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Financing : Nationwide Real Estate Advice

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  • Home Buying259K
  • Home Selling43K
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Activity 20,940
A moment ago
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I mainly focus on the NY market and can do VA loans with as low as 600 credit score.

We process and underwrite very fast.

If you have any questions or would like help with this please let me know. ... more
0 votes 2 answers Share Flag
A few minutes ago
Mastersarge answered:
It all depends on the amount of purchase, price of the house post purchase, credit ratings, current market in interest rate etc.
If you put down more than 20% down, you are probably not paying PMI, and maybe (!) Your closing costs were low enough. However, if you didn't put down 20%, and the house appreciated enough for you to save on PMI, and you can find a low cost refinance institution, then you do it.
My current house was refinanced a year after we bought it, because interest rates dropped low enough, the house appreciated high enough, the refi was cheap enough that it was worth it.
11 years later or house was paid off in full.
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0 votes 11 answers Share Flag
A few hours ago
Jose asked:
Consultants work based on contracts with companies for 6-12 months. Income is usually hourly and higher rate then salary due to no benefits. Sometimes you can go 1 or 2 months with no…
0 votes 0 Answers Share Flag
A few hours ago
William J Acres answered:
More info needed, but in general, if you cancel the file within 3 days of application, then the lender must refund you any monies you paid to them.. if however, you go beyond the 3 day waiting period, then the lender is not required to refund you any costs.. The appraisal fee is a 3rd party fee and would be subject to their policy.. typically, if the inspection has not been done, then they will cancel with a small cancellation fee (Say $100 or so).. otherwise, if the appraisal report was completed, then no.. you would not be subject to a refund. As far as the processing fee.. most lenders do not charge this upfront.. it's collected at closing.. in fact the only lender I'm aware of that charges an upfront processing fee is Wells Fargo.. This might have changed, but I remember a while back it was done on all transactions..

William J. Acres, California/Arizona NMLS 226347
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0 votes 1 answer Share Flag
Earlier today
M_doctor answered:
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Message me @
... more
0 votes 88 answers Share Flag
Earlier today
Vstritzel answered:
Your credit score is best if it is 700 or better
But more important is your income and debt
ratio for the last two to five years and if you have a recent history of late payments or bankruptcy ... more
0 votes 87 answers Share Flag
Earlier today
Global Funding Solutions answered:
Do you need a Personal/Business loan without stress and quick approval today?
0 votes 183 answers Share Flag
Yesterday at 11:16am
Kathy Burgreen answered:
I'm a recently retired NYC realtor and life long area resident. I'm assuming you are buying a condo or a house because co-op Boards do not accept FHA. What I'm very confused with is if you have a closing date, how did you get this far? Were you pre approved by a lender already? If you have been pre approved, then your lender should be able to close the loan.
If you were NOT pre approved, how could you sign a contract and have a closing date? Most NYC realtors do not allow buyers to sign contracts unless they have proof of financing (pre approval letter or proof of funds). I'm shocked your realtor allowed this. Perhaps you are working with a new licensed agent who doesn't know what they are doing?
Having permission from a trustee to proceed and buy a home does NOT mean you are qualified to buy a home. It's only proof for the lender that you can proceed. Lenders need to qualify you based on several factors - not just permission from a trustee. The criteria lenders use is: employment and income; savings or investments; credit history and credit score; debt to income ratio and tax returns.

Bottom line - Even IF you find a lender, there is NO GUARANTEE that a lender will approve you to buy a home. If you are under contract, you need to brace yourself that you may need to cancel and back out. Will you lose your deposit? You will not get a refund for fees already paid. You did things backwards.
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0 votes 1 answer Share Flag
Yesterday at 9:39am
Dianaramos9128 asked:
What is the maximum DTI for a conventional mortgage? My lender did 2 hard inquires in the past week which is hurting my credit score. They only go up to 40 DTI. Looking to buy in SC
0 votes 0 Answers Share Flag
Tue May 23, 2017
dlpthegrammy asked:
My husband and I started our own business 2 years ago, he is an electrical contractor. We are set up as sole-propieter, and are doing well in a small community in Wyoming. We have owned…
0 votes 0 Answers Share Flag
Tue May 23, 2017
Dbroer asked:
I'm looking for a loan to buy an approved building lot and build a house there.
0 votes 0 Answers Share Flag
Tue May 23, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

We have programs for your situation.

If you have any other questions or would like help you are welcome to get in touch with me.
0 votes 1 answer Share Flag
Tue May 23, 2017
Thomas Martin answered:
FHA loan approvals with 10% down if your under a 580 fico score. Your best bet would be to pay down some credit cards to get at least a 580 fico for 3.5% down! ... more
0 votes 14 answers Share Flag
Mon May 22, 2017
Melvin List answered:
I have a 5% jumbo with no mortgage insurance if you are in Florida.
0 votes 37 answers Share Flag
Mon May 22, 2017
Kathy Burgreen answered:
You need to know that refinance will cost you money. You are basically closing out your current loan and taking out a new loan. Lenders charge fees for this. Also if you just took out a loan to buy a home, how will you save money? Your interest rate may be the same and your monthly payment will not go down that much.

The only reason to refinance is if the Federal interest rate goes down more than 1% or if your credit score increases to 750 or higher which affects your interest rate. If you suddenly received a large amount of money, you can use that to pay down the principle - not refinance.
... more
1 vote 1 answer Share Flag
Mon May 22, 2017
Tmartinson answered:
We offer a True, One-Time Close, FHA or VA Construction Loan.  3.5% down for FHA and $0 down and you can include the purchase of the land in this loan! Credit scores as low as 580. If you already own land, you can use the land equity as your down payment. We are a direct lender and licensed in 26 States.  Contact:  Tom Martinson, First Guaranty Mortgage Corporation, (760) 419-7337 or ... more
0 votes 13 answers Share Flag
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