Profile picture for Simon Todd

Simon Todd

Confirmed Lender

Award-Winning Mortgage Banker (18 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Creative Financing

Advice

  • (17 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

USDA under 640 in Ohio?

Answer

I can help; we are a USDA Direct Endorsed Lender.  Even better, my office is in Ohio so this way we can meet face to face.  Contact me through my profile and lets set up a date.

  (0)
Pre Qualify for Jumbo??

Answer

What time would you like your pre-approval letter emailed to you tomorrow?  Obviously once I can confirm income and credit, this is a basic loan.  Also, with our Purchase Pronto (TM) product, we can close in as little as 2 weeks; that's if you needed it done that fast.  Feel free to contact me through my profile.  If my secretary answers, just say your city name.... we get a kick out of saying it.

  (0)
75% cashout jumbo refi

Answer

75% would be your max LTV to get your cash back.  6 months is the standard wait from time from purchase to get the money back.  Now if market rates are a concern, we can lock you in now, so once you hit that 6 month mark (in 45 days) you wouldn't have to worry about a possible rate shift.  Feel free to contact me through my profile at your convenience.

  (0)
Will I qualify for a VA loan?

Answer

Rick,You mentioned BofA has not foreclosed.  That will be a problem, which based on this question you would most likely have to wait 1-2 years once foreclosed to get VA approval.

  (0)
Purchasing A Second Home

Answer

The other comments listed here are correct.  Make sure to check out your future mortgage banker by reading past customer reviews and make note, you can apply for a 6 month rate lock if you are concerned with rates jumping by the time you are looking to actually buy.

  (0)
How far in advance should I be looking for a home?

Answer

Heather,Just like Scott mentioned earlier, knowing that your are preapproved well in advance is necessary (especially if by chance, anything needs to be updated on your credit report.)  Also making sure you have your down payment funds lined up as most programs require you to have those funds in some form of bank account for at least 60 days.  Feel free to contact me by clicking on my profile for more information. - Simon

  (0)
Cannot Re-Fi under Harp

Answer

Lenders that are "Direct Lenders" can do these type of loans.  I just closed a loan on this exact same scenario last week.  Loan to value was 130%, borrower had LPMI, we converted it to BPMI. Closed the loan, simple.  They were also with PNC.  If you haven't gotten this taken care of yet, feel free to contact me.  These types of loans only take about 10 days to close, even if you have LPMI.

  (1)
Cannot Re-Fi under Harp

Answer

Lenders that are "Direct Lenders" can do these type of loans.  I just closed a loan on this exact same scenario last week.  Loan to value was 130%, borrower had LPMI, we converted it to BPMI. Closed the loan, simple.  They were also with PNC.  If you haven't gotten this taken care of yet, feel free to contact me.  These types of loans only take about 10 days to close, even if you have LPMI.

  (0)
Underwriter declined loan because didnt feel confident, ( at least thats what loan officer told me)

Answer

It sounds like there is more to the story than what is being conveyed by this lender. I'm truly sorry you have had to endear this stress.   As a Direct Lender, we cut out the "middle man" where most lenders have what they call "overlays" that restrict that banks capability to lend over the agencies product (VA, FHA, Fannie Mae, etc.)  This may be what's happening here in your scenario.  Lets take a look and I should be able to decipher if there are any obstacles in just a few minutes.  I would love to help you.  Contact me anytime.Best regards,Simon Todd

  (0)