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Jeff Smith's Advice

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  • 9 Contributions
  • 0 Best Answers
  • 0 Helpful

Jeff Smith wrote:

Lease Purchases vs Financing

Response
Most buyers requesting a lease purchase do so because they've been turned down for a mortgage repeatedly. The key to putting the right lease purchase buyer into a home is to qualifying them up front to understand what will be needed to qualify within the lease purchase time frame and then to advise and monitor them during this time.
November 30 2010
(0)

What can I do to get more (or better) quotes for my loan request ZR-FMRXPXB

Answer
I am assuming that the house is $100,000, not $1000, as you would not need a loan for $500, nor would a bank lend you that little. Check your figures in your loan request and make sure they're accurate as you can. Also, unless you find a $100 down HUD home, you're going to need 3-3.5% down for a home unless you qualify for a USDA or VA loan.
November 30 2010
(0)

VA IRRL Refi

Answer
You should consider hiring an attorney to review the situation, explain your rights, and recommend courses of action. The best alternative is the Pre-Paid Legal Service which provides, among other things, unlimited telephone consultation and letters or phone calls written on your behalf. Their services can be had for as little as $17 per month.
November 30 2010
(0)

Is it possible to refi with No equity

Answer
Yes, if you come to the closing and pay the costs of the refinance out of your pocket rather than rolling it into the new loan amount. You also may be asked to provide additional money if your home does not appraise for at least what the loan amount is.
November 12 2010
(0)

What can I do to get more (or better) quotes for my loan request ZR-BJSPVJF

Answer
Look at your LTV and make sure it is less than 96.5% and also if your credit score is less than 580 that could be a problem. You'll need to get your score up to at least 580, but at a 620 you'll have even more options
April 21 2010
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What can I do to get more (or better) quotes for my loan request ZR-VTLJBYQ

Answer
US bank also goes down to 580. You could also work on getting your score up. Zillow has some great suggestions on how to do this and there is plenty of information provided in this forum.
April 20 2010
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Better Credit scores

Response
Everyone has provided great advice. while paying off old collections or judgments is the right thing to do, it will hurt your credit in the near term because it updates the date of last activity on a negative account. Just open new credit and NEVER use more than 30% of the available credit line throughout the month.
April 20 2010
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how bad does 4 neg accounts affect my score? will they ever come off?

Answer
A credit score is a prediction of your future likelihood to make a late payment. You need positive open credit cards with low balances. Open one at new millennium bank.
April 20 2010
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FHA LOAN WITH 601 MEADIAN SCORE?

Response
Open a new secure card at New Millennium bank and always keep your credit card balances below 30% - every day of the month. You can't expect to pay them down at the end of the month because they may report the balance before your payment goes through. You should be able to get a rate of 5.5-6% with no problem. Just wait - working on your score now will save thousands over the life of the loan.
April 20 2010
(0)