Profile picture for Alex Gorodinsky

Alex Gorodinsky

Zillow All Star

The All-Star badge is given to top contributors of the Zillow community. These are active Zillow users who share their real estate knowledge and help others by contributing high-quality content. The more and better the contributions, the more likely an award will be granted. Users' contributions can be seen in their profiles.

Lender

Mortgage Broker, Missouri License (10 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
FHA, VA, USDA, Jumbo, HARP

Advice

  • (71 Contributions,
  • 0 Best Answers,
  • 7 Helpful)

Contributions are sorted newest to oldest.

Refinance Rental Property - Are lenders willing?

Response

If you have 20%-25% equity in the investment property and your credit scores are over 680, I would be happy to take a look at your overall scenario. I've successfully closed quite a few investment property refinances over the last few years. Please contact me via my profile for more information.

  (0)
Interested in finding what this QM and ATR is all about?

Answer

Qualified Mortgage (QM) is a law about ensuring lenders only make loans to borrowers who have the ability to repay (ATR) the loan. This is your basic legal summary: The CFPB amended Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for "qualified mortgages." The final rule also implements section 1414 of the Dodd-Frank Act, which limits prepayment penalties. Finally, the final rule requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated. If you have any specific questions, I would be happy to answer them.

  (0)
Mortgage Company Recommendations

Answer

This may be a bit of self-promotion, but I would be happy to help you with your refinance. I have 10 years of experience and excellent interest rates for a variety of loan programs. I am also able to provide hundreds of happy client references. We are local St. Louis broker, please contact me via my profile for more information.

  (0)
Bankuptcy, HAMP and US Bank

Answer

Based on the situation described it appears that your first lien-holder (CITI) wants a full repayment. Otherwise, they would have proceeded with their refinance offer. The second lender doesn't have much recourse in this situation, since their lien is subordinated to the first lender.

  (0)
can we get fha loan with under 620 credit score

Answer

We have a lender who can approve your FHA loan all the way down to a 580 credit score. If your scores are in the low 600s (per your scenario), we should be able to get you approved if a few other requirements are in place. Please contact me via my profile to discuss your specific loan scenario (income, assets, credit depth and the type of home that you are buying).

  (0)
can we get fha loan with under 620 credit score

Answer

We have a lender who can approve your FHA loan all the way down to a 580 credit score. If your scores are in the low 600s (per your scenario), we should be able to get you approved if a few other requirements are in place. Please contact me via my profile to discuss your specific loan scenario (income, assets, credit depth and the type of home that you are buying).

  (0)
Anyone have experience or feedback on Quicken Loans Refi?

Answer

Quite a few of my friends and past clients used Quicken for their refinances. A few were quite happy with their results, but most were extremely frustrated with long turn-times and horrible customer service. Quicken has great marketing strategies and a fantastic website, but they are too busy and a lot of loan files seem to fall through the cracks. I've heard some horror stories about people withdrawing loans after 60 days in underwriting and not getting anywhere. So, you may get lucky and have an enjoyable experience or join the legions of dissatisfied clients. Good luck!

  (0)
Anyone have experience or feedback on Quicken Loans Refi?

Answer

Quite a few of my friends and past clients used Quicken for their refinances. A few were quite happy with their results, but most were extremely frustrated with long turn-times and horrible customer service. Quicken has great marketing strategies and a fantastic website, but they are too busy and a lot of loan files seem to fall through the cracks. I've heard some horror stories about people withdrawing loans after 60 days in underwriting and not getting anywhere. So, you may get lucky and have an enjoyable experience or join the legions of dissatisfied clients. Good luck!

  (1)
When is the housing market expected to go back up?

Answer

There is no definite answer. It depends quite a bit on your geographical area. In St. Louis area, some neighborhoods have seen significant value increases, while others are stable or decreasing. An appeal of a neighborhood and a scarcity of homes can drive up values, while a high number of foreclosures can make home values stagnant or bring them down. It seems that - as an overall trend - home values have stopped declining and are slowly making a gradual comeback.

  (0)