| Subject | Date Asked |
|
| Re-fi with CMT index | 11/11/2009 |
Q: "I am currently in the market to refinance my house. I was talking with one company who had ...
A: My opinion? The index is at an all time low. <= can only go up!!! ...
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| special warranty assumption deed | 10/22/2009 |
Q: Will a SPECIAL WARRANTY ASSUMPTION DEED allow me to have complete ownership of the real estate ...
A: The deeds will contain lien information. If the lender doesn't know about this then they may not ...
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| Past due taxes/mortgage refinance | 9/23/2009 |
Q: First off, thanks so much for this service! I'm trying to refinance my house, and I have good ...
A: You very well may be fine if you can prove payments. I have seen it done. I don't think any of the ...
|
| Traditional loan vs Equity Loan | 9/4/2009 |
Q: I'm asking you this because I'm certain i won't get a truthful answer from my mortgage provider. I ...
A: No idea why they would code the loan an equity loan for reporting. There is no advantage for them to ...
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| Owner Occupied Loan | 9/3/2009 |
Q: I am a 25 year old single mother and I just bought my first home in California May 2009. I signed ...
A: Well, you are going to have to have someone look over your paperwork. Not sure what FTHB program you ...
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| VA Loan | 9/2/2009 |
Q: Sir: I am in the Army and would like to buy a property where I am stationed near FT Polk, ...
A: You will have to wait until her pmt is gone.... after foreclosure. Likely, you will have some ...
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| FHA assumption - Owner occupancy rule | 8/31/2009 |
Q: Mr. Burris, I’m hoping you can help me with my dilemma. We have been applying for an FHA ...
A: The 'investor' is the lender. They will fund the loan and get FHA to insure it. They make all of the ...
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| FHA assumption - Owner occupancy rule | 8/30/2009 |
Q: Mr. Burris, I’m hoping you can help me with my dilemma. We have been applying for an FHA ...
A: I misspoke.... I am almost certain that you have to deal with the bank holding the note. I meant go ...
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| FHA assumption - Owner occupancy rule | 8/29/2009 |
Q: Mr. Burris, I’m hoping you can help me with my dilemma. We have been applying for an FHA ...
A: They can do the owner financing for you, sure. Will they though? Then try a different bank for the ...
|
| Refinance Question | 8/27/2009 |
Q: We plan on moving in 2-3 years. We have $48K left (orig $65K) on our first and 12 years to go on a ...
A: You will be saving exactly what I said that you would be saving on interest. Adding extra to ...
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| Refinance Question | 8/27/2009 |
Q: We plan on moving in 2-3 years. We have $48K left (orig $65K) on our first and 12 years to go on a ...
A: Take your current payment and subtract the 'new' payment. This is the monthly savings. Divide $2500 ...
|
| Selling house | 8/21/2009 |
Q: I live in Ohio and may be moving from my present location in a few years. I would still be living ...
A: Very likely, the clause that stated you must occupy the home as primary residence was just ...
|
| out of the box Mortgage... | 8/18/2009 |
Q: Greetings Tom... I am a fellow expert here @ Allexperts in the flooring/remodeling dept. and ...
A: Hey Perry, I have never heard of anyone putting 2 homes into one mortgage. And you couldn't do that ...
|
| FHA Mortgage Application | 6/30/2009 |
Q: I am a guarantor on an SBA loan which is currently in default. I applied for a mortgage loan and ...
A: The lender pulls a report from HUD called a CAIVRS report. Do a search for CAIVRS and you will get ...
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| First home buyers need advice | 6/29/2009 |
Q: My husband and I were married in November and are currently living in an apartment in the north Fort ...
A: Mellissa, I get a lot of desperate questions.... It is refreshing to answer a good question by ...
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| intrest only loan | 6/17/2009 |
Q: I know stupid because we had no idea what that was!! Now we want out but nobody will refiance 100% ...
A: The lender will always take extra payments towards principle. Call the mortgage company and see what ...
|
| buy home with parent as borrower | 6/15/2009 |
Q: My husband and I are wondering whether his mother can purchase a home for us- as she lives in ...
A: http://activerain.com/blogsview/449665/fha-non-occupying-co-borrower Mom could co-sign. But you ...
|
| mortgage lien | 5/28/2009 |
Q: What is a mortgage lien? And what does it mean when "the lien is released over a period of 6 years"?
