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Thierry Abel

Lender

Senior Loan Consultant, In these times of uncertainty I want to share my expertise on a constantly evolving lending environment and my personal experien

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
FHA,VA,HARP,JUMBO,BRIDGE,REVERSE

Advice

  • (12 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

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)

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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 

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new programs?

Answer

FHA 203 K rehabilitation program ThierryThierry AbelSenior Loan ConsultantBy Referral OnlyAll California Mortgage, Inc[contact info removed by moderator]

  (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]

  (0)
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]

  (0)