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Let Mike Warsop with BNC National Bank answer your mortgage questions

Mike Warsop,
Loan Originator for BNC National Bank

In today's market, obtaining a mortgage has become very complex. Our company aims to ensure that obtaining a mortgage is made as simple as possible. Whether purchasing a home, refinancing to a lower rate, consolidating debt or needing a second mortgage, I am committed to helping my clients obtain the financing that best fits their needs.

I also have 19 years of mortgage experience. I can help those with great credit or those with poor credit. I can help you get your loan funded in as little as 10 days. Let me help you get back on track with several debt consolidation and credit rebuilding strategies.

We are licensed in all 50 states for conventional and FHA loans.

Let the mortgage expert answer your questions in our forum.

913-647-7002-office
913-339-9735-fax
913-244-9612-cell

7007 College Blvd Ste 330
Overland Park, KS 66211

Email: mwarsop@bncnationalbank.com
Website: www.bncnationalbank.com/overlandpark/mtgexpert

Most Recently Answered Questions

Questions 16 - 35 of 3923 (Page 2 of 197)

Submitted by david robinson from lexington

Q: test question, Please respond upon receipt Thanks Dave

Answered 09/10/08 10:59:12 by Mike Warsop,
Loan Originator for BNC National

A: thanks dave

Submitted by Stacy T from Kansas City MO

Q: I have applied for a FHA loan and a MHDC bond money for the down payment. The HUD house I am buying offers an incentive of $1,500 for the buyer. The lender doesn't think I can get a check so I would like to know how can I use the money?

Answered 08/13/08 08:55:14 by Mike Warsop,
Loan Originator for BNC National

A: HI Stacy, I am sorry but I didn't see your question til today. That is a very tricky question but I would check with MHDC and see what there rules are because I think you are going to have 2 problems one MHDC is not going to want you to get the money and FHA won't allow it plus is this a HUD foreclosure if so then FHA won't allow it.

Submitted by Gregg Hunt from Walters,Oklahoma

Q: Yes as a single income home owner im seeking refinacing,im a ownwer operator.And im just afraid by winter trucking will b so bad that ill lose everything,Trying to refinace house.I mean i donthave alot of bill to start with and credit rating mid 650s

Answered 07/29/08 16:09:28 by Mike Warsop,
Loan Originator for BNC National

A: Hi Gregg, The important thing is to see what you have shown on your schedule c for the last 2 years. Feel free to call me at 913-244-9612 and we can see what your options are for refinancing now. Thanks, Mike

Submitted by jason from chillicothe mo

Q: what are the things they dont tell u about buying a house for back taxes

Answered 07/28/08 19:17:23 by Mike Warsop,
Loan Originator for BNC National

A: I don't understand your question but if you purchase a home the seller is responsible for all unpaid taxes before you owned the home. If you have any other questions then feel free to call me at 913-244-9612. Thanks, Mike

Submitted by sharon from charlotte/nc

Q: can you purchase a home with fha with a bad caiver score

Answered 07/28/08 19:16:19 by Mike Warsop,
Loan Originator for BNC National

A: Hi Sharon, Nice speaking to you today!!! CAIVRS is not a score it is an anagram for credit alert interactive voice response system. CAIVRS is a Federal government database of delinquent Federal debtors that allows federal agencies to reduce the risk to federal loan and loan guarantee programs. CAIVRS alerts participating Federal lending agencies when an applicant for credit benefits, or for a position of trust in support of the administration of a Federal credit program, has a Federal lien, judgment or a Federal loan that is currently in default or foreclosure, or has had a claim paid by a reporting agency. So you either have a clean or not clean CAIVRS and your situation sounded like yours would be clean. Feel free to call me if I can help you. My number is 913-244-9612. Thanks, Mike

Submitted by john from fort myers

Q: i had a foreclosure 1yr ago due to the job i had it went bankrupt. now i have been in a home with lease to own but now this home is in foreclosure. i have been working for the goverment for 1yr. doing the same kind of work and my wife has been working for goverment for 12yrs.

Answered 07/23/08 17:13:18 by Mike Warsop,
Loan Originator for BNC National

A: Hi John, I didn't hear a question in that statement but I am guessing you are asking when you will be able to purchase a home again. To go through FHA you would need to wait 3 years from the date of foreclosure(only extenuating circumstance would be serious illness or death of a wage earner) and to go through fannie mae or freddie mac you would need to wait 5 years. There are very few subprime companies left but they have 3 year moratoriums for the most part. Thanks, Mike

Submitted by Helen from Windsor Mill, Md

Q: question #2---On the Note what does allonge to this Note for payment adjustments mean and the boxes under which say check applicable box 1-graduated payment allonge 2-growing equity allonge 3---other

Answered 07/21/08 13:13:20 by Mike Warsop,
Loan Originator for BNC National

A: an allonge is an attachment or addendum to a note because there is not enough room on the original note. So if you have an allonge box that is checked then this allonge should be attached to the note.

Submitted by Helen from Windsor Mill, Md

Q: Hi...If your home is currently deeded in the names of husband and wife and they are doing a refinance from conventional to fha 30 yr. fixed but the wife is now not working---no income (other than the income of parent whom is living with them and being cared for my her)...In the refinance is it true that because the note is only in the husband's name that the wife can no longer be on the deed.

