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James Ryan

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Lender

Senior Loan Officer (19 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Construction to Permanent Loans

Advice

  • (1504 Contributions,
  • 21 Best Answers,
  • 213 Helpful)

Contributions are sorted newest to oldest.

Construction Loan Lenders

Answer

Good morning, we offer construction to perm loans up to 80% of the appraised value of the land and constructed house that may include the acquisition costs of the land. Rates during construction are interest only based on what monies have been received as draws during the construction process. Your final rate for fixed is typically a 60 day price locked in when construction is just about completed. However, there are long term locks available.Best wishes, Jim

  (0)
Is a Cold War-era fallout shelter in the yard a deal breaker?

Answer

It seems funky in both a neat way and an unsettling way. I agree with wetdawgs, whether it breaks the deal or not is your call. And although this is a leftover from the "Cold War" era, there seems to be a new interest in both shelters and survivalist prepping not seen since the Cold War. I guess I am saying it might be a "feature" as opposed to an issue...No matter what, I think you must get inside and see what you are dealing with. Just sealing the entrance might be a problem down the road...what if the underground structure is manufactured with a material that degrades over time? then you may find a sinkhole in the yard after you seal the entrance etc. Even sealing an entrance with pressure treated gives the seal a 10-25 year lifespan....Just thinking out loud. Best wishes, Jim

  (0)
Non-reaffirmation of mortgage

Answer

Clay, I think, since the client did not reaffirm the mortgage, the mortgage is not reporting on the credit M-1 or worse, reporting in a damaging way. Just a guess though without the credit report and BK docs.

  (0)
Non-reaffirmation of mortgage

Answer

If you did not reaffirm the mortgage, did you still continue to pay it? How is the credit report listing the mortgage?

  (0)
Conventional loan with 5% down

Answer

Good morning, I will answer your main question first, then tackle your follow up questions.Getting a conventional loan with 5% down is more than possible, yes. As to which is better, Conventional or FHA, that will depend on a cost benefit analysis as well as a side by side comparison generated by your loan officer addressing your particular situation. With 5% down, typically Conventional wins, but not always.Now, your follow up questions. The 80-15 does still exist, however, finding a lender that can offer the 15% second at a competitive rate is very problematic. Reserves requirements are going to vary from product to product. FHA will be on the low end of required reserves, Conventional on the high end. 6 months reserves for conventional is fairly standard, however, with your credit score, this "requirement" can probably be overcome. 6 months for your own peace of mind might be smart even if not required. Interest rates can change at any time. If you choose to "lock" your rate, your loan officer will let you know when that lock expires. You will have choices to lock from 10 days up to 180 days or more. Each increment of time on your lock costs a bit more. This means a 10 day lock is way cheaper than a 180 day lock. Typically, a 30 day lock rate is quoted. So, if you choose a 10 day lock, you might get a lower rate or some closing costs paid by the lender. A 180 day lock may increase your rate by as much as a quarter point (.25%).Hope these answers helped. Best wishes, Jim

  (0)
Renovation/rehab loan

Answer

Thanks for your follow up, and best wishes. You might wish to give folks a thumbs up where they answered your question(s) well. Hope you have a smooth closing and get a great basement!  Jim

  (0)
Conventional loan with 15% down NO MORTGAGE INSURANCE

Answer

hello adekunle33, yes, lpmi is possible based on the little information you have furnished here, however, with a 680 score, conventional products will penalize you, shown in a much higher rate. It might save you money to at least review an FHA product.Best wishes, Jim

  (0)
Renovation/rehab loan

Answer

Hi again, Mr. Garcia referenced investment, however, I see no reference to investment property here. If, however, this purchase is for an investment property as opposed to a primary residence, then the 203-K program is not an appropriate program. Best wishes, Jim

  (0)
Renovation/rehab loan

Answer

Good morning, adekunle33, to my knowledge, the only product that may meet your needs is the FHA 203K. However, this program has county defined loan limits, so whether the house you are interested in purchasing will qualify or not must be determined. The FHA provides county loan limits on their website, and here is the link to the FHA site for MD counties.https://entp.hud.gov/idapp/html/hicost1.cfm    If you renovation costs stay below 35K, then you can apply for the 203K Streamline program. Feel free to contact me for additional information or questions. Best wishes, Jim

  (0)
Can land be used as collateral instead of a down payment?

Answer

The quick and easy answer is yes. Although there are a few nuances regarding how the equity is counted and what type of loan program you ultimately wish, you will be able to count 50%-80% of the land value toward the loan. There are even some options where the land value can count 95-100%. Best wishes, Jim

  (0)