Financing in Orange>Question Details

CPbronco, Home Buyer in Orange, CA

Lenders that will do 5% down conventional?

Asked by CPbronco, Orange, CA Tue Jun 5, 2012

Looking for a lender that does 5% down payment on a conventional loan for a multi-unit. FHA is out of the question at the moment. 790 credit score. Can someone suggest me some lenders?

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I couldn't find the 5% down on multi-units either, Gregorio. It's just not there!

Unfortunately, this is what happens when too many want to say "Yes" & lead a client down the road, never to close the loan. I would be happy to be proven wrong on this one.

The "brutal" truth is not what the borrower wants to hear, but it is much more brutal in the end after the buyer spends $$ on appraisals, inspections, not to mention travel time & costs, with the only result being a denied loan.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
1 vote Thank Flag Link Thu Jul 19, 2012
Fannie eligibility matrix: https://www.efanniemae.com/sf/refmaterials/eligibility/pdf/e…
Freddie eligibility matrix: http://www.freddiemac.com/sell/factsheets/ltv_tltv.htm

I see no 95% LTV for a 2 unit.

CPbronco, I have ideas for your water heater to go FHA. If you want a straight answer, contact me.
Web Reference: http://WeFixRates.Com
1 vote Thank Flag Link Thu Jul 19, 2012
Hey CPbronco,

Your best bet is to work with a local trusted lender, and I can help you out. With 5% down on a conventional loan you will have MI(Mortgage Insurance), if this multi unit is a investment property realistically you will need to put down more and also have a few months reserves. But if your going to occupy one of the units, that's a different story.

With our company we don't charge any points or junk fees so make sure which ever company you decide to work with don't as well. Closing costs can be rolled on to the back of the loan.

Give me a call for more detailed information so I can help you accomplish your goals even if it's not with us.

Jovan Simon
Account Manager
In House Lender
714-619-3172
0 votes Thank Flag Link Sat Sep 8, 2012
Libardo, I'm not a good buyer, I'm an awesome buyer.

I have everything squared away. Will be closing soon. Thanks everybody.
0 votes Thank Flag Link Sat Sep 8, 2012
CPbronco,

We do 3% down on $417K loan amount conventional with 680 fico, we also give you $500 for purchase and .625 bps rebate for purchase.

Libardo Quintero
NMLS 380933
949.861.0367
Lquintero@kinecta.org
http://www.kinecta.org/lquintero
0 votes Thank Flag Link Tue Aug 21, 2012
contact Brentwood Pacific Financial at 800-316-5913 ext 2501

They can assist you with your financing needs..

Ask for Scott Fredrickson
0 votes Thank Flag Link Mon Aug 20, 2012
Libardo,

Apparently you are unfamiliar with laws requiring NMLS ID disclosure.

If I may:

"Beginning January 1, 2011 a Mortgage Loan Originator License
Endorsement (MLO Endorsement) must be obtained before a real estate
licensee can solicit or originate a loan application, or negotiate or offer to
negotiate any residential mortgage loans. This is in compliance with the
federal Secure and Fair Enforcement for Mortgage Licensing Act
(SAFE Act). The SAFE Act is intended to provide uniform national
mortgage loan originator licensing standards, which will require
minimum licensing and education. It is also designed to create a
comprehensive national licensing database to enable government and
consumers to track loan originators and help prevent fraud. Loan
originators registered in the national database will be provided with a
Unique Identifier number"


Regulations require that mortgage loan originators display of their NMLS unique identifier on all mortgage loan application forms, solicitations, and advertisements, including business cards and websites, and any other documents as established by rule, regulation, or order of the Commissioner.

We seem to be missing yours!
0 votes Thank Flag Link Fri Jul 20, 2012
Ummm... he still needs to be registered but not licensed. Still need the NMLS ID. Or didn't you know that?
Flag Fri Jul 20, 2012
Umm.. he works for a credit union. He's exempt
Flag Fri Jul 20, 2012
Let me see if you are a real buyer tell be the purchase price and county ?
If not, I will say that there are real lenders not good buyers.
LQuintero@kinecta.org
0 votes Thank Flag Link Fri Jul 20, 2012
I doubt it. There aren't many MAGIC PILLS in the industry anymore. I don't know anywhere doing 5% down NOO properties. Of course, this property in questions is NOT NOO, its a 2 unit property which the owner will be living in one. Still, most won't do only 5%. More like 85% LTV
0 votes Thank Flag Link Fri Jul 20, 2012
Hi Libardo,

Do I understand you correctly? Kinecta will fund a 5% down purchase of a non-owner occupied property?
0 votes Thank Flag Link Fri Jul 20, 2012
CPbronco,

Let me get this clear,
is this investment or owner occupied purchase?
Your fico is 790 and do you have at least 3% down payment?
if yes, we have an easier program that FHA, Kinecta Federal Credit Union (Boeing, ahhh $10 to became member, do you have $10 and ready to get all the benefits?) will offer you the loan.


LQuintero@kinecta.org
http://www.kinecta.org/LQuintero (go to the link and get pre-approved in 20 minutes)
949.861.0367
0 votes Thank Flag Link Fri Jul 20, 2012
"I couldn't find the 5% down on multi-units either, Gregorio. It's just not there! "

Exactly Roswell!

I especially like the comments from the person that says:

"Just came out of a meeting where we can 3% down conventional financing.
$417k max loan amount "

and

"Actually it is a Freddie Mac product and must go LP."

It's pure Fantasyland and a real shame for anyone trying to get real answers. Fortunately for the borrower, they posted that they found a solution. Sometimes the answers here baffle me.
0 votes Thank Flag Link Thu Jul 19, 2012
Hey CPbronco,

We can help you out here at InHouseLender, with 5% down on a conventional loan you will have Mortgage Insurance due to the fact your putting less then 20% down. My company is very generous with home buyers and we wont charge you any points and i will also credit some of your closing costs. So when you get a chance please give me a call so we can talk further more.

