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Scott Fix's Answers

witch would be better and smarted to do fisrt between flipping a investment property or buying a personal house first?
Suggestion, start with your first (modest) home purchase and proceed from there. Live in the first home for 2 years while putting away a small nest egg for your next home purchase. The first home then becomes your investment property, and your next home can become your primary residence. Reason, well...
I want to refinance my house and I have a tax lien which was added after I bought the house. How is that handled?
Bridgette,Great question. Once you find a lender and get a pre-approval for the loan, escrow will be opened at a title company. When they run a preliminary title report, the tax lien will show up on the records, recorded in the county where the home is located. A new lender who will be providing you with the...
Interested in multi-unit property loan (6+). Looking for a commercial lender.
Tim,ERS Nationwide Inc. offers a huge assortment of Commercial Mortgage Products to fit your every need, from Acquisition to Refinance to Development. We have the answer! Call me if I can be of assistance. All the best,Scott Fix NMLS 1361453916-470-0947
Will I be able to get a home loan if my income varies greatly? I am on a base + commission structure, so it really depends on the month.
A lender will use an average of several months (24) to calculate your expected future earnings. You also may be asked to explain the peaks and valleys in the commission payments which, depending upon the industry you work in, may be very easy to explain and understand. All the best.
Same industry for 9 years, but took off 2 years to care for my child. Can I still get a home loan?
Definitely find a trusted local lender in your area to assist you in your mortgage needs. If you do not know of anyone, reach out to anyone you know that has gone through a home purchase pr refinance in the not so distant past. Get their input on the pros and cons of each of their experiences.
I'm looking at a manufactured home on 5+ acres. house is 1990 model our credit score is in the 580,s we have 40,000 for down . can
Rick, a much greater assessment of your needs should be done over the phone to give you the best advice possible. Feel free to call me anytime at 916-470-0947. I work out of Sacramento and Yuba City. Scott Fix, Elite Mortgage, NMLS 1361453
I have a credit score of 654 and live in Dallas/Fort Worth Area, Texas, I my spouse and I bring in about 92k year..L
First and foremost, look at the home buying process as a project, not a short term event. Find a trustworthy and reputable broker to begin the pre-approval process. Ask them for their rates, etc and shop around! Rates will vary from group to group. Ask other people you may know who have recently purchased...
I am a first time home buyer. Where do I start?
First, find a reputable and trustworthy lender/mortgage broker. Check out rates!! Do not be sold on the very first one, but shop for the best service and best deal. Be ready to provide a variety of items to the broker to get pre-approved for a loan amount. Thye will provide you with a short list, based on...
Hey John. Did you have a question that I or another person can help you answer? All the best, Scott.
Is there such a thing as a 10 year refi?
Absolutely! Shop around in your local market. Find a competitive rate with a broker who has great reputation for impeccable customer service. Ask around to those people you may know who have refinanced or purchased within the last year. Get some perspectives as to their experiences. Again, shop the...
Is child support treated as income for getting a loan? Does it have to be garnished? Or can the payments be made directly to me?
Great question. Just like any income, it must be consistent and proven that the child support payments will be made regularly for the next few years. If the child support is being calculated as income, please be sure to alert the mortgage broker if payments will decrease within the three year period due...
When I refinance, do I need to purchase another title insurance policy?
Whether a new loan for a home purchase or a refinance, you will need to purchase a title insurance policy.
With one 30 days late on my present mortgage and three 30 days late on my student loan
Before selling your home, or getting into contract to sell, take the time to get pre-approved based on your current situation. This may help you to make the decision to actually sell or stay a while in your current home and work on your credit file. If your credit situation does not allow for a loan at a...
If I get an adjustable rate mortgage, is there a limit as to how high it can adjust upwards?
There are limits. Find a qualified and recommended mortgage professional in your area to meet with so they can discuss all of the options of adjustable rate mortgages available to you. There are many indexes, terms etc, so meeting with a qualified person to thoroughly explain the ARM's is advisable. If...
Are there any down payment assistance programs for people who have low income?
Depending upon the state in which you reside. Maine has a few different programs which can aid a first time buyer in getting into a home with down payment assistance. Go to to read about one of the programs. All...
what is the minimum credit score to get a VA loan? And how do I get an accurate score? credit karma?
First of all, Credit Karma should be used solely as a tool to monitor changes in your credit situation, not your scores. The accuracy of your scores through credit karma as opposed to a credit pull by a mortgage broker can be substantial. Use CK as a guide only, not as a be all tell all of your credit health....
Where can I go to check status on my application for a USDA loan? Lender isn't responding to my question. :(
Call the mortgage brokers office and ask to speak with your loan officer. If they do not respond, go above their head to the next level. They are paid to perform, so it should be the expectation of any borrower to get information as it is requested!!
Looking for a refinance with zero out of pocket expenses. 4 years out of bankruptcy.
Your refinance will depend upon several factors. Aside from the BK, current credit scores, any late payments within the past 12 months on the mortgage etc. Now, if you are in a FHA or VA backed mortgage, you can streamline, which removes some of the obstacles from the typical refinance process, but some...
credit score in mid-600s. Is this high enough to get a loan for a condo?
Mid 600's is typically well within the range for a home loan, but several other factors will be used to determine the loan amount that you can obtain based on ratios of income compared to debts both front end and back end. Find a very qualified mortgage broker with a solid reputation. Spend time with them...

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