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Mark Gelbman's Advice

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  • 464 Contributions
  • 23 Best Answers
  • 43 Helpful

Mark Gelbman wrote:

Underwriting request for second house to be used as primary

Answer
Hi,You should be able to purchase the lake home as a primary, and your mortgage insurance will be less than if it is considered a 2nd home. Other than that, there is no difference in underwriting a primary and a 2nd home. You will need to provide a "letter of intent," signed/dated letter explaining that you are buying the lake home as a primary, and that you will be listing your current home after you move. Underwriting should have no issues with that. Document requirements will be identical aside from the "letter of intent."  Dean's list is pretty dead on, depending on your specific situation.As far as not getting the info you need from your loan officer, I would consider moving on, unless you have already paid for and received your appraisal for the new home. (you will not need an appraisal for your current home.) Feel free to call with any questions.Hope this helps,Mark
September 09
(0)

FHA loans following a previous foreclosure

Answer
Hi,I do not work for John Adams, and I don't promise what I can't deliver. If unsure, I send all of the documentation to my underwriters. They will make the call. Click on my name for my contact info.Thanks,Mark
September 05
(0)

FHA loans following a previous foreclosure

Answer
Hi,I would need to pull a mortgage credit report and send the details to my underwriter. I am located in downtown Rochester. Let me know if I can be of assistance.
September 04
(0)

FHA loans following a previous foreclosure

Answer
We would need to see the credit report to see exactly how that 2nd mortgage is showing up. My instincts say to use the sheriff sale date, but again it will depend on how B of A recorded the 2nd mortgage. Feel free to contact me with any questions.thanks,Mark
September 04
(1)

Mortgage of $50,000?

Answer
You should not have to much of a problem finding a $50,000 mortgage. What state is the house in, and what do you think the current balance is?
September 03
(0)

Refinancing Questions

Answer
Contact me with any questions you may have.Thanks,Mark
July 31
(0)

@nd Home Mortgage - Low Down payment

Answer
Hi,If the home will be a legitimate vacation home, then the minimum down payment = 10%. You will need to pay mortgage insurance and escrow for taxes and insurance. Second Home Requirements Must be located a reasonable distance away from the borrower's principal residence. (general rule of thumb is 30 miles or more. Must be occupied by the borrower for some portion of the year. Is restricted to one-unit dwellings. Must be suitable for year-round occupancy. The borrower must have exclusive control over the property. Must not be rental property or a timeshare arrangement. Cannot be subject to any agreements that give a management firm control over the occupancy of the property.If this fits what you are doing, feel free to contact me to discuss the next steps.Thanks, Mark
July 08
(0)

Are mortgage rates higher for detached PUD over single-family homes?

Answer
Hi, it sounds like your home is classified as a detached condo. I acturally am working on one of those currenthly. Your rate is priced the same as an attached condo, even though you are detached. If your home was classified as a site-condo, then your pricing would be the same as a SFR.Mark G.
June 30
(0)

Pre-Approval / Full Approval Change

Answer
I can't tell you how many times I see this. A pre-approval can only be generated after credit, income and asset docs are collected. Only then do we know what we are working with. As Tyson has stated, we all use an automated underwriting system. Having said that, garbage in - garbage out. If the numbers that are entered are accurate, at the beginning of the process, than there should be no surprises when you find your home. A knowledgeable originator will also give you parameters about maximum home price, taxes and insurances, that were used in generating the pre-approval. Do you need to close by the 11th, or have the full approval by the 11th.Please let me know if I can be of service.
June 22
(0)

how much does our income have to be in order to qualify online with zillow for loan

Answer
Qualifying is a function of both your income and your debts. We apply a ratio to your income, dependent on what program you are using. That income ratio determines how much mortgage you can qualify for.
June 15
(0)
 
 
 
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