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Tim Howard's Answers

Recommended bad credit mortgage lenders
There are many lenders that approve down to 580 on FHA refinances and even a bit lower on FHA purchases. You can still get an amazing rate via FHA programs but PMI is required for no less than 5 years in almost every scenario. Good luck!
Does the Harp program allow for a co signer to improve chance for approval?
Lenders will almost always use the lowest middle score to determine eligibility. Meaning a co-signer with better credit won't help, they'll still use your lower score. Typically a co-signer is best used to lower the overall debt to income ratio. HARP isn't going anywhere in the...
Non GSE loan - Is HARP 3 our only solution?
If your LTV is over 80% but you're not underwater try to find a lender that can offer upfront mortgage insurance premiums. In many cases you can either finance the premium or work with your LO to get a lender credit to cover most if not all of the premium. Upfront MIP will keep you from having monthly...
VA Home Loan, 2yrs post bancrupcy, Home included in discharge but not foreclosed on by lender.
Typically it's 3 years from Sale date if there were foreclosure proceedings. I can run the scenario by our Underwriters and Secondary Manager for clarification. Give me a ring so that we can discuss the situation further. 513-307-9731 Tim
Is it possible for a first time borrower to get a 50, 000 dollar home loan with a 570 credit score an 51, 000 anual income?
FHA will allow with 10% down with scores under 580. Most of the larger lenders have minimum loan amounts that either start at $50,000 or exceed that amount. Start with a small lender or even CU in your area and see what they can do. Keep in mind with a lower score your credit will likely need to be somewhat...
Can i apply for a home loan here for a house in south africa?
You'll likely need some type of citizenship status with South Africa in order to apply for a loan there.
do you know of a lender that handles va construction loans
Lots of lenders do allow VA construction loans, however, many may require additional requirements like up to 20% down because of the associated risks involved. That may seem contradictory to VA guidelines but keep in mind the lender is ultimately at risk and can impose additional guidelines if...
Advice on choosing a lender?
Research reviews on lenders you are considering as well as their BBB rating. This is a good starting point. Secondly, get a Good Faith Estimate & Truth In Lending Disclosure. If these documents match up to their quote, which they should, most of the numbers involved then cannot change without being...
I have bad credit but my husband had a credit score of 690, but I have higher income.
Freddie Mac loans will allow a back-end DTI(Debt to Income) ratio of up to 55% where as Fannie caps at 45%. Should help increase your purchase price if you can't be on the loan. This is the case in Ohio anyway, be sure to check with a local banker or broker for guidance.
Are there any rules about how soon you can rent out a property after purchasing it with an FHA loan?
12 months is correct. You are typically limited to one outstanding FHA loan though. Exceptions can be made for a 2nd property but one of the properties would likely need to be below 75% LTV. Just in case you were planning on purchasing another home.
If HARP loans do not care about upside down or appraisal what do they care about?
To be eligible for HARP your loan must be backed by Fannie Mae or Freddie Mac and originated prior to May 9th 2009. With that said some lenders do impose LTV restrictions. Some cap at 125%, some at 150% and others offer unlimited LTV. There are typically minimum credit score requirements. Other than that...
What are the major differences between FHA and Conventional loans?
Major differences. FHA offers very liberal guidelines compared to Conventional. For instance, FHA allows the highest Debt to Income ratios, generally the lowest down payments, lowest credit scores down to 580, generally lower rates and most other guidelines are lax by comparison as well. However,...
HAve the rates risen for good?
Almost everyone miss's the true bottom. It's only around for a very short period of time and for most it's a matter of luck. Rates have risen from all time lows but are by no means high. A sub 4% rate is a deal of a lifetime. Get in while you can.
can I get a fha streamline loan with a credit under 600
A lot of lenders cap at 660 on streamlines. You're probably looking at a traditional FHA refinance.
Where should I start my business based on mortgage advantages?
State income tax, County property tax & even the school district you're in could play a big role in affordability. Try this link for the top 10 states with the lowest cost of living. Good luck! And Ohio...
I own an investment property outright, currently there is no mortgage at all. I need either a equity loan or line of credit.
A home equity may be difficult with a recent BK, they typically have some of the toughest guidelines. I would suggest a small local lender or CU. Possibly even a personal loan with the property as collateral. Best of luck.
Selling my fha home, ok o want allll the money i get for a new home. Do i have to pay fha off first?
FHA only insures the loan, they do not originate mortgages. The lender that owns your mortgage will have to be paid out of the proceeds of the sale. Remember, you do not own the home until it's paid for. You can only profit above and beyond what you currently owe on the home. The short answer is yes, you...
Can down payment be a gift from family for FHA?
Yes the down payment can be gifted. There may be minimum credit score requirements by the lender though. Check with a local broker or banker to get specifics on guidelines concerning gifted down payments. Good luck!
Should I buy an investment property?
Trying looking at a 2-4 unit property. If you reside in one of the units it can be considered as owner occupied. Owner occupied loan scenarios are far better than investment properties as you won't need as much down and the rates are significantly better. The other units should cover most if not all...
If someone has a bankruptcy can they get a home loan?
Yes. For a Chapter 7 there is 2 year waiting period from the time it was discharged on FHA loans and a minimum of 4 years for Conventional. You can typically apply right after your Chapter 13 discharges but there are some stipulations like proof of satisfactory payments. Keep in mind you have to rebuild...

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