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Stephen Harris's Answers

What credit bureau do loan officers or underwriters look at to calculate a 620 credit score for a FHA loan?
The lender and underwriter will pull all 3 of your credit bureau's and they will use the middle score of all 3 to determine your eligibility for the various programs and loan to value that you can qualify for. There are a few lenders that will still write loans under a 620 if you meet some other...
is there any time restrictions on work history for a FHA loan?
All lenders like to see a 2 year work history. If you are going from a w-2 employee to self employed they want a track record but it all depends on your situation. Just out of school unemployed?
80-15-5 Loan in NJ?
Most 2nd mortgages will not go that high of loan to value anymore. There are lenders that can go 95% with no pmi and portfolio lenders that can go to 90% with no pmi. There are a few options depending on your credit and financial situation.
Are there any conventional 5% down loans in east Tennessee. Credit upward of 740? Thanks.
Yes there are many lenders out there that offer 95% conventional financing with pmi and without pmi. You credit score is strong as long as you have income and proof of assets to close you should be good to go. Let me know if you have any more questions.
Quoted 4.75% 30yr fixed FHA loan, 5.795 APR. Have avg 670 credit score. Is this a decent quote?
I'm not sure which option you went for the lender paid or borrower paid. I do not have all the details of the loan (such as cash out, no cash out, loan amount state you are located, etc.) but I can tell you can get a rate of 4.25% on an FHA 30 Yr with your score. But it depends on a few factors. Let me know if you...
I have 791 credit score and 30% down payment.
It could be a little high depends on what option you took lender paid or borrower paid, what type of home it is and where the property is located. I would advise you shop your loan again and see. I do not have enough information to be sure.
Jumbo loan question?
it depends on the LTV but rates will be in the range of 3% to low 4%.
Would to like to refinance with an FHA Streamline loan
Yes you can do a streamline without an appraisal. But you must pay for costs outside the new loan or get a lender credit for them. What is your credit score that is a big factor?
Will owning a rental home hurt my mortgage application for a vacation home?
Conventional Lenders look at rental income off what you claim on the tax returns as income minus expenses. Sometimes it can be a wash other times they may count some of the payment or the full amount. If you make enough income to cover both mortgages it would not be an issue. As long as you have the credit and...
can i refinance an owner occupied fourplex?
You should be able to cash out up to 85% of the appraised value on the property.
farm morgate
what state is your farm located?
My lowest score is transunion 677, experian, and equifax are over 750. what r my chances for fha & $
you can qualify for a loan with those credit scores, what are you trying to accomplish with your new loan?
FHA or Conventional loan with 5% down?
It depends on how long you want to stay in the home. If property values are good and want to live there for longer than 5 years I would go with the conventional loan. Im not sure what your credit score is but I have a lender that also does 5% down conventional loan with no PMI per month. Let me know 614.442.9900
Is their 80/10/10 mortgages available? I'm just thinking about trying to keep more in my pocket.
There are also lenders that have up to 95% LTV conventional with no pmi. Must be above a 680 middle fico score.
What are the current rates for USDA 30-year loans? FICO mid-score of 640.
You can be as good as 4.25% it depends on the type of home and the loan amount size.
who can I get a loan from for a credit score between 600 and 619?
I use a lender American Financial that does FHA down to a 600 score. You need to present the best possible picture for the underwriter to approve your file. This will be a manual review. You need to also look at how much you have in assets and debt ratio. Rates are still very competitive at that score. Let me know...
Take loan? 30 yrs fixed, $330k loan, 20% down , credit score ~800, $1k fee, rate 4.875%
You can get a lower rate but the fees maybe a little higher. Sometimes its better to pay more fees and a lower rate so that you pay less over the life of the loan. It depends how long you want to stay in the home. Rates can go as low as 4.25%
Yes FHA, you need to show a good pay record with your rent, utility bills, personal loans with cancelled checks, etc. You need to find 3 accounts that you can provide and make sure that your income is line for FHA guidelines. Let me know if you need more information.
im a first time home buyer should i go to my bank to try and get pre approved or a lending agent?
It depends on what type of property you are looking at, your credit score, income, money to put down on the loan. All these factors will determine which products you may qualify for.
I want to refi, I have a current appraisal of $915K. what are options with FICO of 780 - 800?
What are you trying to accomplish, cash out, rate and term? The options depends on your loan to value, income, what program you are interested in. (ex. arm, fixed, interest only) Contact me and we can discuss furthur.

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