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Michael Clutts's Advice

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  • 63 Contributions
  • 0 Best Answers
  • 10 Helpful

Michael Clutts wrote:

DOES ANYONE NEED A RENOVATION LOAN PRODUCT?
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May 12
(0)

How do I find a mortgage? I know they are out there.

Answer
Your best option may be to contact a small local bank.  They do not fall under Fannie/Freddie or HUD guidelines and usually are more flexible with credit.
February 24
(0)

how hard is it to qualify for a home, while current home has not sold yet

Answer
Your Debt To Income (DTI) ratio is a very important part of the approval process.  It represents the percentage of your income that goes toward paying your monthly liabilities (mortgages, installment loans, revolving loans).  Lenders have their own guidelines about how high this number can be depending which type of loan you are doing (FHA, VA, Conventional).  To answer your question, if you can support BOTH mortgage payments and still meet the lenders max DTI guidelines you can buy the house.  If you don't fit in to that box, you can't.
January 23
(0)

can I get Mortgage without long employment history

Answer
If you are paid hourly and will receive a W2 than all you need is 30 days on your job.  However, you will need to prove 2 years history of employment.  If that work was in a different country than you may have trouble documenting the work history.  Typically, a small local bank will be able to approve you for financing but it will most likely not be a fixed rate loan. 
January 14
(0)

how can I can a true market value for a home that is outdated?

Answer
The only way to get a true market value for your home is to have an appraisal done by a licensed appraiser.  A realtor or loan officer can point you in the right direction.
January 14
(0)

selling a home but needing to get someone out

Answer
You should check out how your lease agreement reads.  If the lease does not address how you get the occupants out, you should be able to give the tenants 30 days notice.  However, you should consult with an attorney if it is unclear how to solve your problem.
January 14
(0)

How much Equity would I have as of today for my house

Answer
Only a licensed appraiser can tell you what the value of your house is in the current market condition.  Subtracting what you owe from the current value of your house will give you a number called "equity"
January 14
(0)

should I stay or should I go now?

Answer
It sounds like you already know what to do.  If you can't afford the house and it is full of bad memories than you should probably sell.  Putting yourself in a bad financial position is not a good idea.  You should contact a realtor in your area to find out what your options are.
January 13
(0)

Ocwen is foreclosing on me*****Help!!!!

Answer
One place you can get some answers or advice from is the CFPB.  New servicing rules are now in effect that may give you some options or relief.
January 13
(0)

it is good to buy a forcloser house with a cheapest price and more sq footage than a new one with

Answer
One loan program you could consider is a renovation loan.  If the property needs repair (major repair or even appliance upgrades) you can finance the repair work.  The appraisal is done taking the repairs or upgrades into account.
January 13
(0)