Adam Reed's Advice

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Adam Reed wrote:

My wife's credit is not good, mine is 730.

Answer
This is a tough answer.  While credit scores are part of the loan application, there are many more criteria that also go into the application.  For example a big one is debt to income.  If your income is enough to support the household liabilities and the new mortgage payment it might be worth leaving your wife off the application.  Give me a call and I would be happy to run some of the numbers with both options to see if it is a good fit.  Thanks,Adam
September 11 2013
(1)

what if you have good credit but a low down payment, can you still get a mortgage

Answer
Yes, it is possible!  FHA, and VA are the most well known programs and allow for minimal downpayment.  (0% for VA, and 3.5% for FHA)  Many lenders also offer internal programs that have similar down payment requirements and lower PMI options.  Give me a call if you have any questions.  I'll be happy to go over the details with you.  Thanks,Adam
September 11 2013
(0)

I am on a FHA 30-yr fixed mortgage loan with a 5.875% interest rate.

Answer
Based on the details you gave it would seem that a refinance would be something that would benefit you whether the refinance shortened your term, or reduced your payment.  With a good credit history, and consistant income it should be possible to lower your payment amount pretty significantly with a 30 year fixed rate mortgage.  With the 15 year refinance option the payment would probably stay about the same, however you will payoff your home 9 years earlier then if you were to stay with your current mortgage.  In both options you should have a very good chance of lowering your interest rate. Feel free to contact me if you have any questions.  Good luck!  
September 11 2013
(0)