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Jeff Coon's Advice

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  • 12 Contributions
  • 0 Best Answers
  • 2 Helpful

Jeff Coon wrote:

what mortgage can I get for a fixer upper and put and addition on the house?

Answer
Your situation sounds perfect for an FHA 203k Renovation loan. A Conventional renovation loan option also exists. Here are some details: ·       Primary, Second homes and Investment Properties!·       No mortgage insurance with loan to values under 80%·       Reduced mortgage insurance on properties with as little as 5% down·       Renovations can include luxury items such as landscaping, pools and spas...almost anything goes·       Available for purchases and refinances·       This product can work off the after-improved value… not what it is worth today·       Take a house all the way down to the foundation and start new·       Expand the foundation and footprint of the home·       All work on purchase transactions happens after they close /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman","serif";}
August 22
(0)

can i get a mortgage with a 600 fico?

Answer
The easy answer here is "most likely"....however more information would be needed to correctly evaluate your personal situation. Credit score improvement is often not very difficult, and analytical tools lenders have are often able to provide prospects with easy to follow solutions to increase their score without any trickery. Many lenders will lend to 580 currently for Government loans, however lower FICO borrowers often need to provide additional documentation & explanation for their profiles.Be happy to help you in NJ.
August 22
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Can a seller's broker require me as a buyer to apply for a mortgage through the realtor's mortgage c

Answer
I think Michelle Risser may have put it best. Yes, we see this occur, and as a mortgage professional it is often a point of contention for us when this happens to one of our own pre-approved buyers, however we do see this from time to time. Of course the 'preferred lender' would love a chance to provide you with your financing and this request often indicates a good relationship between the selling agent and that mortgage professional. In some cases, this can be harmful however- not all lenders can do the same things. One lender may allow a higher debt to income ratios for instance, or allow a lower FICO score. So what works at one lender does not always follow the same guidelines at another. This would be the main concern I would have...as an aggressive lender with more common sense underwriting, and fewer overlays we can often approve scenarios that others cannot.Best of luck in negotiating your deal!
August 22
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i had financial difficulties durring the financial crisis and have 4 charge offs on my credit report

Answer
Hi!Charge offs or other derogatory credit items can affect your credit score & your ability to qualify for a loan, however we routinely approve clients with these types of items, even many who have not been paying on them.  The ability to qualify goes deeper than a few poor credit items.  In order to find out about your personal situation & options, a preliminary credit report & basic application should be obtained. Many lenders (including us) offer credit analytical tools to assist borrowers with improving scores when applicable. Your FICO, income, employment, down payment & other factors are all considered when applying for a mortgage. It should not cost you anything to speak with a mortgage professional to determine how to proceed. Be happy to help!
August 22
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Can I tap into equity in my house? started new business so can not show 2 yrs of income from same em

Answer
I agree that a Freddie Mac cash-out refinance appears to be a viable option for you with your situation as described. (kudos to Keith) it would appear on the surface at least that you have the equity & FICO scores, and at least 1 year of tax return. An Equity line is cheaper but will likely be very difficult to obtain given the nature of your current situation..Rates are very low right now, and a 1st mortgage with a fixed rate might just be the fix. You could obtain the cash you want to utilize, and any excess could be deposited, and if unused applied to reduce principal.I'm in NJ, happy to assist.
August 22
(0)

how hard is it to get a home purchase mortgage nowadays?

Answer
Hello Maria.  I saw your post & just had to respond. Communication is one of the most important parts of a good mortgage process - right up there with low rates, and fees. I am a local, direct lender located in Central NJ. We can certainly get you pre-approved same day, with minimum intrusion. Typically a phone call is all it takes, followed by a face to face meeting when your offer has been accepted, however we can make time to meet with you in person at any time, your place or ours.(Wall, NJ GSP98-for us)Many of the lenders on Zillow as others have noted will not see your inquiry, or it gets 'lost' in the high volume they may be seeing. Our team specializes in purchase loans, (over 1200 successful NJ closings )referred mostly by local agents in our area.If you are looking for a smooth, easy process with answers to all your questions same day, please- check my reviews, and then contact me.Mention Zillow and we'll throw in a bonus for you & your husband to help make the purchase even better- a 1 year home warranty at no cost when your purchase closes with us.Best of luck!
October 07 2013
(0)

First time home buyer

Response
Hi there!We love working with NJ First Time Buyers, and have several products that you may be interested in. As a self employed person, if you can provide two years proof of self employment (2011 & 2012 tax returns are generally required) that's the first step.Second, any expenses paid via your business must be proved via 12 months (consecutive) payments from the business account to be excluded from liabilities.Next, your $40,000 in savings makes you a great candidate for a good down payment, and allows for some options on how to best structure your loan.We have several ways to make your home buying experience better, starting with our team(local- your agent may know us) our communication, and expertise. With over 1200 successful closings we have the experience to help you make this an easy deal. We're normal, everyday people just like you, and specialize in making our clients feel comfortable. Meeting with you in person to document the loan & review disclosures, etc will put you at ease. (check our reviews) If you need an agent, we work with some of the area's best top producers, and can refer you.In order to begin, and get a fast, free pre-approval, feel free to connect via my profile- remind us about Zillow, and we'll throw in a surprise bonus for you! Best of luck!
October 07 2013
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Locking in a rate. Help

Answer
You always have options, and this can have an impact on your finances for some time to come. A good lender can close your loan from start to finish in 10-15 days if everything is in place. This means with maybe a week delay to your closing date, you should be saving some money. As others have mentioned- it appears based on your query that you are being over-charged, and a potential savings of $75+/month could be available. It is also possible that you are being charged monthly PMI on this loan, and if you are interested in saving even more money, you should contact a lender (like us) who can explain the optional benefits of Single Premium PMI - (a one time fee paid at closing to eliminate monthly PMI). Feel free to contact our team for more information & sound local, NJ advice!
October 07 2013
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Purchased a house on 203K a year ago, can I sell it now

Answer
It appears that since you have been living in the home for over a year you should be good to go. I would be surprised to hear that you had any issues. people housing needs change and there are often circumstances that require a move. We offer 203k loans, and all other types of mortgages if you are selling & buying another NJ home! (local NJ Direct Lender)Best of Luck to you-
October 07 2013
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Mortgage types for my needs?

Answer
Hi Christine-We're all mourning the loss of approved USDA areas with the newest maps for NJ.With that said, my company & I offer Conventional loans with 3% down.  Your indicated FICO score is above our minimum.I'd be happy to discuss the benefits of our program, and see if we can work within your parameters, so feel free to contact me via my profile- be sure to read reviews first! :) I'm a 'local' NJ lender and can also meet with you in person!  Thanks-
October 07 2013
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