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Steven Karp's Answers

To refinance or not? Is there a better deal or this a good one?
Yes, that is a very good offer. In fact when ever somebody is up over 125% loan to value, the only real option is to return to your current servicer, in this case Wells Fargo, since they already service the loan, they should be able to approve you with minimum documentation.m and that 4.50% rate can also be...
When will HARP 2.0 be fully "automated"?
well, for the most part everything is runnning okay with HARP 2.0..up to 125% loan to values, beyond that. not every lender has their acts together.. it sounds like you may be combining your closing costs and your escrow account into one...lastly, if you are over 125% loan to value, don't expect 3.875% with...
can i refinance my investment property?
Yes, assuming you have a conventional loan, either FNMA or FHLMC, you would be eligible for the Harp 2.0 program. any of us would be glad to speak with you.
Are there any lenders that will help me with my home equity loan??
you must wait at least 2 years and have re-estabished credit...don't waste your time at this will not happen...sorry
Are there lenders in Massachusetts that will lend at 80% LTV on an investment property refi?
Hello Amesbury, yes I agree, it may be doable.... we have to find out if the home is owned by FNMA or FHLMC, it may be eligible for the HARP program or another may contact me too if you wish to discuss further.... or cell 781-640-5592 anytime....good luck...
bankruptcy down payment
well, not really, we have a few lenders who will do a 3 year wait, and FHA will allow after a 2 year wait.....down payment really will not matter...feel free to email direct if wish to discuss further, but you probably can do something if it has been 3
Qualifying for a mortgage after Chapter 13 Discharge
Sorry , you would have to wait 2 years out of bankruptcy with a re-establishment of credit in order to qualify, that would be for an fha loan, for VA, good luck finding a lender who will do it for less than 2 years too....if the bankruptcy, by any chance was medically related, ie: cancer, long term illness, etc.......
What is the outlook of the mortgage market considering the way the fiscal cliff was resolved?
Well, for right this minute, the rates have increased about .125%-.250% across the board as the 10 year bond market is now up over the 1.85% had been under 1.50% for a long time during 2012 and around 1.60 as recently as a week ago....either way, rates are still very attractive and many parts of the country...
I live in Boxford, Mass and own a townhouse which has a LTV ratio of 108%. It is a Freddie Mac loan and i want to
Hi Sawyer, it sounds like you are paying a point for a lower rate. Rates have recenetly inched up, but "No" you do not have to pay a 1% fee at all....rates are basically determined by your loan amount , credit score and LTV ... on the HARP, and of course you have to have owned and closed on your townhouse...
Is HARP only for primary residences?
Yes, you most certainly can., as long as it is owned by FNMA or FHLMC, also, we have lenders that will go to 10 properties owned for the very best qualified investors. Feel ree to contact us if any interest in chatting. Good luck.
I'm looking for a VA home loan. Yes, I'm in the military. Are there any lenders who will take a mid score of 620 or higher?
Yes sir, you can absoutely get a mortgage with a midscore of 620. You should be able to get around 3.375% today, if over 660 probably 3.25%.....feel free to call and chat...781-640-5592...or email !!!
can i get a mortgage if my credit score is 677
Hi daisyr, yes absolutely you can get a mortgage !! In fact, pretty much anybody with a minimum score of 620 should be ableto get a mortgage. feel free to call anytime, we are located in Hudson !! and nationwide !!
Does anyone know a lender that works with fair/poor credit but good salary and 30% downpayment?
Sure, you can get an FHA loan with a 580 credit score and still do conventional mortgages with a 620 credit score....where are you are score wise ? Feel free to contact any of us here
My credit score 637 . Can I get approved for conventional loan ? I'm already pre qualify for fha thank you
yes , absolutely, minimum needed is 620, but because you are a 637, expect to pay about .25% to.375% more than current market rate come lock in time, but you can absolutely do this as long as you qualify income , asset and ratio wise....if any interest please feel free to contact me Steve Karp at 781-640-5592 or...
I am looking for a mortgage broker. Perhaps you can help. My score is in the low 500\'s. Income 50K annually. $5000 down payment. Little debt.
Hi Terry, well, that will be tough...most lenders require the minimum 620 credit score, very few lenders can do the FHA with scores over really have to get that score up....use your credit card and pay it down but not off for a few months, you really need to have at least one if not 2 credit lines in order to...
How much down payment is required for an investment propoerty?
Hello Anthony, that really depends on whether we are talking single family home, condo, or multi family, on a single family, you will need 20% down, also, rates will depend on your credit score too. I did exactly what you want to do....the Market is doing well in Boca.
Looking for loan on an approved property - 8% down or lower
Hi, any number of us should be able to do that loan for you.....unless... there is less than 50% owner occupants, or the association has weak reserves. If the project is FHA approved, you may be able to put 3.5% down, and of course you can put 5% down and go conventional too...with pmi, or without, without comes with a...
Would you recommend getting a 5/1 ARM for a first time buyer
Hi, well...possibly.....if you are only going to be there for 5 years, then maybe..yes, go for it.....but, you can still get great 30 year fixed rates in the 4's....after 5 years, that adjustable rate can go up.... just as easily as it can go down....I live locally in South Florida and work for a New England based Bank...there are some...
we our underwater and our payment is to high what do we do
well, as you can see we all need some more info from you....we want to know where you have been the last 2 years ?? why has your current servicer not reached out to you to help ?? have you spoken to them at all ? what type of mortgage do you currently have ?? How long have you been in the home, what is your current...
can I consolidate 1st and 2nd mortgage and do harp refi?
Hi, we would need to know more facts. But highly unlikely, at least under Harp guidelines. You may have other options. Do you have any equity in the home, or are you upside down ? When did you purchase ? we can be more helpful with more specifics. thanks.

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