Profile picture for Lola Connert

Lola Connert

Lender

Branch Manager (37 years experience)

Specialties:
Purchase Loan,
Refinancing,
FHA,Conventional,VA,USDA,Step Up

Advice

  • (14 Contributions,
  • 1 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

Buying New Home - 1st Time Buyer

Answer

Most lenders would consider your professional degree as a work history.  Especially since you worked during college.  However, on the new job, you must be past your "probationary" period.  Be prepared to provide your diploma and a letter regarding any probation period (from your employer).  FHA is a great program for your first home.  Call your local lender and they will guide you through the process.  Good luck finding your home:)

  (0)
How can qualify for a loan using my Free&clear home as colateral for a $110,000.

Best Answer

I agree with Jim that you will have trouble getting a loan on your present home to purchase another if your home is on the market.  However, a good alternative would be to get an equity line on the new home that you can pay off when your home sells.  (Reason:  Closing costs are extremely low on an equity loan.)  You would still need to come up with a down payment to cover the difference between the maximum equity loan you can get and the purchase price.  Hope this helps.  Good luck.

  (0)
Do bridge loans still exist?

Answer

Dianece, I don't know of any bridge loans available in the Alabama market.  Customers have been using other sources to make their move prior to selling their present home.   Such as stock loans and borrowing from their 401K's.  If they can come up with a small down payment, they could split the balance into a first and second mortgage.  That way they can payoff the second mortgage when their present home does sell.  I hope it works out for you.

  (0)
I want to buy a 2nd house for rent in Illinois, do I need a down payment if my 1st house is paid off

Answer

Yes, the new loan will require a down payment.  The amount of the down payment will depend on your credit score.  20+% down.  The best thing to do is start with a local lender who can give you the guidelines for your area.  If your home is paid for, you may be able to borrow against it to purchase the investment property as an example.  When buying an investment property it is also good to talk to your accountant to determine the best way to structure the transaction. 

  (0)
Settlement process...?

Answer

Congratulations on your purchase!!If you are getting a mortgage, you were given a good faith estimate within three days of the application that itemized the closing costs and pre paid items.  Your closing statement will be compared to the final estimate given to you by your lender.  You can request the final settlement statement 24 hours before closing to review. Insurance is required by the lender, so do your shopping now.  Your insurance agent will need your lenders phone number to get the information required for the policy.  Ask your lender  what amount of coverage, maximum deductible allowed, and type of coverage required.  In other words, if you are in a flood zone, you would also need flood insurance.  If there is not a real estate agent involved ask your lender for more details.  Closing procedures vary by state. (That way you are getting accurate advice.)Again, Congratulations!

  (0)
Is it worth to refi

Answer

You need to double check the information on the monthly MIP.  FHA MIP on a 30 year loan stays there for a minimum of 5 years but will not go away until your loan amount is reduced to 78% of the new appraised value.

  (0)
how to get a home loan if i have bankruptcy on my credit athens alabama

Answer

Different programs have different rules.  There are different rules for a chapter 13 vs a chapter 7.  Some general guidelines for a chapter 7 for an FHA loan:Must be discharged a minimum of 2 years if there were extenuating circumstances that caused the bankruptcy (like loss of job).  There has been no detrimental credit since the dischargeYour credit scores should be 640 or higher (as of this posting)With some programs, they require that you have re-established credit.  The best thing to do, is call a lender, be honest about all the facts and you will get good answers to your questions.Hope this helps

  (0)