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Joe Cafiero's Advice

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  • 4395 Contributions
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Joe Cafiero wrote:

Can we get a VA loan with this scenario?

Answer
Sounds like you have a sound plan in place.  Just need to get his scores above 620 and it will open up a lot of possiblities.  You may find a lender now that would do it but you would be on his/her terms.
21 hours ago
(0)

Can we get a VA loan with this scenario?

Answer
His income would not be able to be used since with those credit scores, he could not be on the loan.  What is keeping his scores down?  How much of a house are you looking for and do you have any savings at all
21 hours ago
(0)

Does the current HARP program have any loan-to-value requirement?

Answer
Yes Janet...You do have options.  If you would like to contact me through my profile, we can discuss both short term and long term solutions
23 hours ago
(0)

Can we count my wife's part time income?

Answer
I would think she should be okay if she has been doing the part time work for the 31 months as you suggested.  I think worse case a lender would take the 20 months of earnings and average them over 24 months since 2 years is the magic mark when it comes to part-time work.  Ultimately you would want your loan officer to double check that with an underwriter before proceeding with an offer on a home. If you would like to contact me through my profile, we can discuss fuirther
1 day ago
(0)

New Construction Loan, finding a broker expert

Answer
Construction loans are hard to come by.  Your best bet is to look at a Credit Union or local bank.  Do not be surprised when they look for 25% down.   Hamp's idea of finding a new construction almost finished and/or where the builder will outlay the money to build the home and then you come up with the financing is a good one.  With that scenario, you can get away with as little as 10% down.
1 day ago
(0)

High back end debt to income ratio mortgage?

Answer
Using a more reasonable DTI of 45%, that would leave you with about $5300 to spend on your debt and housing.  If you can show the student loans are indeed deferred, that amount would not count against you. That leaves you with about $1880 for a mortgage payment.  Depending on the property taxes for the house, you should be right in line with being approved.  If you would like to contact me through my profile, we can discuss further.
1 day ago
(0)

My husband and I were denied by Wells Fargo for a mortgage

Answer
Odd to hear from a Wells rep since they are known to go do to 580 credit scores for a FHA loan.  Given the 633 score, FHA is probably going to be your best bet.  One piece of advice, if you are going to use a credit repair company, watch out for them disputing things on your credit report.  Those disputes will need to be resolved or dropped before you can be approved for a loan.  Reason for that is those accounts are not being accounted for since it is unknown what the outcome of the dispute will be.  It will cause the automated underwriting that we all use to come back with invalid results.  If you would like to contact me through my profile, we can discuss further.
2 days ago
(1)

can i get a loan?

Answer
Lot of other questions that would need to be asked before anyone could give you a solid answer.  Where are you located.
3 days ago
(0)

Jumbo - 10% down in PA (non-conforming)?

Answer
Depends how much of a jumbo loan your are looking for.  Please elaborate.
July 18
(0)

Anyone know of lenders who offer (non-FHA) jumbo loans with less than 10% down in DC?

Answer
10% down and the loan structured so there is no monthly mortgage insurance should not be a problem.  If the loan amount in under $417k you could even get away with just 5% down.  If you would like to contact me through my profile, I can put you in touch with someone in my group to help out.
July 17
(0)