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frequently asked questions about mortgages: Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage? - 03/05/10 11:20 AM
Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage?
Q: I have credit scores of 663 & 640. Will I be able to get pre-approved for a mortgage for under $100,000 with 10% down in today's economy?
A: Yes, you can get pre-approved for a mortgage. However, with those credit scores, your best option most likely will be either an FHA mortgage, a USDA loan, or a VA mortgage.
For FHA, you need only 3.5% down. For both VA and USDA, you can buy a home with no money down. Of course, with VA, you must … (0 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can you buy a house today with no money down? - 02/21/10 10:43 AM
Frequently Asked Question: Can you buy a house today with no money down?
Q: I want to buy first home. Is there any way to get in to a house with no money down? Any programs ?
A: Yes. With a USDA Rural Development loan, you can buy a home with no money down. And, there's no monthly private mortgage insurance (PMI) payments.
USDA Rural Development loans are primarily used to help low- and moderate-income individuals or households (up to 115% of the Area Median Family Income) purchase homes in "rural areas." Income limits are graduated based on family size. Visit … (0 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy? - 02/18/10 07:59 AM
Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy?
Q: We are in the process of bankruptcy due to health issues. My question is, if we sell our present house to downsize and get a smaller mortgage (by at least $70k), would we be able to get a mortgage? Now that we are discharging the other debt, we are able to make our mortgage payments. Would we qualify for a much smaller mortgage even with the bankruptcy?
A: By FHA guidelines, if you had a Chapter 7 bankruptcy, then you would need to wait two years from … (1 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can I Put Just 3.5% Down for an FHA Mortgage on a 2-Unit Property with a Non-Occupant Co-Borrower? - 02/18/10 07:45 AM
Frequently Asked Question: Can I Put Just 3.5% Down for an FHA Mortgage on a 2-Unit Property with a Non-Occupant Co-Borrower?
Q: I would like to buy a 2-family home with an FHA mortgage and live in one of the units. But I need my mother as a non-occupant co-borrower to help me qualify for the mortgage. Can I buy the house with just 3.5% down payment?
A: No. If there is a non-occupant co-borrower and you are purchasing a multi-family residence (i.e., 2-, 3- or 4-Unit property), then you must put at least 25% down.
When there are two or … (2 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Are USDA Loans Good? - 02/18/10 07:39 AM
Frequently Asked Question: Are USDA Loans Good?
Q: Has anyone used a USDA Loan? Are USDA loans good? How do they work, and where can one use it on Cape Cod?
A: Yes, the USDA guaranteed home loan is a great mortgage program. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no downpayment.
The purpose of the USDA loan program is to enable eligible low- and moderate-income borrowers (who earn up to 115 percent of the Area Median Family Income) to purchase modestly priced housing for their own use as a primary residence. The … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can you get a mortgage for an investment (rental) property with 10% down? - 02/14/10 05:29 PM
Frequently Asked Question: Can you get a mortgage for an investment (rental) property with 10% down instead of the standard 20% down?
Q: Can you get a mortgage for an investment (rental) property with 10% down instead of the standard 20% down?
A: No, you will not be able to get a mortgage for an investment (rental) property with less than 25% down for two reasons:
You can not get private mortgage insurance (PMI) for investment properties; and Fannie Mae now requires that you put at least 25% down on a single family investment property, and at least 30% down on … (4 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Will cosigning for a loan affect my ability to get a mortgage? - 02/14/10 06:12 AM
Frequently Asked Question: Will cosigning for a loan affect my ability to get a mortgage?
Q: I've cosigned a loan for my son a year ago, but he wants to get another car, and he wants me to cosign again. The car payment will be about $350 - $380 a month; he currently pays about $320/month.
He already tried to get the car loan by himself, but he couldn't get financed by himself they said his score was about mid 600's. I don't have a problem cosigning, but I want to get a house within the next 2-3 months. I know … (4 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Will I have to pay PMI on a VA loan? - 02/14/10 06:06 AM
Frequently Asked Question: Will I have to pay PMI on a VA loan?
