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Comment by Tim Ray & Rob Burdick on June 29, 2010 at 10:09am

Do you currently have an FHA or VA loan? If so then you need to contact us about looking into a no cost, no appraisal refinance that could significantly lower your payment. We have a program for current FHA and VA loan folks where you may qualify for another loan with no appraisal needed at all, and there would be $0 in closing costs. Give us a shout.

Comment by Tim Ray & Rob Burdick on April 26, 2010 at 10:34am

Amy,
Like most things in the mortgage industry right now, there is no clear cut answer to your question. Let me explain. It is going to depend on several key factors.

1. What is your business? Is it something you can do no matter where you live? This is going to be a huge determination and opinion by a lender as to whether your income is usuable at all. Even if you have had your business for well over two years, you are going to have to be able to prove to them that your business is not dependant on where you reside.
2. Part time income is typically looked down on by lenders unless you have been in the same part time position for years. If your husband was to get a part time job in the same line of work as what he just retired from then MAYBE they would take it. But that is going to be a 50/50 thing. I cannot answer for sure if a lender would accept that. If you forced me to say then I would be surprised if they would accept that part time income at all. But there are some factors here that would possibly sway it.

So I know this is not giving you definitive answers, but I hope at least gets the thinking process started. I would be happy to discuss this with you over the phone because it is hard to address all the issues in a note. If you would like to call me you can do so at 505-830-9685.

Comment by Amy and Kevin on April 25, 2010 at 5:28am

Our major question regarding our relocation to Albuquerque in 2012 is the one that worries us the most. Kevin was planning on taking early retirement at 62 then we will make the move to the Duke City using part of his 401k savings as the down payment on a reasonably priced home ($150k or under). I'm self-employed (and can verify my income) but would Kevin at least have to find a part-time job before we'd be considered for a mortgage?

amy

Comment by Tim Ray & Rob Burdick on April 9, 2009 at 9:56am

Welcome, JennaJ!

Comment by JennaJ on April 8, 2009 at 10:03pm

Hey all! Just joined. I'm an ex-realtor. Just here to say hello.

Comment by Tim Ray & Rob Burdick on October 16, 2008 at 2:24pm

What We Do?
We are a residential brokers who are tired of seeing people get hosed, mislead or not lead at all by other lenders and brokers. This, unfortunately, is pervasive in our industry. So we are here to educate you with as much info as possible on mortgage, credit, financial and economic issues that will directly affect you or people you know.
We are a sounding board. If you have a situation that you need council, opinions or education on then we are here to walk you through it. So instead of blinding trusting just anyone, let us tell you (bluntly and honestly) whether it is legit or not. We'll take the guess work out.
How We Do?
Drop us an email and we will get back with you. Give us as much detail as possible so we can give you the best advice possible.
What You Do?
Spread the word. We don't care how you do it, but get the word out to people before they find themselves in a situation they regret. Let them know that we are here to offer honest, professional and trustworthy advice for those thinking about starting, who have started or do not know whether to start the process of buying or refinancing a home.