Refinance Mortgage

Any experienced mortgage professionals out there? I’m new and have a buyer who is just about to close on a home with a 30yr fixed loan. (FHA) Everything was fine until we requested updated bank statements. There are negative transactions in his account. He says it was a one time occurance. This file was manually underwritten for another issue. Do you all think we have to worry about the negative charges to her account if they are not habitual? Let me know as I just picked up the statements from him and would like to be prepared for the morning when I submit. Or should I just go ahead and set the customer’s expectations that he will not be buying a home with us?
good credit score, etc, personal funds..no gifts. Everything was great before this.

if he had negatives they should’ve done a VOD and not turned in bank statements.

this is really up to the U/W, and the DE U/W can say Yes or No…..there are other factors look at…

credit score, loan amount, DTI, if it was gift funds or personal, etc

My wife and I are refinancing our home in NJ and would like to know what the new jersey fha mortgage rates are like as of now. Any input would be appreciated. Thanks!

5.25% – 5.5% on a 30 year fixed.

I am considering a FHA loan. I would like to avoid mortgage insurance if at all possible. Am I allowed to put 20% down or get a piggy back loan for 10-15%? Basically, I’m not sure if a FHA or conventional loan is best.

First-time homebuyer
Credit = 725ish
Pre-qualified for $80k
Probably getting a $70k home.

Please give me some advise. Thanks in advance!

With your score, and 20% down payment, it’s a no brainer. Don’t go FHA. Get a conventional loan, 80% LTV, no PMI.

I wish all my buyers were like you.

And smart too! Buying less than you qualify for. I’m proud of you!