FAQ’s

Valley View Home Loans wants you to be as informed as possible about the biggest financial decision you may make. Below is some frequently asked questions. If you don’t see your question below, give us a call, email or use the live chat feature below to ask your specific question. We would be happy to answer any questions you have. 

Q.   I’ve had a short sale in the past, can I still get a loan?

A.  Yes you may still qualify if you have met the propery waiting periods. Conventional loans the waiting period is 7 years for full financing, 4 years for 90% financing and 2 years for 80% financing. FHA is 1 year as long as you were current on the mortgage and debt for the prior 12 months, if not FHA waiting period is 3 years.

Q.   I’ve had a bankruptcy in the past, can I still get a loan?

A.  Yes you may still qualify if you have met the proper waiting periods. Conventional loans the waiting period is 4 years for CH 7 BK and 2 years from discharge date on CH 13 BK.  FHA the waiting period is 2 years from discharge date on CH 7 BK and 1 year after successful payments into the CH 13 BK plan.

Q.   I’ve had a foreclosure in the past, can I still get a loan?

A.   Yes you may still qualify if you have met the proper waiting periods. Conventional loans the waiting period is 7 years. FHA the waiting period is 3 years.

Q.   I have a condo that doesn’t meet FNMA guidelines for financing, can I still get a loan?

A.   Depending on the reason for the condo not meeting FNMA guidelines, typically we can lend on non warrantable condos.

Q.   I am upside down on my home loan, can I still get a loan?

A.   If you have an FHA loan, we can refinance your loan up to 125% LTV. If you have a Fannie Mae owned loan that was purchased by FNMA before May 31st, 2009, then you also would be able to refinance up to 125%. 150% financing is by exception only.

Q.   I just purchased my home for all cash, can I get a cashout loan?

A.   Yes, you would be able to get your cash investment out of the property if you have purchased the home within the last 6 months.

Q.   What is Private Mortgage Insurance (PMI) and why am I required to have it?

A.   PMI is required on all loans that are above 80% Loan To Value. PMI is insurance that protects the lender from losses in the event a homeowner defaults on their monthly payments. PMI can be paid monthly or it can be included in your interest  rate and paid by the lender.