Profile picture for Fred Chamberlin

Fred Chamberlin

Lender

Mortgage Loan Officer (30 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

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

Contributions are sorted newest to oldest.

What are the loopholes associated with purchasing a foreclosed home? Is it inspected as well.

Answer

As near as I can see as a lender, buying a foreclosed home is like any other sale except you don't get a condition report from the seller. You can ask any seller for anything that you want done, but if you are asking for a sales concession for repairs, remember these things have to be done before closing if you are financing the home. As lenders, we want the home fixed we are going to lend on.

  (0)
What can I do to get more (or better) quotes for my loan request ZR-BJHFYTS?

Answer

I am assuming that this is for a manufactured home in a park with that kind of purchase price and the financing available for those is nearly non existent. If it is not a manufactured home, there are no mortgage lenders that I know of that will consider a mortgage amount under $25,000 and those are very expensive.In answer to your other question, if you are buying the home for your daughter to live in and are keeping title in your name, the home is a rental or investment property.Hope this helps.

  (0)
Rehabilitation 203(k) Mortgage loan.

Answer

No it isn't for just first time home buyers and in a lot of cases, it probably would be better if you weren't. One of the things this loan takes is patience and add to that perseverance and you have a good shot of making it work. There are actually two types of 203k programs, the streamline and the full. Most lenders will only do the streamline and it is limited to $35k and no structural work.Find a good loan advisor before you make the step into a 203k.

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

Answer

Realistically, most lenders will have very similar rates and fees due to the changes in how mortgage loan officers are paid. Because of this, there won't be a huge difference between loan quotes from one lender to another unless one is just priced way to high because of what his company is making on the loan or one is way to low because they are quoting something that they may not be able to deliver.Additionally, a rate quote is not exactly accurate unless the lender knows a lot going into the quote. For instance, the loan to value, the purpose, the debt ratio, if there is mortgage insurance (if so, what kind), is it government or conventional, manufactured or stick built and lastly, what is the mortgage credit report score. Remember a mortgage credit report score can be significantly different than a consumer direct score.My best advice is to interview the loan officers and find one that you can work with and go forward. It is more important to be able to close a loan successfully than to get a lower rate that isn't delivered.Good luck!

  (0)
If you buy a house for less than the assessed value does your taxes go down for that house?

Answer

Of course, every area is different, but addressing your question from a regional viewpoint, purchase price often does not affect the tax bill, because homes have a market value and a assessed value which is sometimes much lower. Besides, we know that once you give the government a tax, they hate to give it back. :)One of the unintended consequences of the tax limitation measures in Oregon was that assessed values did not go up as high as market values on existing homes during the boom period.

  (0)
What can I do to get more (or better) quotes for my loan request ZR-XTZNCZJ

Answer

Anyone quoting rates to someone with self discribed bad credit probably ddoesn't know what is really available anyway. Find a knowledgeable loan officer that is willing to work with you to bring your credit up to standard. Sometimes, it is fairly easy, but I have worked with clients for up to two years to get them to qualify for a decent loan. It is worth the trouble.BTW, most local banks are actually brokering their loans to the major wholesalers and sometimes hire those that can't pass the NMLS test.

  (0)
down payment

Answer

It is possible that they are in an area that this will work for USDA or maybe they had slightly more than that and it was a 3.5% FHA loan. Or, maybe they were purchasing VA and there was no down payment, just closing costs.

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Loan Approval

Answer

Interesting question, but not enough information. What kind of a loan are you applying for with no money down? How long have you had your current job. How much are the taxes? Estimate of insurance? Home owner association? Where is the home? Good luck but it would be nice to have more information.

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