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Michael Harris's Answers

I am a US citizen but live and work in a foreign country can I get a US mortgage
You may be able to purchase the property as rental or potentially a second home if we are able to attain a verification to income and assets necessary to qualify for the mortgage. Are you filing a Tax Return in the US? Do you have a Credit Rating if a credit report were to be pulled? I would assume a Social...
Should i sign on to the deed to help pay parents mortgage or they do a reverse or refi?
A Reverse Mortgage cannot be done until the age of 62. If they are able to qualify for a refinance that would be the solution. If you choose to add yourself to the loan and title that may be a solution to estate items in the future. If there is a Family Trust in place the step may not be necessary.To answer your...
Is it recommended to apply for a credit card to build credit for buying a home
While building credit would mean establishing credit, it is not recommended that you go out and open multiple credit sources all at one time. The immediate result will be a detriment. It is recommended to establish an account and use the account regularly. Pay the account each month to not accrue...
Who should I contact about entering my mortgage into a trust for my family
You should be seeking an Estate Planning Attorney, but most have them prepared by a Paralegal and then charge you more. Here is the straight source as they prepare for many Attorney's. Cami Hershkovitz at Easy Legal at 818.774.1966 or 805.641.2010 or 805 529.7800.
could i go zero down for VA with a 620 credit score?>
If you are looking in CA or WA we can assist with a 620 score. United Mortgage Corporation of America at 800 230 0168 or my direct at 805 530 1199
down payment advice would not make a material difference.Michal A. Harris, CEO United Mortgage Corporation of America805.530.1199
And now PMI on an FHA stays for the life of the loan rather than until 20% has been paid according to my banker.
On an FHA loan it is referred to as MIP. MIP remains on the loan for the life of the loan if you initially had less than 10% down. If you had more than 10% for an FHA loan it is a 11 year removal. The old rule was 78% of the initial loan amount with a minimum of 5 years. As a Mortgage Banker I would love to evaluate your...
VA buyer husband and wife credit scores 608 and 588
The first thing is to look at the credit and see the cause of the score levels. Is there something that can be done to increase the scores from what you have now. A 620 score will be important when looking at a VA option. Was there a Short Sale or Bankruptcy in the past 2 years? Has there been a prior use of the VA? ...
how do we eliminate mortgage insurance
Mortgage Insurance can either come from a Conventional Loan or an FHA Loan. Under a Conventional Loan, your existing Lender with loan-to-value under 80% and usually a 2 year payment history can advise to their process of removal. If it is FHA, only loans received over 2 years ago cam have the MIP removed...
How much does a refinance cost?
Loans can be set up without any cost at all as the Closing Cost are Lender paid by adjusting the interest rate. Interest rates are down and perhaps going down further. Just this week we closed a loan with no cost at 3.75% on a 30 year loan. Call for your own quote and options. Direct Line 805.530.1199
interest rates for jumbo loans?
Your loan may not be a Jumbo Loan. There is a possibility of being a High Balance loan for your marketplace. Depending on your credit score you may able to obtain a loan for under 4%. There are Jumbo loans that can be done if that is determined for your marketplace. Details are the key...please call me directly at...
We are in a higher income bracket.....can we still apply for harp
The answers you have received are accurate. You may not need a HARP loan though to accomplish your lending needs. There may be a misunderstanding of its purpose to what would work for you. My Direct Line is 805-530-1199. I would love to offer advice that will allow you to make the right decision for Your Real...

No it will not...Michael A. Harris, CEOUnited Mortgage Corporation of AmericaDirect Line: 805-530-1199
Are there any restrictions with HARP in terms of when the owner can sell their condo/home AFTER they refinanced?
NoMichael A. HarrisUnited Mortgage Corporation of AmericaDirect Line: 805-530-1199
Change from Primary to Investment property for a newly constructed home
There are multiple implications to your decisions mentioned. if you close as a primary and the intent is not "occupancy fraud". What if any are the restrictions from the Builder to even restrict your ownership? Is there an HOA? You should not be forced to close with the Builder Lender unless otherwise...

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