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Steve Kaye's Answers

Do I have to pay off all my debts & collections before I can get pre-approved for a home loan?
as you have seen by the other replies, there are some variables involved, including loan type and type of collections. There have been some recent guidelines changes affecting this and I am more than happy to discuss your situation with you --- no obligation, just happy to help. I am here in Southern CA...
Can a VA loan be obtained after. bankruptcy?
Absolutely --- good luck to you.
I owe $100,000 on a home equity loan, with 5 years left on my 15 year mortgage... should go with a 30 year mortgage refinance?
It really depends on your current financial situation. You hate to walk away from a loan that has only 5 years left on it, but I understand the challenge with the equity loan. Looks like you are out of the interest only period on it and are probably paying principal as well. If you do look at refinancing, I'd...
What is the suggestion of refinancing at this time?
It really depends on your particular circumstances, including your current rate, how long you have had your current loan, the purpose behind the refinance, and how long you expect to remain there. Feel free to give me a call -- I am in CA and am happy to answer any questions you might have. (949) 350-4992
The short answer is yes. However, make sure that he/she files the death certificate with the county along with a vesting deed change, reflecting the new ownership in the co-borrower's name only. This will save time and prevent potential issues down the road should he/she ever decides to sell.
If I were to purchase a home using cash, can I take out a mortgage later?
There are several factors involved, including the time frame in which you can refinance to get your money out. Also, some programs may have caps on the amount of cash you can get. is this an owner-occupied property or for an investment? Talk with a quality lender who does business in your state.
Reasonable Fee for Extending Rate Lock?
When a lender locks in a rate it is for a specific period. For example, the rate can be locked for 15, 30, 45, and 60 days, typically. There are trade-offs, The shorter the lock period, the less the expense. So, if a rate is locked for 30 days, the pricing will be adjusted slightly better than if it were locked...
What is an Acceptable Debt-to-Income Ratio?
There are some variances when it comes to DTI ratios, dependent upon the loan type mostly. For example, most conforming loans will stop at 45 DTI, and jumbo loans typically peak at 43. FHA can go as high as 49/50 and I have seen VA do the same. I have even seen VA go slightly higher than that -- however many...
How likely are we to getting approved?
Hi Jenn. Everything should be fine. Why the discrepancy, you might wonder? Always difficult to say without seeing the report, however, when you apply for a mortgage loan, we run what is called a 'tri-merge" credit report. this is a compilation of all three major credit bureaus -- Experian, Trans Union,...
Can I put my granddaughter on title of my condo where she is the sole occupant? I have a VA loan on the property. I do not occupy
VA requires that you occupy the property as your primary residence. My advice would be to refinance the home, at which time you can add your granddaughter to title.
As an heir to an underwater reverse mortgage, would a short sale affect me in any way if I decided to go that route?
You will want to check with the Reverse Lender, but reverse mortgage have built in protection to prevent a loan payoff from being "underwater". For example, if your current reverse balance is $100,000 and the home's current value is $80,000, your payoff would be based on 95% of the $80,000 sale price....
Can you qualify for a home loan with 20% down if you are on Social Security Disability and pension?
The "simple" answer is "yes" --- as long as the income is permanent (for example, permanent disability as opposed to temporary).. As with all loans, documentation will be required. The qualifying process would be the same as with any loan, and appropriate qualifying ratios would apply.I am able to...

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