Profile picture for LarryTheMortgageGuy



Home Loan Consultant (29 years experience)

Purchase Loan,
Mortgage Planning


  • (6 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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Is now a good time for my to purchase property?


I don't believe it's always a good time to buy real estate and many US citizens will agree. Given the national real estate market over the past several years, many made mistakes. A lot of the "liar loans" in foreclosure now were because buyers were liars. Many took bad advice from bad lenders and Realtors or appraisers. There are some great bargains out there and interest rates are low. For many it is a great opportunity, but still an individual choice based upon your unique situation. Good Luck![Website removed by moderator[

Does Wells Fargo have program for sub 580 credit scores?T


I believe there are additional requirements that are highly unlikely: no derogatory credit within the past 24 months. Since FICOs are heavily based upon credit history within the past 24 months, it's unlikely for someone to have no recent derogatory, yet have scores between 500 and 580. In other words, the program for low FICOs is mostly smoke and mirrors. FHA loans must also meet FHA credit underwriting standards. Odds are against that if the scores are that low...Of course you should find out directly from Wells Fargo, but don't get your hopes up too high on this issue. For the most part, you have to have decent credit to get a mortgage today. Good luck![Web link removed by moderator]

My credit is not so good will I still be able to get a mortage?


If you want a straight answer, it is no. That said, my recommendation is to go from the general to the specific. The more details you provide, the better the answers and advice you will get in return. "Good credit"  and "bad credit" are subjective terms -- open to opinion, conjecture, and ambiguity. The truth remains: for the most part you need some good recent/seasoned credit trade lines on your credit report. If all you have is bad credit: collections, judgments, bankruptcies, liens, have no chance. If you have none or very little good recent credit reported on your credit reports. The more bad credit you have, the more good credit you'll need to offset the bad. You probably need an expert to take a look at your specific credit then give specific advise -- a path to good (acceptable) credit...There is no magic credit score, but there are some benchmarks.

Why is my house listed so much lower than anyone else on my block??


I would not consider Zillow's estimate nearly as much as a local expert Realtor or better yet -- a good local appraiser. You may have to get several experts advice in order to make a solid determination of value. Inevitably, the market will determine the market value when a buyer and seller agree to terms...feel free to contact me for advice or recommendations to local experts.

Where are the best neighborhoods?


From a local lender's perspective...the answer to your question depends on your criteria and affordability. What's important to you and what can you afford? In other words, are you looking for safety, security, convenience, private or public schools, privacy...? And in what price range? I believe you should start out by determining your financial affordability issues. Are you looking to pay cash or do you need a mortgage? A good, experienced local mortgage loan officer can help with these issues. That may narrow your options and help guide you into the best neighborhoods for your unique situation. A good, experienced local Realtor can take over from there in providing answers and choices for you. In my humble opinion, the best Realtors and Lenders work together as a team in their clients' best interests. They refer each other to accomplish your goals.