Profile picture for Tom Burris

Tom Burris

Lender

Mortgage Banker (11 years experience)

Specialties:
Purchase Loan,
Refinancing

Advice

  • (454 Contributions,
  • 11 Best Answers,
  • 78 Helpful)

Contributions are sorted newest to oldest.

Need a mortgage loan/lender for FHA or VA low to mid 500s in Texas

Answer

Interview loan officers until you find one that understands credit.There are tools that loan officers have to simulate scores(like what the score will be with the removal of an erroneous account). Maybe the score will pop up enough to make the mortgage process better/easier. There are other things you can do to boost scores.   

  (1)
FHA loan in Houston

Answer

I started my business 3 years ago and recently able to have a salary for about $40k a year. We would need 2yrs tax returns for you AND the business to use your income.  We would use an average of that income over 24 months.If we can't do that, I don't think we would be able to get you that much house on just his income.I can be reached thru my profile if you need further clarification.Thanks and good luck.

  (0)
HUD didn't insure mortgage

Answer

I wouldn't be asking here. I would call HUD or talk to a real estate attorney.Lenders cannot collect what you do not legitimately owe.... and if HUD rejected the MIP then you should get that back in my opinion. But I am not an attorney 

  (0)
How to find a good broker for a re-fi

Answer

a regular first lien lender(bankers and brokers) would lose money doing a $35,000 cash out loan.you need a heloc lender..... like a bank or credit union.   

  (1)
Best Way to Reinstate VA Loan Eligibility Quickly

Answer

I have done VA deals with 'bonus eligibility' before.  I don't recall how the Vet obtained the additional eligibility. Might be worth the research, as it might get you enough for the next purchase...... assuming you qualify for two loans. 

  (0)
I am having issues with the FHA bond loans.

Answer

The loan officer likely would not have resubmitted with the 3.5% down coming from your own funds if you didn't have the allowable funds for the loan.The fact that you make too much for the DPA isn't a factor there. 

  (0)
Bankruptcy Question

Answer

No. FHA will take you right away. You have the other qualifications, and the underwriters will be strict. But a good loan officer can look at your situation and let you know if you have a chance right now. 

  (0)