenders.com...
2 homes with 2 mortgages (and 1 equity loan) should we refi to one jumbo mortgage?
With those rates you absolutely should look into refinancing. You should be paying lower rates and saving some money. Your income will be a consideration but having good equity and good credit is a great start. Please contact me if you have further questions or would like a no cost loan mortgage checkup....
where can I find what products are out there to refinance a multi-use building mortgage?
Depending on the make up of your building there are a myriad of commercial loan options available. Commercial lending is very hot right now and there are incredibly attractive programs. My name is Peter Traum with New Jersey Lenders and I'm local to you. Feel free to give me a call if you'd like to review...

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