whats loan amt ? whats the appraised value ? credit score? income and debt level ? is the loan a fannie or freddie loan? who is present lender? as you can see - lots of questions go into this answer
Tonya - welcome ...if the "ltv" can be kept under 105% and if the loan is eitehr a Fannie or freddie loan and if he qualifies OK ( debt to income ratio , credit score etc Ok ...he should have some other lender options to look into ..thanks
Tonya - Q#1-do you ( or does he ) have any idea as to what the reason for denail was? Q#2- has the property been recently appraised ?Q#3- was he denied by the lender that is presently holding / servicing the mortgage ?finding this out might help figure out the next steps to take ..Dave Skow
i would definitely go for it .....if the 69 month breakeven period is concerning you you might look at options that have lower costs but slightly higher rates ( eg. 4.75% or even 5 to see if these options have shorter breakeven periods....Dave Skow
HANSAN ..thanks for the notes The reason no quotes are coming up is that the system shows the lower score ( thus no quotes ) ...I would encourage you to contact a local lender to have someone that you can communicate with directly look into your options ( this site isnt to helpful when the scenario is outside of the box) Dave SKow [erased contact information, they can click on your profile to contact you]
reason no quotes are coming up is that the system shows the loan to value over 100% ( thus no quotes ) ...I would encourage you to contact a local lender to have soemone that you can communicate with directly look into your options ( this site isnt to helpful when the sceanrio is outside of the box)
yes1) down payment can be 02) VA loans can be more " forgiving" on lower credit scores 3) no monthly mortgage insurance ( although theer is a VA upfront funding fee that is paid at the time of closing )
Did CitiMortgage rip me off?
Answer