good credit but spotty work history???
I've heard 5th/3rd bank will accept one year's worth of "self employed income" on a conventional loan if when they run the automated findings it allows for it -- but were you unemployed January 2011 - June 2011 because that could be a bigger issue... Usually I would say VA would be...

Where to spend the cash-out?
I would suggest you find a good financial advisor. The interest rate that you will be paying on the new mortgage should be less than the return you can get in the stock market (or safer investments like money market accounts, etc.). You always want to look at money in terms of the interest rate you are paying...

I own my home free and clear. What loan is best for me?
Home equity loans and standard conventional mortgages with fixed terms earn interest in different ways. I would talk to a lender in your area and have them work up an amortization schedule both ways so you can decide the best option for you. Your lender may be able to offer you a fixed term for the money you...

judgement on credit report
I would contact the attorney directly and offer to pay the judgment but only if he gives you the release when you submit the payment. Don't let them file the release for you because there is no guarantee it will be done a in a timely manner. In the past I've had to prove the judgment was paid prior...

i have a loan with countrywide/BofA that is 1.4million, but the home is now worth $850K. What are my refinance options. I am currently paying on an interest only 6.75% note.
Great answer Brian! Good luck David!!!

Are there any options out there that require less down?
I always tell sellers to get prequalified for their upcoming mortgage while their still attempting to sell their home. Make sure you choose a broker who has all options available to them - FHA, Conventional and USDA (also known as Rural Development). As Brian mentioned Rural Development can be a great...

Refinance primary residence defintion
I think your going to have this problem with most lenders. If you are earning income on a property while living at another residence -- no matter what your intentions were when you purchased the subject property or how your original loan was structured - they will assume it's investment property. ...

How much will I be able to lend?
Based on your credit score FHA or Rural Development are probably going to be the best options based on the interest rate. But you really should get pre-qualified with a broker before you start the Condo hunt. Condos are treated differently by mortgage lenders than other residential properties. There...

How to refinance a new Fannie Mae - Freddy Mac backed loan?
The HARP loans that the other originators mentioned are a great resource to refinance a mortgage with little to no equity in the home (as long as your not currently paying mortgage insurance which I assume you are not since you have a 1st and 2nd mortgage). You will need to get with a HARP approved lender...

Should I lock my rate?
Interest rates change with the current market conditions - so if your comfortable with where the rate is now I would suggest locking it in. Some lenders will allow for a re-lock in the event the rates do drop --- but this is rare. Like Jason mentions if your working with a broker who has several lenders they...

Applying for a mortgage through credit union
Although I don't work for a credit union I would almost assume that you already have some sort of internal credit ranking established with the credit union based on your overall account managment. For mortgage brokers - if a borrower has issues with bank statements we order verifications of...

Self Employed Mortgage - Questionss
There are lenders (few but they're out there) that will consider your 2010 with a p&l for 2011 to determine your income. The fact that you've been self employed for 2 years provides the lender with some security that your income has the ability to increase over time (decreasing income...

Are FHA loans only for first time home buyers?
You are eligible to apply for a FHA loan but you also need to check your options with conventional products, 97% products with no mortgage insurance, rural development, etc. Although I love FHA - it isn't always the best monthly payment and/or overall finance option for every borrower. Make sure...

inheritance of a home
I spoke with a Louisiana Title Attorney and they confirmed that in Louisiana inheritance is considered separate property. If the property is sold the assets acquired are also considered separate property. The only community property could come from rental income derived from the property during...

Stated investor Florida mortgage
I don't know of any major investors still in the stated income game. You'll probably need a specialty investor or a hard money provider to help you. I've found some luck located some online through Google. Make sure to check references and ask if they're approved by the BBB. Good...

Refinance
I would definitely contact a mortgage broker in your area. If your property appraises for $270,000 your equity situation allows you the benefit of combining both mortgages for a much cheaper interest rate. Whether you took the second mortgage out when you acquired the property or after may change the...

My mortgage is backed by Bank of America. Am I eligible for HARP?
It's not necessarily about the lender - it's more about the initial note date on your original mortgage and if you are currently paying mortgage insurance. I would love to discuss this with you. My number is 225-926-5408 or you can reach me by email at Chasity@LALending.net. Thanks!

Will PMI automatically get removed for conventional loans once the LTV reaches 80%?
Both answers below are correct but you must also keep in mind there is typically a certain period of time the mortgage insurance must remain on the loan (2 - 5 years depending on loan type and the lender who financed your mortgage). You should be able to find out the protocol for your loan type and your...

Advice on choosing a lender?
Read testimonials - ask friends and coworkers for referrals - and most importantly check the BBB ratings for any complaints. I'm a Baton Rouge mortgage broker and I have a A Rating with the BBB, I'm a member of the Louisiana Mortgage Lender's Association and the National Association...

can i refi from a fannie loan to VA ?
Absolutely - if you want to discuss I'm a Louisiana mortgage broker and certified to work with VA borrowers anywhere in Louisiana. My contact info is Chasity@LALending.net / (225) 926-5408. You can check out my website at www.LALending.net