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Shane Milne's Answers

What is the minimum income required for conventional mortgage refinance
It depends on how much of a loan amount you are trying to qualify for, how much your property taxes & homeowners insurance is, and how much your other monthly debt payments are (credit cards, student loans, personal loans, etc.). If you'd like I'd be happy to help you review everything without doing a...
Is now a good time to buy or should hold off until summer?
Getting ready to buy now doesn't mean you can't wait until the summer to buy then. It just gets you ready so in case the "home of your dreams" comes up at a price you feel is a good buy, you don't have to scramble to get pre-approved while others are already ready to make offers on it. In the summer we see higher...
Can I refinance my mortgage with no closing costs in chino ca?
Yes, it can be possible to do so.The way it works is that you accept a higher rate than if you paid your closing costs, and by taking the higher interest rate you get a "closing cost credit" which pays for the closing costs on the loan.So for example if 4.250% was the rate where you pay your own closing costs and...
Paying Off Mortgage in 15 Years With a 30 Year Mortgage
Hi Peggy, yes you can absolutely do that. It's also a very safe way to proceed, especially if you are self-employed and have up/down months, or could potentially run into expenses (medical, etc.) that would allow you to make a lower payment from time to time in order to afford life's curveballs.
Title seasoning for a Fannie Mae refinance.
Hi Deb, if the HELOC was taken out after you purchased the home, then if you refinance and pay it off, it would be considered a cash-out refinance with Fannie Mae financing. You can read Fannie Mae guidelines on cash out refinances at ...
which fico score does a mortgage lender use
The FICO score versions mortgage lenders most commonly use are EXPERIAN, FICO v2, TRANS UNION, FICO Classic 04, and EQUIFAX, BEACON 5.0 FICO
am looking for va construction loan
We offer VA construction-to-perm loans in all 50 states, with 100% financing up to the county loan limit. It can be used to purchase the lot, do the site prep, and construct the home. Shane Milne | Lending in all 50 states | NMLS | 949-322-3616 direct
Any Lenders out there willing to do a Jumbo Loan (Loan Amount is around $900K) with 25% or less down? So far, I can only find lenders willing to do the loan if I put 30% or more down
We have a program that can go up to $1,000,000 with 20% down, 720 score & 6 months PITI in reserves required. We also have another program that can go up to $1,000,000 with 10% down, 700 score & no reserves required.Shane Milne | Lending in all 50 states | NMLS |...
Housing cooperatives
Hi Joyce, are you asking if you'd be considered a first time homebuyer for something specific? Even though a co-op isn't technically real estate, owning a co-op is still considering owning a home. If you've owned a home in the last 3 years then you aren't considered a first time homebuyer. There are many...
Break down of lender fees
On the "Loan Estimate" or a "Fee Worksheet". Call up your loan officer and ask for one.
on the Loan Estimate
What is your question? Feel free to email me at (I am in California).
Does Freddie require CO detectors in California
All properties are required to have CO detectors in California, regardless of the type of financing being used. Fannie Mae, Freddie Mac, FHA, USDA & VA will all require CO detectors.
If you bought a house and the seller was holding a second note which was paid
They most likely recorded the second trust deed against the title of the property, and they also likely didn't realize they needed to reconvey the trust deed once it's been paid off. You just need to reach out to them and ask for them to record the reconveyance. If it was a mortgage lender, they'd do it...
I did not work for 7 years and have currently been working for 8 months. I have excellent credit. Can I get a mortgage?
Hi qualls41327, if we can document a previous 2-year employment history prior to your 7-year employment gap then we have a loan program for you to qualify. Feel free to reach out to me and I'll be happy to help you go over your options and how much you can qualify for.Shane Milne o Lending in all 50 states o...
Foreign earned income
Hi Frederick, as long as you file your tax returns and claim the foreign income on F2555, then we can use that income to qualify you for a mortgage in the United States. We would also need your employer to complete a written employment verification form, which confirms your current employment status,...

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