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Brandon Griffiths's Advice

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  • 26 Contributions
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Brandon Griffiths wrote:

Fannie Mae Question

Answer
It is not difficult to by a Fannie Mae home with FHA financing. However, one thing you need to keep in mind is that the home may not qualify for FHA financing. It is not uncommon for a foreclosure to have broken windows or tore down walls, missing appliances and/or fixtures. FHA is more strict on ensuring that the home is livable and safe (meets all the codes). I have helped clients finance a fannie mae homepath home with fha financing on a few different occasions. Good Luck!
January 30
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Home loan or HELOC for $35K

Answer
I'd check with your local credit unions. They are typically more likely to lend on a smaller loan amount like that. Most banks/lenders have a $50k minimum loan amount. For $35k, I'd recommend a HELOC over a loan. That way you only pay interest on the amount you withdraw and are not paying interest on the excess funds that is now sitting in your bank account from a cash-out loan. Good Luck! 
January 30
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Virginia lender who can close with bad credit but low ltv high income?

Answer
How many 30 day late payments in the last 12 months?
October 08 2013
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What can I do to get more (or better) quotes for my loan request ZR-QGVWBBM?

Answer
I am not licensed in CA, however my company and fellow loan officers are. Let me know if you'd like me to put you in contact with our manufactured home expert to discuss your scenario with him. Good Luck!Brandon
September 23 2013
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What can I do to get more (or better) quotes for my loan request ZR-NYTSMLY?

Answer
Yes it is possible. I have 5 lenders (out of 35 I work with) that will do FHA financing for a 600 credit score. We would need to look at your debt to income ratios, determine if there are any derogatories on your credit that would disallow financing, etc...I'm not personally licensed in FL, however my company is. I'd gladly point you in the direction of a loan officer who may be able to help with your scenario. Just let me know. Good luck!Brandon 
September 23 2013
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What can I do to get more (or better) quotes for my loan request ZR-YJFCBLN?

Answer
You indicated that you acquired your current loan in 2011. That would disqualify you for a HARP refi. In order to qualify for HARP, you need to have obtained your loan before May of 2009. However, you indicate a loan to value below 70%, so you wouldn't need a HARP refi anyways. I just scrubbed your info against 30 of my lenders and 4.75% looks to be competitive. Investment properties tend to be around .5% higher than an owner occupied loan, all other things constant. I'm not licensed in WA but my company is. Let me know if you'd like to speak with another loan officer regarding your scenario as I'd love to put you in contact with one. Good Luck!Brandon
September 23 2013
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Question about obtaining a mortgage 1 year after chapter 7

Answer
VA financing typically requires 2 years after bankruptcy to qualify for new financing. You said that your currently have a credit score of 610? Assuming that your BK waiting period has passed and you are current on all other obligations, a 610 credit score would qualify you. Keep in mind that a 620 score would get you much more favorable rates. I'll avoid self promotion here, but there are many lenders who can help you "optimize" your credit and get you up a few points for qualification purposes (my company included). If you are very eager to get into a home now, you can look at FHA financing. FHA just rolled out with a program that allows eligibility after 1 year of most recent derogatory (bankruptcy, foreclosure, short-sale, etc...) however, there are a few conditions to be met. You could always look at getting FHA financing now, and refinancing into a VA loan once you qualify. I'm personally not licensed in GA, however, my company is. I can get you in contact with a VA loan specialist who can review your scenario with you. Just let me know. Good luck!Brandon
September 23 2013
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What can I do to get more (or better) quotes for my loan request ZR-DGQZPGT?

Answer
I can put you in contact with a great company that specializes in VA loans in GA. VA doesnt impose a minimum credit score but most lenders like to see a 620 score or better. Bumping your credit up 20 points might make a world of difference for qualification purposes. There are tricks and strategies to optimize your credit right before a mortgage application. Let me know if you have any questions and I can point you in the right direction. Good Luck!
September 04 2013
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Mortgage Lenders.

Answer
Zillow has a great rate quote option for you. Just click on Mortgage Rates on the top toolbar. If you want a specific rate quote with a breakdown of fees, let me know. I can most likley assist you with that as well. Good Luck!
September 03 2013
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Am I capable of securing an FHA loan with an '09 discharged CH7BK and an '11 Deed-in-Lieu?

Answer
You're in the clear for FHA financing with the BK, however you need 3 years from deed-in-lieu. FHA just rolled out with their "back to work" program which may reduce that wait to just 12 months instead of 3 years if a certain criteria is met. Which state are you located in?Good Luck!Brandon
August 27 2013
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