Profile picture for John Paunan

John Paunan

Confirmed Lender

President, NMLS (17 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (1161 Contributions,
  • 6 Best Answers,
  • 247 Helpful)

Contributions are sorted newest to oldest.

FHA loan after Chapter 13 discharge

Answer

As you indicated in your question, you don't need to have the BK discharged at time of application, you would just need the court's permission, which I guess is what you're trying to sidestep? Don't know what your time frame is, but you may be waiting a bit for the court to issue the discharge. 

  (0)
How can I purchase a home without my husband as my primary residence?

Answer

As long as your husband is fine with waiving his homestead rights, which he does have since you guys are still technically married, then you should be fine with qualifying on the new loan by yourself. Most underwriters may want a notarized separation agreement to make sure you don't plan on having any spousal support or maintenance, but I assume that shouldn't be an issue. 

  (0)
Fha

Answer

I believe AFR Wholesale will do this scenario, you just need to find a broker that uses AFR Wholesale in your area. 

  (0)
Is there any way to change your primary residents within 12 months of refinancing your home?

Answer

Yes, it appears that there are extenuating circumstances to justify a move, but of course, it's always up to the discretion of an underwriter. It helps if there are other factors necessitating the move, i.e., larger space, closer to work, if you've already moved out and have it rented, etc. A divorce alone may not be sufficient justification to buy another primary residence within the 12 month period. 

  (0)
Very Complex Situation, what would you do?

Answer

Kbean515,I dealt with a scenario similar to your situation fairly recently. If you were able to rent out your existing place for at least a year and report it on your next tax return, most underwriters, using Fannie Mae guidelines, should use the rental income to offset your mortgage liability to help your qualifications on the new place. You can then reserve your assets to use towards the down on the new place. I'm hesitant to advise anyone to use assets to pay down existing mortgages because you are still subject to a lot of factors (i.e., appraised value and needing 30% equity with a rent schedule) that could prevent you from being able to use any rental income on your old residence. Underwriters will always give more weight to actual income reported on your IRS tax returns. Hope that helps...

  (0)
what are reasonable closing fees

Answer

You'll need to be more specific; is it for a refinance or purchase? Refinances have lower fees because you won't be dealing with the same number of third parties, so you can even get a low to no closing cost refinance. But purchases will certainly be higher because those third parties will be on the higher end. 

  (0)
closing costs

Response

If you're looking to compare lender fees, which are the only things a lender will have any control over anyway, then it will be the top three fees you should be concerned with (admin, appraisal, credit). Those seem a touch high, but not too bad. The rest of the fees are determined by third parties or local tax requirements, and they look pretty reasonable. They'll certainly be different by the time you close...usually lower.

  (0)
Home loan with 1+ years of credit history

Answer

It's all about what Fannie Mae or Freddie Mac automated underwriting say. Sounds like it should work as long as you have credit scores. 

  (0)
Now my lender is telling me I don't have the cleanest file?

Answer

HUD is probably just having someone review the details of your loan to make sure that they will actually insure it, which is what your lender requires to close on the loan. HUD usually does this post closing, but since the underwriter on your file has gotten spooked, they're getting pre-clearance before they actually fund the loan.

  (0)