No, no one is doing them. There are some FHA lenders doing 100% combined loan to value. I actually offer this loan.
I do have 100% loan that I can do. I can do them on owner and owner occupied properties the rates tend to be between 3.875-5.25%, so if you goal was to save the money on the MI well you may save a little on the payment, but you can no longer write off the MI so this is a better option.
If you are broker or a banker and wish you could offer these types of loans never fear, give me a call I can set your company up to offer them. Call my up and I will send you out a broker / correspondent package.
Also you can do them 1 year out of foreclosure or short sale and 24 months back statements as income documentation. Foreign nationals to 90%
I am renting a home and my lease is up in June. The owner has a property management company managing the property. I asked the property management company if I could move out one month early and they agreed but only if I would allow potential buys to preview the home while it is on the market. The was an agreement between the Property Management Company via email. The house sold and escrow closes on 5/30/14.
I found another place to rent but it's available on 5/9/14 and they want me to pay the prorated amount from 5/9/14 thru 5/30/14 so I will be paying rent for two places for the month of May. I asked the current owner if I could pay the prorated amount from 5/1/14 - 5/9/14 and I would be completely out of my current house by 5/9/14. The owner has not responded so I will assume that the answer is no. I did not check with the Property Management company but at this point, I'm not sure what my rights are. Does the lease transfer to the new owners even though we had a verbal agreement for me to end my lease contract on 5/30/14? Should I contact the buyers agent or the sellers agent to see if the new owner are willing to work something out with the Property Management Company so that I can move out on 5/9/14 and not pay rent for May so that I can afford to pay rent at the new place? I'm worried that I will not receive my security deposit since there will be new owners on 5/30/14 and the lease will transfer to them and technically I'm breaking the lease according to the contract date of lease ending on 6/30/14.
I gave a security deposit of $1895 (rent is $1795). I also thought about telling the property management company to use the security deposit as last months rent. My preference is to only pay for the prorated amount for May thru 5/9/14 and receive my entire security deposit back. What are my rights and what do you suggest I do at this point?... more
Lanre is right: that buyer was probably contacting multiple agents. Until they show some commitment to you such as providing proof of funds, lender pre-qual, etc. don't spend too much time on them & don't take it personally when they go with someone else.... more
Are you holding onto your home with the 17k on it? If so, the UW wants to know that you have a minimum of 30% equity in the home so that they can give you the proposed rent to aid your new ratios. Your Loan Representative should be explaining this to you.... more