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Ray Stevens's Advice

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  • 484 Contributions
  • 13 Best Answers
  • 47 Helpful

Ray Stevens wrote:

Back to work program lender in Miami, fl

Answer
Any lender offering FHA programs offers this also.Find someone experienced because you will have to present supporting documentation to connect the "Economic Event" with the derogatory credit.
January 24
(0)

Can I roll balance of current home mortgage into purchase of second home?

Answer
Not only is the answer no, but mathematically, that is not possible because 2nd homes require at least a 5% down payment.  If you attempt to roll anything into that purchase, you upset the down payment percentage.There may be some other options for you but I need more information.  Call me for a quick conversation about this.
January 24
(0)

can i get a 70k loan with a credit score in the 500`s and a 9k down payment

Answer
Sorry, most lenders offer down to 620 with a few, like GSF Mortgage, going down to 580.I would be happy to look at your credit to see what is holding it down and give you suggestions on building it up.
January 24
(0)

What programs are there for first time buyers who are teachers in Miami-Dade?

Answer
Morning,The program you are talking about is offered by the Department of HUD on homes they own.  You get a 50% discount off the sales price but must live in the property for 36 months.You can read up on the program here:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabotContact me if you need more information about getting approved.
January 24
(0)

Is it possible to buy a $800,000 house in DC with a 5% down payment?

Answer
Nope.  Jumbo loans require a minimum of 20% down.  The only exception is if you use your VA loan, then the small down payment (matching entitlement) will have to be calculated.
January 24
(0)

I am have a home built.

Answer
Depends on your reasons for paying cash.  If your credit is too poor to get approved, then I would select "c."  This is my choice because:  1.  you will probably pay it off quickly rendering the adjustable rate feature moot; 2. you will have access to some of the equity if you ever need it for anything.If your credit is good, then "a" is my choice.  I personally don't want to cash invested in real estate until we are out of the recession for good.  Cash turned to real estate is subject to be devalued greatly or lost altogether.  Get a mortgage for as much as you are comfortable.You can contact me directly for further info.
January 24
(0)

refi primary home loan with equity from investment property?

Answer
The FHA MIP will be with you until 2017 no matter how much you pay the mortgage down.Refinancing to get rid of the PMI is probably OK.  I haven't crunched the numbers but it looks like it would work.HELOCs are essentially one month adjustable rate mortgages and will go up as the economy recovers.  It is hard to discuss all the options here.  I can explore those with you over the phone.  Call me anytime.
January 21
(0)

What can I do to get more (or better) quotes for my loan request ZR-LZXPTYV?

Answer
The reason is the small loan amount.  Most lenders have a minimum loan amount size between $60k and $100k.I looked at this quote and you should be able to secure a mortgage.  Try a local credit union or bank.
January 21
(0)

HOME PATH MORTGAGES

Answer
GSF Mortgage Corp offers Homepath mortgages.  I have done a few:5% down on primary and second homes.10% down on investment homes.No appraisal.No PMI.Give me a call if you require additional information.
January 21
(0)

I have a credit score of 615. Income of around $48k per year. The only debt I have is a car loan th

Answer
It is possible to be approved for an FHA mortgage with a 615 score.  there are a lot of other factors about your financial profile that you need to meet, but it is possible.It is best to speak with a loan officer to discuss your options.Call me or email me for a no obligation consultation.
November 02 2013
(0)
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