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John Moran's Advice

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  • 307 Contributions
  • 9 Best Answers
  • 45 Helpful

John Moran wrote:

Is it possible to refinance 18 months after chapter 13 bankrupcy?

Answer
The biggest hurdle isn't the bankruptcy, it's the loan-to-value. You can get an FHA loan after 12 months of Ch. 13 payments with court approval but it is limited to 97.75%. I'm local here in the Phoenix area if you want to discuss in more detail. 
5 days ago
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want to buy 2nd home. Curent home is paid for. Will retire in about 1 year.

Answer
10% is all that is required for a conforming loan. Sounds like you are in a great position to purchase a second home. I'm local here in Scottsdale and have plenty of experience with people buying a second home. Just reach out and we can go through a quick pre-qualification process so you can start looking at homes.
July 12
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We just listed on MLS. How can we get potential buyers here? We have a realtor

Answer
As long as the home is priced right, people will find it. Beyond that, your Realtor should be marketing the property for you in other ways, that's why you are paying them. Best of luck with the home sale!
July 08
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620 FHA Streamline

Answer
I'm not sure if the others realize you are a lender. Are you looking for a wholesale outlet or to refer a borrower to someone who does this loan. I'm local here in Scottsdale if you need to refer it out, not sure who is doing it on the wholesale side. Maybe Broker Outpost would be a good resource if you are looking to broker it out.
July 01
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Looking for Jumbo refinancing - high LTV in Arizona

Answer
This is something I can help you with. I'm local here in Scottsdale, feel free to reach out through my profile. I can refinance up to 90% loan-to-value without cash out  on jumbo loans. 680 is the minimum score I'll need and the loan amount can be up to $850,000. Sounds like a good fit, assuming you are otherwise qualified. The home would need to appraise around $520,000. We should be able to drop your interest rate as well. 
June 18
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In Arizona, is a mobile home considered just "personal" property or "real" property?

Answer
Mobile homes (manufactured homes) do not qualify as real property until they are properly fixed to the land they occupy. An affidavit of affixture is required. Your situation presents two problems. The first is that the home is pre-1976. Manufactured homes built prior to this are not HUD approved and therefore, most lenders will not lend on them. The second issue is that it sounds like you do not own the land. Mortgage lenders will not typically lend money on leased land unless the lease extends well beyond the mortgage term (30 year loan requires at least 30+ year lease). Here is the info directly from HUD on mobile/manufactured homes: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/mhs/faq I'm sure this isn't what you wanted to hear, but I hope it helps clear up any confusion.  
June 16
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Do I need to put my own appliances in home for FHA Loan?

Answer
Your apprehension to put appliances into someone else's home is warranted. Perhaps speak with your lender to see if it would be an option for you to buy the appliances and provide receipts. 
June 12
(0)

VA home loan in Arizona

Answer
Hi again,It looks like you have posted some more information, so I wanted to reach out to discuss. With $7,900 a month in income and $1,500 in total obligations (other than home), you should easily qualify for a $330,000 VA loan. At 45% DTI (I have gotten approvals for VA loans with 55+% DTI ratios), you would have $3,555 to cover all debts, including the new housing payment. Subtract your $1,500 in other obligations and you have $2,000 left for a housing payment. A $330,000 loan at 4.25% on a 30 year fixed loan is a principal and interest payment of $1623.40. As long as your taxes, HOA and insurance are less than $350-400, you would be fine. Please feel free to contact me directly to run your exact numbers. I can analyze your situation and run your loan through an automated approval system within a day at no charge. Don't give up on your goal of home ownership if someone gave you bad advice. 
June 09
(0)

VA home loan in Arizona

Answer
Hey there,I'm a local lender here in Scottsdale. Your loan is a no-brainer (assuming you are otherwise qualified). Wage garnishment will factor into your debt-to-income ratio, but it should not be a detriment to getting a new home loan, especially if the judgment is that old. VA loans offer a variety of benefits, which you have appear to have figured out already. Your credit is great, should not be a concern. Job history doesn't appear to be an issue either. Income is strong, but that will depend on your other debts and the purchase price you are shooting for. Feel free to reach out to me directly to discuss options, but based on the info provided, you shouldn't have any hurdles to getting a new home with 100% VA financing. 
June 05
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refinance with foreclosure on record

Answer
I'm afraid you are wrong Freddy, Check Fannie and Freddie directly and they will tell you it is 3 years with extenuating circumstances for a conforming loan (the loan this poster asked about). FHA allows 2 years, but that is the loan the original poster is looking to refinance out of. 
May 28
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