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James Kennedy's Advice

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  • 15 Contributions
  • 1 Best Answers
  • 1 Helpful

James Kennedy wrote:

Will i really qualify for a mortgage?

Answer
There is a "Portfolio" loan program for borrowers with scores below the FHA "standard" of 620.  The approval process is case-by-case and requires borrowers to have 12-24 months cancelled rent checks and absolutely No Lates within the last 6-9 months on Anything.  Based on experience, approvals are being written for borrowers with a lack of credit and good balances and great income.  Compensating factors are key with these loans.  I hope this helps...
June 24 2009
(0)

Looking for Refinance/Loan modification

Response
If the value holds true after appraisal review from the bank we should be ok.  Depending on the particulars of your situation, there are programs available with rates in the 5's.  I hope this helps...
June 24 2009
(0)

ready to apply for a home mortgage, first time, high cc debt, good scores

Answer
Banks are willing to lend to individuals with credit scores above 620, which you both have.  Your income is decent, but your credit debt is very high.  Based on the information given, we cannot say whether your are able to qualify for an FHA loan until we know your outgoing obligations monthly.  Rates are still reasonable and I cannot recommend you to "wait it out" because you don't know which way the market will go.  If you are able to qualify now and rates end up coming down, you are able to "streamline" refinance via FHA to lower your rate&payment.  Any other questions, feel free to ask.  I hope this helps...
June 15 2009
(0)

How good is Vandyk Mortgage? Is it good for a first time home buyer to buy a new construction or a r

Answer
If you feel comfortable with the individual you are working with within the company then you should be OK.  We're all getting our money from the same places, so it comes down to who will offer you the best service and assitance through the process.  I hope this helps... 
June 15 2009
(0)

we're trying to get down payment through an assistance program. Do you know of a programinNJ?

Answer
I cannot answer for the entire state, but I can say Middlesex County HUD will award $7,500 to income eligible First Time Home Buyers.  Depending on where you are looking, you may want to contact your local county HUD to see what they are offering.  I hope this helps...
June 15 2009
(0)

IS 5/1 ARM THE MAX ON AN FHA REFI?

Best Answer
5/1 ARM is the maximum in terms of FHA ARM's as Brian stated, but depending on your situation and reasoning behind asking this question there are other solutions to save monies monthly.  There is a "Split-Premium" Mortgage Insurance product for an FHA program which will cut your mortgage insurance monthly payment in half.  If your goal is keeping your payment minimum every month, then this may be an option for you.  Adjustable Rate Mortgages are always risky depending on the circumstance.  I hope this helps...
June 13 2009
(0)

How can a lender from far away (e.g. 1000 mi.) be at the "closing"?

Answer
If you prefer to meet with your lender and have them sit with you through the closing, then you should seek a local lender.  If you feel comfortable with dealings solely over the telephone and internet, you are free to call anywhere in the country to obtain the right loan.  It is really dependant on what your desires are.  I prefer to attend as many closings as I can to help individuals like yourself to help you understand the documents you are signing.  ALL Loan officers should be available via telephone while you are at the closing table if they are unable to make it.  I hope this helps...[content removed by moderator for being self-promotional]
June 12 2009
(1)

Mortgage in NJ area

Response
Consumers (like yourself) must understand we all get the money from the same place.  The key to obtaining the best deal for yourself will be dealing with an honest and trustworthy individual, which you feel comfortable with.  I understand there are a lot of companies to choose from, but contact one and see what they offer.  Then come back and let us within the community know what they are offering and I'm sure you'll obtain the best loan for YOU.  I hope this helps...James KennedyRBI Home Loans72 Broad StreetMatawan, NJ 07747Ph:  (732)290-1888RBI Job-Loss Protection Plan: www.RBILoans.com
June 11 2009
(0)

buying points

Response
As Lynda stated, run a few scenarios before you commit to anything.  Before you make an educated answer, you must look into all options.  You may be able to save the $8k today and receive a reasonable rate.  Figure out how long it will take you to re-coup the costs to buy down as apposed to no points and that rate.  I hope this helps...James KennedyRBI Home Loans72 Broad StreetMatawan, NJ 07747Ph: (732)290-1888RBI Job-Loss Protection: www.RBILoans.com
June 11 2009
(0)