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Sean Young's Answers

Are there any no doc loans or stated income loans available?
Yes, they are under the Non QM loan programs. You can do an investment loan No Income or do a 12 month bank statement program. You should contact a local lender who offers these type of products to see what options you have available. Best wishes, Sean
What's the best mortgage to get after a bankruptcy?
If you are referring to a BK-7 the typical time is 2 years from the discharge date on FHA. However if the BK was due to extenuating circumstances you may be able to buy after a year if you have credit scores over 640, re-established credit and have no late payments since you filed or longer. FHA considers a...
Buy again with short sale and one 30 day late
FHA will allow you to go back into the market right away only if you had no mortgage delinquencies 12 months prior to the short sale completion date. Unfortunately I think you will have to wait 3 years for FHA, 2 years for VA, 2 years at 20% down or 4 years at 10% down or 7 years at the max loan to value with a...
What commission should I expect to pay the realtor who sells my house?
That will depend on the level of service and marketing you expect to get. When negotiating the fee with the listing agent he/she is also including what commission to pay to the potential buyers agent. If the listing agent finds the buyer they will usually lower the buyer agent commission. On the average I...
How do USDA mortgage rates compare to FHA mortgage rates?
USDA has lower mortgage insurance and FHA's mortgage insurance is increasing next month. However, the greatest part of a USDA loan is $0 down. You will need to make sure the property is eligible. You can check for yourself at
Can I sell my house to a family member for below market value, or is it better to sell at market value and gift the down payment?
You could do a gift of equity through FHA and with a 590 you will need to go FHA. Most lenders like scores above 600, but there are still plenty out there who will go lower that usually require a larger down payment. The gift of equity you would be giving her would be more than enough. If her score is 590, there...
can a seller pay buyer's closing cost under a VA short sale?
You can request it in your offer and even if the seller accepts, the ultimate decision maker will be the sellers lender.
Do you do loan modifications?
No, unfortunately not.
Graduating from college soon, starting new job, how long to buy house?
If your new job is related to your degree you will be fine. With that large of a down payment, I would suggest you go into a conventional loan and pay a small fee to buy out of the mortgage insurance. You may even be able to have the lender buy out of the mortgage insurance through a lender credit. Talk with a...
Are there any lenders basing the income of the lender on recent bank statements rather than past tax reports?
Unfortunately no, but if you have enough stocks or bonds you may be able to do a collateralized loan. If not, you may need to contact a hard money or private lender, but the terms usually require a hefty down payment and high interest rate.
Is there a way to get a bigger mortgage if I'm going to get a substantial raise in the near future?
You will need to provide at least one pay stub reflecting your new pay increase and the lender will get a verification of employment that will need to show the pay increase and when it went it started. Good luck.
Do I need a lawyer to completely pay off my coop mortgage?
No lawyer needed. Just call and speak with your current lender, get a payoff and wiring instructions. Everyone here has given some great info to follow up on.
Can I get an EEM loan for the installation of solar panels?
Yes you can, follow this link to get the particulars for this program. luck and enjoy those panels. :)
we may need someone to co-sign a loan for us, but they can't come to where we are.
Yes, the title company and or Attorney will work with your mortgage company to work this out. This will not effect your mortgage rates in any way. However, if you are having a co-signer it will depend if they are going to occupy the property or not, what type of loan you are getting and how much of a down...
I need to know if i can get a loan with a 608 credit score ?
Yes, but it will depend on how your credit looks overall and how much you are wanting to put down as a down payment. Keep looking around with some local loan officers and I'm sure you will find someone to help. Best wishes, Sean
Can I qualify for a mortgage if I have student loan deferment?
Yes, if you can show that your student loan will be deferred for at least 12 months from the closing date you should be good. If you have any questions please feel free to give me a call or email. Best wishes, Sean - 303-521-7169 /
What are the down payment requirements for commercial loans?
As the others have said below it will depend on your particular situation. The down payments will vary depending on property type, use, area, purchase, refinance, investment, owner occupied and on and on. The best solution would be to contact a loan officer directly and go over your options. I would be...
When can we expect the mortgage rates to fall again?
Rates have been slowly improving, but unfortunately there is no way to know if they will go down again. Experts have been saying that rates would be increasing at some point this year, but I don't think anyone expected it to rise so fast in such a short period of time. Like you, I really am hoping for a...
Do disabled veterans get any discount on their mortgages?
If you have 10% or more disability your VA funding fee is waived. You don't have to pay mortgage insurance. You may qualify to not have to pay property taxes, but you can't apply for this with your state until after closing. The VA loan is one of the best loans available. Best wishes and good luck,Sean
i want to buy a home in the next three years when is a good time?
Now is the best time. Even though rates have gone up a bit, they are still historically low. And remember your mortgage interest is the only debt that is actually a tax deduction. In addition home values are starting to increase across the nation and if you wait not only may the rates increase but the price...

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