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Robert Oliveira's Answers

Can I take out a loan to pay for my next house?
Hi Jessica,you could but the home would need to be fully removed from MLS and pulled off the market.Once that is done you then can do a cash out refinance then once loan is closed and completed you then can place back on the market. Thank You
What is credit score needed to qualify for a FHA?
Hi most lenders and banks require a 640 but I do have a few who will do below 640 but need compensating factors. So call me 508 802 0935 to discuss. Thank you Robert Oliveira with Residential Mortgage Services
Is there such thing as 40 yr mortgages anymore?
Hi Yes they do offer them still! But rate and payment not as attractive as a standard 30 year fix and payment savings not as great. Contact me to discuss other options and to discuss your financial situation. Thank You Robert Oliveira
Who can offer FHA's?
Hi ! No! Not all banks and brokers can offer FHA loans. But most do though.
How can I avoid paying PMI on my new home loan?
Hi Tyler,you can do what they call is a buyout of the PMI. In which you will pay a lump sum which is financed into new loan to eliminate the monthly PMI. Or the bank will charge you a slighltly higher rate to buyout the PMI Call me for more detailed info on these scenerios. Robert Oliveira Residential Mortgage...
what mortgage options are available for first time home buyers. and is there a qualification number of years working at one job?
Hi you have options but all are based on credit score and total debt to income and total loan to value so to get more detailed info you will have to have credit run and income and asset and employment info so a full application. So please call and or email me Rob Oliveira with Residential Mortgage Services...
I am interested in a home equity loan. How do I find the best rate?
Hi John, If you have a rate in the high 4% on the first you could do a cash out refinance and get 3.875% for a 30 year fix but will depend on score and home value. So call me at 508 802 0935 or email me at for more info and rates info. Thank you
Why is it so hard to refinance my home with a 585 fico score?
Hi Steven due to the current markets today the scores for most banks and lenders are now more restrictive so they all are now at or about a 640 min to get a loan done. Call and or email me so we can discuss and possibly correct and build your score back up in a few months. Thank you Robert Oliveira with...
Can you put less than 20% down on a traditional 30 year fixed mortgage?
Hi Patty, Yes you can put down less than 20% but you will have PMI and the PMI will be based on your credit score and total debt to income levels and the total loan to value. Now you can also do a lump sum buyout of the PMI and that will vary in cost based on your credit score and total loan to value and total debt to...
Can I refinance under the harp program if my fico is in the 500 range?
Hi Maryle, To give you the honest answer no investor or bank or lender would do this with a score such as that. Most if not all want a min score of 640 you do have a few lenders that would go lower but one or two at the most.Sorry. Thank you Robert Oliveira Residential Mortgage Services.
transfer a house
Hi you can not just transfer a mortgage but if the son qualify's for the loan they could sell it to him for the amount of the mortgage or or as long as one of them stays on mortgage and title then they could refinance the home take someone off and add someone on.Thank you Robert Oliveira Residential...
Why I am not eligible for HARP?
Hi Jeremy I do not do those loans but I have a very good friend of mine that does and I refer these loans to him and I called him about this and he stated to me should be no problem so unless there is another reason why this does not make much sense. So call me at 508 802 0935 and or email me at...
Should I even try??
Hi if you are VA eligible this is the best way to go. NO PMI and great rates and no money down. The condo you would be looking to buy must be VA and or FHA approved as a complex so you would need to be sure before putting an offer can contact me for more info if you would like my info is Robert Oliveira with...
How tough is it to get a mortgage in MA with a VA loan?
VA loans are not hard to qualify for and they are the best product to use if you are a Veteran. No PMI and 100% financing and great rates and allow for a much higher total debt to income ratio than the normal loans. So call me or email me as I do a lot of VA/FHA loans here in Mass. Robert Oliveira Residential...
Are you associated with the BBB?
Robert Oliveira with Residential Mortgage Services yes we are accredited with the BBB. Call me or email me with what you are looking to do. 508 802 0935 email
GSE owned mortgage or not?
The Fannie Mae and Freddie Mac websites can tell you fannie mae you put address in and with freddie mac address and last 4 of SS # If need help call me. Thank you
The bank is refusing to offer a fixed-rate mortgage on a home since there are no comparable sales?
Hi I concur that really makes no sense and it sounds like the bank does not want the loan or can not find a product to help you.Call me to discuss further so I can get some detailed information. Thank you
Does deferred student loan debt count toward debt-to-income ratio when applying for an FHA loan?
Hi Steve as long as they are deferred for more than 12 months then no but if they are due to start within 12 months then yes.
Can you build a new home with a VA mortgage?
Hi you can if the builder will do this with what they call is an end loan,meaning they build the home for you and then you close on it when it is fully completed as a 100% VA loan. The builders where I live do this all the time but not sure whom you are using and where this is? Call me for more information. Thank you...
I have a 660 credit score, been at my job for 11 years and make about 70,000 a year , how much can I get approved for
Hi just knowing score and income is not enough information to give an accurate approval as need to know if have any other debt that shows up on credit and so forth. Also need to know property taxes of property you are interested in? But for rough idea $ 70,000 in income year and no other debt showing on...

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