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Tim Bradford's Answers

does this makes sense?
Miguel, Generally on a conventional loan if you put less than 10% down the guidelines limit the sellers concessions to 3%. If you are putting more than 10% down then the limit is 5%. If by chance you are going FHA or VA the limit is 6%. I would assume you were already preapproved for the purchase, so I would...
is this impossible?
Gatorguy, In the past no credit did not hurt you, however in todays market lenders want to see a demostrated payment history. I do not know if you have spoken with someone that does FHA Loans because it is much easier to use alternate forms of credit: Rent, Utilities, Accumulation of cash in bank...
Notice of Acceleration and Refi?
Based upon the value of the home, the mortgage balance and your credit scores it would sound like you would be able to refinance the loan into an FHA loan. Issues that could affect your ability to do this your ability to document your income or any recent late payments. Because you say "Get caught...
First time home buyer
As said by others, if your income is used then your credit must be used as well. With the bankruptcy your credit can not be used. The option of a coborrower/cosignor is an option to be considerred.
Closing cost question
I will disagree with Mortgage First. You need to read the contract completely to determine what is included in the 4% and what is Not. Because contract vary from one city, state or town your realtor (or other local professional) should answer this question.
Upside Down!
SPeters, I would neet to have more information in order to give you some guidance. First where is the property located and who is the current lender. With that information, we may be able to develop a plan.
I'm looking to re-fi my 30 yr (23 left)/ 5.6% fixed loan to a 15 yr. fixed. Cash flow not an issue. Can handle increased payment. Goal is to minimize interest paid and maximize pinciple payback. Needs rates on a 15yr.
Chris, There is no mention of where the property is located. If in Ohio, I would be very glad to assist you. Based upon your current rates and a no points rate, it will likely take you about 2 years to recoup the cost of refinancing. I suspect some of the rates quoted include points, I would suggest that you...
Please help!
As Ana says, the key will be your Credit score. If you have not owned a property in the last 3 years, there is a Tax Credit Program that you might Qualify. The only way to determine what you qualify for would be is to give me a phone call. My Phone number is 216-324-8113 and my name is Tim.
Wat are the rates for 10 year fixed?
Give me a phone call and will gladly give you a number, I will need to know about you and the property before a rate and closing costs can be quoted.
When is the monthly payment considered late?
I support and agree with Chris Gummerson's answer. The only think I would add is if anyone does a direct verification with your mortgage company they may report Late Payment Fees you have paid. In todays times and underwritings you may be asked about the cause of those late payments.
Refinancing two inherited homes
Bethie, I see a number of answers already. The estate will take care of transfering the properties to your name. YOu could leave the current mortgage as they are right now, provided you continue to make the payments and the lenders do not object.
Great Income poor/fair credit are there any options for me.
The only answer or suggestion that I can make is that you share your credit report with a lender that is willing to work with you until your scores come up to the levels required by investors today.
Asked to pay points with good credit, is this right?
Jake, The best thing I can suggest is that you Shop and Compare rates. I do not know what you mean by "Current Interest Rates" When you shop and compare you want to look at the closing costs and the rate together. As far as points, in general, for every 1% of your loan amount (aka Points) you can...
What mortgage rate can I get with a FICO credit score of 741?
Carrol, You have proved some information, but not enought information to allow me to quote any rates or loan programs to you. Brian is correct that APR's need to be quoted when quoting a rate of interest. APR's can be one effective way of comparing loan offers, but they should not be used...
Are there any cons to a no cost refinance?
As stated by many so far "Nothing is Free". Having the Lender would cost you between .25 to .50% in a higher rate on the entire loan balance. On a 175,000 loan with a .375 increase in rate that would cost you about 54.00 per month on the loan. With Current rates around 3.875 the cost of rolling the closing...
No Cost Refinance.
Bill, THERE IS NO SUCH THING AS A NO COST LOAN!!!!!!!!!!!!!!!!!!! You may not pay closing costs, however in order to avoid them you will pay a higher Rate of Interest. I believe it is a Violation of Federal Regulation to state"NO COST" loans without sufficeint explaination. I am an Ohio...
Possible divorce situation
phrygi_740_559, in your email you provided a lot of information, however not enough information to give you any specific limits on what you might purchase. The best think for us to do would be to talk and collect a little more information. Please give me a phone call at 216-324-8113 and we can talk. I do...
Can I refinance with a 630 Credit Score?
Liz, If your loan was written before May 2009, the then HARP II option would sound like the best option for you. If you want to share additional information, please give me a call. 216-324-8113.
getting a 2nd mortgage on another home?
Arnity, As I read it, two issue(rules) that will affect you are: 1) Need to be Two Years after the Bankruptcy. 2) Need to be three years after the Forclosure is complete. Complete meaning when the property is resold by the bank. Because you can not meet these two items, you will have to look at your fiancee...
FHA to Conventional Refi
JBrown, With your Credit scores, I would say that FHA is the direction for you to go.

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