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Shane Butehorn's Advice

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  • 45 Contributions
  • 1 Best Answers
  • 5 Helpful

Shane Butehorn wrote:

Can I get a 30yr Mortgage on House with Large Acerage

Answer
Large acreage becomes problematic for lenders because of the unique nature of it.  Lenders want to lend on properties that are similar in nature to their peers because it is easier to quantify their value.  With acreage it is harder to get an accurate appraisal because you are looking for comps that have sold in the last 3 months and that are nearby.Small and local banks or credit unions will be your best bet on this.
September 03 2013
(0)

I have a 617 and my husband has a 690 can we be approved for a mortgage?

Answer
Ideally you need to get your score over a 620 or better.  You are only 3 points away.  What are you doing to raise your score at the moment?
September 03 2013
(0)

Commercial Mortgage

Answer
We have access to commercial lending.  Contact me through my profile if you would like to speak about it.
August 28 2013
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What if your timeshare is all paid off and it was foreclosed due to non payment of HOA?

Answer
This still counts as a foreclosure of real estate.
August 28 2013
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If we have locked a rate with a lender are we legally obligated to use them?

Answer
Sticking it out with your rate and lender is the best plan at this point.  It is also the ethical thing to do.  It sounds as if your lender is working in your best interest.
August 28 2013
(0)

Fannie Mae Ranks the Lenders

Response
Ocwen is hands down the worst company to deal with.  Good luck finding somebody to talk to that is within the U.S.
August 28 2013
(0)

Refinance Timing and "skipping" a Monthly Payment

Answer
You are correct in option 2 and how it works.  You are gambling a bit.  If anything happens to delay funding before the end of September you will go 30 days late and that will be a major problem.  I have used this method for clients in the past but I always make sure to allow extra time for rescission and funding to make sure they are protected.
August 28 2013
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When are they changing the FHA Loans Rule Re: qualification after a Short Sale

Answer
The new mortgagee letter for FHA went into effect for case numbers pulled after August 15th.  Now to find lenders that choose to use those guidelines.
August 26 2013
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where can I find a lender who will lend on my fully paid for mobile home. It was appraised at 150k

Answer
How old is the mobile home and is it affixed to a permanent foundation?  If so you can use FHA as long as the home isn't too old for their guidelines.
August 26 2013
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Qualifiying for a second home mortgage when primary home is an expensive rental

Answer
Most lenders will not even consider you until you have at least 2 years history of being self employed.  You might consider your income as high but they will want to see what you are reporting to the IRS after all of your write-offs and deductions.  That is the income they are going to use to qualify you.  So basically if you tell the government you make no money (to reduce tax obligations) you are saying the same thing to a mortgage company or bank thus reducing the likelihood of being able to get a new mortgage.
August 26 2013
(0)