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Scott Davenport's Advice

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  • 17 Contributions
  • 0 Best Answers
  • 0 Helpful

Scott Davenport wrote:

Need Lender who will Gross Up SSA based on Award Letter

Answer
I have an option to help you do this and not have to have mortgage insurance up to 95% if you qualify also. Grossing up SSA is easy and common. Let me know if I can help. 
April 09
(0)

Are any lenders offering 7/1 ARMs these days for well qualified borrowers?

Answer
Yes, I have that available. I have the 3, 5, 7, and 10 Years ARM. I also have this available as an interest only loan if your choose. We have a few options if you need some help. 
April 09
(0)

Jumbo Portfolio with 640 FICO / $1.1M Loan / 20%+ down

Answer
I am a lender with Union Bank and I can do this type of loan all day! Let me know if I can help!!
April 09
(0)

Zillow 's Underwater Mortgage Resource Center

Response
user8648780, Your stuck in the position like a lot of people right now. Currently there are not any programs that can help your situation. Hopefully HARP 3 comes into actual fruition and options become available. otherwise you are stuck waiting on your value to increase. Depending on where you live, you may see that sooner than HARP 3. 
June 27 2013
(0)

Questions about mortgage for a fourplex

Response
In my recent situation with FHA, I was allowed to use the total rents based on a rent survey for the property minus out the county vacancy factor for the county (It happened to be 15% also). This number must be equal or less than the total payment for the property, PITIMI. I just closed this in the LA area and the client is living in his unit for free. Its a great way to go and the 4 unit loan limits are much higher than the single family loan limits, 
April 11 2013
(0)

What does an underwriter for a bank or mortgage company guidline go by for VA home loan.?

Answer
You are correct. The clock starts from the last event but both events need to wait out their respective waiting periods. In this case both events have 2 year waiting periods. Thus you should be good to look for a loan in Oct 2013. Good luck and happy house hunting 
April 11 2013
(0)

Chapter 7 BK 2010 need non FHA financing

Answer
Conventional financing requires 4 years., If you are VA eligible its only 2 years.
April 11 2013
(0)

I own one home and currenlty am renting it and living elswhere and would like to refinance it.

Answer
For a rental property most loans are maxed at 75 loan to value when trying to combine multiple loans into one loan. If the first is eligible for HARP you may be able to refi just the first and lower the payment but combining them into one loan want work until you have more equity.
April 11 2013
(0)

High Debt to Income Ratio & Mortgages

Answer
This is right on the edge of being done. FHA allows the most flexible guidelines for ratios. They can possibly allow up to 55% for you total debt ratio. I would suggest you have a local mortgage professional look into your situation and see. They part that may hurt you is that your payment will also include taxes, insurance, and mortgage insurance. Have a professional run your numbers and see how close your are.
April 11 2013
(0)