Profile picture for Kimberly Lawson

Kimberly Lawson

Lender

Mortgage Loan Originator, Ohio Loan Officer License (14 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
FHA 203k, FHA, Conv, VA, USDA

Advice

  • (308 Contributions,
  • 5 Best Answers,
  • 36 Helpful)

Contributions are sorted newest to oldest.

First Time Home Buyer/Recent Grad

Answer

Hi Michelle Filler - If you're going to post a rate, you should include an APR and all other legally bound information -- it's the law!

  (0)
can I find a USDA mortgage in Ohio with a low 600 score?

Answer

Hi, Yes, guidelines say it's possible to qualify with down to a 580 mid score to qualify for USDA. Although, there's more to it than a credit score. Especially since USDA tightened the reigns a few months ago by revising their credit policy. So, yes, it's possible but the lower scores are tougher. However, everything is relative and everything is case by case. The short answer - it depends. If I can help answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson Ohio only. Contact and licensing information can be found on my profile.

  (0)
can I find a USDA mortgage in Ohio with a low 600 score?

Answer

Hi, Yes, guidelines say it's possible to qualify with down to a 580 mid score to qualify for USDA. Although, there's more to it than a credit score. Especially since USDA tightened the reigns a few months ago by revising their credit policy. So, yes, it's possible but the lower scores are tougher. However, everything is relative and everything is case by case. The short answer - it depends. If I can help answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson Ohio only. Contact and licensing information can be found on my profile.

  (1)
First Time Mortgage Advice

Answer

You're right about using him, alone, to qualify since you haven't been self employed for two years. Also, someone has already mentioned residual income - this is important to know how many people are living in the home so we'd know what he'd be required to meet. Since it seems credit isn't an issue seems you just need to speak with someone when you're ready to move forward. This way the proper number crunching can be done to give you an accurate response. If you have any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

  (0)
First Time Mortgage Advice

Answer

You're right about using him, alone, to qualify since you haven't been self employed for two years. Also, someone has already mentioned residual income - this is important to know how many people are living in the home so we'd know what he'd be required to meet. Since it seems credit isn't an issue seems you just need to speak with someone when you're ready to move forward. This way the proper number crunching can be done to give you an accurate response. If you have any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

  (0)
Do student loans covering living expenses in Ohio qualify as income on a mortgage app?

Answer

Hi, unfortunately, no. You could not use student loans as a source of income. The only sources of income we can consider is one that you have a history of AND that is expected to continue for the next three years. Student loans would not qualify as income. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

  (0)
Do student loans covering living expenses in Ohio qualify as income on a mortgage app?

Answer

Hi, unfortunately, no. You could not use student loans as a source of income. The only sources of income we can consider is one that you have a history of AND that is expected to continue for the next three years. Student loans would not qualify as income. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

  (0)
Gross up income

Answer

That's right - you can gross up your income. If you're already working with someone, they can can find it through HUD's site and their mortgagee letters. That's something your lender should have knowledge of and should be able to help you through. Almost everyone offers FHA financing. If you might have add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my website.

  (0)
Gross up income

Answer

That's right - you can gross up your income. If you're already working with someone, they can can find it through HUD's site and their mortgagee letters. That's something your lender should have knowledge of and should be able to help you through. Almost everyone offers FHA financing. If you might have add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my website.

  (0)
FHA Identity of Interest Unique Situation

Answer

I saw the post a few minutes ago and was almost going to recommend the same thing.. IF there's little to no equity in the home..... Have you checked to see if she'd qualify for a HARP or HAMP refinance first? That way she'd be eligible for up to 125% to refinance the home and in some cases provides little to no documentation...? Once you change/transfer the deed, it may change the options you have available to you - as the only options at that point would more than likely require cash out of pocket once it's in your name. You could still do the quit claim after the refinance to get your name on the deed with her but, I'd consider all options before changing it..? Just something to consider. Best wishes, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

  (0)