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paul weinzimmer

Lender

Mortgage Banker (12 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity

Advice

  • (125 Contributions,
  • 5 Best Answers,
  • 74 Helpful)

Contributions are sorted newest to oldest.

Rate sheet for Realtors

Do any realtors have any interest in having a Monday morning rate sheet emailed to them?  Some thing short and sweet.  Maybe with a little summary of new changes for Rural Development, Loans for Heroes, FHA, VA?  But mostly to get a general idea of current rates and down payment for when a client asks.Most of you have in-house financing.  Is this something they do for you already?  Just curious.Thanks Paul

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Emailed rate sheet

Do any realtors have any interest in having a Monday morning rate sheet emailed to them?  Some thing short and sweet.  Maybe with a little summary of new changes for Rural Development, Loans for Heroes, FHA, VA?  But mostly to get a general idea of current rates and down payment for when a client asks.Most of you have in-house financing.  Is this something they do for you already?  Just curious.Thanks Paul

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I have a bankruptsy 4 years ago and a forecloser 3 years ago. Can anyone help me finance?

Answer

Now that you are 3 years out of foreclosure you are elgible to do a FHA loan if you have a 620 middle credit score.  Plan on putting 3.5% of the purchase price down.  If your credit score isn't at least a 620 you should try and get a secured credit card that reports to all three big credit bureaus(Trans Union, Experian, Equiafax).  If you use that wisely your credit will improve.  Hope this helps.Paul

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Will I qualify for an FHA loan?

Answer

Miasisme,2009 is going to be a great year!!!  A new young energized president with the full support of both houses!!!!  What can go wrong??  Are you excited about the Michael Jackson concert this summer??  It is going to be awesome!!!p.s. You should be able to qualify for up to the FHA limit in Franklin County.  Which is $341,250.Hope this helps.Paul

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What can I do to get more (or better) quotes for my loan request ZR-GSZPCZG

Answer

    Have a lender pull a trimerge credit report to find out if your middle score is a 601.  It could just be that your low score is a 601.  If you have over a 620 you should apply for a mortgage now.  If it is under 620 you would be better served by paying the balance on the Care Card down to possibly get your score up.  It doesn't make sense to take a 5.5% rate when you can get 4.5% with so little work.      Just ballparking it in my head, I believe that your wife will have DTI(Debt To Income)problems getting a $200,000 mortgage on $45,000 a year once taxes and insurance come into play.  Hope this helpsPaul      

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What have you found is happening with multi-family sales in your market?

Answer

There is a foot of snow on the ground and I am balding.FHA still has amazing rates for 2,3,and 4 family homes if you plan on living in one of the units.  The problem I have run into lately is getting an appraisal back with enough value to do the deal.  Many of the multifamilies have gone into foreclosure and it is difficult to find comparable properties to support value.  Which makes sence since many of these multi families were non owner occupied and a person is more app to let it go to default(verse the home they live in).Hope this helpsPaul

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Are there agents that sell mobile homes that are not in a parkin ohio.how can I find them?

Answer

Hey Penny,    If you run into problems on the financing check out AFR.  They are the only lender I can think of that does FHA loans on manufactured/mobile homes on a permanent foundation.  Make sure you budget and extra $400-$600 to get the foundation inspected.  This will be required over and above the $400 appraisal fee.Hope this helps.Paul

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