All Forum Posts by: Ham Merritt

@Wenhao Leu As long as documentation can be provided showing that the judgement has been satisfied, the lender will over look the fact that the judgement still appears on the credit report. Or, the lender will take your documentation and order a credit supplement so the credit report is updated with a status of judgement satisfied. Whether it is on the report or not does not matter. Whether is has been satisfied or not does.

@Joshua Martin You hit the nail on the head. The reason why you are getting the answers you are from local loan officers is because they don't do the product all that much if at all and are too lazy to learn how. They would rather not deal with it. Most loan officers are afraid of it as it is not the typical transaction and outside of their wheelhouse. It really is not that bad. Over the past year I took some training that our company offers and have become a home renovation loan expert with both that product for FHA and the equivalent for conventional. I'm local and would love to help you with a 203K. They do require a minimum 45 day close, so keep that in mind. PM me if you would like to chat more. Thanks!

@Nicolas Middleton I would stay away from both local banks and credit unions. Especially if you are a first time homebuyer. Going to a local bank or credit union limits you due to overlays that are put on federal guides. Going to a mortgage banker or a mortgage broker rather than a local bank or credit union will expose you to much more including a lot less overlay, if any at all. Envoy Mortgage is a mortgage banker with branches in Florida. You would just need to google the closest branch and call them. Everything is electronic so as long as they carry a license in the state you are purchasing, they will be able to help you regardless of the city you live in or are buying in. Since mortgage bankers specialize in mortgage loans, banks and credit unions do not, the process is much more streamlined as well. Hope this information helps. Good luck.

@Joshua Martin We do service our loans in house however, we are directly endorsed by both Fannie & Freddie. There is no middle man. Since we are a conventional lender, all of our loans end up on the bond market through Fannie or Freddie. We do have a few non conventional products that we can offer such as Foriegn National, condotels, and non-warrantable condos to name a few. I guess I would say we are a hybrid boiler plate mortgage lender. 15% down on an investment purchase with a 620 credit score is our most popular investment product. We do a lot more than just the simple ones. Let me know if your interested in learning more as we could certain have some further conversation over the phone or in person. Thanks!

@Brian Kreitz I can certainly help you with all of that. I am a conventional lender local to the state of Wisconsin. I carry a license here in Wisconsin so am able to help you with financing as well. As far as what to ask and what not to ask, if you connect with a mortgage banker such as myself, those are items you wouldn't need to worry about as we take more of a consultative approach. Our goal is to get you to a closing table so we can get paid. There are no right or wrong questions. We will guide you in the right direction. Part of my job is to basically grab you buy the hand and walk you from start to finish through the process. Shoot me a PM, email, or phone call if you would like to discuss it further. Thanks!

@Steve Kirsch if your thinking about conventional financing, I would put down 20% if you can in order to avoid paying mortgage insurance. If I were you I would stop renting altogether, put 20% on a 2 unit purchase and house hack by renting the second unit. Hoping this helps.

@Richard Michael let me know if you come across any potential buyers needing conventional financing options. Thanks!

@Joshua Rountree Welcome to BP. Yes you can use this method however, when calculating your ROI don't forget about the MIP (mortgage insurance premium) you will be forced to pay for each FHA transaction. There is no MIP on conventional loans, just mortgage insurance if the LTV is greater than 80%.

@Justin Aguilar, Welcome to BP. Best of luck to you.

@Tony C. With a credit score at or over 620, FHA allows a DTI max of 55%. So, FHA could be an option for you possibly.