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Paul Sheridan's Answers

No you need at least a 580 credit score to get a mortgage.Paul J. SheridanSenior Loan ConsultantThe Lending Source, Ltdwww.NJLENDINGSOURCE.comToll Free: 1-877-808-3897Cell: 732-485-7272Fax: 973-215-2343
are mortgage rates going to be higher than normal for me bc im self employed?
No. Credit score , loan purpose, loan amount and the amount of equity are factors in you rate. Call me direct for free rates quotes and loan scenerios. Direct at 732-359-6002.Paul SheridanThe Lending Source Ltdwww.njlendingsource.comnmls id 270490toll free 877-808-3897
credit 693 worried i can't do conventional mortgage
Your score IS high enough for Conventional. If you want be to prequal your for free and run some payment scenarios for you just give me a call direct at 732-359-6002Paul J. SheridanSr. Home Loan ConsultantThe Lending Source Ltd.877-808-3897(Toll-Free)732-485-7272(cell)973-215-2343(Fax)NMLS ID...
Am I contractually obligated with my lender if docs have been signed but the loan process has not been completed.
No you are not. Infact on a refi you can still back out within3 days AFTER signing Closing docs. If you are unhappy with your current loan proposal we will beat ANY offer you get to win your business. Call me direct anytime for free rate and payment scenarios @ 732-359-6002
Mortgage rates depend on income?
Yes. Call me direct so I can run different loan scenarios for you. Getting approved is free and takes about 5min. Call me direct 732-359-6002 .
my house is on an fha loan now. how can i get into a va mortgage?
Just apply. We are a VA lender. Getting approved takes about 5min and is free. Call me direct @ 732-359-6002
Are there any programs other than an FHA to help a first time buyer with low income.
USDA Zero Down First Time Home Buyer Program. Go here to Prequal yourself for free.
How soon after an aid in lieu can I obtain a mortgage?
There are programs avialable that allow you to get a mortgage right after a deed in lieu, they require larger done payments, 15-30%.Otherwise it will be 3 years unless there are extenuating circumstances. If you have any other questions or would like help with this you are welcome to get in touch with me.
Whats best in when applying for a Refi, paying credit cards down or reducing mortgage amount?
If you want to go conventional you are capped at 80% of the value of the home on a cashout refi(paying off any but the 1st). FHA allows up to 85%. And if the second is a Credit line that hasnt been drawn on in the last 12mos then you can go to 96.5%. See our website for current FHA and Conventional rates here :...
Can I refi right after I purchase?
Yes. But within 6months your purchase price will be used for the home value. after 6 mos a new appraisal can be used for the new value. I'm local here in NJ. Call me anytime with question or to run rate and payment scenarios. You can also check us out online or call 732-359-6002
What is the normal amount of loan costs on a $400k home?
On a Purchase we do not charge a Lender Fee. All you fees will be coming from your Attorney and his Title Co. You will have to come with your PrePaids(Property Taxes and Homeowners Insurance). PrePaids will vary based on the annual amount of the Taxes, time of closing and amount of the annual homeowners ins ....
Does the roof have to be of a certain age?
Hi Michelle!How is the condition of the roof? The are some important facts you should know before wether you are refinancing or buying. Fee free to get an instant rate quote on our website or contact me directly with questions anytime direct at 732-359-6002https://www.njlendingsource...

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