Profile picture for Michael Efaw

Michael Efaw

Lender

Loan Officer (3 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (15 Contributions,
  • 1 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Zero cost FHA streamline refinance possible?

Answer

Doing a no closing cost loan will generally result in having to take a higher rate. However, if that rate is lower than what you have now, and your loan balance will not be increasing, then doing the refinance could be worth your time. Any loan officer would be more than happy to go over your options with you. Ultimately, only you can decide if the refinance makes sense for your financial situation.

  (0)
Extent of USDA backlog

Answer

USDA underwriting turn times vary depending on your regional office. Your best bet is to call your regional office and ask about the current turn times. This is something I typically do as a loan officer in order to give my clients an accurate timeline for closing, however if you would like to do it yourself, this should help.http://www.rurdev.usda.gov/DE_Contact_Us.html

  (0)
Loan Amount

Answer

Yes you will still be qualified for an FHA or conforming loan if you were already qualified for one in the first place, because now your loan amount and debt-to-income ratio (DTI) will be even lower.The only circumstance where this would not be the case, is if your lender for some reason required you to have assets and you have now spent those on the down payment. Though this is not typical.

  (0)
Quicken Loans Refinance Complaint

Response

I agree with Mr. Plume. Additionally, if you feel you were discriminated against, I would definitely contact an attorney as this is definitely a violation of ECOA (equal credit opportunity act).

  (0)
Need mortgage - Forclosure issues making it difficult

Answer

You are running into trouble because the foreclosure is showing up as recent because the house was just sold. You should still qualify, you will just need to show that you surrendered the house in the bankruptcy. It sounds like you spoke with a loan officer who is inexperienced with this situation. I would suggest speaking with a few additional lenders.   

  (0)
ANY MORTGAGE LENDERS THAT LEND LESS THAN $50,000

Answer

Your typical national lender is not going to do this. However, you may be able to find a local bank, credit union, or portfolio lender that will take you up on this if you have prior, successful experience in renovating and re-selling homes. Best of luck with your search!

  (0)
HARP refinance, 4.615% interest 30 fixed? GOOD DEAL? (please help)

Answer

As always, shop around. However, considering that this is a second home, and considering that you are upside down, this is not a bad deal. The amount of equity you are spending (equity that doesn't actually exist anyways because you're upside down) to get the loan should be quickly made up for by the monthly savings you are receiving by having a lower rate.If you are still uncomfortable spending that amount of equity, ask your broker about taking a higher rate in exchange for having a lower loan amount.

  (0)
second appraisal

Answer

If you are getting an FHA loan, it is because the home has been "flipped". When a home is bought and sold with in a 6 month time frame, the FHA will require 2 appraisals to be done.If you are obtaining a jumbo loan, some lenders require two appraisals to be done on loans over $1 million.

  (0)