Profile picture for Ryan Dalton

Ryan Dalton

Lender

Senior Loan Officer, AL, AR, CA, IL, NJ, OH, VA, WA (4 years experience)

Specialties:
Relocation,
Purchase Loan,
Refinancing,
Home Equity

Advice

  • (76 Contributions,
  • 1 Best Answers,
  • 4 Helpful)

Contributions are sorted newest to oldest.

Need to refinance but my mortgage is not Fannie Mae or Freddi Mac insured. Any advice?

Answer

When a mortgage is underwater or "upside down" the only options that you have to refinance the home are if your current mortgage is either FHA, VA (veterans), USDA, or Fannie Mae, Freddie Mac (HARP). If your loan does not fall under any of these loan programs your only option at that point is to wait until the fair market value in your area has increased enough to allow you to refinance.Best of luck to you!

  (0)
Getting loan with 10% down

Response

Yes, you can get a loan with 5% down, less than that even depending on the type of program that you and your family chose to proceed with (FHA or VA options). If you are talking conventional 5% will be the minimum down payment necessary.

  (0)
Improving an investment property

Answer

Steve you're exactly right. You would have to have at least 25% in order to take cash out of the home. This would also depend on a current appraisal. With rates on the rise I have been starting to see values of homes doing the same. Still might be something to look into. Otherwise the renovations might have to be out of pocket, or a personal loan.I am a loan officer, if you have any other questions or concerns please don't hesitate to reach me privately through my Zillow account.Thanks!

  (0)
Improving an investment property

Answer

With rates being as low as what they are have you considered pulling from the equity in the property?The business loan isn't a bad idea either, I just think a refi might be easier to obtain.

  (0)
First Time Buyer

Answer

Tross8--Steve is exactly right here. FHA's "Good Neighbor Next Door" program is the loan that in my opinion would suit you best. I posted a link below that will give you all the information that you need on this loan and if you have any other questions [content removed by Zillow moderator due to self-promotion. Please refer to our Good Neighbor Policy for more information.]Best of luck!http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

  (0)
Low 600s credit score, can I qualify for a VA loan?

Answer

Yes! There is good news and you don't have to wait. Believe it or not, most lenders only require you to have a FICO score of at least 580 in order to qualify for a VA loan.In my opinion the VA loan is the best type of home financing on the market today.If you have any other questions about the VA product please feel free to contact me through my Zillow profile.Hope this helps and good luck!

  (0)
DO A PRE APPROVAL LETTER MEANS YOU GOT THE LOAN

Answer

No. All a "pre-approval" means is that based on the information that you provided the loan officer, they believe that you would qualify for the loan. All a pre-approval is really doing is telling your realtor that you are someone who is serious about purchasing a home and ready to take the proper steps to move forward.

  (0)