"agents" or "foreclosure specialist"
"Dallas, TX" or "Michigan" or "30308"
Chad Melin's Q&A
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FHA LOAN BASED ON SALARY
Answer
To add to Clay's answer, most banks will only allow you to go up to 45% on your 'back end' debt ratio. There are a few that will allow you to go up to 55%.
Do any of these auto quotes include high-balance conforming rates?
Answer
They should. Your request is ran through a pricing engine and the result is based off any adjustments for 'high balance' requests.
First time home owner mortgage rates?
Answer
There is no 'hit' or adjustment for being a first time home buyer. Rates came up a little today but you should still be to lock in 5.125-5.25% with one point. As David mentioned, rates on a 15 year should always be slightly better.
Are the rates listed in the mortgage market place accurate for wisconsin?
Answer
Every state has different adjustments for interest rates, but overall they are very close. The quotes you see on here are pretty accurate and aggressive.
Has anyone experienced a positive result from going through the Hope for Homeowners program?
Answer
I don't know of a lender that even offers it. It was a huge bust.
Refi restrictions and equity
Answer
Did you recieve any incentives from a builder for the purchase? If not, you should be able refinance with no penalty. The reason that your bank says this is that there will probably be a 'recapture fee' that they will have to pay if you refi out of that loan within the first year.Yes, anything that you pay over the minumum payment will go straight to lowering the principal, hence gaining you equity much faster.
Does Making Home Affordable require using an automated tool- "Home affordability Agency Valuation"?
Answer
It sounds like they used a value estimator to determine your home value. Every major lender has different tools to determine your home's estimated worth. Chances are, that this did not even include your recent addition.
Mortgage Advice
Answer
Are you able to make payments above the I/O payment? If so, you can get qualified to refinance at 105% of the appraised value and get into a fixed rate.
Is it possible to get an FHA mortgage if you have a student loan that was in default?
Answer
Marcelo is right. As long as you provide a detailed letter of explanation, you should be fine.
Does anyone know of an MI company that will cover a 2nd home in WA at 90% LTV? Borrower has 800 Fico