A: Lien: The right to take and hold or sell the property of a debtor as security or payment for a debt ...
|
| Refinancing | 5/20/2009 |
Q: I bought my house in Oct. of 08 with a rate of 6.25 and I would like to refinance to get a lower ...
A: Get a GFE(Good Faith Estimate) of fees from several lenders. Pay attention to the fees in the 800s ...
|
| investments | 5/17/2009 |
Q: I would like to know if it is possible for someone to apply for two kinds of investments. I want to ...
A: The land would be a land loan. 20% or so down payment is normal on these. Unless you can secure a ...
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| To Refinance or Not to? | 5/4/2009 |
Q: We currently have a conventional mortgage through my credit union (then got sold to Central ...
A: "they said on FHA they offer 5% right now and with the PMI it would come out to be like ...
|
| Underwriter Decline | 4/29/2009 |
Q: TX. We were set to close on the sale of our home on 4-24-09 and got a call from the buyer's lender ...
A: Not enough comps? It happens. Lender should do an appraisal review with another appraiser. Nothing ...
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| Qualifying for a mortgage with an S-Corp. | 4/19/2009 |
Q: I am having difficulty getting qualified for a home loan because all of my income goes through my ...
A: Deductions reduce income. It falls under the 'you can't have your cake and eat it too' mantra. You ...
|
| Loan Modification | 4/12/2009 |
Q: In 2007 I bought a parcel of land and took a loan for construction of my house as my primary ...
A: Sounds like you are in an 'interim financing' construction loan.... No permanent loan was arranged ...
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| 2nd Lien | 4/11/2009 |
Q: Tom, I'm not sure this question is something you can help me with but here it goes. My wife and I ...
A: Typically, in these situations the 2nd lien holder doesn't get anything. The first lien holder takes ...
|
| Help with re fi | 4/5/2009 |
Q: I live in PA and am looking to refinance. I plan in living in the home for about 20 years or so. ...
A: The new loan amount is rolling in closing costs. You can pay them out of pocket to avoid the loan ...
|
| mortgage refinance question | 4/1/2009 |
Q: I'm looking for some advice about my current mortgage situation. I'd appreciate any thoughts you ...
A: The best course of action is really up to you. I cannot tell you what is best for you. However, with ...
|
| gifting money | 3/18/2009 |
Q: My sister asked if I could borrow money on her behalf for a down payment for a home purchase. Her ...
A: This is how some loan officers get around guidelines. If this is not a real gift from you to ...
|
| refinance | 3/5/2009 |
Q: I just bought my first home in Jan. 2009, the owner carried the note. We went through lawyers and ...
A: 1. Let's take this conversation to email. Copy all of the conversation and send it to ...
|
| refinance | 3/5/2009 |
Q: I just bought my first home in Jan. 2009, the owner carried the note. We went through lawyers and ...
A: LOL... that was fast. Well, since I lend across the entire Great State of Texas... I just don't ...
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| refinance | 3/5/2009 |
Q: I just bought my first home in Jan. 2009, the owner carried the note. We went through lawyers and ...
A: If the property was deeded to you in the process, that would make this a refinance and not a ...
|
| upside down mortgage | 1/21/2009 |
Q: We purchased our home in August 07 for 396,000. We did 80/20 didn't have quite enough for down ...
A: There really aren't programs. The best you can do is see if the lenders will work with you on a loan ...
|
| refinancing hud statement | 1/17/2009 |
Q: I have a friend that told me this story, wondering what you think of it. A guy was going to ...
A: Sounds like the answer is for you to report that broker to a state agancy for mortgage fraud. You ...
|
| loan approval | 1/17/2009 |
Q: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank ...
A: Very common for assistants to sign things for their bosses. Sounds like the builder is just being a ...
|
| Refinancing | 1/10/2009 |
Q: We are refinancing, and the mortgage company said we wouldn't have a payment until March. I asked if ...
A: If you close by the end of the month you will not get a late payment on your credit report. However, ...
|
| 1 year 1st time home owner refinance | 1/7/2009 |
Q: My name is Jennifer. I am a first time home owner and have owned my home for a little over a year ...
A: If I can't help, I can refer you to someone maybe. What kind of loan is it? What is owed? What do ...
|
| Renting/Buying my home | 12/17/2008 |
Q: 4 years ago my dad helped me out & bought a house that is basically my house. I basically rent, but ...
