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Michael Zapkowski


Broker Associate, CA BRE License (11 years experience)

Purchase Loan,
Mortgage Planning


  • (14 Contributions,
  • 0 Best Answers,
  • 5 Helpful)

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Is a personal loan better than credit cards when applying for a FNMA cash-out refi?


In years past, it was very common to p/o revolving debt thru a refinance and exclude the monthly payment from DTI.  However, lending guidelines have become more conservative since the meltdown.  Most lenders discontinued the practice and now require the payments to be included in the DTI calculation.I was able to find a workaround last year for a client in a similar situation.  We got the borrower qualified/funded by providing Closed Letters from the revolving debt creditors BEFORE funding.  By providing the Closed Letters, we were able to exclude the monthly payments from the DTI, fund the loan, and then dispersed checks to the borrower to payoff the 3 accounts totaling 33k.Granted that was last year and guidelines seem to change daily, but it might still be possible.  Check around and good luck, cheers!

I have an FHA loan for my mortgage, how long do I have to wait until we can move? We've been in the


Per FHA guidelines:FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.There are also exceptions to the rule (e.g., job transfer).  Tax credits are a different story - contact your tax adviser!  Hope this helps, cheers!

Question about my current refi - lender offering better rate to roll in costs:


I recommend running a simple break even analysis.  Calculate the difference in payments b/t the two options vs the cost of the loan.  That will tell you how many months it will take to "recoup" the loan fees from your monthly savings.  Then make your decision based on your holding timeline for the new loan.  Make sense??

When to start Mortgage process?


Again, I agree with Wayne and wish the real estate agents on this site would keep to their day job!   Per my underwriter:A recent graduate is acceptable with transcripts and a diploma .  We still need a 2 year history , but it can be a combination of school and work .Hope this helps, cheers!zap

Amount in bank account


I concur with Wayne and baffled by the other remarks below!  Talk to your loan officer and he/she will be able to tell you exactly what's required to close.All the best, cheers!zap

Can I Refi 200k home, being self employed 2yr at 31k


Hi - Based on the info u provided and my assumptions below, u would need approx $2,800 monthly income to qualify for a cash-out refinance.Assumptions:LTV: 80%Debt-To-Income: 45%Property Taxes: $200/mHomeowners Insurance: $50/mRate: 4.25% (based on FICO and scenario)NO OTHER MONTHLY DEBT OBLIGATIONS (e.g., auto payments, student loans, credit cards, etc.)Let me know if you have any questions, cheers!zap