Answered 07/21/08 13:08:47 by Mike Warsop,
Loan Originator for BNC National

A: it depends upon what is required by your state law to perfect a valid and enforceable first lien, the non-borrowing spouse may be required to sign the security instrument (deed of trust or mortgage) or documentation evidencing that he or she is relinquishing all rights to the property.

Submitted by JIM SMITH from NICHOLASVILLE,KY

Q: CAN YOU TELL ME WHAT TO DO IN THIS SITUATION? I NOW HAVE AN ADJUSTABILE RATE ON MY MTG. AND I NEED TO REFINANCE MY HOME BEFORE MARCH 2009. THE PROBLEM IS THAT THE LAST TIME I REFINANCED THE MTRG. CO. HAD THE APPRAISER COME BACK WITH AN AMOUNT THAT WAS MORE THAN MY HOUSE WAS WORTH IN ORDER TO GET THE LOAN. THEY CAME BACK WITH 175,000 AND WHEN I WENT TO REFINANCE A FEW MONTHS AGO THE APPRAISEL CAME BACK @ 145,000 I HAVE FILED A COMPLAINT AGAINST THE APPRAISER BUT I'M NOT GETTING ANYWHERE. CAN YOU HELP ME OR STEER ME IN THE RIGHT DIRECTION.MY PHONE # IS 859-553-2560

Answered 07/15/08 19:58:07 by Mike Warsop,
Loan Originator for BNC National

A: HI Jim, I'll give you a call and we'll see what we can do but if the value is 145,000 with a loan amount of 175,000 then we do have a problem a lot of it right now is declining markets. Mike

Submitted by Robert Kowroski from Grand Rapids, Mi.

Q: I can't get my interest rate lowered without refinancing. I've never been late with a payment. What are the consequences to me if I turn the keys in to my Credit Union and tell them they can have the house?

Answered 07/10/08 13:08:13 by Mike Warsop,
Loan Originator for BNC National

A: you will have a foreclosure on your record and it will take 3 years after foreclosure before you can get an fha loan and 5 years after foreclosure before you can get a conventional loan.

Submitted by Brandy from Elyria ohio

Q: if my momther inlaw has a house but she toke a second mortaga out on the house i'm trying to get a house i work and my boyfriend works under the the table he get a w10 at the end of the year how would i go about getting this house

Answered 07/07/08 09:27:02 by Mike Warsop,
Loan Originator for BNC National

A: Let me see if I have this right--your boyfriend gets a w-9 at the end of the year and must file a schedule c for 2 years to be able to use any income, if not then we can only use your income. If you purchase the house from your mother in law then you will need to agree to purchase price that will be at least enough to pay off both mortgages. Thanks, Mike

Submitted by shasta from long beach ca

Q: Hello , me and my husband are going to by a bank repo we have a conventional loan the house we are going to buy has no heating in it at all can the bank sell it to us like that or do they have to put one in?

Answered 07/02/08 16:24:45 by Mike Warsop,
Loan Originator for BNC National

A: They can sell it to you that way but the problem that you may come across is that the lender may not accept the property if it doesn't have a heating system installed that works.

Submitted by Gena from

Q: How long after a Bankruptcy do you have to wait until you can purchase a home? Is there a set limit or is it just a matter of how much cash you can put towards a down payment? I ask this because we recently claimed BK we are about to get our discharge,and now that we have no debt, exept a truck payment, we are in a position to save some $$ and maybe in a few months have a little for a down payment. Are we going to run into a problem because of the BK. By the way our credit was exellent before the BK.

Answered 07/02/08 16:21:34 by Mike Warsop,
Loan Originator for BNC National

A: In order to do an FHA or a conventional conforming loan you must be 2 years outside of your discharge date and if it is a chapter 13 bankruptcy then you must be at least discharged.

Submitted by reggie from miami,fl.

Q: how does the fha secure loan work?.Is it possible to get the guidelines and procedures for aquiring this loan?

Answered 06/13/08 09:38:27 by Mike Warsop,
Loan Originator for BNC National

A: Hi Reggie, FHA secure is a loan that was proposed by HUD and goes til 12/31/2008. Your loan must be adjustable but can not be an option arm. You must be past due on your current loan but you must have been current for the 6 payments prior to your last adjustment. You must have at least 3 % equity in your home. Other credit will be at underwriters discretion. Your debt to income ratios must be 31% on payment and 43% on total debt. If you have any other questions then feel free to call me at 913-244-9612. Thanks, Mike

Submitted by James Everett from Tracy CA. 95376

Q: Everything was fine igot hurt and was diabled for 8 months became greatly in debt we bought our home in 03 and in 05 we refided bought for 290 refied for 400 now its worth 300 and i am 2 months behind and 30 thousand in debt what can i do so i dont loose my home and everything it stands for yours truly James Everett family

Answered 06/09/08 17:44:25 by Mike Warsop,
Loan Originator for BNC National

A: i wish I had better news James but if you have negative equity of 100,000 then there aren't any loan programs that I know of and then you include that you are two payments past due. I would contact your mortgage lender and explain your situation. Mike

