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Paul Cook

Confirmed Lender

President, Georgia (11 years experience)

Purchase Loan,
Home Equity,
Mortgage Planning


  • (8 Contributions,
  • 1 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

debt to ratio question


You do need a knowledgeable loan officer to go through your scenario and file in depth. Going off of a few sentence explanation is a good way to get burned. Zillow has a list of local, rated lenders that you can use to find someone.

I am slightly confused about the "pre-qualification" versus "pre-approval" process.


The credit system does not necessarily know which credit inquiries are mortgage related and which are not. There are so many different credit services that assuming the system will flag each of your credit inquiries as "mortgage related" is a risk.My recommendation is to have at least one company do a full pre-approval where your credit is run. Pick someone who has a lot of experience who can fully assess your credit profile. You can then take that credit info and scores to any number of other lenders who can run estimates based on the score data.This is the best of all worlds. You have only one credit run and have access to as many rates/lenders as you like.

FHA Underwriting and Tax Transcripts

Best Answer

This is specific to the lender. There are some lenders that will allow stamped returns to be accepted along with proof of payment. I would say it is around 5-10% of all lenders who operate in this fashion but they are out there. 

Knock Down and Build


Terms on construction loans and construction to perm loans vary wildly right now between banks. Make sure to speak to several companies.It is common practice for banks to steer you to work with them by providing low construction rates and then you end up stuck with a higher fixed rate once the home is completed. I have been recommending clients split up the construction loan and permanent loan for this reason. Even though there are two closings in this case the benefit is great by being able to shop the fixed mortgage.

How to improve credit score?


Don't worry about the car loan. Contact your creditors and increase the credit limits as high as they will allow. Going forward keep any balance below 30% of the limit. In the short-term a mortgage company can re-score your credit to get you ready to buy now without waiting for the credit bureaus to assess over the coming months.