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paul weinzimmer's Advice

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  • 125 Contributions
  • 5 Best Answers
  • 74 Helpful

paul weinzimmer wrote:

If their is lenders out there that will do a home mortgage day after discharge chapter 7?where?

Answer
Justin, Nice Rick Roll on the "300 lenders" link.  I was like "what the hell is this guy talking about BK turnaround non conforming lender list."  Then I click on it and you were right!!!Paul
March 21 2011
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I filed bankuptsy and it was discharged Aug 10 how long do i have to wait to apply for a home loan.

Answer
2 years on a chapter 7 bankruptcy.    While you are waiting, open up a secure credit card and practice borrowing money with that.  It should start to pull your score back up as well.Hope this helpsPaul 
March 21 2011
(1)

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

Answer
If you take your downpayment up to $21,000(90% LTV) you might get a few more quotes.  I would try again today, I think rates are a little better.  Hope this helps.Paul
March 21 2011
(1)

Can anyone recommend reasonable FHA 203k Lenders?

Answer
Hey Drew,    If your credit is over 720 that 5.25%/30yr fixed rate is high for a 203k loan.  See if you can find other people that have done this loan for lender recommendations.  The 203k loan can be a PITA, and you need someone that has done it a few times in the last 6 months.        Closing costs are in line, especially if that amount includes setting up your escrow accounts.    Everyone else seems to be ending with an exclamation point, so I am going to follow suit!!!!!!Hope this helpsPaul
February 24 2011
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How do I determine the value of 3 to 5 acres with no frontage but abuts my property?

Answer
If this is a cash deal then call down to Bruce J Baird Realty on West Broad in Pataskala.  I am not allowed to give you a number, but i am sure they are in the book.  They should be able to recommended a local appraiser. If you are going to finance, it still would be a good idea to talk to a local appraiser to get a ballpark number on vacant land values, but don't order anything(appraisal wise) until you talk to your banker.    Hope this helpsPaul
February 15 2011
(1)

would i be able to buy a house if i had a cosigner?

Answer
Going off of your other posts you will not be able to buy a house with a co-signer.  FHA has the most co-signer friendly program out there and you need a 620 middle score to get in it.  Try paying down balances on any credit cards you have and have your credit re-run in 3 months.Hope this helpsPaul
February 08 2011
(1)

i have collection on my credit I want to buy a house with in 4 to 6 months. Do I pay or settle.

Best Answer
If you are looking for the best way to increase your score, paying your revolving credit card balances down will increase your score the quickest.  Once a collection hits your credit report the damage is done. If a collection hits your credit and it drops it 30 points, paying it off the next day will not put those 30 points back.  You should defiantly pay back any collection, but don't expect it to return your credit back to what it was. As time goes on that collection will matter less and less, and your score will return to what it was.Hope this helpsPaul
February 08 2011
(1)

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

Answer
Your credit is to low and no one is quoting on $24,000 purchase prices.If you get your credit up you will be able to go to a local bank to get a $24,000 loan, or save up for it.Hope this helps.Paul
February 08 2011
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Why do I want to rescue old houses in disrepair?

Answer
I know what you mean.  My wife and I have been looking at new constuction for 2 months and finally looked at this place because she always wanted to live in a pink doll house.Barbie MansionThe place is 150 years old, the roof looks suspect, in needs updated everything, it would cost $1000 a month to heat, and we can't stop talking about it!!  I wish that builders today didn't have to crank out these cookie cutter homes 6 at a time.  Where is Bob Villa when you need him??
February 02 2011
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Rate sheet for Realtors

Answer
    Oh Good God I wasn't thinking of sending them full on rate sheets with adjustment, caps, indices.  They might ask me to explain what half of that stuff means. I was thinking of a general 30yr,15yr, 5yrARM Excel style sheet.  Along with a generic $100k/$200k/$400k loan set up.  That way when people tell them "I want to spend $XXX a month" or " I only have $XXX for a down payment" or "what do you know about Rural Development"  they can give a better informed answer.    I was just wondering if the inhouse lender does this for them already.      Any realtor that sends me business is always complaining about the in house financing.  I don't know if it is because they are telling me what I want to hear or because inhouse isn't doing the little things.Paul
January 24 2011
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