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Can I get a 40 Year Mortgages in MA

We're having trouble getting approved for the amount we want based on my wife's salary being about 25% commission and her not having been at this job for over 2 years. With her commission we would qualify for what we're seeking. I was thinking about looking into 40 year mortgages in hopes we could get approved for more and then just pay it back within 30 years. Can anyone out there tell me who is Massachusetts offers 40 year Mortgages? Also I'm guessing these are more commonly loans that are held vs. sold , but they wouldn't end up being Fannie, Freddie or FHA, right? Is there such a thing as a 40 year FHA? by conref_347_665 from Deerfield, Massachusetts. Sep 2nd 2011 Reply


Rudi Hofmann (CaPortfolioLoans)
#277 ranked lender in California - 380 contributions

I suggest you look into an ARM. You'll qualify for a higher dollar amount. Even if rates go up the overall price will be less than having a 40-year amortization to deal with.Happy funding, Rudi

Sep 3rd 2011
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George DeVine (gdevine)
#7 ranked lender in Rhode Island - 45 contributions

We offer 40 year mortgages, however, I'd be surprised if stretching the term out to 40 years makes the difference in qualifying. I agree we the previous post, you may want to consider an adjustable rate loan. We have a 10/1 where the rate is fixed for the first 10 years at 3.875% with no points, or simply get another opinion on the income qualification. Please feel free to reach out to me at gdevine@atlantichomeloans.com

Sep 4th 2011
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Scott Murphy (scottmmurphy)
#22 ranked lender in Massachusetts - 15 contributions

Hi there out in Deerfield.Thanks for your question. I've got you covered right here.Here at Annie Mac Home Mortgage we have a wealth of programs available - including Fannie, Freddie, FHA, VA, USDA, MA Housing, and many others. And we have many different flavors of those - including 40, 30, 25, 20, 15 and 10 year amortizations and we do ARMs as well. We can stretch it out as long or get you out as early as you like and your budget permits.FHA does offer low down payments, minimal reserve requirements and tolerates a higher expense ratio than other programs, but currently FHA does not offer a 40 year program. While it appears to be your expense ratio which is holding you up, it's quite possible that FHA may well be your best bet here. And an FHA ARM will drive your expense ratio down even lower so you can better qualify and get in the door now. And once your wife's commissions are able to be qualified, it may be possible to do a no-points and no-closing-costs streamline loan - right into a nice low fixed rate mortgage - within just a few months after closing.What it sounds like you need is a proper pre-approval from a reputable lender. I can help you with that. We can take a broader look at what you're working with and where you want to go and we'll figure out a game plan to get you from here to there.Give me a shout @ 781-258-1293 when you're free and we'll get the ball rolling for you. We can get together either over the phone or in person (I'm in MA too) and we'll put together the program, rate and payment which are right for you.Solutions. You need 'em. We've got 'em. Ready when you are.My number is 781-258-1293.Thanks,Scott

Sep 6th 2011
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