Submitted by Larry from Indianapolis, Indiana

Q: Hi Mike, my wife and I are looking to purchase our first home a year from now, when our lease is up, and I’m trying to decide the best course of action. We’re looking in the $150,000 price range and use my income to get a loan. I have about $15,000 in total debt, some in collections from college because of our baby being born, and lots of medical bills. I make between $55,000-$65,000 a year depending on a bonus. The last time I checked my credit score was last year and my middle score was in the mid 500’s, mostly because I haven’t used a credit card since 2003 and I’m still paying on those. And the only loan I’ve received since college, 2004, is my truck payment of $310/month that has never been late since Feb. 2005. I’ve rented for the past 3.5 years, $900/month, and have never been late, but I didn’t pay with checks, I do automatic bank withdrawals, as that’s how I pay most of my bills. I will have been in my current job for 4 years this August. I’m definitely looking to go FHA, but I’m curious if I remotely have a chance to qualify. If the minimum down payment is 3% I can definitely afford that. Thanks for your time Mike and any advice is greatly appreciated. Larry

Answered 06/05/08 19:28:16 by Mike Warsop,
Loan Originator for BNC National

A: Hi Larry, I look forward to helping you when your lease is up and we need to get your credit score up to 580 or higher preferably over 600 to get an easy approval through FHA. Please give me a call at 913-244-9612 and we can start working on improving your credit score. Mike

Submitted by GC from Orlando FL

Q: We're suppose to close May 30th, it got pushed back June 6th, now June 13th. We have fha loan and the underwriter demands some more information. Do we even have a chance to get a final approval or not? how strict is fha loan nowadays? From 1 to 10 people applied for this loan, how many would you say got turned down and not get a final approval? I'm so worried because, my downpayment is non-refundable at this time if my husband and I dont get a final approval. My broker submitted all paperwork back in May 5th and their excuse was it takes for fha loan 45 days to get final approval? Should I be confident with my broker at this time or expect the worst case scenario, lose my downpayment? Please advise me.

Answered 06/05/08 19:25:02 by Mike Warsop,
Loan Originator for BNC National

A: I am sorry but I would need to know a lot more information such as your income, credit, value of home, assets and of course I have no idea what type of a lender you are dealing with feel free to call me at 913-244-9612 and I would love to talk to you about your options. Mike

Submitted by nicole from schenectady ny

Q: we have a single family thats under contract for 124,900 and we agreed to pay 1/2 their closing. theyve been renting for 1,000 mo since feb and the closing was supposed to be this month. her loan supposedly fell through because her credit is around 540...are there any programs for bad credit for 1st time home buyers? we gave them the 60 day extention to try and get her score up, how realistic is this? we need to close soon because our finances are wrapped up in this property, thanks- nic

Answered 06/05/08 19:22:27 by Mike Warsop,
Loan Originator for BNC National

A: unfortunately there aren't many loans for credit scores below 580 at the present moment===she is going to need to get that score up and try to go fha with 3% down because they have the lowest down payment and easier credit score requirements. Mike

Submitted by Jolyn O'Daniel from Glendale, AZ

Q: Myself and my Fiance are currently living in a home that I own in just my name. Unfortunately, I am losing my home to foreclosure as I have had a significant drop in income due to major changes in the real estate industry. My Fiance makes about $35000/annually and has about $75 monthly in credit card debt with no other debts. His credit score has always been over 700. My questions are would he qualify on his own for $150K home with his income situation? Also wondering if he can claim money as income that I would be giving him as I would be living in his home (basically paying him rent) in order to help qualify for the loan? He has worked for his current employer for 11 months and prior to that he didn't work for a year and a half because we chose to have him stay home with the kids because I was doing well in the real estate industry. Prior to his year and a half off he worked in the same line of work he is in now for 9 years. Is this 1 1/2 year gap in employment going to kill his chances for getting a home even though previouse to his time off he worked in the industry for 9 years? We are thinking that an FHA loan would be his best bet since the debt to income ratio figures are a little less strict than conventional and the down payment requirements are less. Please let me know if you think he has a chance to get a loan within the next couple of months or if he need to wait until he has 2 years with his current employer. Thank You, Jolyn

Answered 06/05/08 19:20:16 by Mike Warsop,
Loan Originator for BNC National

A: Hi Jolyn, I think his income would qualify him we would just have to put a great letter of explanation about the job gap but with a 700 credit score we should be o.k. call me at 913-244-9612 and I can get started on a pre-approval for him. Mike

Submitted by Jerry Foley from Phoenix, AZ

Q: I have about $8000 in credit card debt some with very high interest rates, I also have a 15 year second mortgage on my house for $15,000. What should I payoff first, the second or should I payoff the high interest credit cards? Thanks Jerry

Answered 06/03/08 12:20:40 by Mike Warsop,
Loan Originator for BNC National

A: you should pay off the credit cards before you pay off the tax deductible 2nd mortgage---do you have enough equity to refinance your first, second and the credit cards into one low rate mortgage-call me at 913-244-9612. Mike

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