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William Cook's Answers

Are there any no doc loans or stated income loans available?
We currently have stated income products in California, otherwise we have another option for self-employed borrowers
What are the down payment requirements for commercial loans?
depends on the income of the property and the loan amount. For some multifamily properties (apartment buildings) over $1.4 million we can lend up to 80%. If the apartment building is in a resort/ski town, the liklihood of 20-percent is nil. It may be more like 30% or higher due to seasonal income.
Do any colorado lenders still offer no doc or siva loans?
Only type in Colorado is for invstmnt property and it must cash flow. California Yes for rental property and primary rsidence but lots of conditions.a good alternative is to use the bank statement loan. We have this but keep in mind, you rate will start in the 5s with a good sized down payment and credit...
What is the minimum down payment on a Jumbo Loan?
As of now in 2017, 5-percent down with a 720 middle credit score, Debt to Income ratio of 40 or less and 9-12 months of mortgage payment in the bank. Other underwriting conditions will apply but these are the main ones.
What is the minimum credit requirement for a FHA loan in Colorado? I have an excellent income, but only 1 year of credit.
Some lenders, very few, though we have one, may allow you to have as low as a 500 credit score with 10 percent down. Since over 1 year gas passed, you should have 2 years of credit, with hopefully no lat payments either.
Need Jumbo loan for investment property $735,000, 20% down and good credit score (740)
We have programs that allow 20% down on investment proprty with FICO as scores as low as 680 for loans at 750,000 and below. Other qualifying information is needed but so far, this sounds achievable.
How soon should I refinance to get rid of MIP?
A conventional loan's PMI may truly be a much better a deal for youSo, in 6 months it went up in value by 5%. Was this a new home and you bought in the first or second phase?Not: The Upfront Mortgage Insurance Premium (UFMIP) is not refundable, except in connection with the refinancing to a new FHA loan.
I have a 725 credit score and my 2016 tax returns show 92,000.00 in income. Where can I get a mortgage providing only one year of returns?
Are you self-employed? We have a few programs we can use to possibly get you approved. It depends on if you're self-employed.
My Title
I believe you can add them to title but you cannot change title by removing someone who has a lien against title without the lender taking proper legal action..The loan will probably be called due in full or the original lender gets the house as collateral. Disclaimer:I am not a lawyer See areal estate...
what is the minimum down payment for FHA?
The minimum down payment is 3.5%. Although, you may qualify to receive that 3.5% as a gift from a relative.
is there an age limit to apply for a mortgage loan?
18 is the minimum age limit and currently no maximum age.
What happens if I'm not on the mortgage loan, and getting divorced?
This depends on the divorce agreement and/or court order. I am not a family law attorney and cannot offer legal advice. However, if you divorce and rare left with the home and payment, you'd have to qualify separately to put the new mortgage and title into your name.
I have a co-signer, but does not live in the home with me.
usually one person.I'd check with your local CPA to be certain.

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