Q: I plan on putting 5% down on a house, and financing it with a VA mortgage. Will I have to pay private mortgage insurance (PMI) on my new VA loan?
A: No, you will not. VA loans do not have monthly mortgage insurance premiums.
However, VA loans do have a funding fee. Unless you are exempt, the funding fee will vary according to your service (regular military or reserves/national guard), whether you are purchasing or refinancing, and how much you are putting down. The funding fee can … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Which is Better: An FHA Mortgage with 5% Down, or a Conventional Loan with 10% Down? - 02/09/10 09:44 AM
Frequently Asked Question: Which is Better: An FHA Mortgage with 5% Down, or a Conventional Loan with 10% Down?
Q: Which is a better way to buy a home? Getting an FHA mortgage with 5% down payment and with 5% emergency backup? Or a Conventional loan with 10% down and no emergency backup?
A: Let's use an example. Let's say you want to buy a house for $100,000. For a conventional mortgage, you will put $10,000 down. For an FHA mortgage, you will put $5,000 down. So, we will compare a conventional $90,000 mortgage with a $95,000 FHA mortgage.
With FHA, … (4 comments)
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frequently asked questions about mortgages: Frequently Asked Question: For a Mortgage, Is it Better to Save for the Down Payment or Pay Off Debt? - 02/08/10 09:19 AM
Frequently Asked Question: For a Mortgage, Is it Better to Save for the Down Payment or Pay Off Debt?
Q: What is better in the eyes of the lender - to have a smaller down payment or have less debt? I cleaned out the money I had saved for a down payment and paid down some debt, but what should I do going forward?
A: That depends. Having more money available for the down payment won't necessarily qualify you for more house. However, using available funds to pay down your debt might.
Your overall monthly debt payment is one of the … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year? - 02/05/10 05:22 AM
Frequently Asked Question: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year?
Q: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year?
A: FHA requires a 2-year employment history. It doesn't matter if you switch jobs - so long as you're in the same general line of work or you had an increase in pay and/or responsibilities.
What does matter is if you switch from a job that is paying wages to a job that is paid by commission (if full … (27 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Learning of closing costs one day prior to closing? - 02/05/10 05:15 AM
Frequently Asked Question: Learning of closing costs one day prior to closing?
Q: Am I correct when I read that you only find out the actual amount of closing costs one day before you are expected to close on a home loan?
A: Correct. You are required to receive the HUD-1 Real Estate Settlement Statement at least 1 day prior to settlement.
While you should have an accurate Good Faith Estimate from your lender at the time you applied for a mortgage, there are additional funds you may have to come up with at the settlement table.
Usually, at the time … (2 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower? - 02/03/10 05:52 AM
Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower?
Q: I purchased a home in 2008 with a non-occupant co-borrower because I didn't qualify to buy a home on my own. Now, the non-occupying co-borrower wants to purchase own home. I have an FHA mortgage. Can I do a streamline refinance without an appraisal to remove non-occupant co-borrower? The house is underwater (I owe more on the mortgage than the house is worth, and I want to avoid an appraisal). I can qualify for a mortgage now on my own as my … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Fannie Mae HomePath Mortgage for multi-family owner-occupied property - 02/03/10 05:31 AM
Frequently Asked Question: Fannie Mae HomePath Mortgage for multi-family owner-occupied property
Q: My understanding is that the Homepath program does include 2-unit properties, and that 2-unit properties qualify for 3% down if owner-occupied under Fannie Mae guidelines. However, every loan company I've contacted has a minimum 20% down for 2 unit properties. Does anyone know of any lender willing to do a 3% down HomePath mortgage for a duplex?
A: The Fannie Mae HomePath mortgage program is available only on Fannie Mae foreclosed homes. You can find Fannie Mae foreclosed homes for sale at http://www.homepath.com.
With the Fannie Mae HomePath mortgage … (0 comments)
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frequently asked questions about mortgages: Frequently Asked Question: FHA Changes: What Would I Need Upfront to Buy a Home? - 01/29/10 05:18 AM
Frequently Asked Question: FHA Changes: What Would I Need Upfront to Buy a Home?
