Profile picture for Don Deibler

Don Deibler

Lender

Mortgage Loan Officer (6 years experience)

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

Advice

  • (26 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

Is it possible to get a primary residence with no money out of pocket?

Answer

What about a gift from a family member? FHA requires 3.5 % down payment so perhaps a discussion with your family would be something to consider. Keep in mind you should have $600-700 to pay for inspections and the appraisal even if the down payment is gifted. And you would need the sellers to give a concession to offset all closing costs and prepaid items.

  (0)
How hard is it to purchase a home after a foreclosure?

Answer

We have a FHA program that would allow for it after 1 year if you meet the eligibility requirements. To answer your question, it will be more difficult than a traditional mortgage scenario but its not impossible either. Working with an experienced lender who has previously closed loans in this scenario would be your best bet. You may/may not find that locally. I agree that the online forum is a more efficient route to finding solutions in these more difficult scenarios. Local community banks are typically not set up to allow for this type of scenario. And if you luck out and find one close to you, it will likely take patience and persistence to go to each bank. Feel free to contact me through my profile to discuss the details. Best of luck!

  (0)
Fha

Answer

We use AFR and other investors that may be able to help :) Contact me through my profile to discuss the details. 

  (0)
how to buy a house while on disabled income

Answer

Lisa,The awards letters would need to prove the income will continue for the next 3 years at least. You will also need to show the disability payments being deposited into your bank account. Be careful with the mortgage calculators as they may not include everything for your particular scenario. For example, taxes and insurance will be part of your monthly payment. Most mortgage calculators will only give you the amount you are applying toward the principle balance of the loan and the interest for that month.Contact me through my profile to discuss the details. 

  (0)
I'm looking to buy soon

Answer

Hello - Sounds like you have a good idea what you are looking for. But before you narrow down your search or think about making an offer on something you like, you will want to get pre qualified with a lender. This way you will have the financing in place to complete the offer, which most sellers will want to see anyway.Contact me through my profile to discuss the options and to get the process started up. We are licensed in all states. 

  (0)
Qualifying for the FHA Back to Work program - Chicago

Answer

I think its worth a second look based on the information you listed above. It all comes down to the documentation and what we can prove. I would be glad to look it over since you likely have it all put together. Contact me through my profile if you would like to discuss it further. Thanks and good luck!

  (0)
When to get preapproved?

Answer

Everyone's situation is a little different. Ideally, 6 months is nice but anything could happen or change in that 6 months and the credit scores, your savings, income, and interest rates are all subject to change in that time period. Depending on the circumstances of your bankruptcy, you could be eligible for the FHA Back to Work Program. Our company closes these every month without having to wait for the traditional timelines in regards to bankruptcy, foreclosure, or short sale. There are a lot of variables that go into that program but you should be aware of it as you might be able to get into a house sooner than you think. If you want to talk more about that possibility please feel free to message me through my profile.One thing you want to be careful with is that there is no such thing as a pre-approval. Your file and scenario is still subject to underwriting review before you are final approved to close on the loan. The preliminary conversation would be geared toward a pre qualification which means that your scenario fits the minimum eligibility requirements but is still subject to underwriting review.Best of luck! 

  (0)
How low should your DTI be to purchase a home?

Answer

Each person's scenario is different. Each house will have a different monthly obligation too. So you may want to consider a cheaper house price and/or an area with cheaper taxes or homeowner associationdues too. Eliminating monthly payment obligations will help but be careful about closing out lines of credit, revolving credit, and other similar accounts as that may negatively affect your credit scores. If you have available cash, consider a larger down payment to lower your loan amount which would reduce your DTI as well.  If you want to talk more about your particular scenario feel free to message me through my profile.  Thanks and good luck!

  (0)