All Forum Posts by: Paul Defngin

Ken Min please heed the advice from Brent Coombs, Upen Patel, and the others here. Your "guy" is incorrect.

Brent Coombs , ha ha ha. That "mortgage guy" is so funny. FHA is for First Time Home buyer?!? Wonder how that guy holds himself out to being a licensed Loan Officer? Wahh ha ha ha. SMH.

Jose Hooker is your client just starting to look now or is he under contract? If just starting to look, then he can do as the LO suggested and work on establishing credit. If he has no credit history at all, a bit of a challenge but not one that can't be addressed. My niece's husband in the Army and did not have any credit history at age 29. He believes in not taking on debt. Good for him but not when he was looking for a mortgage. Any way, we were able to strategically have him establish credit within a month. His credit score went from non-existent to over 720 middle score. That ultimately helped him use his VA eligibility to buy in Destin Florida. Have the client talk to the LO. The LO should have ideas and tools at his disposal to help your client out. Good luck.

Peter T. HElOCs are great when used properly. However in a rising interest rate market as we in now, that monthly payment can start to get out of hand if the HELOC is not properly used and eat into your cash flow All HELOCs are variables with most terms being Prime plus a margin. So be sure to run all your numbers first beforehand and see if HELOCS and the refi C/O is better.

Eric DeVito &Ralph R. The math is correct. $248,000 x 3.50% / 12 months is $723.33. That being said, Eric, what was the rate on the "$190,000 before you refinanced and consolidated them with the HELOC.

Farakh Zaman don't beat yourself up too much. The score dropped that much only because it is a recent event. I would not be surprised if your scores jumps back to above 740 in just a month or sooner. While 800 scores are great, having 740 or above will usually get the same interest rates as someone with 800 credit scores.

Bashir Badru - mandatory 3.50% down payment. Now that said that can be all your funds, down payment assistance from approved Down Payment Assistance source such as your county, State, City Housing Assistance or gift from a relative.

Brendan Canning check out TD Bank. They normally will go up to I believe 70% to 75% CLTV.

Ebrima Drammeh your buying a place and your lender has moved your closing 3 times now? First sorry to hear that. That is just crazy. Sounds like a) your lender did not do their job upfront and manage your expectation or b) your LO never reviewed all your info upfront or worse he/she reviewed them but did not know what they were doing. I can understand delaying once-sometimes it happens. 3 times is ridiculous and if I were you I would have pulled the plug at 2nd delay and gone a different direction. I hope all works out in your favor. Good luck.

@Garrett M.sorry for the late reply. I do not believe that they will do a HELOC to an LLC. The clients that I have done first trusts for have only gotten HElOCs in their name on NOO properties. Good luck.