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I am in a Real Estate Contract and am now seeking my mortgage

Is it considered a new loan or refinance?
  • September 22 2013 - Albuquerque
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Answers (7)

With a purchase contract on a home, you would be looking for a new purchase money mortgage.   If you owned a home and looked to obtain financing on it, that would be considered a refinace transaction.
  • October 22 2013
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Because an REC is not considered an actual mortgage you would be obtaining a new loan.
  • October 02 2013
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If you're trying to apply for the Back to Work Program", you better hook up with someone who knows the ropes. Meaning a Pro Loan Officer who KNOWS FHA, VA, USDA financing. If you have had a previous foreclosure and particularly and government insurance loan, you will most likely have been report to CAIVRS (the Federal Credit Alert System) and the new lender will have to request a Release Waiver. Unless your lender knows how to do this, you will be in for the long and winding road for you and everyone involved in the process. Please feel free to contact me if you have any questions.
  • September 23 2013
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Profile picture for dimplesandredeye
I have a 1099 stating 9/27/2010 but when my loan officer used Cavier program it came back with 12/27/2010.  I called FHA about and learned that I was ill advised by a previous loan officer.  It is three years from the date the bank is paid off by FHA is what they told me.
  • September 22 2013
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It's a new loan. A refinance is only on a property you currently own. How long ago was your foreclosure? What was the date that the property was deeded out of your name? What were the circumstances of the foreclosure?
Keep in mind that when you say you are considering the Back to Work FHA program, it is indeed the other way around. A lender will be considering you. You must meet the guidelines for this program and there is no "fluff" about them. The guidelines are very clear.
  • September 22 2013
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Profile picture for dimplesandredeye
No, I needed to know if it is considered a new loan or refinance only because I was given incorrect information on FHA requirements after a foreclosure.  I am considering trying the "Back to Work" program but it is stated that they only accept new loans.
  • September 22 2013
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New loan. If you owned a house with a mortgage and wanted to redo the details of the loan with a lower rate, that would be a refinance.

Good luck with the purchase. It sounds as though you have no Realtor and have not seen  a lender yet. That makes me wonder about your deal.


tim
  • September 22 2013
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