Profile picture for Dave Campagna

Dave Campagna

Lender

Mortgage Loan Officer (23 years experience)

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

Advice

  • (8 Contributions,
  • 1 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

550 credit rating because I only financed a truck some 12 years ago and pay cash for everything else

Answer

With the limited or low credit score, you may find a hard time to get a traditional mortgage.  What you could do is try to find a hard money or private lender to lend you the money to purchase the home.  They will usually require you to put a down payment of 40% or more.You should try to open some credit cards to improve your score and over time, your score will go up.  It may take 6 month to a year before you will see a difference in your score assuming you make on time payments and do not max out the card.It may be difficult to find a credit card company to give you an account that does not have an annual fee.Best of luck

  (0)
upside down on a home loan and need to do something either sell or refi.

Answer

I am not clear on your equity position now on your home.  However, there is a loan program offer by Fannie Mae that will allow you to refinance even if you are upside down on the property.  Currently they will allow you to be 105% of the value of the home and new legislation will allow you to be 125% of the value of the home and still refinance. In regards to the PMI, you are not going to be able to rid of that.  The good news is depending on your income and filing status it should be tax deductable.  Check with your CPA / Tax adviser for all the detailsFinally the home prices nationally have seem to bottom at per the national association of realtors.  That means you value should come back.Remmeber that homes where  ment to house people not be your primary investment.  Hang tight you  will make it through

  (0)
what are the intrest rates for FHA loans

Best Answer

There are alot of factors that go into pricing a loan.  Loan size and credit score are the two main factors. Also the amount of points that you pay will also effect the rate you will get.  The answer above is accurate.  5-5.625% depending on loan size, score and amount of points paid.

  (0)
Loans for residential income producing properties

Answer

You are on the right track.  Min down is 20% but you will find a better rate at 75%.  It will be hard to pre-qualify you in the fourm.  My sugestion is to meet with a loan officer and discuss it with them.  They should be able to pre-qualify you over the phone.You will also need to know about what the 4 plex rents for or what common rents in the area are.

  (0)
If my wife was only working since 11/08 can I use her income?

Response

Depending on what type of loan you apply for you may be able to use it. FHA loans for example are much more lenient.  However it truly will be up to the underwriter. If she has any type of history of schooling prior to this new job that will also help. Worse case scenario you can always use the income as a compensating factor.  Sorry to be vague but this is in a gray area that really will be up to the individual underwriter and using it will be very aggressive so the over file needs to make allot of sense

  (0)
What will an FHA lender approve us for?

Answer

I agree with Bob comments below.  Sit down with a local lender in your area is the best way to approach this.Based on the information you told me above you would qualify for a purchase of $475,000 on the low end and $550,000 on the high end.  You see the best way is for a lender to run your credit and income senerio through an automated approval system.  Thet will tell you the max that you qualify for.  Any lender should be able to do this for in a very timly matter. I hope I have help.

  (0)
Modifying Owner Occupied Mortgage

Response

Although your note has a clause in it the most importnat part to the "Bank" is that you pay the mortgage on time.  My advice would be to rent out the home and keep making the payments.  With bigger problems on lenders / banks minds right now I dont think they will have a problem with it.

  (0)
Am I crazy to buy now with 1 million foreclosures teh bank are holding on to?

Answer

If you are renting now and looking for a place to live that you own, buying now makes since.  You see this will start the tax deduction for this year.  Also Interest rates on loans are still really low and as the economy starts to come out of this funk rates will raise.  So you can see there is more than one factor than the home price to look at.

  (0)