Profile picture for Guy Barre

Guy Barre's Advice

Contributions are sorted newest to oldest.

  • 12 Contributions
  • 0 Best Answers
  • 1 Helpful

Guy Barre wrote:

What are the reasonable fees for 390 K Loan with 47K Downpayment ?

Answer
Fees  directly associated with the loan will differ depending on the lender. Pricing (points or rebate) will be affected by the interest rate you select.Our fees are typically as follows:Underwriting Fee; $900.00Appraisal Fee: $410.00Credit Report Fee: $11.35Flood certification: $5.00Tax Service: $19.00you also need to take into consideration title, escrow, recording fees, and other miscellaneous expenses related to your purchase transaction.
November 23 2011
(0)

Refinanced mortgage

Answer
If the escrow account analysis discloses a surplus, the servicer should refund the surplus within 30 days.  Lenders or loan servicers are usually pretty good at refunding even in less than 30 days.
November 23 2011
(0)

How hard is it to get a mortgage, really?

Answer
Getting a loan is not that hard as long as you ...have adequate inome, a FICO score above 620; are fully employed for at least 2 years -same job a plus; can document that the money for your down payment and closing costs comes from you, or if part of the down payment comes from a gift- must be from a family member; can prove that at least 5% of the down payment comes from your own funds; are a US citizen or a foreign national with proper visa,and the appraisal comes at or above purchase price (good luck).So you see getting a loan is not hard it's simply not easy... 
October 28 2011
(0)

how can I get a mortgage refinanced at the lower rates when most of my income is from investments

Answer
I have the same reaction Mark Gelbman had.  Who told you you could not use investment income for an FHA loan?Be prepared to document 2 years hisrory of income from your investments (1099s, tax returns) and/or satisfy the lender you have sufficient assets to genenate the investment income you need to qualify.Keep in mind that lenders will average your investment income over the previous 2 years (based on your income tax returns) to determine what level of investment income they will use to qualify you.Good luck.
October 28 2011
(0)

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

Answer
My suggestion is to simply postpone buying a home until you have established sufficient self-employment income (2 years.)If you are confident about your self-employment activities for the future, and if you want to secure a property at today's depressed values I suggest you look for a lease with option to buy.Rent now and exercise your option to buy when you can qualify for a mortgage loan (24 - 3 = 21 months.)Find a local Realtor who understands lease transactions with option to buy and who is willing to work with you.  Good luck.  
August 07 2011
(0)

mortgage with foreign income

Answer
You will need to have your pay stubs, employment agreement or contract, translated by a certified translator.  You will need to demonstrate equivalency of your salary into US dollars.If you have a good credit, enough down payment, acceptable debt-to-income ratios ,and can document that your job overseas is a permanent job and not seasonal or short term, I don't see why you can't get approved for a mortgage loan.
August 07 2011
(0)

Can I get a conventional loan with 10% down?

Answer
Fannie Mae guideline for high balance ($417,001 to $729,750) fixed rate loans is 90%, and 75% for ARMs.
August 06 2011
(0)

what is the value of my current house?

Answer
At the end of the day, the value of your property is what someone is willing to pay for it.  Anything else is just estimation.
July 29 2011
(1)

What are my options? BOA 1st/HELOC ($325k+$175k)

Answer
Stay put.  Buy mutual funds with the $100K+ you have.  Wait for the market to recover before you put more of your cash into your property.  Values could still decline.
July 23 2011
(0)

4506-T? The deal breaker?

Response
I agree with a lot of good people who took the time to read about your problem.  My recommendation is that you should tell your lender  all about your situation.  Make sure youhave a detailed explanation letter that can be given to the underwriter.  Good luck, don't give up.
July 23 2011
(0)