A: Any title company can work up a warrantee deed for you. You may not want to do it until paid..... As ...
|
| Financing | 12/3/2008 |
Q: I have recently purchased a duplex for 23,000 in antigo, wi. I had my grandma co-sign because I am ...
A: Being an investment property, you don't have many option. The hard money lender will want there to ...
|
| loan approval | 11/29/2008 |
Q: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank ...
A: What state? Their should be a licensing authority in your state for this lender.... contact them. ...
|
| Assuming A Mortgage | 11/7/2008 |
Q: My landlord is loosing his house due to foreclossure. It is possible for me to assume the ...
A: They may not let you assume the loan without getting it caught up. But, they might allow you to ...
|
| family loan to help with down payment | 10/7/2008 |
Q: My son and daughter-in-law are purchasing their first home with a conventional loan. They have saved ...
A: I don't think you can get a private money second lien thu underwriting. But there are still a few ...
|
| Co-Ownership | 9/23/2008 |
Q: My question is related to co-ownership of a duplex. My mother is married, she and her husband ...
A: You have issues that I cannot really advise you on here, but I can answer the mortgage part. If she ...
|
| PAYING OFF ONLY COLLECTION ON CR | 9/16/2008 |
Q: PLANNING ON BUYING A HOME IN 6 MONTHS. I HAVE A COLLECTION FOR $155 ON CREDIT REPORT. DO I PAY IT ...
A: Do not pay this until after you get the keys to your home!! You could do more harm than good. FHA ...
|
| Government take over of Freddie Mac & Fannie MAE | 9/14/2008 |
Q: I have tried everything to refinance my adjustable rate to a 30 year fixed but was turn down. I was ...
A: There is a program called the HOPE Program. It is a part of the newest bill by congress to deal with ...
|
| Buying a home | 8/18/2008 |
Q: My husband is trying to get a mortgage loan. We currently have a rental property that fell 30 days ...
A: FHA is pretty forgiving on scores. What have the scores come up to since you paid off the cards? You ...
|
| Primary Residence as Rental Property | 8/7/2008 |
Q: I am trying to refinance to get out of my current 95% LTV loan to an 80% loan to get rid of the PMI. ...
A: I know of 'no guideline' that specifically spells out 6 months. If this were true, all of the real ...
|
| Primary Residence as Rental Property | 8/7/2008 |
Q: I am trying to refinance to get out of my current 95% LTV loan to an 80% loan to get rid of the PMI. ...
A: Intent is the key word. You will have to answer a question on the loan application about whether you ...
|
| Unusual situation | 8/4/2008 |
Q: I have a home that is worth @ 130,000. that I owe $40,000. on. I have 40,000 in cash in the bank to ...
A: The best way for you to mortgage the property would be by refinancing. Unless they are family, they ...
|
| Gift of equity maybe? | 7/31/2008 |
Q: In 2001, my aunt passed away and left her home to me and my two siblings. The house was to be ...
A: The first question should be to the sibling's CPA. Would the gift of equity come with a tax burden? ...
|
| FHA loan | 7/30/2008 |
Q: I am asking this for my daughter. She and her husband purchased a home 5 yrs ago on a 5 yr ARM. ...
A: Some online people are honest. Lendingtree charges a hefty fee to the lender who funds the loan.... ...
|
| I want out | 7/25/2008 |
Q: My huband owes a property mortgaged through Bank of America. The value has decreased by at least ...
A: To borrower in the future, his deed in lieu will be the same as foreclosure in lenders eyes. If you ...
|
| Commitment letter | 7/25/2008 |
Q: I have a question about the power of commitment letter. We are buying a co-op in Brooklyn, NY and ...
A: ! Thanks for the great question. Commitment letters have been abused in the past(people offering ...
|
| refinance | 7/11/2008 |
Q: I have been trying to refinance and have gone thru alot with different lenders,from telling me to ...
A: Holding off on paying bills made your score go down? Did you 'hold off' past the due date? I have ...
|
| QUIT CLAIM DEEDS | 7/10/2008 |
Q: MY QUESTION IS .IF I QUIT CLAIM MY CONDO IN CALIF. OVER TO MY SON, DOES THE BANK QUALIFY HIM FOR THE ...
A: If you Quit Claim the property to him, it doesn't necessarily do anything for him. The lender could ...
|
| 2nd property | 7/2/2008 |
Q: I lived in a twinplex i own, no mortgage, for 14 years. IN nov 2007 bought a second home and 6 ...
