All Forum Posts by: Michael Dunn

Andrew Narsi,

Thank you so much for your help 

Andrew Narsi , 

Thank you for your reply 

My current Rate is 3.75%

I'm not sure yet what they are offering ( Going to call them first thing Tuesday morning )

Do you have to pay Closing Costs?

If I've paid on the house for 5 years of the 30 year loan - It will stay at the remaining 25 years left to pay on it correct - it won't go back to an all new 30 year loan?

Thank you again for all of your help 

Good Morning,

I have a question regarding the FHA Streamline Refinance?

I received a Letter from my Mortgage company, stating that I am eligible for this Refinance program.

I wanted to get others Opinions on it - Pros and Cons, etc.?

Thanks so much for the insight and the help - Michael

Bob - I really appreciate your reply, Thank you 

If you buy a house and live in it for 1 year and then Rent it out - Repeating this Process to accumulate Rentals......... Don't you have to wait at least 2 years per Property before a Lender will use 70% to 75% of the Rental Income that you claim as Income on your Taxes as........... Income?

Robert - I really appreciate your help 

VA Loan use question:

I know that in order to use a VA Loan, you can only use it on a Property that is "Move in Ready"

Is there a way to still use your VA loan, if the Property needs Minor Repairs ( Under say $2,000 )?

If you can use it with minimal needed Repairs in order for the House to pass and Qualify for VA loan standards, how would those Repairs be Paid ........... Can you as the Buyer front the Money to make the needed Repairs? Can you and the Seller negotiate them paying for and doing the needed Repairs ( and then just add this cost to the Loan )?

Is it Lender dependent on how how they will handle minor Repairs needed in order to pass the VA standards?

I really appreciate all of the help - Thank you 

What is the Formula to figure out what your monthly Mortgage payment ( including Interest,Taxes,Insurance ) will be ( assuming a 3.5% Interest Rate and a Good Credit Score of 700 to 750 )? I narrowed it down to multiplying the Price to pay for the house and multiply it by .007%.

Assuming a $100,000 purchase Price for the house x .007% = a $700 monthly mortgage payment

Does this seem accurate as far as a Formula goes to figure it out?

Thank you 

Ned, thank you so much.  Really appreciate it 

How Long is the Loan "Good For" once..... once a Lender tells you the Amount of a Loan you Qualify for......3 months? 6 months? 

Thank you