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Rob Gerwer's Advice

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  • 9 Contributions
  • 0 Best Answers
  • 0 Helpful

Rob Gerwer wrote:

Lender

Answer
Could you come up with 3.5% down?Or would you be interested in buying a HUD foreclosure? They still have the $100 down program.
January 13 2010
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Is an ARM a reasonable choice ?

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The first question that comes to mind is: What is your estimated value of the property? Since you are paying off a home equity, you need to make sure there is 20% or more in equity.Also, in your case, I dont see an ARM as a great option. If you dont know FOR SURE when you plan to leave this property, then why take the chance? The savings between an ARM and 30Fixed on roughly 110k is not going to be large enough to warrant the risk.I would suggest a home equity refinance, which would include both liens, and give you the 10k you request (as long as the prop value is roughly 140k or higher). Then you have a low fixed rate for 30 years, and have no concerns in regards to future mortgage rates.
January 13 2010
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i have 30yr conventional loan rate at 7.25.i want to try to refi.i filed chapter7bankruptcy1yearago

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Can you give an idea/range of your credit score?
January 13 2010
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I have a 175K fixed home equity in Texas with 19 years remaining on 20 year loan, how can I lower

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There are plenty of home equity loan options for you, even on a 30 year fixed. The gentlemen below are correct, it must be one year from close, and still run as a home equity, but you should easily lower your rate. Your credit score will be the factor that determines how low the rate drops.Let me know if I can help in any way!Rob GerwerBlue Star Residential Lending, Inc.
January 13 2010
(0)

Lender

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Sorry, meant to say should NOT be a major issue.
January 13 2010
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Lender

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It doesnt sound like it should be a major issue. Lets take a look!
January 13 2010
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can I get lower than a 4.75 on an FHA with a credit score of 785?

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The simple answer is Yes. 4.75 can be had in todays market. Let me know!
January 13 2010
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Lender

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How much is the property you are looking at purchasing? Any idea on your credit scores?
January 13 2010
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I did not get any quotes on my loan request (ZR-QWDFQSG). Can someone help me figure out why?

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jenjen,Send me an email. We are one of the few lenders with access to FHA with a 580 score.
January 13 2010
(0)