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Kendall Fulton's Advice

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  • 15 Contributions
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  • 1 Helpful

Kendall Fulton wrote:

New Employment + Relo = qualifying?

Response
We lend in VA and have offices located in the Northern VA area.  Qualifying you for a loan with your credentials will not be the challenge that you think.  School is look at as work experience, which would  prevent you from having any gap in employement.  As far as relocating, you will need pay stubs for at least one month once you start your new position.  Wish you success.
February 23 2011
(0)

what are the stanards for a first time home buyer.

Answer
To answer your question FHA does allow sweat equity form of repairs but the buyer most show that he or she has the know how or the skill set to do the repairs. In most cases borrowers are using a 203k fha loan for repairs.
February 18 2011
(0)

filedbankruptcy 1 yr ago made 125,000 this year my twin makes the same we want to purchase very nic

Answer
If you filed Chapter 7 bankruptcy than there is a two year wait period from the date of discharged. Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, with satisfactory preformance and you must get court approval to enter into the mortgage transaction.
February 11 2011
(0)

Can I legally rent my bank-owned home to a relative and they own it once the mortgage is satisfied?

Answer
The option of renting it to your sister and putting her on the deed at some point can be the way to go. Once the mortgage obligation has been satisfied the transfer of ownership will not be difficult because she is already on the deed which conveys ownership. If you are considering buying another house, you would have to wait at least six months to a year showing that your house is now an investment property.  Buy it being a income producing property this income can be used to assist you in qualifying for a primary home for you and your family.
February 10 2011
(0)

Reverse mortgage for purchase

Answer
Due to the default on your present home which is a FHA/ government loan you are able to get a reverse mortgage.  The Reverse Mortgage is a government product that is unique to them.  
February 04 2011
(0)

Should temporary disability income be listed when applying for a mortgage?

Answer
Disability income must continue for the next three years inorder for it to be count as income when applying for a mortgage.  From what you have presented it can not be used.
February 04 2011
(0)

I need a non FHA loan for a mortgage

Answer
The credit scores are not high enough for a conventional loan.  If you able to work with your presnt bank in terms of a loan mocification that might be an answer for you. Or as mention, hard money loan and short sale together is an option.
February 04 2011
(0)

FHA How is Income Determined and Down Payment Options

Response
Yes your income will still be based on your  two  prior years average income,  along with your current YTD income to derive at your base monthly qualifying income.
February 01 2011
(0)

I paid off my home doesnt show on my score

Answer
Unfortunately the person that was holding the note did not report it to the credit agencies.  You may be able to increase your score if you have high debt balances or other factors that might be bringing your score down.  You should an agency that handles people looking to get contol of there finance.
February 01 2011
(0)

how do you get money in your pocket at closing?

Answer
I can only imagen that you are talking about a refinance and get the equity out of your house.  Anything other than that is totaly against the law.
February 01 2011
(0)