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Brian Wiesner

Lender

Mortgage Banker, MLO (17 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

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

Contributions are sorted newest to oldest.

Mortgage Load 80-10-10?

Answer

With your fico we can do 3 different styles of MI all the way up to 97% ltv.  Lender paid, Hybrid and single premium. There are lots of options.  Don't get hung up on trying to do things too much the old way with combo loans and this and that.  It's a different market.  MI is pretty cheap in your score range, and for now, tax deductible.  MI was pretty much gone over the last 18 months.  It's back and cheap.  Don't sweat it too much.

  (0)
How do we need to refinance a loan that is in the prior owner's name?

Answer

If you're not upside down, try an FHA.  If you are upside down, check to see if it's a FannieMae loan.  You may be able to to the Refi Plus loan on it, but I'd have to look up the guidelines with an underwrtier for your exact situation.  There may be some deed and title regulations in there.  Agreed, you have a mess...is there an urgency that is making you do the refi?  Is the lender calling it due?

  (0)
My lowest score is transunion 677, experian, and equifax are over 750. what r my chances for fha & $

Answer

Wow...first of all, there is no adding up and dividing by 3 for your credit score!  That's plain ridiculous and incorrect.  Mortgage lenders use a mid-score.  That is throw out the high, throw out the low, and that's it.  There is no math to it whatsover.  652-653-690....your score would be 653.You'll be fine getting an FHA loan.  What size loan is the issue.  Get started with a pro you'll be fine.  FHA minimum scores are actually 500 and you can get one with no scores.  (10% down)

  (0)
What loan should I get ?

Response

Investment properties need at least 20% down...and 25% is much better.  You don't appear to have alot of options. 

  (0)
whats the lowest fico score can you have to buy a house , if we make about 130k

Answer

Straight FHA guidelines allow for 580 scores, and no scores (not bad, none).  10% down and clean pays for the last 12 months.  It's usually got to be something like a medical or a judgment that causes the low scores.  Late pays alone without a good reason won't get you into an FHA.  But it's possible.

  (1)
whats the lowest fico score can you have to buy a house , if we make about 130k

Answer

Straight FHA guidelines allow for 580 scores, and no scores (not bad, none).  10% down and clean pays for the last 12 months.  It's usually got to be something like a medical or a judgment that causes the low scores.  Late pays alone without a good reason won't get you into an FHA.  But it's possible.

  (0)
What to expect after refinancing?

Answer

You want your reconveyance.  That will be a "cancellation" of your old trust deed.  They don't show up very timely sometimes, and sometimes, they get "lost."  Do search the public records until you see it reconveyed.  Your broker/escrow can you confirm you get all of your new documents.

  (0)