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Stephanie Tourtellotte's Answers

I filed bankruptcy and it was discharged in January of 2012. I've since purchased a vehicle and paid one off one
To obtain an FHA loan or a VA loan after a Chapter 7 bankruptcy, you must wait two years from the date your Chapter 7 is discharged. You can obtain an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments, but you must have bankruptcy court...
What is the difference between an FHA loan and a conventional loan?
Hi Mikelee, With the majority of the lenders there is no difference between the FHA loan and the conventional if you do not put 20% as a down payment or have 20% or more equity on a refinance, you will be required to have MI. However, out here in Cali for instance, A few of the lenders we use have a couple...
possibility of getting a refi with a 550-600 credit score?
This is a possibility with an FHA loan and/or a fico over 580. However, many other factors ( income, derogatory credit issues etc) have to be looked at to give an accurate answer.
Don't lenders fees have to be listed on a GFE??
yes all fees must be disclosed even fees paid for upfront such as an appraisal.Often times the new tax and insurance reserves are not shown or accurately shown on the GFE.The taxes and insurances reserves shown on the GFE are your new impounds and are not necessarily fees (your current escrow balance...
can i combine a heloc with a conventional mortgage?
Hi, if the loan to value permits, you can combine both loans and have 1 payment, If the rate you lock your loan at is lower than the rate you currently have, you may have lower principal and interest payments. contact me if you are in Cali and I can help you chose from several options.
My credit score is now currently over 600 can I get a fha loan with that?
We have provided clients with an FHA loan with a 580 or higher fico. However we must ensure that your debt to income ratios are inline with the FHA requirements and that there aren't any credit issues that would hinder you from qualifying for the loan.
Closing cost
If this is a purchase you will be paying costs such as title, escrow, recording, possible lender fees ( if using financing) notary. If a purchase you can ask the sellers to contribute funds towards those closing costs. If using financing to purchase or refinance the property you can opt for an interest...
i was denied modification on investment property because I was not in default and current, but I have been borrowing $ to make what should I do? I really can't afford the payment
Hi, This may be an answer you might not want to hear, but, if this property is not rented out to cover the mortgage payment, then rent it out fast. If it is rented and it is not covering the mortgage payment, then quickly sell it and get out from under this burden. Contact me if you are in Southern Cali and want...
which lender does a heloc with 2 years after bankruptcy?
There are some lenders who may offer you a HELOC after a bankruptcy if you have a SUFFICIENT amount of available equity in your property. Those lenders are more willing to take the risk. However, they may be a little harsher on their rates and terms. Your best bet is calling a variety of mortgage brokers...
Do we apply for a VA loan with VA directly or do we we do it with a normal mortgage broker?
Contact me for our VA rates. We are based here in California and cater to Vets and Servicemen and Women!!
theres no more homepath financing??
There are plenty of financing options we can provide. For Homes in need of repair we offer the following:Homestyle Renovation:The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the...
In general are the VA loans higher than conventional?
As another option.There are lenders who will "wrap" the MI into the interest rate, in other words your rate could go up by .50 but you may not have to pay MI every month. However, this option is only something to look at if you are not 100% sure of going with your hard earned VA benefit.
If I have a Short sale 2 years ago, I can still applying for a loan
Hi, If your short sale was 2 years ago you MAY be able to apply for a new loan if you can show that the hardship you previously experienced is now improved. Getting approved for this type of loan varies lender to lender, so I am recommending you go with a mortgage broker who works with a lot of different...
Should I refinance now & if yes which is best, Fixed Rate 30 yr or 7/1 adj rate mortage?
Hi Todd,It is never wise to have a balloon payment coming due. I would start the refinance process as soon as possible so that you are not trying to close your refi at the last minute. It is best to chose a 30 year fixed loan so that never have to deal with refinancing again. Chosing another adjustable...
We are buying our first home. We have found the property.
When several offers are received by the listing agent, they will weigh the offers against each other. They will look at your fico score, what type of financing you will obtain, your down payment, but also they will look at your good faith deposit. The good faith deposit is sometimes viewed as how sincere...
Can I use a home equity loan for tuition expense?
The lenders who provide the home equity lines of credit typically look at how much equity you have in your home and how high your debt to income ratios are. Your FICO scores are also taken into account as well.
Are there any first time buyer assistance programs available in Sacramento, CA?
Hi, I am a mortgage broker here in Cali who can help you with the down payment assistance programs. We also may be able to help you close your loan with out paying any closing costs. Call me so that I can go over the CalHome First Time homebuyers program with you. 951-452-9113 Stephanie Tourtellotte Broker...
Lock in rate today or wait until the day before Christmas it seemed the day before Thanksgiving was very low, we have time until the end of the year is there a typically low day like the day before thanksgiving
If the rate is where you would like to be then I recommend locking your rate, However... There is no rhyme or reason as to which days the interest rates will be lower. (Similar to stocks going up and down no one really knows) If your loan is complex, meaning you own multiple properties or you are self...

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