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T.C. Strait's Answers

Should I get prequalified or is it unnecessary?
As the others have said, it is in your best interest to get pre-approved/pre-qualified. By simply providing a loan officer with your income/asset documents and completing an application, you can avoid headaches down the road.
My credit score is 651- my husband and I are in a leasing to own contract and want to buy the house- they are selling the house to
You should have plenty of options with a 651 score, depending on credit history (any bankruptcy, foreclosures, etc.). With FHA you could purchase the home for as little as 3.5% down, or if eligible for USDA you could purchase it for 100% financing and even finance your closing costs, so really zero out of...
What's the difference between getting a loan from a bank or a credit union?
In my experience TimHoward is correct. Many of the offers I have reviewed from Credit Unions in the Cincinnati area are generally adjustable rate loans (5 year seems to be the most common), which wouldn't make much sense for most people. Fixed rates are so low currently (although slightly higher...
Will I qualify for an FHA loan in Ohio with 670 credit score
There are more things that go into qualifying for a mortgage than just credit score. However, with a credit score of 670, you are off to a good start. That score should make you eligible for FHA with most any lender out there. Feel free to give me a call if you'd like to discuss other things that go into...
Will anyone give a mortgage with a 615 fico score with 20% down?
Just basing it on credit score alone, it is possible to qualify for FHA financing with as little as 3.5% down. Obviously there are other things to consider (previous bankruptcy, foreclosure, debt ratios, etc.).If I can be of any assistance, feel free to contact me in the office at 513-777-8383 or email...
David, absolutely you can. Obviously there are other factors to consider in qualifying for a mortgage such as debt ratio, credit scores, etc. if you would like to discuss your situation, feel free to give me a call in the office. T.C. Strait, Lynx Financial Group, 513-777-8383 x222
I've got a 5/1 ARM and want to refi into Fixed not sure where to start
The best place to start would be to contact a loan officer that can discuss the different options available to you. Depending on the amount of equity you have in the home, you may be better off with a Conventional Loan in lieu of a VA refinance and the Funding Fee, or depending on other criteria maybe an FHA...
What's the turn around time for usda approval in ohio?
As of yesterday, Tuesday May 6th, the Ohio office was reviewing files that were received by their office on April 23rd, so roughly 14 days. Keep in mind, that is from the point the file is sent from the lender to the USDA office, which is usually after most conditions are OK'd (appraisal, income, etc.).If I...
FHA versus USDA - rate difference?
Generally USDA 30 year rates are slightly higher than FHA's 30 year rates, although that will depend from lender to lender. The big benefit of a USDA mortgage is the lower monthly mortgage insurance and the fact that there is no down payment required. If I can be of any assistance, give me a call at...
Wondering whats the minimum credit score Id need for a Fannie mortgage ?
Most lenders offer Conventional mortgages (Fannie Mae/Freddie Mac) down to a 620 score. Like Tim mentioned, there is more to it than just credit score, but if you'd like to discuss feel free to give me a call in the office at 513-777-8383 | T.C. Strait at Lynx Financial Group.
Can I apply for a credit card after I signed loan docs? Will it damage my credit?
I always advise my clients not to apply for any new credit until after they sign the closing documents and the loan has funded (purchases fund the same day as closing, refinances fund 3 business days after the closing).
If you get preapproved does that mean you pretty much have a loan?
Generally a Pre-Approval should be issued after an underwriter has reviewed the file. There are many wholesale lenders that offer this service to their brokers. Not sure on the retail side (if you walk into your local bank). If a loan officer is issuing a Pre-Approval without the underwriter reviewing...
what is the usda income requirement for ohio?
I agree with Tim. Although if your oldest will be moving out prior to obtaining the loan, then you should be able to omit his income, but with the income limit being so close to your husbands income, your daughter would have to be making less than $6750/year to consider qualifying.
Can I get rid of PMi by paying lump sum? Fannie loan
Like Joe said, If you are just making a lump sum payment to get the PMI to automatically fall off, you will need to get the balance on the loan down to 78% of the last appraised value. If you only get it to 80%, then you would need to request the lender to do a new appraisal (generally paid for by you).
what is the credit score needed for a usda mortgage?
The folks that have responded are all correct. Most of the USDA loans I've originated have scores in the 620-660 range. So your 700 score is fine for USDA. One thing to watch out for is Debt to Income ratio, as USDA's automated underwriting system (GUS) caps them at 46%. Give me a call if I can be of any...
How much are closing costs on a usda loan?
Closing costs are going to vary, mainly based on the interest rate. The higher the rate, the lower the closing costs and vice versa. Lender underwriting fees will vary from lender to lender. Really the only set fee would be the Title Insurance, as it is regulated by the State of Ohio. So, basically, there is...
When can i get a mortgage? Recent divorce
Credit score is sufficient to qualify now for a Conventional or FHA mortgage. Obviously there are other criteria that go into determining if you qualify such as debt to income ratio, past credit history (bankruptcy, foreclosure, short-sale, etc, etc.). Feel free to contact me anytime, email or cell...
First time home buyer want to know USDA versus FHA
Linda, generally speaking, if you have the option to go FHA or USDA, USDA is the better option. There are quite a few things that go in to determining what is best for you. I'm in West Chester, OH so somewhat local to you. I'd be happy to discuss the options that you have available. Give me a call at 513-777-8383...

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