Thank you,

Jovan Simon
Account Manager
In House Lender
714-619-5157
jsimon@inhouselender.com
http://www.inhouselender.com

We have an A+ with the Better Business Bureau
0 votes Thank Flag Link Thu Jul 19, 2012
That would be me here at Broadview Mortgage, CP.

I am right here in Orange and can share the wisdom behind the 5% conventional loan. LOL. Just trying to lighten the mood.. Buying a house and getting a loan isn't exactly a fun adventure, but I can try to make it a more enjoyable journey. Have you found anyone yet? If not, give me a call at 714-455-9150

If you have, toss it by me and lets see if we can make it look better. We have the Home Buyer Credit that might work in your favor. Lets see if we can make some magic!

Good Luck whatever you choose.

Erik Johannessen
Broadview Mortgage - Katella Branch
(714) 455-9150
CA DOC/NMLS 849234
0 votes Thank Flag Link Wed Jun 27, 2012
Call Beth (619) 866-4331 @
Beth Svenson
Sr. Loan Officer
C2 Financial Corporation
Phone: (619) 866-4331
Email: c2financial@live.com

CA Dept of Real Estate
Real Estate Broker, DRE # 01375203,
DRE Broker #01821025, NMLS # 249786
0 votes Thank Flag Link Tue Jun 19, 2012
Easy solution for you...

1. Have the seller replace the water heater.

2. If they won't, do an escrow hold back (for at most I would think) $500 to replace the water heater.

3. If for whatever reason you can't do that, you can increase the purchase price to include the water heater repair & have the seller fix it, if the home will appraise for the additional $500.

4. Have the real estate agents chip in together for the cost of replacement to get the sale completed.

I hope that helps. Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
Web Reference: http://www.HomesByLender.com/phoenixne
0 votes Thank Flag Link Tue Jun 19, 2012
So why is it that you guys can do 5% down conventional on multi-unit and almost everybody else says they can't. Even direct lenders are telling me this. As someone else mentioned, it's non-conforming to Fannie, what does it mean and what are the risks?
0 votes Thank Flag Link Tue Jun 19, 2012
You got it.
5% down conventional
3% down conventional
Jumbo loans 10% down conventional no MI
Assets utilization program ???? (yes, we are the only ones in the market)
$500 Gift card for purchase transaction, 30 days guarantee to close or up to $895 refund
plus .625 rate incentive for purchase
GOLD VIP membership for one year
and more!!

Libardo Quintero
949.861.0367
lquintero@kinecta.org
http://www.kinecta.org/lquintero
COME TO OUR FREE EVENT JUNE12/ AT THE BALBOA BAY RESORT
0 votes Thank Flag Link Thu Jun 7, 2012
Going live in one, rent the other. I already worked something out.
0 votes Thank Flag Link Wed Jun 6, 2012
CPbronco - As I read the trail of respnses - It appears this is going to be a NOO (Non Owner Occipied) property?

If so - You're looking at 20% down payment going the conventional financing route.

Again, please feel free to call and discuss your options @ (949) 212-4578

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Cell: (949) 212-4578
0 votes Thank Flag Link Wed Jun 6, 2012
It's 2 units on 1 lot. I had FHA but was told One of the water heaters is not working. Due to this FHA won't work. Bank owned, won't fix anything.
0 votes Thank Flag Link Wed Jun 6, 2012
How many units? Conventional limits it to 75% of the purchase price on a 4-unit.
0 votes Thank Flag Link Wed Jun 6, 2012
Just came out of a meeting where we can 3% down conventional financing.
$417k max loan amount
Dont know if that works for you or not.
0 votes Thank Flag Link Wed Jun 6, 2012
LP is Freddie Mac's Loan Prospector. It's a risk assessment tool that we use in order to get loan approval through Freddie.

Fannie Mae's is called DU or Desktop Underwriter.

In addition, you will need to meet qualifying debt to income ratios.

I'm a phone call away - (949) 212-4578

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Cell: (949) 212-4578
gfawcett@castlecooke.com
0 votes Thank Flag Link Wed Jun 6, 2012
What does LP mean? I've contacted two direct lenders that say they can.
0 votes Thank Flag Link Wed Jun 6, 2012
Actually it is a Freddie Mac product and must go LP.
0 votes Thank Flag Link Wed Jun 6, 2012
Be very careful when contacting people who say they can do this. Conforming guidelines require 20% down for a 2 unit and 25% for a 3-4 unit. If you are not doing an FHA mortgage then whatever they are offering you is a nonconforming product. Make sure you get all the details of this if in fact it can be done.

Fannie Mae Guidelines on LTV here: https://www.efanniemae.com/sf/refmaterials/eligibility/pdf/e…
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Jun 6, 2012
CPbronco:

Castle & Cooke Mortgage can do it. We are a direct lender with our own IN HOUSE underwriters. I need a singed purchase agreement & two weeks to get it funded.

Castle & Cooke Mortgage is owned by David Murdoch, the founder & chairman of Dole Foods. Although we have branch offices all over the US - My office is located in Neport Beach.

Please call my cell direct @ (949) 212-4578

Best regards,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Cell: (949) 212-4578
gfawcett@castlecooke.com
0 votes Thank Flag Link Wed Jun 6, 2012
If it is less then 4 Units we can do it, If it is 5 or more Units I will need 10% Down.



Mitch Valmer
949-836-5004
mitchv@emoneylending.com
0 votes Thank Flag Link Tue Jun 5, 2012
I know one...call me 949-433-3225
0 votes Thank Flag Link Tue Jun 5, 2012
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