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Mike Shirley's Advice

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  • 30 Contributions
  • 0 Best Answers
  • 5 Helpful

Mike Shirley wrote:

what is the lowest credit score you can get financed at?

Answer
580 Fico is possible 620 is more likely.
August 19 2011
(0)

Does an Appraisal gurantee that you are approved?

Answer
Speak with your loan officer. Ask them if you are "credit approved."   If you are not, then they're putting the cart before the horse.  There's no reason to spend big money on an appraisal if you credit and income won't support the loan.  Good Luck!
August 19 2011
(0)

California Mortgage Pro's: 40% required down Pmt on a 2'nd home sound right?

Answer
Yep, since I'm licensed in Oregon I needed to check my facts.  You never know for sure what those crazy Californians are up to now!
August 19 2011
(0)
California Mortgage Pro's: 40% required down Pmt on a 2'nd home sound right?
I'm an Oregon lender but had this California question posed to me today.  Does this sound correct?  "We did talk to our mortgage guy and asked him directly about moving out of our home after a year, changing it to a rental, and getting a new place with a small down payment.  It turns out that they've changed the law in California so that you can no longer do that unless you have 25% equity in your first home.  If you don't have 25% equity, any other homes you buy have to have a large down payment (40%!).  Too many people walked away from their previous mortgage and got another house with minimal down payment." This sounds to me like someone doesn't understand "departure home" guidelines... 
August 19 2011
(0)

First time Buyer

Response
Martin,The best thing you can do is to speak to a mortgage lender in your area.  Tell them what you would like to do and ask them to pull your credit report.  They'll be happy to look it over and give you a list of steps to prepare for buying your first home.  Don't be suprised if they tell you that you will need at least 3 lines of credit for at least one year and a 3.5% down payment which could be a gift or loan from a family memeber.  Your FICO credit scores will also need to be about 600 and if they are better it will make things easier.Good Luck!
June 23 2011
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Shopping for mortgage. Confused.

Answer
Here's an idea.  How about going online.  Check the rates a couple of the "big banks" .  Make particular note of the published "APR's" .  Now call a couple smaller lenders for thier rates and "APR's" until you find one or two that seem competent and professional.  If you like the person and their rates and terms are competitive, then go with them.  These days competence, and professionalism are much more important that the absolute lowest price.  You would never go with the cheapest lawyer, doctor or investment advisor.  You shouldn't go with a lender just becuase they're cheap.  This is a business where you don't get what you don't pay for. 
April 18 2011
(1)

Agents want me to use their lender.

Answer
Keep in mind that over time you will pay as much for the financing of your home in the form of interest as you will for the actual home.  Realize that this is by far the most intricate and expensive financial transaction that most people are involved with.  Now pick your realtor and lender carefully.  This is more about them being able to deliver on thier promises than it is about saving a few bucks.  You'll want a pair that can work as a team and if they have experience working together, so much the better.Good Luck!
April 10 2011
(1)

Loan for a Fannie Mae Homepath property

Answer
Check local lenders for homepath loans.  Also ask about FHA and Conventional with mortgage insurance.  You can use all of those programs to purchase a Fannie Mae home.  Much is changing in the lending industry over the next month.  It's hard to tell which program will be the best for your needs or even which lenders will still have the right program for you when everything settles down again.Good Luck!
March 27 2011
(1)

Need a nice house for 2-3 years - rent or buy?

Answer
BAHDS,Sounds to me like you are the prefect candiate for renting.  There are allot of costs involved  with buying a home and with property values level at best and still falling in many areas most folks won't recover those costs unless they are ready to stay put for at least five years.
March 27 2011
(1)

Does it take 2 mos.+ to get to closing on a new Wells Fargo fha loan in Eugene,Oregon.?

Answer
30 days should be easy, faster if you really need it is possible.  Try a mortgage banker, they can control and process in house.
March 23 2011
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