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Michael Ullmann's Advice
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1 Best Answers
Michael Ullmann wrote:
Are there any lenders that offer no appraisal IRRRL?
Thank you Norm for actually giving the guy/girl sound advice.It amazes me that people are coming on here pitching no cash out IRRL's and then promising the escrow balance will pay for a furnace.Daniel the person needs a 3k furance so the logical next step for you is pitch him a loan with closing costs and a .5% funding fee and then hope that his escrow refund will cover the furnace?
IRRL-Knowledgable Brokers in Northern Virginia?
Your credit score, loan amount and loan to value will dicatate what pricing adjusmtements lenders will have and thus dictate your rate and credits. Also unless you are disabled you will have a .5% funding fee which will get tacked onto the loanI am based out of Alexandria and my contact info is in my profileAs for asking for a broker I am direct lender and my turn time is 3 weeks or less from start to finish
5/1 ARMs without MI are not available?
If you can get down to 90 Ltv I can put you in touch with someone that will do a 5/5 arm with no MI. I am not talking about a Lpmi loan but instead a portfolio product for MD properties at a community bank. Rate would be 3.625 on a 5/5 arm, it adjusts every 5 years and max it can ever go up is 2 percent. So after 5 years to 4.625 and after 10 years 5.625
Financing for Single Family, with two identical, separate, and independent houses
Do the numbers make sense if you are just appraising it as one house? Additionally how would the rent roll look? Meaning if your value is being driven by just one home I would imagine the appraiser may only list one of the rentals when doing the rent form. I am in Alexandria and my details are in my profile if you want me to check into this. Lastly you would likely have to do 25 percent down.
Refinance 30-Year FHA after 1 year in the house to lower interest. Should I?
As others have mentioned if you can squeeze into a conventional loan with Lpmi this could be a better option. However if that does not work I would first discuss with your lender about adjusting your 2.5 pt origination charge so that you come to closing with nothing as opposed to 1500. Additionally you can put your escrow account refund back into the loan to offset the upfront mip that you are paying. Lastly you can take your upfront mip refund and ask for a smaller loan amount as well. between your upfront refund and the escrow balance you will get back this may cover the 6500 increase that you referenced.
looking to buy a 500k home in montgomery county, MD with 50k saved up (to pay downpayment/closing)
You have several options You can look into a lender paid MI loan You can do a MI loan, a lump sun buyout of MI upfront or a half paid but out of MI upfront. FHA is another option however with good credit scores and 10 percent down you would typically be better off witba conventional loan with some form of MI I am based out of Alexandria and would be glad to run some numbers for you.
my scores700 wend bankrubbed 06 NEED A MORGAGE
Is this even English? First contact a translator to decipher what you just wrote then have that translator contact a MTG lender/broker. Additionally when you come up with a foolish scheme to manipulate payroll in an attempt to qualify for a loan you would not otherwise qualify for its best not to post your plan on a public forum.
More than one mortgage broker
This will not workYou will only qualify for a FHA loan, and FHA loan requires a case number. Only one case number can be established for you. So you will not be able to work with two brokers, lenders, banks at the same time.You are free to shop around but you will not be able to go through the entire process with two brokers/lenders.Even if this was not an fha loan would you want to shell out 900 for 2 appraisals and explain to the listing agent why you need to have the property appraised more than once.Lastly from an ethics standpoint its a horrible thing to do. Shop around ask the right questions etc. but do not string along two brokers at the same time and have them work on your deal.
cash out refi on rental to buy family home
Suresend me your email address and I will email over an excel spread sheet which I use to calculate rental income
My husband and I are comparing the options of an FHA 30 year fixed mortgage vs. a 5/1 ARM.
Clay your answer is clearly the best here, however how are you guessing that they are getting a 3 pt credit on the 30 year fixed at 3.25%?Depending on the lender they are working with they can be getting zero, 1 or 2 back. If they are working with the lender affiliated with the builder they could be paying 1 for that rate and getting closing costs paid for by the builder so this is all guess work.
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