You left your message in the contact info? I am not sure which program you are referencing. Please give me more specifics so I can try and help.

Sincerely,

Gary Miljour

That really stinks. Our service Men and Women should have been the first helped in this situation. Call me an old Patriot, but I still have a special place in my heart for the men and women who volunteer to defend this great country of ours. With that being said, I would recommend that you call around to quite a few different banks and see if any are offering the VA IRRRL without an appraisal. I finally found one in Arizona and CA that will do the loan without an appraisal. The mortgage company is called “Freedom Mortgage”. You might want to look in that direction. They might be able to do a refinance without that appraisal. Go luck.

Great Question. The answer is yes, VA loans treat those college years as time on a job.

Let me know if I can be of any further help.

Let me try and answer your questions. If your daughters credit is in the mid 500′s, then the lenders that approve the Homepath loan would require a much higher credit score for her to qualify. Even if you co-sign for your daughter, the banks today require that she qualifies on her own credit merit. Our banks require a minimum of 660 credit score for homepath if the down payment is less than 20% down. Otherwise your daughter would need a 620 score of higher with 20% down. Since your daughter might not qualify, and you still want to help her into home, then you would have to purchase it as an investment property. Homepath only requires 10% down on an investment home as long as your credit is above 660. The only alternative for your daughter would be to look into FHA financing which in most areas is more loose on the credit score requirements. We can go as low as 620 in most cases for FHA loans. Hope this answers your questions.

Let me try and answer your questions,

First of all, I am not familiar with H2H. I just searched that out, and it sounds like it is some special gift program for Florida. I am licensed in AZ and soon to be licensed in CA and they do not have that out here. I would check with your lender or I can refer you one in Florida that I personally know and trust. So I am not sure if funds can be split to cover closing costs and payment assistance. I do know VA loans allow a seller to pay up to 4% toward your closing costs and prepaid expenses and FHA loans allow a seller to pay up to 6% toward closing costs and prepaid expenses.

Again, if you go VA, I am not sure if H2H will allow you to use those funds in conjunction with a VA loan for down payment.

Again, I am not sure if VA guidelines allow you to use H2H funds for closing costs.

Fannie Mae allows no Mortgage Insurance, because they have made a business decision to take on the risk. It is possible, because they make the rules. Yes, they are waiving the cost to the buyer as an incentive to move some of their home inventory. Yes, if you go Fannie Mae homepath or VA, both loans have no monthly mortgage insurance cost, but VA loans do have an upfront VA funding fee which is financed into the loan. The homepath loan does not, but typically the interest rate is slightly higher. You need to have your lender breakdown the monthly payment options to see which option will be the cheapest payment.

A Home Path Renovation Mortgage allows certain repairs to the property to be financed into the the new loan.

Seller credits is funds that the seller is giving to you (the home buyer) to help pay for your mortgage closing costs and prepaid expenses. They benefit you because this is less out of pocket money you will have to bring into closing.

I hope this helped, again disclosure: I am not familiar at all with H2H, and if you need help, either talk with the lender that pre-approved you or let me know and send me an email and I will refer that other Florida lender to you that I personally know and trust. He is very up to date on the latest and greatest with mortgage products in Florida.