my credit score is poor would I still be able to get a first time home owner loan so I can get my first home
Most lenders will require 620 or 640 minimum. It may be possible to find a lender that will go lower, but it may make more sense to address the underlying reason for the low credit score first. If you have open collections, past due accounts, charge offs, etc. I would say address those before buying a home....

does GFE include down payment?
Short answer, no. The GFE is only to disclose the cost, rate, term, payment, etc. If you would like a breakdown of all the transaction detail ask your loan office for an itemized fee sheet. This should include the amount you are putting down and what you should expect to need at closing.

Do underwriters call landlords for rent verification?
Most lenders require a Verification of Rent form to be completed by the landlord showing no late payments in the past 12 months. This would include the landlords signature and phone number.

If your house apraises higher than your purchase price do you still have to pay PMI?
Yes. The lesser of the two values will be used to determine your Loan to Value. If you are over 80% you will have to pay some form of PMI. One option to consider is LPMI or Lender Paid Mortgage Insurance. Your lender will pay the premium for you in exchange for a higher interest rate. Depending on your situation...

How soon after refiancing with freedie mac can i rent my home?
Check the closing package you received at closing. It will include an occupancy statement detailing your responsibilities under the loan. I should say 12 months.

Is Purchasing Title Insurance Obligatory?
The lender's title policy is required and will cover them for the amount of the loan. The owner's policy, which is optional will cover you for the amount above the loan amount. Basically your down payment. If there was some claim against the property and you bought the owner's policy you would be...

what if my credit score is 590
It is possible to get FHA financing, but difficult. There is an underlying reason for the poor credit that should probably be addressed first. Current past due accounts or open collections should be resolved first in my opinion. Taking the right steps now will help to increase your score and make it...

What are HARP rules regarding co signers?
Has something changed since you last got the loan that makes you think you need a co-borrower on the loan? If you go to the mortgage company that currently services your loan will not even need to document income to qualify for HARP. No appraisal and no income or asset documentation.

Whats the best way to get rid of balloon payment
You will have to refinance into a new loan or possibly have the current lender modify the existing loan.

Does pmi vary depending on the mortgage broker
Rates can vary slightly depending on which PMI company your lender uses. Two common PMI companies are MGIC and Radian. You can actually use rate calculators on their sites to see the difference, but again they will likely be very close.

Are there any 100% financing programs available outside of VA and USDA?
There are down payment assistance programs in PA. I pasted the link below. What area are you looking in ? Much of PA is eligible for USDAhttp://www.phfa.org/consumers/homebuyers/homestead.aspxYou can reach me at [email protected] if you'd like

Will I be denyed a mortgage because of 1,500 of unsourced money?
I assume it was one large deposit and not broken up into smaller amounts. If it is determined that this is a large deposit and can not be sourced it will be deducted from your total assets. You wouldn't be denied just because you deposited cash though.

When does PMI go away on FHA mortgage?
I agree with the comment below. Always start with a call to your current mortgage company and ask for the process to have the MI cancelled. Another options to consider is refinancing into a loan option with MI and potentially lowering your rate at the same time. Feel free to contact me at...

Can I sel a home with a $9,200.00 mortgage on it?
Yes you can sell the home provided the mortgage is paid off at closing.

What is negative amortization?
The comment below is correct. If you are currently in a loan that is negatively amortizing you may want to considering refinancing out of it. I am licensed in NJ and could help you with this if you are interested. www.nationsloans.com

are mortgage rates going to be higher than normal for me bc im self employed?
Self employment will not have an impact on your rate, but require you to document your income more thoroughly than a we employee

whats the max i can borrow on a va loan with 731 credit?
Depends on your income. I can go to a max of 60% Debt to Income ratio. Meaning your monthly liabilities can be no more than 60% of your gross income. This only includes your mortgage, taxes, insurance, and items that appear on credit. If you wish to discuss further you can call me at 215-256-9200

what's the max financing i can get with a 203k loan?
I agree with Phil below that a 203k loan would probably no be your best first option. If you have any find of equity going with a conventional loan would certainly be cheaper in the long run. With that said if a 203k is your only option I can certainly help you with that as well. Feel free to email me at...

Looking for Mortgage Broker specialising in Foreign Income in the greater Philadelphia
If the borrower can show 2 years of reporting that income on their Federal income taxes the income can be used. Other requirements apply as well. You can reach me at 215-256-9200 if you wish to discuss further. Casey Hansen