Q: Assuming the final price on the home is $150,000, what would I need up front to buy the home with an FHA mortgage?
Does the now 2.25% (formerly 1.75% Upfront Mortgage Insurance Premium) have to be paid with cash, or can that be rolled into the FHA mortgage?
And what about closing costs? How much now on average would someone need up front?
A: With an FHA mortgage, you can still buy the home with 3.5% down (.035 x 150,000 = $5,250). The Upfront Mortgage Insurance … (2 comments)
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frequently asked questions about mortgages: Frequently Asked Question: There Are So Many Real Estate Agents... How Do I Pick One? - 01/28/10 05:41 AM
Frequently Asked Question: There Are So Many Real Estate Agents... How Do I Pick One?
Q: I am looking for a house now, but I'm in my lease until May 31st. I'm a first time buyer and I have no idea how to pick a real estate agent.
A: One way to find a real estate agent is to ask your friends and relatives who they have used in the past and have provided the greatest service. Word of mouth recommendations are usually a great way to find a real estate agent.
Another way would be to attend a number of … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question About Mortgages: FHA Loan Qualification - 01/27/10 07:45 PM
Frequently Asked Question About Mortgages: FHA Loan Qualification
Q: I read somewhere that, to qualify for FHA loan, your mortgage payment should be 30% of your gross income. I got confused. If my income is $3K per month, then 30% of my income will be $900.
But if I want to buy a house, whose mortgage payment is $650 per month, will I qualify for an FHA loan?
A: With FHA and as with any mortgage, the debt-to-income ratios are the maximum for the loan product that they pertain to. There are front-end debt ratios, and back-end debt ratios. The front … (3 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Is there a maximum amount you can borrow on the FHA 203k Rehab loan? - 01/26/10 05:30 AM
Frequently Asked Question: Is there a maximum amount you can borrow on the FHA 203k Rehab loan?
Q: If the maximum loan for FHA is $271,000, then can I buy a house for $171,000 and 'borrow' the additional $100,000 to rehab the house? (yes, I know you don't want to over-improve a house and price it out of the neighborhood.... lets just assume that the improvements are reasonable value-wise. I am inquiring about the details of the FHA 203k Rehab loan.)
A: In short, the answer is yes, there is a limit. The limit is the maximum FHA loan amount for … (4 comments)
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frequently asked questions about mortgages: Frequently Asked Question: How Much Can I Borrow With A USDA Rural Development Home Loan? - 01/25/10 06:08 AM
Frequently Asked Question: How Much Can I Borrow With A USDA Rural Development Home Loan?
Q: How much can I borrow with a USDA Rural Development Home Loan here on Cape Cod?
A: With a USDA Rural Development Home Loan, you can buy a home with no money down. There is not a set maximum loan size; however, the amount you can borrow for a USDA Rural Development Home Loan depends on your monthly income and debt payments as well as the appraised value of the home you are buying.
To qualify for a USDA Rural Development Home Loan, your total … (0 comments)
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frequently asked questions about mortgages: Frequently Asked Question: Is there a maximum amount you can borrow on the FHA 203k Rehab loan? - 01/21/10 01:08 PM
Frequently Asked Question: Is there a maximum amount you can borrow on the FHA 203k Rehab loan?
Q: If the maximum loan for FHA is $271,000, then can I buy a house for $171,000 and 'borrow' the additional $100,000 to rehab the house? (yes, I know you don't want to over-improve a house and price it out of the neighborhood.... lets just assume that the improvements are reasonable value-wise. I am inquiring about the details of the FHA 203k Rehab loan.)
A: In short, the answer is yes, there is a limit. The only limit is the maximum FHA loan amount … (0 comments)
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Lew Corcoran
Easton,
MA
More about me…
Best Choice Real Estate Services
Address: Easton, MA, 02375
Office Phone: (800) 984-3341
Cell Phone: (508) 846-2552
Email Me
As always, your referrals are greatly appreciated. When you recommend someone you know to me for advice, you can be assured that they will receive Honest, Courteous and Professional service which is what you would expect from me. Lew Corcoran 
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