Profile picture for Trevor Curran

Trevor Curran

Lender

Licensed Mortgage Loan Originator (26 years experience)

Specialties:
Purchase Loan,
Refinancing

Advice

  • (38 Contributions,
  • 2 Best Answers,
  • 4 Helpful)

Contributions are sorted newest to oldest.

One VA home now, but what next? FHA or VA-(remaining entitlement)

Answer

Frankly, it appears you're using Owner-Occupied Government loan programs to build an investment portfolio.  In 25 years as a Mortgage Banker I've never heard of "upward mobility" as an acceptable explanation for what it is you propose.  Of course, this investment initiative is going to be fairly obvious to the person who ultimately Underwrites your next loan request.You'll probably find a Loan Originator who will heartily agree with you and then waste your time when the Underwriter denies the loan in the end.Trevor CurranNMLS #40140

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Loan Approval question.

Answer

Good morning Phoebe,Sounds like you're on the right track.  I'd suggest meeting in person with an experienced Mortgage Loan Originator (MLO) to review your prequalifications.  The date of discharge of the Bankrutpcy is key for the type of loan program you'd qualify for.  With regards to the mortgage payment history, your best bet is to provide either cancelled checks (front and back) or proof of wire transfer if you paid electronically directly from your bank account.All the best!Trevor CurranNMLS #40140

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My credit score is 606. Can I still get approved for a mortgage loan?

Answer

Good morning MonicaDriver,Thank you for providing so much detail in your query.  First, your score is probably too low for most Lenders.  620-640 seems to be the guiding standard currently.  Second, because your score is 606 it seems you are not so far off the mark.  You'll need to commit to an Action Plan to work on increasing that score to a sufficient level, and I'm sorry your current mortgage lender didn't advise you on a course of action.The Action Plan may take only a few months or may take a few years depending on the nature of your total credit history.When you say "all my credit cards are paid" I don't know if that means they are paid off to zero balance and CLOSED or if they are paid on time with current balances.  Typically we like to see at least 2-3 active accounts open and active with balances for the most recent 12-24 month period.  If you're not meeting that minimum standard, that might explain both your low score and your inability to qualify at this time (according to one mortgage lender).Here's the course of action I recommend:1. Locate and meet with a LOCAL Mortgage Loan Originator (MLO), someone with at least 15 years experience.  Meet in person and let the MLO review and advise on your TOTAL loan qualifications: Income, Assets, and Credit.   The total review is important because there may be other factors the MLO can use to bolster and strengthen your loan application.2. If the new MLO concurs that you are not qualified due to a lack of recent, adequate credit history, then I suggest you check out Consumer-Action.  This is the absolute best not-for-profit organization to provide consumers with clear advice on creating and improving credit histories.3. Beware of "credit repair" companies: they are scams according to the Federal Trade Commission.  They'll take your money and waste your time.I hope that helps you!Trevor CurranNMLS #40140

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Can I get a loan with a co-signer?

Answer

Good morning Chrystaldeal,First, a cosignor does not mitigate a poor-credit situation.  So if you are assisting because your score is higher, then the cosigning scenario won't work.Second, I strongly recommend you locate and meet with an experienced LOCAL Mortgage Loan Originator---one with at least 15 years experience---and let that MLO review the entire qualifications of your child, whether or not that includes you as a cosignor.Trevor CurranNMLS #40140

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Possible to get 2 FHA Loans back to back?

Answer

What you propose is difficult at best, but not for the reason you think.First, FHA only allows for a single mortgage per Borrower (except within extreme circumstances).  So, your concept to refinance to a Conventional loan is a sound one, EXCEPT, when your new FHA loan application is submitted for the new home, the Underwriter is naturally going to approach the application with extreme skepticism unless you can provide incredibly convincing reasons why you no longer wish to occupy the first home.Note that "occupancy fraud" has been identified as one of the leading mortgage fraud scenarios nationally.  And a person who purchases a home with the low down payment features of an FHA loan, only to refinance a year later and attempt to do it all over again is a person who will appear to be taking advantage of the program as an "investor" not a true owner-occupant.So, unless you have a truly superb reason why you're leaving that home after only a year---and can document that reason---I think you will be disappointed in your attempt to use the FHA for a second go round.Trevor CurranNMLS #40140

