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Richard Woodward's Answers

Borrowing more than list on an underpriced house that needs some work.
There are renovation mortgages available to use for this purchase. I don't do mortgages is OK but I am sure you should be able to find someone that does them. If you can't, you can always get a home improvement second mortgage to fund repairs after closing if the home is in good enough condition to qualify...
What is a 203K Loan? Are these government loans, part of the new bailout?
Janet, I can offer my clients a 203K Streamline loan to refinance your existing loan and provide funds for up to $35,000 in home repairs or updates. This is a government loan program provided by FHA but not part of the bail out.I would be happy to provide you with additonal information or a free quote. ...
What is better co-borrower with not so great credit or no co-borrower at all?
Every loan is unique so there is no black or white answer. However, if the co-borrower has credit scores below the quideline requirements, then no co-borrower would be better. I would be happy to address your individual file should you want to apply. I look forward to helping you.Richard
how to refinance when you are told the property does not meet certain guidelines
Since your property is a condo and a rental property at that, the rate available for such a transaction would not be significantly lower than what you currently have. When you factor in the cost of refinancing, your savings would not be that much - even if you could refinance. So really, you are not...
56 year old first time home buyer, need advice.
Congratulations Robert for taking that step to home ownership. As a well qualified buyer you have many options including Zero Down Payment. I would be happy to share with you my free e-book ( or prepare a customized purchase plan for you. Happy House...
Does a student loan count against me when looking for a mortgage?
Student loans do count against your debt to income level in most cases. However, if you can document that your payments are deferred for 12 months are more, a lender does not have to count that debt on a FHA loan.
Do We Need To Refinance?
More than likely you will need to purchase the property - not refinance. Your son can gift you any equity in the home but this will be a complicated process and you will need a highly skilled loan officer to assist you. I would be happy to consult with you.Richard WoodwardBanker / Senior Branch ManagerWhen...
FICO 650....Can I get A Loan
Your credit score of 650 is fine for a low down payment FHA loan. You will get the same rate as someone with a 800 credit score. Call me and I will be happy to help you purchase your new home. 866-430-7767 I am in Dallas but with our digital application and processing system we will make the process very easy.
What type of payment can I expect?
If you are in Texas your payment would be roughly $1913.41 including your taxes and insurance (PITI). If you ask your seller to pay for a 1% buy down and closing cost I can get you a 4% interest rate (4.936% APR) thirty year fixed. and your payment would be $1875.61 PITI. Call me to get started 866-430-7767 www...
Need A Lender. FICO 650..looking for FHA with the best rate
I can have you answer in 20 minutes. I look forward to helping you secure the best financing possible. As a direct lender based in Texas, with complete control of your file, I am confident you will have the easiest home purchase experience possible. My team and I are here for you to answer any questions you...
appraisal of home
Even with the same lender you would more than likely need a new appraisal. There are a few programs that do not require a new appraisal. You would benefit from a new appraisal if the new appraisal provides a substantially higher appraised value because your new loan to appraised value would be lower and...
Is refinance better than prepayment?
Depending on your current rate you should do both. I can offer you a no cost refinance and if you combine your planned prepayment with the new lower interest rate and payment - you double your winnings! Call me for help running those numbers. 972-661-5136
Bank Selling My mortgage
It is legal and nothing will change with your terms. The selling bank is required to send you an "exit" letter and the buying bank is required to send you a "welcome" letter. This is nothing to be concerned about as it happens all the time. Just make sure to stop your auto pay from your...
What is the preferred down payment for a house? Is it better to put less if i can get a loan or is it advised to put 20% in this economy?
I would suggest putting less down if it fits into your goals. With rates at historic lows my thoughts are to take advantage of leveraging your money. Depending on your circumstances, it could possibly be better to pay off debt or contribute to an IRA to offset taxes. Every case is unique so I would suggest...
FHA Home, Selling Restrictions?
FHA has no selling restrictions. However, if your buyer needs a mortgage you may need to wait 90 days if you plan to sell for more than a 20% profit.
Its Time To Refinance!
I agree that this is the time to refinance but finding a lender for a Florida Condo may be difficult.
Refinance Fees
Jason, review the cost to refinance is very important. I provide my clients with several options including a no closing cost refinance. I can help you review the numbers and you can select the option that works best for you. Call me at 972-661-5136 or visit my website to get started. www envoy-mtg .com
Is Obama good for the mortgages? Has he helped us or hurt us?
teapartyexpress2010 - as if we don't have enough negativity to deal with in the press - do you have to assault us here too? As President Obama does not write legislation, it hard to hold someone responsible for those actions. Quite frankly, we are currently dealing with a clean up of past...
What's the difference between a refinance and a home equity loan? Which one is better for me?
It depends on the state - Texas has special lending laws in regards to Home Equity Loans. I am a Texas based lender with expertise in Texas Lending law.A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. With a home equity loan, you may borrow a lump sum of money to be...
Do 80/20 loans still exist? I have an 832 credit score. Any other options to avoid PMI in Texas?
I agree with all the respnses so far and tell you that 80/20 loans are gone. If you are looking for 100% financing you are going to be limited to USDA or VA loans. If you are looking to avoid monthly MI, then I too would suggest single premium mortgage insurance. I offer this type of financing to my client...

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