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Pamela Gordon's Answers


Can I refinance my home to a lower rate?
Yes, you have a considerable amount to save! Based on your FICO scores and loan to value you will be able to drop your rate to about 4.375%. That is including the slightly higher rate for your credit scores. Please call me and we can discuss it further. There are other aspects of a refinance to discuss to be...
I have a middle FICO of 692, can I apply for a new home loan?
Yes you can! With the info you provided you will qualify for the home you are interested in with both of your incomes. I would suggest a conventional loan with a 10% down payment, but we can put together 2 different scenarios with conventional and FHA and see which has lower monthly payments for you. Of...
Can someone please explain the process of dropping the pmi when changing from a fha loan to a conventional loan?
If you have at least 20% equity in the property, a new conventional loan will not have mortgage insurance. If you have 5% or greater equity you can use LPMI, which is Lender Paid Mortgage Insurance on a conventional loan that will increase your interest rate a bit but eliminate traditional PMI. Your...
Lock in rates
It is typical to have to wait 30 days to lock in at current rates. It is not typical for the lender to have to extend your lock 4x unless there is something very unknown and unusual in your file or you were not cooperating in supplying requested documentation. Otherwise the rate should not have been locked...
Down payment needed for fha 203k when fico is 699?
With that credit score you might be better off with a Fannie Mae loan that is for that. It takes 5% down payment of the appraised value based on the improvements. The Mortgage Insurance will be less and you don't have the 1.75% added to your loan amount at the start. FHA is great for those with low credit, but if...
Lender in Tampa areas, FL?
I have been in business for 27+ years doing lending in all of Florida. I do lots of the loans you need. They are very different and we choose which one depending on your situation. USDA has not only income limits but is only for specific areas. FHA has a maximum loan amount and requires at least 3.5% down payment. ...
Can you do a cash out refinance fha after 1 year of chapter 13 discharged
That would depend mostly on your credit score. If your score has gone up to 620 or higher it should be possible to do.
If person A cosigns any type of loan for person B, when the credit report of person A is pulled, will the report show that person A has cosigned?
Absolutely! They will be obligated on the loan the same as person B is. However, if person B pays that loan on time for 12 months and can document it, the financial obligation may not be considered in person A's debt ratios. If person B makes any late payments on the loan, it will show on person A's credit...
USDA lending
I have been a Mortgage Broker for 29 years and have done many USDA loans. They are the best loan available if you can find a home in the designated area and meet the income limits. I'd be happy to help you. 248-770-7066

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