A: I don't think so.... But I am not an attorney. The lender may go after you for any deficiency ...
|
| Foreclosure? | 6/27/2008 |
Q: We just purchased a second home and closed on May 29th, two weeks later my husband was laid off. ...
A: As a mortgage professional, it wouldn't be ethical for me to tell you to walk away. However..... I ...
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| Foreclosure? | 6/27/2008 |
Q: We just purchased a second home and closed on May 29th, two weeks later my husband was laid off. ...
A: So, you can't afford even the minimum payment? Has the lender shut off the minimum payment yet? They ...
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| Qualifying for a Large Home Loan | 6/22/2008 |
Q: My husband and I are considering purchasing a new home that cost considerably more than our current. ...
A: The loan will be qualified on both of your scores. Your lower scores will hurt the rate greatly. It ...
|
| Current Interest rates | 6/11/2008 |
Q: I am currently in the process of under writting for $200,000 30 year fixed loan and I expect closing ...
A: Douglas, Rates flattened out today. But they could go either way from here. Thing is.... rates ...
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| credit score and buying a home | 6/6/2008 |
Q: I plan to buy a home next spring. I am renting a condo currently. I have about $8000 left of car ...
A: 799 = best loan. payoff may lower scores a few points.... but you have wiggle room. you will not ...
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| Foreclosure Home vs Paying Rent | 5/28/2008 |
Q: My daughter is a screenwriting student at University of Southern California. She has a reasonable ...
A: 3yrs? Depends. If you truly get a deal and the market doesn't decline anymore.... you may comeout ...
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| Engaged, First time home buyers | 4/25/2008 |
Q: I am getting married to my fiance in about 3 months and we are anxious about home buying. We live in ...
A: We pull what is called a Mortgage Enhanced FICO score. Those scores may be a little different than ...
|
| Construction loan question | 4/25/2008 |
Q: I recently purchased vacant land with a construction loan to build a home. Because of the fact that ...
A: It sounds like you own the land(with a mortgage). You might want to read your paperwork and see if ...
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| Engaged, First time home buyers | 4/24/2008 |
Q: I am getting married to my fiance in about 3 months and we are anxious about home buying. We live in ...
A: Without taking a full loan application, I cannot give you any certainties.... But.... You can ...
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| Quick Question | 4/14/2008 |
Q: My father refinaced a home that my brother and myself, along with my father live in. The mortage ...
A: Quite simply, you can deed your interest over to either Father/Brother. Contact a title company or ...
|
| Refinance | 4/13/2008 |
Q: I am at the tail end of the refincance process with my current lender-CitiMortgage. I am 6 years ...
A: Citi sells a lot of their loans to Fannie Mae. Citi just keeps the servicing rights. So, while it ...
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| Pre-approved Mortgage in a community property state | 4/11/2008 |
Q: My husband is active duty military and brings home the lions share of our income. He would like to ...
A: http://www.dallasloanguy.com/docs/about_credit.pdf Read my credit book at the above link. If you ...
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| Pre-approved Mortgage in a community property state | 4/11/2008 |
Q: My husband is active duty military and brings home the lions share of our income. He would like to ...
A: You can indeed have him alone on the mortgage. However, spousal debt will be included in most ...
|
| Abandoned house HELP!! | 4/5/2008 |
Q: I live near Phoenix, Arizona and the house next door to mine had a minor garage fire by the previous ...
A: The lender who has the lien has filed a lien at the courthouse which is a public record. You might ...
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| FHA Loans | 3/27/2008 |
Q: When you apply for an FHA Loan and preapproved for one amount why do and what cause that amount to ...
A: Shouldn't drop unless there was a material change in the loan application. For example, you tell me ...
|
| hello mr. burris | 2/27/2008 |
Q: i am in the military as well as my husband i am station at san diego and my husband in washington ...
A: Lending guidelines state that if you do not occupy within 30days, that the home is considered a ...
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| moving financing | 2/24/2008 |
Q: I work in ohio and my wife is in nursing school. We want to move to Tennesse and that requires me ...
A: You will need a paystub from the new job in Tenn, if you need that income for qualifying. This job ...
|
| Home equity loan on an inherited property | 2/18/2008 |
Q: I just inherited a house from my second cousin. She passed away on Dec 12,2008. The house has been ...
