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Leanne Poole's Advice

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  • 14 Contributions
  • 0 Best Answers
  • 1 Helpful

Leanne Poole wrote:

How long will those clients with foreclosures and bankruptcy can get a home loan again?

Answer
Rudi is correct with his time line of 2-3 years but also note that under certain circumstances that are considered extenuating (beyond your control) a buyer may be able to purchase in less than 2 years with an FHA loan.
August 17 2011
(0)

can I get a second FHA loan to buy another home?

Answer
You are not supossed to be allowed to have more than 1 FHA loan but I have had someone in the same exact situation obtain a second FHA loan and keep her first as a rental. She had to prove to the bank that she had been living in the property by providing utility bills, etc...and she wrote a very convincing letter stating that she was not comfortable with the area. It will depend on the lender to decide if they are comfortable with the situation so my advice would be to go to a larger lender rather than a smaller one.
August 03 2011
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I currently live in NY, and paying rent. I want to purchase a home in Florida. If I plan to move in

Answer
You can Obtain an FHA mortgage with as little as 3.5% down payment as a primary residence in Florida as long as you can prove relocation. From the FHA Handbook 4155.1:B.2.c-d:A. Relocations. If the borrower is relocating and re-establishing residency in another area NOT within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property. The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to the area where he or she owns a property with an FHA insured mortgage, it is not required that the borrower re-establish primary residency in that property in order to be eligibke for another FHA mortgage.
August 02 2011
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Should I sell my stocks to have 'cash reserves'?

Answer
No need to liquidate the stocks just in order to show that you have reserves. The bank just wants to see that you have some form of reserves that you could liquidate if needed.
August 01 2011
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Why are they asking to see cash reserves?

Answer
Either your financial situation is at the maximum and the bank feels that they may be taking a risk to grant you a loan or you are purchasing a multi family home-either scenerio the bank will require reserves. The good thing is that since it is an FHA loan, most lenders will allow the reserves to be given to you in the form of a gift.
July 28 2011
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i get an fha mortage program and get a 3.5% grant does that money does that money come to me

Answer
In my experience it depends on the grant. Every City/town has a different process. I have had the money given directly to the borrower, I have had it go to the agent and I have also had it go to the attorney. Check with the cityy/town to find out their procedure.
July 28 2011
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FHA inpection

Answer
The inspector can best answer the question of the roof longevity but to obtain the FHA financing, as long as the inspector can state that the roof has at least two years left of life on it you should not have any issues.
July 28 2011
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can you use a fha loan for a foreclosure

Answer
You certainly can use an FHA loan to purchase a foreclosure and as stated below, if the property is in need of repairs, an FHA 203k renovation loan is the way to go. I want to agree with Andrew on the misconception that 203k loans are a pain to complete. You definately want to make sure your loan officer is either a 203k specialist or that the lender you are using has a specialist you can consult with, and your transaction should go very smoothly.Good luck in your home search.
July 28 2011
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Guaranteed USDA question

Answer
USDA is very funny when it comes to income qualification. I have seen numerous USDA loans come back as not eligible due to the way USDA will calculate "estimated" future income. Alot of it has to do with when the emplyment verification comes back from the borrowers employer (which your loan officer would not see, that is something that the processing center will do) and USDA will look at the past years but mostly the current paystubs YTD and the breakdown of how much was OT... I had USDA deny a loan because the borrower had recently received many hours in OT that was not typical for her, but even with a letter of explanation from her employer they still said no-  and she was only $600 over the max income- and due to "estimated" future income.I had the opportunity to speak with the USDA representative for my region and she reasoned with me that USDA is supossed to be a low-moderate income program and that is why they calculate income the way they do. It is very funny how with regular mortage programs you cannot use the potential OT to qualify someone for a higher loan amount but with USDA you can use it to disqualify someone.From my experience that decision is not your lender it is USDA and if USDA won't quarentee the loan then your underwriter will not approve the deal.
July 27 2011
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with a fixed rate loan of 124,900 what would the payment each month be thats including taxes and ins

Answer
That will depend on the loan program, down payment, rate and loan terms. To determine and answer for you I would need to know:How much money are you putting down?Are you looking for a 30 yr mortgage?What are the yearly taxes on the property?What is the yearly home owners insurance?Depending on your down payment % you may or may not be obligated to pay PMI (anything less than 20% will require a certain % of PMI). You will only have the option to pay taxes and insurance on your own if you put 20% down.
July 27 2011
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