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michaelmccollum

Lender

Loan Officer (10 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (60 Contributions,
  • 0 Best Answers,
  • 9 Helpful)

Contributions are sorted newest to oldest.

FHA Streamline Refinance.. Should I or Shouldn't I?

Answer

Definitely the right thing to do. You will save both with the lower rate and the lower MI. A streamline will be easy. If you think you have some appreciation in that short of time or you walked into some equity when you bought it, you should at least compare with a conventional refi since your PMI would likely be lower and can go away unlike FHA's MI.

  (0)
Can I get a Jumbo loan on a $600K house with 10% down

Answer

While many lenders still require 20% down on jumbo loans there are some that allow 10% down. You can also do a combination loan with a first and a second to avoid PMI and have the first mortgage under the jumbo limit. One thing to keep in mind if you go with the jimbo option is that you may be required to have as much as 6 months of mortgage payments held in reserve after closing. I'm here in the Atlanta area if you would like to discuss. Thanks.

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How to get mortgage with high to debt income.

Answer

Your best bet is to have your wife go ahead and refinance you off the loan if the plan is for her to keep the house. Obviously that assumes she can qualify on her own and that there is enough equity in the home that would allow you qualify. If that is not possible, the only way to not count that debt against you is to document your wife paying the mortgage on her own for likely a 12 month period.

  (0)
I am looking for a lender in GA....

Answer

I am a local lender in Georgia and we go down to 580. There are extra requirements with scores in that range, but I would be happy to take a look for you. Michael McCollum

  (0)
Get screwed less?!? FHA or Conventional

Answer

I'm telling all of my clients to go conventional if they can come up with the 5% down. FHA's mortgage insurance is simply too costly if it can be avoided. Not sure why your rate would be a full point higher with conventional unless your score is pretty low. You may want to see what you can do to bring it up.

  (0)