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Thomas J. Liolos's Answers

Wife has poor credit, should I not include her on mortgage?
Hi ThomasYou will get the best rate if you go about purchasing the home alone. We CAN add your wife to title without being on the mortgage. As long as you qualify and are approvable with your income and debts - then that would be your best bet!I am a local Mortgage Banker in Amherst, so feel free to contact me...
Stated investor Florida mortgage
At this time there are no "Stated" income loans available
Absolutely!if your home is in the state of NY - give me a call and I can run some numbers for you......Thomas J. Liolos(716) 932-7896 x102
Can I switch from an FHA loan to a conventional loan
It really depends on the work that the FHA appraiser called for on his inspection. If it is obvious work - items that hit the appraiser in the face - it is very possible that they could also be called for on a conventional appraisal. Depending on your income and your credit - it is always possible to switch to...
90% LTV mortgage?
@nd Homes at 90% are available in NY...... There is mortgage insurance available as well - so as long as its a single family home - There should be no problem.....
Need help to refinance after completed Chapter 13 Bankruptcy
Hi MikeYour only option to refinance at this point is FHA. Their guidelines state that you are able to obtain a mortgage while IN a Chapter 13 for a minimum of 1 year and a letter from your Trustee allowing you to obtain a mortgage. Since your Chapter 13 is Satisfied - your payments were on time, you have...
Why are bank asking for 25% down for a 2 family house?
You can, if the property is owner occupied, but much less than 25% down. The 25% down requirement for a 2 Family Home only comes into play if it was investment property and you were going to stay living in your current residence. If the property is going to be owner occupied - you can also look at an FHA...
bankruptcy moved states
The Mortgage Laws are the same nationwide - if you discharged a BK anywhere - FHA states that you can purchase as long as you are 2 years from the discharge date. Conventional loans will require you to be 4-5 years from discharge........
Is the 2 year waiting period mandatory after a chapter 13 bankruptcy is discharged?
HiOnly a Chapter 7 requires 2 years from Discharge before FHA Financing is allowed. With a Chapter 13, you can obtain an FHA mortgage 1 year INTO the BK as long as your credit score is there and you have a letter from your Trustee allowing you to obtain one. Any other questions - please do not hesitate to ask...
What happens if I make large payments to principle?
Nothing would happen except that you would owe less on your mortgage balance and you would be on your way to paying off your mortgage sooner and saving thousands in interest. Your payment would not change at all ....
Can I save my VA entitlement to use it later on an investment purchase, rather than a primary residence?
No... Unfortunately, VA Mortgages are strictly for Owner Occupied Residences, investment properties are not allowed
what is 15 yr refinance rate today?
Really depends on the mortgaeg program. Our 15 year FHA rate is at 3.375% and our conventional 15 year rate is at 3.625%Feel free to contact me with any questions
wat kind of mortgage can i get with a 690 fico
Unfortunately - since she is the only one with the Military background - she would have to be the person to qualify and to purchase the property (As long as she is eligible for a VA mortgage). There are a few programs that you qualify for - feel free to give me a call at (716) 932-7896 x102 and we can go through...
A property at 18 Stratford place Cheektowaga, ny is for sale, & I wonder what type of mortgage is being offered for the property.
I looked up the house and the Mortgage Options for this home are Conventional, FHA or VA (IF you are a Veteran eligible for VA Financing). To find out what type of mortgage you are qualified for - Please give me a call at (716) 830-4215 and I would be more than happy to review your options with you. I am a local...
IN NY state can a bank back off a loan after closing has happened if it has been approved by the underwriters?
Yes they can. If any of your information has changed that causes you to not qualify anymore for the loan (i.e.: Loss of Job, Lower Income, New Loans, Drop in credit score, etc.) then the Bank has the right to rescind the mortgage commitment.
What is the most FHA allows the seller to contribute to the closing costs?
FHA will allow 6% of the purchase price to be contributed towards your costs. At the same time - you need to contribute 3.5% of the purchase price yourself - so both have to be adhered to,. If 6% causes you to contribute less than 3.5%, then the sellers concessions will be reduced.

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