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Joe Cafiero

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Lender

VP of Mortgage Lending (15 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity

Advice

  • (4731 Contributions,
  • 61 Best Answers,
  • 935 Helpful)

Contributions are sorted newest to oldest.

Why can't I get an FHA mortgage?

Answer

Karen...Answers to Justin's questions will help clear up why your are being told no (if you in fact should be).  If you would like to contact me through my profile, I would be happy to discuss further

  (0)
FHA Streamline Pros & Cons

Answer

Depending on when you took the original loan out and your credit profile, it may be worth looking at a conventional loan since you have the equity to avoid mortgage insurance

  (0)
Jumbo loan with 10% down in NH?

Answer

Yes it is provided your credit score is good.  If you would like to contact me through my profile, we can discuss options.

  (0)
FHA refinance

Answer

hoodie...You would not have PMI for the life of the loan because if you did the streamline, the MIP rules would be based on when you took the initial loan out.  If you are trully worried about the income then the FHA Streamline is really your only option at this point.  Suggestion would be to ask for a slightly higher rate to cover the cost of the UFMIP so you are not adding another $6k to the loan

  (0)
Renting after a refi

Answer

The problem you are running into is with the new mortgage.  The thought process is you refinanced the old house as your primary residence when it was always your intention to make it an investment property.  Having the house just recently listed complicates things even more.  Sounds like the mortgage guy was looking for a quick buck.  Now you are not completely done.  With a good explanation as to why you are moving would help.  If you are moving from one section of Mt Airy to the next it may not fly.  If you are coming out to Montgomery Cty b/c of the schools, that is more plausible.  Happy to provide a second opinion if you would like to contact me through my profile.  Live right over in Wyndmoor.

  (0)
Loan options

Answer

How much of a home are you looking for.  Lots of other factors to discuss before anyone can determine options that you might have.  If you would like to contact me through my profile, would be happy to discuss

  (0)
FHA Streamline Refinance - PMI Question

Answer

What they mean by grandfathered is that you will pay the same factor that you did back in 2009.  Also you will not have to pay the UFMIP insurance again.  You have another 5.5 years roughly of making the mortgage insurance payments.  Going the FHA Streamline route would get your rate down below 4%.  Now the conventional option is also on the table because it would seem that you have a lot of equity in the house and the rate even though you have a 620 score would probably also be under 4% but you would not have the mortgage insurance.  You really need to talk to someone who can lay out both options for you along with what would be required so that you can make the best decision.

  (0)