Justin McHood's Q&A

Great question!My first thought would be that lenders don't matter - loan officers do.And there are three types of loan officers (at least!).But a couple of other important related thoughts would be make sure you know how your loan officer is paid and how much your loan officer is charging you.Justin

Lisa,First step is to find out if your loan is owned by Fannie Mae or Freddie Mac.If it is owned by Fannie Mae, you can use any Fannie Mae approved lender to possibly "streamline" your loan with the DU Refi Plus program.If it is owned by Freddie Mac, you can only use your current lender to help you -- so call them directly.That said, many people here in Arizona are over 105% LTV in which case the DU Refi Plus program won't help - the only chance is to work with your lender to possibly get a loan modification done under the Making Home Affordable program.I wish it was easy, cut and dried/black and white -- but it isn't.If I were you, I would start by picking up the phone and talking with your current lender.Justin

Hi Floyd,Both Lewis and Nic are right -- anyone who does FHA loans in Arizona can do an FHA streamline.My office is in Chandler if you want to meet someone in a brick and mortar location - but the honest answer is "you shouldn't need to" to do a streamline.If I were you, to get the best deal on a streamline, I would use Zillow to fill out a quote and then let us lenders submit offers. It works well and it forces lenders to shoot straight and be competitive on price.Justin

Getting a loan will probably not be too tough.Finding the right house in Scottsdale that isn't going to drop 400k (as pointed out by NTETS) is a different story.I suggest starting with the right agent -- none better for Scottsdale than Steve. Start there!Financing is not going to be the difficult part on this one assuming you have good/great credit.Real Phoenix LivingGood Luck,Justin

Hmmm.Want to know the ins and outs of the mortgage business and how to get the best deal?[content removed by moderator for being self promotional]Justin

Ok, I couldn't resist -- being the local guy who is semi-web-savvy...You can find at least 3 loan officers who are local who may be able to help you here:Arizona Loan OfficersAnd if you need a couple of other good loan officers, here you go, I just haven't added them yet:http://www.arizonamortgagenews.com/http://www.bestfhalender.com/And of course...If you need more "good" loan officers in Arizona...I probably know even a few more than that.But as Randy said -- I suspect that the good ones are completely swamped.[content removed by moderator for being self promotional]

Hi Marsh511,The home must be owned by Fannie Mae to qualify for HomePath mortgage financing. There is a close cousin to the HomePath program called the HomeStyle mortgage program for homes that are in need of repair but are not owned by Fannie Mae.Justin

Hi jenmopo,I don't do loans in Colorado (I know a great loan officer at 1st National Bank who could help you though if you need it) but here is some information I have put together on the new HomePath financing programs.Hope it helps!Justin[content removed by moderator for being self promotional]

Ryan,Right now, loan modification is your only choice. That possibly could change - there are various "programs" being discussed in Washington DC that may (or may not) happen soon.You can attempt to do your own loan modification - and if you are not late on your payments, here is what you can expect if you are not currently late on your payments.Also, here is a list of some of the best loan modification companies in Arizona should you wonder "who can help me"? They all charge differently, so make sure to speak with more than one. Make sure that you ask your potential loan modification lawyer these 5 questions so you will increase your chances that you are getting a good deal on your loan modification.Justin

You had me at "stated income". The problem with stated income loans is that most (if not all) lenders are pulling tax returns now, so stated incomes loans don't currently exist.Sorry to put it this way, but you just need to "hold tight" until something changes. There isn't currently a loan program that will help you.Geez.I hate being the bearer of bad news.