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Frustrated with Banks about high DTI

Answer

Good morning,It seems to me that you've spoken to only a single Lender, and a huge National one at that.  I recommend you locate an experienced LOCAL Mortgage Banker, someone with at least 15 years experience, and meet that Mortgage Loan Originator (MLO) in person.   There's much that comes from a face to face meeting with a seasoned MLO that you cannot replace with a phone call (or worse, internet application).I received a referral last week to a First Time Buyer here in NY who also spoke with the same Lender you mentioned.  The prospective client used the word "disinterested" to describe that MLO.  The problem this Buyer had is the same as yours: according to the previous MLO this Buyer didn't qualify for a whole lot.   Well, in the space of less than FIVE minutes I determined the Buyer had more income than he thought he did---the other MLO never asked about those sources of income (pension from the State which is tax-free, Social Security and a part-time job in place for more than 7 years).  The other MLO never got past the pension and Social Security.So, what I'm saying is, the "50% DTI" you cite might not be the case.  Let a seasoned local MLO do the fifth-grade arithmetic and find out what you do and do not qualify for.Trevor CurranNMLS #40140

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Still at the processor, set to close in 4 days!

Answer

Good morning,Unfortunately in Underwriting a mortgage loan, the Underwriter exercises discretion that may not be favorable to your loan request.  A great Mortgage Loan Originator plans for this at the application stage; hopefully yours did, too.  And, hopefully, you've been clear with your MLO about these issues.If I were underwriting the file, I'd look at your fiance's 2 year income history to determine if these two recent life events are indeed anomalies.  The employment verification form will have indicated date of her last raise(s) plus annual income totals broken down by base, overtime and other income.  I would compare the overall income to the W2 forms, then do a base calculation on 35 hours a week for the entire period.  If your fiance has consistently worked the 35 hours in the past 2 years you should be okay.  If you haven't already submitted a written explanation, you should do so promptly.All the best!Trevor CurranNMLS #40140

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Mortgage rejected because condo is listed as tenant occupied

Answer

Good morning,Sorry you had a bad experience, but there is NO fix for this situation unless you choose to purchase the property as an investment with at least 20% down payment.The TRULY sad part of your posting is two things:1. The knucklehead Loan Officer you're working with never asked basic questions of you about the property status.  Rookie mistake.  AND "Rookie" in this day an age can mean a MLO with less than 15 years experience. 2. The even bigger knucklehead LO who posted in reply to you and suggested you commit fraud.  Oy. Vey.I say it everywhere I can say it on the 'net: work ONLY with an experienced, Licensed MLO, someone with 15 years + in the business and someone who works for a LOCAL Mortgage Banker.  Anything else is a recipe for disaster.Trevor CurranNMLS #40140Celebrating my 25th Year as a Mortgage Banker

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Down payment gift

Answer

Good morning brownbear2811,Gift funds are perfectly acceptable when purchasing a home and applying for a mortgage loan.  There are specific requirements/restrictions depending on the Loan Program you're qualified for.  With an FHA Mortgage for example, the total funds for down payment and/or closing costs can be gifted to you, but not "reserve" funds (required for multi-family purchases on 3FAM and 4FAM homes).With a conventional mortgage you must have 5% of your own funds before you can receive a Gift.Bottom line: check with your Mortgage Banker to determine if and how much of the Gift Funds are allowed/required for your purchase.  There is also a specific process for tracking the distribution of the Gift funds so you'll want to check that, too.All the best!Trevor CurranNMLS #40140

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Getting a Mortgage with my current job sitution.

Answer

Good morning,It appears from the information you provided that you would need a 2 year employment history with this job to qualify for a mortgage loan.  The reason: the Underwriter will want to either average your hourly income over the 24 month period or determine the consistency of this unique employment schedule.  2 years is the benchmark for such situations.Trevor CurranNMLS #40140

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