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J Pat Kearney's Advice

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  • 5 Contributions
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J Pat Kearney wrote:

Can REOs be used in comparing properties appraising a house?

Answer
You can also ask your Realtor to provide you with recent comps, if the purchase price if $40K over the purchase price, you can re negotiate the price, or pay the 40K premium or have your realtor/broker review the contract for other remedies i.e. cancellation.Best of success.
December 05 2012
(0)

i own my home free and clear, my wife and i want to buy another one, i have worked at my job for sev

Answer
If your buying an investment property, the rule is 75% of the gross rental income can be counted against the new mortgage payment that includes prop taxes and insurance.Depending upon your purchase price, markets rents, etc. it is possible for thenew property (rental) to completely cover the new debt which could make qualifying pretty easy. There are a lot of factors to take into account, contact a good mortgage banker and have them run the numbers for your particular scenario.Best of success to you.
December 05 2012
(0)

How long does it take for a V.A home loan if it is in underwritting and they need a Form 21-526

Answer
Once the loan has been approved by underwriting, there will be conditions that have to be met for loan docs and closing. A realistic expectation is 3 days for everyone to submit the conditions paperwork, 2 more days for loan docs, then another 3 days for doc signing,back to escrow then back to lender for funding. The # of days are business days. If everyone involved is "on the ball" and super responsive, the above is feasible.
December 05 2012
(0)

How much time do tenants have to move out of the house that is sold sooner than expected?

Answer
A good source is your local property management companies.It is their job to know the laws regarding landlord/tenant
December 05 2012
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I have an FHA loan and would like info to remove my $150/month PMI

Response
FHA MI will drop off after your loan to value based upon the original loan is at 78%. A minimum of 5 years will also have to elapsed. This is supposed to be automatic.You could also refinance to a conventional loan with 5% equity/95% loan to value but you would still have PMI ( not gov't MI). Conventional MI can be removed after 2 years and with a 20% equity position. The Caveat is the conventional loan with PMI will be a higher rate than the FHA insured loan. You need to do the math to figure out if the small payment savings worth the cost. Have a Mortgage Pro in your area run the numbers for you. 
October 31 2012
(0)