Profile picture for Christian Durland

Christian Durland

Lender

Senior Mortgage Advisor, Colorado Mortgage Originator License (13 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
All-In-One Mortgage Loan

Advice

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

Contributions are sorted newest to oldest.

I'm 22 - can I buy a duplex or quadplex?

Answer

Hi Kayla,I just helped another young first-time homebuyer with purchasing his first home, and he purchased a 4 unit home off of 40th and Kalamath in Denver.  He got a great deal, because the property was in really bad shape, however we went with an FHA 203k loan, and he was able to borrow for the money needed to remodel the property on top of the money needed to purchase the property.  He's now living in the largest unit, and renting out the 3 other units.  His mortgage payment on the 203k loan was $2,000, however we just refinanced him into a conventional mortgage loan, and we were able to get his payment down to approximately $1,700 since the value of the property went up based on the rehab, and he's not got over 20% equity, which in turn means he did not have to carry monthly mortgage insurance on his new conventional mortgage loan....he collects a total of $3,800 in rent from the other 3 units, which not only covers his monthly mortgage payment, but gives him approximately $2,000 in added income each month.I'd be happy to chat with you further should you have interest in learning more about an FHA 203k loan, or purchasing multi-unit homes.Thanks!

  (0)
FHA Back to Work Program - Looking for Experienced, Local Lender

Answer

I've closed more than 10 Back to Work Loans since it launched in August....these are tough deals, so yes, you need to be working with a lender who has closed at least a handful of these loans.  FHA audits each and every one BTW loan, and so the underwriting has to go above and beyond to insure that your BK and/or Foreclosure (if applicable) was the result of a job loss.Please give me a ring if you would like to discuss further.Thanks!

  (0)
Buying a Home in Colorado

Answer

The Short-Sale is going to be the biggest hurdle...most of the time, this is considered the same as a foreclosure, and you will most likely need to wait until April of 2015 before you can purchase a new home.However, there's a new program out from FHA called the Back to Work Program....it's allowing folks to forego the typical 3 year waiting period if they can document a qualified extenuating circumstance that caused the Short-Sale.Here's an article on the program:  http://www.homeownersblueprint.com/mortgage-loan-programs/fhas-back-to-work-program-taking-off/I'd be happy to discuss this program further if you like.Welcome to Colorado!

  (0)
First time buyer?

Answer

It's not a difficult process....simply reach out to a reputable Mortgage Professional, and/or your bank who you bank with, and ask to be pre-approved.  If your in Colorado, I'm more than happy to answer any further questions regarding getting pre-approved.Also, if your a first-time buyer, be sure to check into a Mortagage Credit Certificate, which is a yearly tax credit that can add up to thousands and thousands of dollars in extra refunds from the IRS, just for owning a home....here's some further info on this very valuable tax credit:  http://www.homeownersblueprint.com/buying-a-home/the-1-mistake-first-time-buyers-make-when-purchasing-a-home/ 

  (0)
Who will appove me after filing bankrupcy?

Answer

You may qualify to purchase a home now using FHA's new Back to Work:Extenuating Circumstances Program, if your BK was caused by a job loss or another situation that was beyond your control, but just as Justin has mentioned, you will need to demonstrate that you've reestablished credit, your scores meet the minimum requirement, and that you've paid your rent on time over the previous 12 months.Here's some further info regarding this particular program: [Hyperlink removed by Zillow moderator, see our Good Neighbor Policy]

  (0)
80/20 Mortages or 3% down Conv - Are they out there?

Response

You can put as little as 3% down and then avoid paying MI on a monthly basis by going with the Single Premium payment option, or nicknamed MI Buyout, and negotiating that the seller actually pay for the Single Premium is a HUGE bang for your buck, and it's much better to negotiate that with the seller vs. trying to beat them up on the price of the home.80/20 mortgages are extinct along with most other 100% down-payment options.[content removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for more details]

  (0)
credit scores

Answer

I agree with everyone, getting your scores higher is your best bet.  Credit Resource Corp is one of the best if not the best organization in the nation that provides invaluable credit consulting services. [Hyperlink removed by Zillow moderator, see our Good Neighbor Policy], however if you need to move now, there are mortgage lenders that will offer FHA loans to borrowers with a 627 credit score, however once one is under 640, a lot of what we call "overlays" come into the picture....meaning that the lenders/investors overlay FHA's minimum standards and requirements in order to mitigate thier risk.  Some of these include not having any late payments on a mortgage for the previous 24 months, all collections must be paid off, debt-to-income ratio's are limited and payment shock is factored in, so that can make things tougher for those between 620 - 640, so again, getting your score up will be worth looking into to make things go smooth, or even to get the deal done.Good Luck!

  (0)