Profile picture for Kris McCurry

Kris McCurry

Lender

Award Winning Senior Banker (8 years experience)

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

Advice

  • (30 Contributions,
  • 1 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

Jumb Loan with 10% down

Answer

That is definitely an option, to drop your PMI with 10% equity. I have done quite a few of those, and your credentials are great. Let me know if you need any assistance, thanks!

  (0)
Bankruptcy Vs. Judgement

Answer

Hi, they both are negative on your credit.There is a waiting period after a Bankruptcy to buy a home, but a judgment can be paid and cleared up at any time. Then you can proceed with your loan!    In some instances a bankruptcy can raise your score, post a Chapter 7. Someone that had a lot of maxed out debt can actually have a positive impact once those are all gone through a BK. I have seen it happen.      Any questions let me know, I deal a lot with credit help to buyers! 

  (0)
I have a VA COE and was wondering about FHA as well with a credit score of 560-580

Answer

     VA is going to be the route to go, especially if you already have your COE, which can take a little while to get. There is no required downpayment or monthly PMI, which means a lower monthly payment. You have the ability to do VA or FHA loans with credit scores in the 500s.      For instance, I am able to do FHA and VA at 580 and up credit scores, but the Underwriting is a little more strict on the credit.  Sounds like you should be in good shape with great income, and some extra reserves would help as well. I am a VA Specialist, if you need any help just contact me, thanks! 

  (0)
Paying off a car loan vs money for a downpayment

Answer

      There is no right or wrong answer! I personally would keep the car payments, which helps credit, and save your cash, which is difficult to accumulate. Once you are ready to buy, then you can make sure you are not over-extending when buying a home. If you can afford the car and the home payment, you should be in good shape.      If you qualify with the car payment, then once it's paid off you can pay more on the principal. Then if you get another car down the road, you can still afford everything!     If you need some help let me know, thanks! 

  (0)
Paying off a car loan vs money for a downpayment

Answer

      There is no right or wrong answer! I personally would keep the car payments, which helps credit, and save your cash, which is difficult to accumulate. Once you are ready to buy, then you can make sure you are not over-extending when buying a home. If you can afford the car and the home payment, you should be in good shape.      If you qualify with the car payment, then once it's paid off you can pay more on the principal. Then if you get another car down the road, you can still afford everything!     If you need some help let me know, thanks! 

  (0)
Would becoming disabled allow you to obtain a 2nd FHA Loan?

Answer

HI Marla,     Here is roughly the only options FHA lets you have 2 loans. Other ones outside of this, I am not sure of. The owner might want to try, if possible, and refi that one into a conventional loan first. Here are the circumstances to have 2 FHA loans.A.   Relocations.  If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence.B.   Increase in Family Size.  C.   Vacating a Jointly Owned Property.  D.   Non-Occupying Co-Borrower.  If you need help, let me know. Thanks!

  (0)
Can I rent out my FHA Home?

Answer

Yes you can rent out any home you own! You may want to refinance first, if you can, if you want to use another FHA loan. There are very strict circumstances you can get a 2nd FHA loan and they are as follows:We do not object to homebuyers using FHA mortgage insurance more than once if compatible with the homebuyer's needs and resources as follows:  A.   Relocations.  If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence. B.   Increase in Family Size.  C.   Vacating a Jointly Owned Property.  D.   Non-Occupying Co-Borrower.  Let me know if you need some assistance, thanks!

  (0)
VA loan with a credit score of 604

Answer

Getting your loan is a good possibility. There are other things to take into consideration, but with a 604 you are definitely eligible. The acceptable debt ratio goes down, the lower the credit score you have, and you may need compensating factors with the VA loan. You would need to talk to a mortgage professional, if you need help let me know. I have been a VA specialist for a few years. Thanks!

  (0)
Loan Eligibility

Answer

Nope, should be smooth sailing on your loan... pending the rest looks good!Let me know if I can be of assistance, thanks! 

  (0)
Wanting to buy a home but have issues....

Answer

You sound good to go, pending income/assets/credit qualifications! A few good options for you with/without downpayments. Good time to buy, let me know if you do need any assistance. Thanks! 

  (0)