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James Ryan

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Senior Loan Officer (19 years experience)

Purchase Loan,
Mortgage Planning,
Construction to Permanent Loans


  • (1519 Contributions,
  • 21 Best Answers,
  • 214 Helpful)

Contributions are sorted newest to oldest.

Is it absurd to submit a low offer?


Of course it is absurd, unless they accept your offer. You never know. Obviously, the chances are slim. As long as you can accept the potential NO...go for it.Best wishes, Jim



Rent to buy is typically outside the traditional financial process. It is a private contract between buyer and seller. Make sure you understand the pitfalls should you choose this non-traditional purchase method.Best wishes, Jim

Origination Fee on GFE?


Without seeing all your documentation, in general, getting a lower Origination fee entails accepting a higher interest rate.However, getting 7K to offset your origination fee would not change your bottom line if you switched some (or all of it) to offset your closing costs. Most lenders/brokers in N. VA charge from 895 to 1% of loan amount in origination. Unless you are buying down the rate, 7800. sounds high. 800 is on the low side. Again, I am not throwing a stone, without seeing your disclosures, it is difficult to "guess" the answers to your questions.Best wishes, Jim

Settlement delays


Couple of questions, if no appraisal contingency, do you have a mortgage contingency? That might save you, as the mortgage probably will not go through if the home does not appraise. Where are you getting 90% investment money? I would love to know the lender for that product, it would be great to have in our arsenal.Best wishes, Jim

I'm a disabled veteran with bad credit is there a way for me to purchase a home?


I agree with TC, there is simply no "yes or no" answer to this question. Pick a good lender and go over the whole picture with a loan officer. I would certainly help you with a map to recovery of your credit and purchase abilities, not unlike the type of thing your heart doctors are doing for you! Once you have the plan, then just follow it to home ownership! Best wishes, Jim

Her first home, my second, Can I rent mine out and buy another??


dtf, kudos to you to begin the analysis required for your best options. There are many variables to pin down to give you a full and complete answer. Specifically, your 1600 mortgage will be included in your DTI calculations for most conventional programs. There is the potential with a higher credit score and a portfolio loan product, a particular lender may be more forgiving and allow you a higher DTI or allow counting some projected rental income to offset that DTI. In terms of whether your fiancé should purchase alone as a first time homebuyer, again, with so many other variables, without a complete analysis of both your present circumstances, this is difficult, if not impossible to answer.Pick a great loan officer and go over your whole picture...the numbers will make the decision a lot clearer and easier to make. Best, Jim