Profile picture for Jeff Smith

Jeff Smith

Lender

VA Mortgage Specialist (15 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (9 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

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.

  (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.

  (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.

  (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.

  (0)
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.

  (0)
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.

  (0)