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Pete Bass's Answers

We are approved for a traditional refi but the loan fell thru because of no comps.
Hi Suziel;I would need more information to assist you. What type of home do you have- is it a single family? is it a manufactured home? Are their other buildings on the property?What type of loan do you currently have? is it FHA, USDA, Fannie Mae, Freddie, your property may qualify for a appraisal...
Is there a diffence between a loan for an investment property and that for a home that the purchaser planned to live in?
Yes, normally it is 20% for a single family home, If you are looking at a multifamily ( 1-4 units) you may be required to put an add'l 5% to 10% more down. Also, some Lenders and banks require past landlord experience. Before going with a lender, ask if this is a requirment for their investors. Rates...
can i get a mortgage if my credit score is 677
Hi Daisy!Happy Easter!With a credit score of 677 and depending on what your credit states ( are there any bankruptcies or foreclosures in your history?)if no, and you have active tradelines (lenders like to see 3 tradlines with at least 12 months history) then it maybe possible-You may want to check...
Can we legally buy another house to live in if we just refinanced
You can purchase a new home anytime that you choose. With that being said, the FHA loan that you just refinanced may have to be refinanced again as a investment property due to the recent refinance being less than 12 months. ( Investment refinances you will need20% equity or bring that difference to...
Seeking Jumbo Mortgage Low Credit Score
Try a community bank or credit union in alabama-
Is there any document filed or recorded showing BAC as being authorized to issue mortgage discharges on BOA loans
BAC is the parent company of BOA. Check your note and see if BAC is the mortgagee-
non-warrantable condo??
Look at Conventional financing- Go to a community bank or credit union- they may have in house programs ( portfolio) that you maybenefit from. Pete
Looking to refinance but according to zillow our house is not worth what we owe loan not backed by frannie/Freddy help?
Zillow is not the most accurate as far as value for your home. If your Loan is a VA or FHA loan you maybe able to do a "streamlineloan" using the value that was obtained when you closed the loan you have currently. If this loan is not a FHA or VA, you will haveto wait for the HARP 3.0 to come out-Best of...
can I get an FHA loan with my credit score between 500 and 579?
Work on Getting your credit score to 640 or greater ( This applies to all parties that would be on your loan) this will allow yougreater flexibility and better terms on your loan. FHA will be changing their terms where you will have to keep your mortgage insurancefor the LIFE of your loan- As such, you...
Can you use projected rental income as additional income when buying an owner occupied multifamily with an FHA mortgage?
This would depend on the lender- If you are a 1st time home buyer there may be options available to you through your localcommunity bank or credit union-Good luck with the purchase,Pete
My husband and I live in MA outside of Boston and we are first time home buyers with VA loan...
Work on Repairing your credit - find a loan officer that will help you with the process and guide you on how to prepare your financesfor when you are eligible to apply for a loan-There are good loan officers here on Lender411 that can assist you in Mass-Good luck,Pete
Should I get prequalified or is it unnecessary?
Getting Pre Qualified is important for both you and the Realtor you will be working with- Your Realtor will want to make sure thatqualify for the mortgage as far as income, assets, down payment- The Loan officer you choose can guide you as to what to expectwhen making an offer, insurance requirements ...
Conventional loan with PMI, when/how can I get PMI removied?
You need 22% equity in your property- Most lenders will require an appraisal to validate the value in your property- You will want to contact your current lender as they would require the appraisal to come from their Appraisal Management Company to validate thevalue.Depending on what your property...
12 month gap in employment, does this limit my ability to get a mortgage loan?
Yes, There are options available to you - if you are a 1st time homebuyer there maybe some 1st time home buyer programs thatallow for the job gap if your had a company layoff etc... Check with a community bank or area lender that lends in your area-Good luck,Pete
Refinancing underwater home without Fannie or Freddie
You can wait for the HARP 3.0 program if it ever comes out- A possibility depending on your assets may be a "Cash In" refinance-this is where you would bring money to closing - If you have assets that are not generating a substantial return, you may want to considerthis option with your...
Is the minimum down payment for FHA loans being increased to 5%?
It is still 3.5% down- Check with your local community bank- If you are a 1st time homebuyer, Arkansas may have 1st time homebuyerDown payment assistance that could help you with closing costs and down payment-Hope this helps,Pete
Can I refinance my current home? My previous home was a short sale with missed payments, a little over two years ago.
What kind of loan do you currently Have? how long have you currently owned your home ? have you missed any payments on your current loan? You will need to provide more information to the lender that you choose-Pete
What is the lowest credit score FHA approves for a first time buy?
You May be able to get a 5-10% down program- My suggestion is work on your credit to get your credit scores above 620-640 to getbetter pricing - Hope that helps,Good Luck,Pete
Are there any lenders in Phoenix AZ doing 80/10/10 loans for a primary residence purchase (conventional - not jumbo)?
Look at Finding a lender that offers 97% loan to value financing with Lender paid Mortgage Insurance- that will be your best bet-Pete

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