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Brian Wiesner's Advice

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  • 49 Contributions
  • 0 Best Answers
  • 4 Helpful

Brian Wiesner wrote:

My mortgage is underwater. Can I rent my home and still qualify for a mortgage on a new home?

Answer
Yes you can buy.  You just need to be able to afford both house payments.  You won't be able to use any rent to offset the payment on your old house unless you have 30% equity.
February 01 2013
(0)

Can a lending bank require you to repair a Green Swimming pool for a conventional loan?

Answer
Fannie Mae requires the appraiser to state no health and safety issues....or it has to be fenced or filled in with dirt.  Just get it fenced.
February 01 2013
(0)

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.
June 10 2011
(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?
June 10 2011
(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)
June 01 2011
(1)

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. 
June 01 2011
(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.
May 23 2011
(1)

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.
May 23 2011
(0)

HiI got a new job with high incomemy credit scores 800 got one home loan want 2 home with FHA

Answer
On the surface you should be able to get an FHA.  Even if you have one now on your rental.  A job transfer will allow you to get another FHA....subject to meeting all the normal approval guidelines.
May 23 2011
(0)

I have only had the home for three years. Can I qualify for a lower rate.Its at 5.5 % now?

Answer
FHA Steamline, FannieMae Refi Plus, there are a couple of ways to get it done if the pieces fit.
May 23 2011
(0)