The Mortgage Referee4/8/2010

Confused Yes Confused the loan you are looking for is possible. However there are a number of factors that would be considered. Qualifying for multiple mortgages these days is more complicated than it was in the past. By calling in to our toll free number one of our knowledgeable representatives can guide you through the process to see if you qualify.

Confused3/30/2010

I want to refinance my home, keep the property to rent and use the money from refinancing as a down payment on another property,home renovations in current property, and pay off my high interest credit cards. Is this possible

The Mortgage Referee12/21/2009

Dora I have not heard of a Freddie Mac index. Freddie Mac does allow you to refinance your home up to 125% in some cases if you currently have a Freddie Mac loan. To find out if you have a Freddie Mac loan just call our toll free number and speak with a represenative.

Dora12/4/2009

Is there such an index as the Freddie Mac index? I heard about if thru my searches in trying to get my loan modified. My loan is currently valued higher than my home value.

The Mortgage Referee11/10/2009

Andrew, I believe you are looking for a list of lenders that will take short pay off refinancing? It is getting complicated the FHA will technically allow it however the investor overlays will not allow it. Fannie Mae and Freddie Mac will not allow it at all. So there is not currently a way to help. There ia a 125% program out there if your value is close.

The Mortgage Referee11/9/2009

Renter, yes it has been extended! You need to enter into escrow before April 30th and you have until July 1st for the transaction to close. Also a $6500 current homeowner credit has been added to stimulate current home owners into moving into another principle residence (not for investment properties). Additionally income limits have been raised from $75K single to $125K and married has risen from $150K up to $225k.

andrew11/4/2009

participating short refinance lenders

Renter11/3/2009

Has the federal tax credit been extended?

The Mortgage Referee9/15/2009

Great question maxenum. Yes you still have time to take advantage of the $8000 federal tax credit. We typically close an escrow in 30 days. It could take as much as 2 weeks for the seller to accept your offer. So if we back out 45 days you still have another 31 days to find a home your wife likes. The first step is to find out what purchase price you can qualify for by filling out our quick quote application. We can then refer you to an aggressive full time realtor to help you find a home.

maxenum9/15/2009

Your web site indicates theres about 76 days left on the first time buyers tax credit. Is there still enough time for me to get started on a purchase and (assuming I find a property my wife likes) qualify for the credit?

The Mortgage Referee8/24/2009

WMT, The only way to avoid MMI on an FHA loan is to put 10% down and do a 15 year loan. The up-front MI is always 1.75% of the loan amount. The only advantage to paying this in cash is your total loan amount will be lower thus a lower monthly payment. It would be the same as putting more money down. Lastly the property taxes are not fixed; they vary from area to area. The average in the state is 1.25% but if you live in a newer community this amount will probably be a little higher.

The Mortgage Referee8/24/2009

Kt, With all of the foreclosures that have taken place lenders are very cut and dry with lending guidelines. It is not necessary to submit the additional information. You must qualify for the new payment, as well as any current payments you have, without the use of any forcast of rents you may receive.

The Mortgage Referee8/24/2009

Kt, Thanks for the question. Tax sales are not as common in California so we currently cannot provide you with a list.

WMT8/10/2009

1)Is there a way to avoid Or reduce the MMI payment for FHA? 2) There is a fee of about 3700$ for MMI upfront fee, and any advantage for borrower to pay this amount in cash? 3) Are the property tax in los angeles fixed? Or fees varies by region? Thanks

Kt8/7/2009

For an investment property, I understand that it is the property that primarily must qualify for a loan. Should I submit a business/marketing plan for the property ie. how much I can charge for rent, amount of money necessary to rehab the property if necessary, monthly expenses, time to resale or rent out property etc... with the loan application? Thank you.

Kt8/7/2009

I know you can provide information about foreclosed properties. Can you provide any information about tax sale properties?

The Mortgage Referee8/5/2009

Kt, when you purchase a house all the money you put down is called "down payment". But in reality some of it goes to cover closing costs and some is used as the down payment requirement. (example for a FHA $100K loan you are required to put a down payment of $3,500.) but you will need more to cover the closing costs. your tax credit money can be used to help cover the closing costs but not the required $3,500.

The Mortgage Referee8/5/2009

11r, we are a direct lender, we underwirite and approve our own loans. Occasionally we do broker a loan if a customer needs a unique loan product we do not offer ourselves.

Kt8/4/2009

Can I use all or part of my tax credit as a down payment for a house? If I only use part of the tax credit can I get the rest back at closing if the form of cash and use to defer some of the closing costs? thank you

The Mortgage Referee7/31/2009

Great question Syia, the federal tax credit is for your primary residence. So no a rental income or investment property would not qualify for the $8000 first time buyer federal tax credit.

Syia7/31/2009

I live in Idaho and I want to buy a property in California as a rental property. Do I still qualify for the Federal tax credit?

11r7/30/2009

are you a broker lender?

The Mortgage Referee7/28/2009

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