Profile picture for Deborah Garvin

Deborah Garvin

Lender

Mortgage Planner, CA, WA, OR (26 years experience)

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

Advice

  • (544 Contributions,
  • 11 Best Answers,
  • 98 Helpful)

Contributions are sorted newest to oldest.

How do I get response from customer service on Zillow?

I no longer have access to the email account on my profile and cannot access it for modification.  I have sent multiple help requests to customer service to no avail.  Any assist is appreciated.  Email [Contact information removed by Zillow Moderator. Please see our Good Neighbor Policy]Deborah Garvin

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engineer's certification permanent foundation mobile home

Answer

Apparently the cost varies state to state.  Here in CA the range is $400 to $550.  Sometimes you can get around buying a new one if the existing owner has already done one (purchase) and/or if you (the owner) have a copy of the original certification.All my best,DeborahNMLS #279125"We Listen. We Care. We Deliver."

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Is a VA garranteed loan the same as cash?

Answer

It is always a little surprising when I see a borrower reaching out to the Advice forums with basic questions.  Where is your mortgage consultant?  The mortgage process will go much smoother and you will enjoy the process much more if you have very open dialogue with your finance partner.  If you are unable or uncomfortable to ask unlimited questions, I would definitely question why.Rest assured, there are no questions that are "silly" or "over the top".  The explanations on a VA loan not being equal to cash is already very clear.  However, based upon your question, I suspect you have many, many more.  Put your finance partner to the test and ensure he/she is able to answer your questions.Best of luck in your search for a home,DeborahNMLS #279125WJBradley"We Listen.  We Care. We Deliver."

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Are there any lenders in Oregon that still do the FHA One Time Close Construction to Permanent loan?

Answer

The loan program is called FHA 203K.  There is a streamline and a full version.  The streamline allows for up to 35K in improvements (could also be appliances) and the full will allow up to FHA loan limits in your area.  The program is very flexible and allows for many, many changes in the renovation of the property.  It must be owner occupied (as with all FHA loans).Be sure to contact a mortgage professional who understands the product and works for a company that has the process well established.  I have written several articles on the product and really believe it is one of the best mortgage products in the marketplace.All my best,DeborahNMLS 279125WJ Bradley"We Listen.  We Care.  We Deliver."

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Anyone got approved for a Fha Back to Work Program?

Answer

We are viewing extenuating circumstance as a different loan product from Back to Work.  This is a crucial difference because BTW is very specific about time frames and % of income loss.  Both are manually underwritten and are subject to underwriting discretion.  I do have several in both categories, but not all files will come together.The good news is that we will fully underwrite a to be determined file on these products so the risk is really the cost of a credit report and time gathering copious amounts of documentation.  Both are great loan programs and offer an opportunity for re-entry into the housing market much faster that traditional FHA or Fannie/Freddie.All my best,DeborahNMLS #279125WJ Bradley"We Listen. We Care. We Deliver."

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Should I consider refinancing to eliminate FHA Mortgage Insurance?

Answer

@Joe is 100% correct!  You need to get the counsel of the mortgage professional experienced in NY loans.  The costs associated with real estate in NY are dramatically higher than most other states and you can avoid a large portion of the costs if you do a CEMA refinance.  And, they are not a simple process to accomplish.Yes, I have closed many NY loans as a nationwide lender in years past and I was awe struck by the fees/taxes/ etc.  The benefits and detriments of your situation are not limited to a simple analysis of FHA vs.  any other loan program.Wish you the best,DeborahNMLS #279125WJ Bradley"We Listen.  We Care.  We Deliver."

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VA Loan Financing

Answer

Great opportunity to share some knowledge about VA financing.  Technically,  VA does not have strict debt to income ratio guidance (though individual lenders may have their own overlays).  As long as the file is approved through GUS (Government Automated System) you should be good to go.  The area that VA is absolutely rigid is in the required "residual income".  This refers to your funds left over every month after the full housing payment, revolving and installment debt and child care expenses.  The amount varies, dependent upon number of members in family/household.  X dollars times # of people = residual income.  Talk with your mortgage professional for exact amounts needed in your situation.I am not licensed in DC, but wish you the very best.  Thank you for your service.All my best,DeborahNMLS #279125WJ Bradley"We Listen. We Care.  We Deliver."

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Is there a way to finance a downpayment if you only have half of what is needed?

Answer

More information is needed before answering your question.  Half of what, for what loan product?  VA has no down payment.  USDA has no down payment.  HomePath has 3% down payment.  FHA has 3.5% down payment and it can all be gift.  Down payment assist programs (DPA) can cover all of it, if you qualify.  Even Conventional programs allow as little as 3%, in some cases.Can you provide a little more information?  Generally, unsecured borrowed money (credit cards or signature loans, for example) are not allowed.  However, a secured loan (against a car or boat or recreational vehicle, for example) are allowed.And, you can always sell personal property for down payment source funds.  Be sure to talk with your mortgage professional to determine EXACTLY how to paper trail owning the item/thing initially and the transfer of ownership and/or cash.I have worked with clients who sold a registered quarter horse (documented by registration papers, independent "appraisal", bill of sale and paper trail of funds.  The same process would be in effect for boats, cars, rec vehicles, etc.  Another time my clients sold an entire storage unit of vacuum cleaners.  We documented that the borrrowers used to own a vacuum repair/sales store, showed the original invoices (supporting ownership)...the rest was easy.Talk with a mortgage professional, there may be creative ways to reach your goal.  And, by no means, does creative mean fraudulent or deceptive. Wish you all the best,DeborahNMLS #279125WJ Bradley"We Listen.  We Care.  We Deliver." 

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co-owned, two unit home, one owner occupied - mortgage refinance

Answer

I believe I answered your second question.  Yes to owner occupied.  The only reason a lender will require work orders on a FHA refinance is because the appraisal report called out the issue.  Generally referred to as "deferred maintenance" and required per FHA guides because there may (per guidelines" be "health and safety" issues.  Review the appraisal report to see exactly what the appraiser has called out.  Chances are very good you will only need to repaint portions of the property that have peeling or chipped paint.All my best,DeborahNMLS #279125

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FHA loan refinance prerequisites

Answer

Good afternoon,It is very unusual for a refinance to require this type of excessive work unless the appraiser made not of "deferred maintenance".    Did your lender provide you a copy of the report (required)?  I would recommend reviewing the report to determine what the appraiser callled out.  It is highly unlikely that the lender is just adding these requirements willy nilly...they want to close the loan as much as you do.As far as value goes, you can contest (or your loan officer can) by providing additional sales comps and requesting a reconsideration.  I would not expect much success, however.  Curious as to why you think the value is low.All my best,DeborahNMLS #279125

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