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  • 12 Contributions
  • 0 Best Answers
  • 2 Helpful

Thierry Abel wrote:

Is mortgage insurance required on FHA loan if 20% or more is put down?

Answer
Yes if it is an FHA loan ...it does not matter what the loan to value is and keep in mind that you will have to keep that MI for at least 5 yrs (ouch!).Why do you go FHA?Is it your credit score (which can be fixed)?or Is it your back end debt-ratio (there some other options than FHA if your loan is conforming size = below 417K)
February 07 2013
(0)

Can I get conventional Loan with 10% down and PMI?

Answer
The 80/10/10 combo with 10% down, a 1st mortgage at 80% of the purchase price and a 2nd at 10% and NO MORTGAGE INSURANCE..is available for your transaction.
February 01 2013
(0)

filed bk 8mos ago got everything discharged 6mos ago have 3 major credit cards since do i qualify

Answer
Lafd165If you are considering an FHA loan, here are their guidelines with regard to bankruptcyChapter 7 – Allowed 24 mos after discharge if good credit has been re-established.  Less than 24 mos (but not less than 12) may be allowed provided the reason for the bankruptcy was due to extenuatingcircumstances, the borrower has exhibited the ability to manage their financial affairs, and the reason for the bankruptcy is not likely to recur.Chapter 13 – Allowed after 12 mos of payout period as long as performance has been 
March 28 2011
(0)

I am 60 and retired. I plan on buying a home with cash and maybe take on a small mortgage.

Response
debpgh,You will not be turned down because you are not longer working. We need to verify source and continuity of income.Thierry AbelSenior Loan ConsultantBy Referral OnlyAll California Mortgage, Inc[contact info removed by moderator]
March 17 2011
(0)

new programs?

Answer
FHA 203 K rehabilitation program ThierryThierry AbelSenior Loan ConsultantBy Referral OnlyAll California Mortgage, Inc[contact info removed by moderator]
March 17 2011
(0)

What is the basic difference in between primary & secondary residences on the stage of mortgage appl

Answer
Sergey, A second/vacation home will guarantee you, with most lenders, the same rate as you will get on a primary residence.Lenders might ask some questions as many homebuyers are trying to pass off a home purchase as a primary residence or second home when in fact it will be rented. Feel free to email me your scenario for free analysis
March 11 2011
(0)

Between me and my wife we gross over 180K a year with about $1,340 in monthly debt

Answer
Genesis,You should qualify for the maximum amount offered on a FHA loan program= $729,750, which I would recommend if you are limited for the down payment (3.5%)
March 10 2011
(0)

preparing to look for a realtor?

Response
In this market t is a good idea to get pre-approved before you begin shopping for your new home. 

In addition, the real estate agents will be willing to spend more time assisting you in your home search if they know you are pre-approved for a mortgage loan. Sellers will also be more motivated to work with you if they know you are able to afford their asking price. Sellers will also take any offer you make more seriously if they know you are pre-approved for a mortgage. Pre-approval is a big help to the seller and the realtor, as well as the potential home buyer. 



 Thierry 

Thierry Abel 
Senior Loan Consultant 
All California Mortgage[contact info removed by moderator]
March 08 2011
(2)

When should a buyer look for a real estate agent?

Response
In this market t is a good idea to get pre-approved for the mortgage you need before you begin shopping for your new home. 

 The real estate agents will be willing to spend more time assisting you in your home search if they know you are pre-approved for a mortgage loan. Sellers will also be more motivated to work with you if they know you are able to afford their asking price. Sellers will also take any offer you make more seriously if they know you are pre-approved for a mortgage. Pre-approval is a big help to the seller and the realtor, as well as the potential home buyer. 



 Thierry 

Thierry Abel 
Senior Loan Consultant 
All California Mortgage[contact info removed by moderator]
March 08 2011
(0)