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Chris Davenport's Answers

can i buy a home with fha if i dont live there all the time but it is my only residence?
It definately needs to be your primary residence. A good test is to determine this is the address on your bank statements and drivers license.
FHA vs. Regular mortgage loan? First time home buyer.
I really don't think there is a regular loan anymore. With FHA, USDA Rural Loan, VA and Native American Home Loan 184. You can usually find a better option than conventional if you want to put less than 20% down. We offer them all 918-388-9719.
What is the seasoning requirement for a short sale with a VA loan?
Same two years.
If I apply for a mortgage with my wife, will lenders use the lower or higher credit score to qualify?
There are special programs where this will be different. For example if you're Native American the HUD 184k program doesn't base the approval on credit score only credit history. So you might look to see if there are special programs that are designed for individual needs.
What is the best method to calculate my home's value before actually getting an appraisal?
It's all about comparable sales. Look at and type in the property specifics to get an idea of the offer prices. Houston area is doing well right now. You might look at no appraisal options to see if you can drop PMI. Call if you need help we service your area.
I am interested in knowing if you can provide commercial down payment assistance?
I would check with your local Municipality to see if they are offering any community improvement grants.
middle score of 600 can I still get FHA for home purchase in PA?
I agree if your Native American I'd check out the 184k program, VA Loan, USDA Rural Development as well.
Are seller concessions allowed on all types of loans?
All of ours. Conventional 3%, FHA and HUD 184k 6%, VA 3%.
On average, what percentage of a loan do closing costs make up?
If you were to place an offer on a foreclosure the selling bank would assume max 3%.
I need to get a loan for a home improvement. What is the best route?
With today's low rates it's a good option to refinance you first mortgage and cash-out the equity needed. But be aware of the Texas A-1 cashout regulations for future home loans.
Renting my house and and they want to take over the payment to build their credit up what do i need to do
Programs that allow you to add nontraditional trade lines like FHA or HUD 184K are a good way to go, but be careful. Lender overlays may eliminate this option in the future and the last thing you want to do is trust that a payment is being made and it's not.
Is there a program to lower my current VA home loan to fair market value due to market crash?
Yukon isn't in an approved area for Principle write-downs. Oklahoma compared to the rest on the country has been stable.
If I switch lenders after an appraisal, do I need to get a new one or is there a time limit?
This is actually more complicated than it's made out to be. Many Lenders will not use an appraisal that isn't assigned with there appraisal management company. So when you're looking at a new lender you need to ask this question.
What are requirements for getting native American loan rates?
We post our Native American rates at home page.
VA Streamline in Wichita, KS
You will not qualify for a streamline refinance if you're wanting to get cash-out. With cash-out you'll need a full appraisal and with a standard cash-out refinance you should be able to select any term you wish. I noticed your name. If I am making the right assumption you should also look into...
2-1/2 years into Chapter 13. All payments on time. In Portland OR. Any lenders refi?
We can do a Chapter 13 buyout if you have enough equity in the home.
I heard there is a conventional mortgage that allows a 10% down payment.
That's correct. However, it will either have monthly PMI or an upfront PMI option. There is a lender paid PMI option but the interest rate increases. You may consider our USDA rural loan, VA or Native American 184 loan to avoid or reduce PMI.
Do USDA loans have limits on income and other restrictions?
Yes. You have to be below the median income for your area. However there are adjustments for family size here is a list of income limits. Call if you need anymore clarification 877-863-2901.
i dont have a w2.. is there ANY way to refinance my mortgage?
It depends which loan program you choose. If you're doing a streamline option it may not be necessary.
I'm currently scheduled to close on my home, Feb 11 and got word that I may be laid off Feb 9th, what can I do?
Tell your lender what is going on. You don't want to close without a job. It's hard to say in this scenario, but sometimes things are not meant to be.

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