Financing in Marshfield>Question Details

Investor, Home Buyer in Suisun City, CA

Anyone know of a lender that's doing refi's on NOO home at about 70% LTV and less than a year's seasoning?

Asked by Investor, Suisun City, CA Sat Jan 29, 2011

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@Janet,

If you are an agent rather than a loan officer you should change your profie

"Can I afford to buy a home? Am I qualifed? What do I need to do to get qualified? Does an FHA Home Loan work for me? What affects my credit score? Answers to these questions and more... as I am and have been originting residential mortgage loan in Massachusetts for over eight years. (Three of those years as a seklf-employed broker.) I am currently providing home loans with Dynamic Capital Mortgage who is a direct lender in 13 states including Massachusetts (MLO16834) and New Hampshire. "

You are entitled to your opinion. I am very direct and some folks take offense to that, I don't mean to insult or offend anyone. I also feel their is a difference between arrogance and confidence. I am confident in my answer and will defend my opinion. Maybe you need to talk with your old underwriter!
0 votes Thank Flag Link Sun Jan 30, 2011
If a new appraisal supports the value and you have a current mortgage/note against the property. Private or not you can obtain a rate and term refinance. If the note was a personal loan you will have issues because of the number of properties you have financing on.
0 votes Thank Flag Link Sun Jan 30, 2011
My 70% LTV would be based on getting a new appraisal done and not taking the purchase price which I got at a steep discount.
0 votes Thank Flag Link Sun Jan 30, 2011
Andrew,
I guess you really AREN'T sorry for the side discussion.
I believe my referring to your remarks as snarky was a kind gesture on my part. Your response comes off too arrogant for my liking. Demonstrating your knowledge is one thing, but to do it without being open minded to looking at questions posed to you, assuming you know the absolute truth is frightening.
I am an real estate sales agent, not a loan officer.
0 votes Thank Flag Link Sun Jan 30, 2011
Janet,

What would you call telling me..."You may need to talk to an underwriter on this one! "

The underwriters role is to make sure that the loan is salable since the loan officer benefits from loans being approved and closed. Letting a loan officer approve loans is like giving the fox the key to the hen house....A very bad business plan! That does not mean the underwriter knows more than the loan officer simply because their title is Underwriter.

I respect my underwriter and I am far from perfect, she has caught me making errors and I have caught her making errors. It is a check and balance. Since my income is based on my ability to close loans I make it a point to know my guidelines and know which loan I can get approved and closed. I don't submit loans and hope they get approved. I know when I submit the loan if it will be approved or not. Of course that could change as additional information comes into play (the appraisal for example).

Would you rather expose your buyers to a loan officer that doesn't know if their application will be approved.

I read your profile. You appear to be a loan officer not an agent! I was responding to your post as if you were an agent that thought they knew the underwriting guidelines better than a loan officer. Had I realized you were an LO I probably would have been much Snarkier!
0 votes Thank Flag Link Sun Jan 30, 2011
To the OP you should be able to get this refinanced if a note exists it is a rate and term. Since your in Cali I would suggest calling Gregorio Denny his website is http://www.WeFixRates.com. Like me he is a straight shooter and doesn't try and sell you but rather provide your loan options.

Your bigger hurdle is the number of financed properties.

Good luck and sorry about the side discussion.
0 votes Thank Flag Link Sun Jan 30, 2011
Andrew,
Your response comes off a bit snarky to me. I was under the impression the role of an underwriter is to approved or disapprove of loans based upon the guidelines (Fannie, Freddie and lender specific) and the supporting data submitted by the borrower, credit bureaus, and an independent appraisal. Are you saying that you know more than your underwriters (and by inference are better qualified to underwrite loans?) . I would not want to expose my buyers to someone with such a huge ego.
Any other lenders care to comment?
0 votes Thank Flag Link Sun Jan 30, 2011
Janet,

If the private mortgage is secured by the home being refinanced it is a rate and term refinance (if it is not secured by the home it's not a mortgage). Why would I need to talk with an underwriter? If you currently work with a loan officer that needs to talk to there underwriter to answer this question, you may want to consider looking for a better loan officer. I started in this business processing and underwriting close to 20 years ago on Rt 16 in Newton (Cambridgeport Bank). The best loan officers know as much if not more about guidelines than their underwriters.
0 votes Thank Flag Link Sun Jan 30, 2011
Andrew,
From my own lending experiences this loan will likely be considered a cash-out refinance since the current note is with a private investor. I had a client years ago who was refinancing a private construction loan he had on a home he built on land that he had purchased. We refinanced the construction loan as cash-out. You may need to talk to an underwriter on this one!
Janet
0 votes Thank Flag Link Sun Jan 30, 2011
Carl,

That is not a Fannie Mae Guideline. That is a lender overlay.
0 votes Thank Flag Link Sun Jan 30, 2011
The value is established using the purchase price and not the appraised value if you have owned the property less than one year? Is the loan 70% LTV using purchase price?
0 votes Thank Flag Link Sat Jan 29, 2011
I have the reserves in cash accounts and IRA's.
I have an 820 FICO. There's a co-borrower with a 717 middle score.
0 votes Thank Flag Link Sat Jan 29, 2011
The 5 financed properties presents more of a problem. You will need to have at least 6 months PITI reserves for each property.

It won;t change the answers any. I can't write the loan but if you hav ethe reserves the seasoning is not an issue.
0 votes Thank Flag Link Sat Jan 29, 2011
The first mortgage broker that I contacted said she couldn't do the loan because her products required 1 year of seasoning, since you'd have to use a new appraisal. The house has about 30% equity maybe more if you use the new appraisal. I didn't buy the home with conventional loan, it was a private note, so it was considered an all cash deal at that point. All I really want to do is a rate and term--i don't need any cash out.
I have five financed properties if that makes any difference.

Also, I apologize, but I'm in CA. I mistakenly posted my question to this area--not sure if you do loans in CA or not.
0 votes Thank Flag Link Sat Jan 29, 2011
I don;t see any issues with doing a rate and term refinance. Who is telling you you need more seasoning?
0 votes Thank Flag Link Sat Jan 29, 2011
Have a private money 1st note on the property. SFR.
0 votes Thank Flag Link Sat Jan 29, 2011
Is it rate and term or is it cash out?
0 votes Thank Flag Link Sat Jan 29, 2011
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