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Rob Cochems's Q&A

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Rob Cochems wrote:

Loan owned by Fannie or Freddie?

Answer
Fannie MaeFreddie Mac
April 01
(0)

Incorrect house identified for address

Answer
Maybe your post office has it wrong and Zillow is right.  I need more proof before I take this to upper management.
March 31
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I would like to know why you cannot get arefinance with bad credit but have lots of equity.

Answer
Nobody wants subprime loans.  That market no longer exist.Unless you are willing to pay 12.99% with 10 points in origination.
March 31
(0)

Is there any 4.49% Conforming loan with cost?

Answer
Put a request on Zillow, if everything is perfect, you might have a shot.
March 31
(0)

Does an approval from the automated underwriting system mean approved? This is through Countrywide.

Answer
Last I know AI3 it was a 2 point hit.  $4k is a pretty significant price you are paying to receive a loan now.    
March 31
(0)

Does an approval from the automated underwriting system mean approved? This is through Countrywide.

Answer
Countrywide direct still offers FHA loans with credit scores less then 620.  However you pay a significant fee for the credit score being less then 620.  You might want to consider holding off and attempting to increase your credit score above 620.
March 30
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New housing act/bill passing on April 4th?

Answer
Rubix,Drop them, full guidelines don't exist yet for that product.  And you can't have your rate locked.  If you pay the $500, all that company can do is sit on your file and wait for the official update on April 4th.
March 19
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Do I qualify for Obama's mortgage help if I have a mortgage of 420K and home is worht 390K.

Answer
kimhc,You can not refinance a 1st and 2nd together.  If your original 1st mtg is a fannie/freddie loan, you would have a chance to refinance the 1st, assuming your 2nd would subordinate.
March 12
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