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Gary Kinberg


Loan Specialist (20 years experience)

Purchase Loan,
FHA, VA and conventional


  • (229 Contributions,
  • 4 Best Answers,
  • 17 Helpful)

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I need a 100% refi and it just isn't possible. I am so frustrated. Any ideas?


Sounds like you have some budgeting concerns but why are you in a rut. It is difficult to pay down credit cards and it is difficult to gain equity on your home. there is no shame in keeping the loan you have currently have. Pick a credit card and start paying extra on it; best is the high interest lower balance for this approach) or if you can start paying off the highest payment and get it gone this would help you also. Have you asked your non freddie nor fannie lender for a modification? Worst case scenario is the chapter 13 route and have the judge force a lower payment to the lender.

Can I qualify for a FHA mortgage with an old unpaid chargeoff on my credit report?


Apply for a loan and submit a letterof explanation regarding the charge-off. It is the underwriters discretion to require this to be paid or not. You can get a full underwriting approval and get any underwriting conditions resolved prior to contracting on a ouse. You will get a maximum pruchase price from your lender and will need only the inspections, appraisal and title work for your purchase. good luck.

What do I need to do to qualify for a refinanced loan? Currently we are at 7.5%.


the payment history may be used with cancelled checks as proof of payment and your loan officer can have this put on oyur credit report ONLY if the deed of trust has been recorded. This is seller financed and FHA still does this as a refinance IF the deed was recorded. If it is not recorded then you can still get the deed recorded and refinance with seasoning requirements for ownership be satisfied.

What is a USDA loan?


USDA loans have no downpayment, are done by authorized brokers or lenders, may have 2 appraisals, are for specific communities (there are a lot of them) and have an underwriting requirements from the lender and from USDA and have income limits. Check this website for additional info .

Can I still back out from my lender and escrow company?


The inspection is yours and the earnest money is transferable. the appraisal will need a letter from you and the lender it was made for to release that to another company and you may be charged for a name change. If the loan is FHA the appraisal has to be re-assigned along with the case number. As mnetioned by timothy and Dana  other concerns are involved as well. Good luck.