A: The lien holder may want to call this note due. But if payments go in, they might not. Thing to do ...
|
| refinancing | 2/17/2008 |
Q: We are in the that year of a an ARM that we have locked in at 5.25%. We plan on staying in the home ...
A: It would be an excellent time to get preapproved!! Then watch the rates.... Rates have trended up ...
|
| types of mortgages | 2/13/2008 |
Q: I would like to know what different types of home loans are there and which is the best one to apply ...
A: Esther: Thank you for contacting me. Paying extra on a 30yr fixed fits your goal of not stretching ...
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| Joint Tenancy/Lending Laws (Arizona) | 2/7/2008 |
Q: Greetings, Tom Burris I read all the answers you’d given and feel confident that you’d be the best ...
A: Wow. You sure brought me a doozy. I have some thoughts about this but I think you will best be ...
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| Foreclosure, Bankruptcy, Short Sale? | 1/28/2008 |
Q: I am currently contemplating a move to a different state but the problem is I am not quite sure how ...
A: Any time you give the home back to the bank.... it will be considered a foreclosure. I cannot think ...
|
| trying to buy my first home | 1/17/2008 |
Q: I'm a single mother of 2 and I"am trying to buy my first home. Unfortunately do to losses caused by ...
A: Depends on how damaged the credit really is.... There are programs(like FHA) that mostly ignore bad ...
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| FHA | 11/27/2007 |
Q: If I wanted to buy a house that costs 150,000 and I was wanting to get a loan for half of the price ...
A: I don't think FHA will allow the subordinate lien on a purchase. They haven't in the past. You would ...
|
| Refinancing for free? | 11/13/2007 |
Q: I bought my first home a little over a year ago at 6.625% for a 30 year fixed. Last I saw, home ...
A: The 'refinance for free' is not really free. The bank covers the cost with a higher interest rate. ...
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| refinancing | 11/7/2007 |
Q: Would it be wise to refinance my home if I have a SHA loan? If I refinance, what would be the best ...
A: Depends on your interest rate, credit, how long you will be there, as well as how much you will be ...
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| impact of collections on mortgage rate | 11/7/2007 |
Q: I plan on buying my first home in 6 months. I checked my credit score at myfico.com and my scores ...
A: MyFICO is a good source of information. But, they don't do loans. If you are able to document your ...
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| quit claim | 11/6/2007 |
Q: I want to quit claim one of my four income properties to my daughter and her husband, but keep the ...
A: Esther, The only credit problem will occur if you cannot payoff the loan with a refi if they call it ...
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| quit claim | 11/6/2007 |
Q: I want to quit claim one of my four income properties to my daughter and her husband, but keep the ...
A: The only downside of deeding the property over is that if the lender finds out, they 'may' ...
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| home loan | 10/23/2007 |
Q: My husband and I are looking into getting a home loan. I have a credit score of 785 and my husband ...
A: Most of the good loan programs will ignore that old credit. You will get approved or not. But there ...
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| Home purchase with poor credit. | 10/9/2007 |
Q: I would very much like to purchase a town home next year in the Washington, DC area which is where I ...
A: With the last 12 months credit history clean, you have an excellent shot at FHA. This loan requires ...
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| Getting a Mortgage & S-Corp | 9/18/2007 |
Q: My husband and I are looking into getting preapproved for a mortgage in the next month. At the ...
A: Wait a minute. Your job will write the check to your S-Corp instead of you?!!?! Are you sure they ...
|
| Getting a Mortgage & S-Corp | 9/18/2007 |
Q: My husband and I are looking into getting preapproved for a mortgage in the next month. At the ...
A: No, not at all. However, you will do the mortgage in your names not the S-Corp. You may convey(deed ...
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| insurance check | 9/15/2007 |
Q: i had claim with home owner insurance state farm i received a check under my name and countrywide ...
A: I have the option of not answering where I feel like the topic is outside my expertise. I almost ...
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| home equity spousal signature | 8/23/2007 |
Q: I live in NH. I am currently legally married but has refinanced my home 2 years ago in my own name ...
A: I believe that New Hampshire is a Community Property state. Which means that even though your ...
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| forfeiting property | 8/22/2007 |
Q: I am a Florida resident that owns a condo that is about to be foreclosed. I want to just abandon the ...
A: You will be responsible for any unpaid balance when the property sells. You see, banks are horrible ...
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