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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

  • (1512 Contributions,
  • 21 Best Answers,
  • 213 Helpful)

Contributions are sorted newest to oldest.

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

Answer

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

  (0)
Her first home, my second, Can I rent mine out and buy another??

Answer

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

  (0)
Loans for renovations?

Answer

Good evening, you covered a lot of ground in your question, I will try to address the various questions and concerns as I see them for you. First, there is a significant difference (for lenders) in qualifications for a second home vs. an investment property. From your question, it appears you are seeking an investment property. It sounds like you are hoping to find a property that needs some work that you can do to add value so you can either rent it or sell it outright, and not visit it yourselves from time to time to live in (a rough description of a "second" home).There are loans that are both "traditional" and geared toward renovation/construction. However, their availability moves to near zero when you mention investment property. Investment property loans have higher qualification levels as well as higher down payment and credit score requirements. In a nutshell, with scores in the 500's, you would be much better served at this juncture to continue to work on your credit and begin saving for your investment property and repair costs.Most lenders, including Southern Trust, are happy to help you design a plan from where you are now to where you wish to be...Best wishes, Jim

  (0)
MORTGAGE FINANCING

Answer

Happy to help as well, our team features a Veteran and an army brat! Best wishes in whatever you decide! Jim

  (0)
FHA Closing Costs

Answer

Good afternoon,Typically, we tell clients closing costs in VA will range between 2-3%. Ultimately, the choice of the closing company is yours, so many items on your GFE used to calculate your APR may actually be lower when you tell your loan officer which closing firm you have chosen. Many times, clients confuse closing costs with pre-paids, pre-paids build your escrow and pay your first year's insurance. Obviously, your numbers received are much better with pre-paids included, but even without, you are in the ball park.Our inclusive fee is 935. for a point of reference.It never hurts to reach out and get a review of your particular costs and fees. Best wishes, Jim

  (0)
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)