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Edward O'Neil


Loan Originator (11 years experience)

Commercial R.E.,
Purchase Loan,
Home Equity


  • (7 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

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Underwater FHA Mortgage


A traditional FHA streamline is an option for you. Even though the new PMI is higher becasue you missed the endorsment date the interest rates are low enough that it may not make that much of a difference. There is no costs to you on a streamline. I would be happy to run a scenario for you and get the numbers in black in white so you can see if it makes sense for yoou. Please call or email me anytime to talk more.Ed

FHA mortgage in Massachusetts with Past due balance?


There is a potential to get this bought. It will depend on the bank and the strength of the rest of the file. I would like to find out more about the past due account and some of your other credentials. I am a local broker located in Norwell. Please feel free to call or email me anytime.Ed

I have about 30,000.00 in credit card debt.


Jeff, Amber is correct. The lender will not finance more than the purchase price of the home. They will also use that purchase price as the value for any type of refinancing for the following 6 months. In the event there is enough documented repairs to the property that would significantly increase the value, you would be able to do a cash out refinance using a new appraised value. Good luck and please feel free to reach out to me with any questions you have. Our office is in Norwell.

Ways to lower my interest rate


I would check to see if your loan is owned by Fannie Mae. There are a few banks out there who may be able to refinance that loan up to 125% of the value which, althought very tight, may fit your situation. Shoot me an email and I can send you the link to the website to check or I can run it for you.

Rental property in Neg equity


This will be a tough one. The location of the rental property, the new property and your current job will all play a role in the approval of the new loan. The biggest question is will the bank allow you to use potential rental income for the condo in order to qualify verified either by a lease agreement or an appraisal stating what the fair market rent will be.  I am currently waiting on clarification from a couple lenders with a similar loan I am working. My client lives with family, co-owns a rental property with someone else and is trying to purchase his own primary residence. He is also underwater on his rental property and it seems to be a very grey area on how the guidelines read. More information would be needed to run the scenario by a few banks to see how they would view your situation and be able to pre-qualify the new purchase based on your current income and whether or not they will allow for use of potential rental income out of the condo. I'd be happy to follow up with you if you wanted to talk more about the situation. Good luck.Ed O'Neil