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Steve Sexton's Answers

Mortgage and VA Loan. VA Loan eligible not on current mortgage.
If you are buying in a non-community property state, you can qualify on your own. Good luck and Thanks for serving.
Will $54,000 in school loans keep me from getting approved for a mortgage?
Your payment on the student loan will be calculated into your debt to income ratio as any other installment or revolving debt. What you will qualify for will be based upon your income and loan type. Good luck, and it is great your a looking to purchase at this stage in your life.
Buying with 5% down Chicago Suburbs.....we have a FICO score of 735-690, can we still get a loan with just this down payment?
What county are you looking in? FHA is a definite alternative at 3.5% down and allows for seller contributions to your closing costs. Low rate also. Steve Sextonsteve@1800valoans.com877-376-0223
question about rates--our quote seems really high and we have good credit, why is it so much?
Jumbo rates are higher than conventional rates. 5.75% is high, even for jumbo though. Steve Sextonsteve@1800valoans.com877-376-0223
USA Citizen Living Overseas & Earning Foreign Income - Can I quality for a US Mortgage?
What portion of the time would you be occupying the home? What kind of debts do you have?
How can I get approved for a home loan?
I would try to qualify you on your own, your husbands credit may be hurting and his income is not used on most programs. If you live in a community property state, his debts will count against your debt to income ratio. If not in a community property state, you would qualify based upon your debts and income....
Can I get a mortgage loan with only one year's W-2's?
A lot of it depends upon the loan program you are trying to qualify under. 2 years W-2s is not a deal breaker. As an example, if you were in school for some time and now have a job in that field, the time in school would count towards your 2 years. It is not a deal breaker. Good luck, and let me kow if you have any other...
I have a question about fees?
They are junk fees, IMO. It would be worth your while to shop around. I am sure you can do better. Contact me at or 877-376-0223 if you have any other questions. Thanks, Steve
want a 300k mortgage, confused about terms?
A lot of what is best for you is determined by yourself based upon your future plans. Keep in mind the indexes that most ARMs are based upon are at historicly low levels. The odds of them staying there are not as good as the odds of them going up, which would result in a higher payment for you, or the cost of a...
Should I refinance when I intend to sell, then buy a new home in the next 1 to 3 years?
If you refinance, there are closing costs involved, either you pay them out of pocket or finance them by using up equity in the home. On any refinance, the most important factor is the break even point. That is, how much would you save each month compared to how much the new loan will cost, and how many...
age factor in 15 year vs 30 year loan?
Age can be given no consideration on loan approval.
Loan for Home and Adjacent Lot?
What would the property appraise for with the home and the one lot on its own? And what is the sales price the seller is looking for?
Buying first home with VA loan and average credit score?
VA would be a great alternative for you. Also there are some terrific buys here in Washington State. Where are you looking?Steve Sexton 877-376-0223
Jumbo loan question?
What is the Loan to Value? Is this a purchase or refinance?
I need to find an FHA loan in Seattle WA area. My credit report has several errors on it that need to be corrected. My mid score is now 598, but should improve with the corrections. Is there a loan company that can help me with this and are there any FHA loans in the area that finance with a score below 640?
There are several lenders that will do FHA down to a 620 score with rates that are in line with the market. If you can get your score improved, it would be worth the effort in long term savings in getting a better rate. I am in Western Washington also, let me know if I can help. Steve Sexton 877-376-0223,...
Qualifying for a home loan?
Depending upon the loan program, you would get credit for the time you were in school as if it were previous work history, and your income would be calculated on your current pay. Good luck!
Looking for a VOE programs and Stated Income programs
I am afraid you are about 3 years too late....
mortgage with foreign income
Usually they will want to see your tax returns to veify the income. Are you working in a "tax free" zone? How long have you ben working overseas? Do you have a contract for your pay? Steve
I have a credit score of 645 is this good enough for a mortgage?
FHA loans are still available AT 3.5% down with a credit score of 620 or better. Steve Sexton 877-376-0223
Old judgment and 609 middle score, working on fixing credit but how soon?
She should have a 620 score to qualify. FHA debt ratios are 29%/41%, meaning 21% of your gross income can go towards your house payment and 41% of your gross income can go towards your overall debt. As far as boosting her score, it will depend upon how long it takes the creditors to report the changes and for...

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