Home Buying in Orlando>Question Details

findadi, Home Buyer in Orlando, FL

Second Home, Investment Property, Primary Residence or Family Opportunity Mortgage... whats the right direction?

Asked by findadi, Orlando, FL Sun Nov 11, 2012

We own a property in Orlando right now. I am on the mortgage and both my wife and I are on the deed / title. My parents have immigrated to the US and we wanted to buy a property for them to stay close to us. We found a place and have made the offer. Here are a few of my questions: My wife will be financing this loan:

1) Is this her primary residence. My parents will be on the deed with her, but wont be on the loan (no credit history and very little income from outside the US)
2) Can she qualify for a family opportunity mortgage ? or do I need to be on it ?
3) We will not be taking rent from them, since my wife is not on the current mortgage and has a great credit history high 790 she qualifies for a loan.


Thanks in advance for your guidance

Srini

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Answers

3
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0 votes Thank Flag Link Sun Oct 6, 2013
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Mortgage Broker responds:

Why are you looking at or putting offers on any properties if you know that you or your wife and/or parents need a loan before you have contacted a lending source to get pre-qualified for a loan that will actually work?

Are you working with a Buyer's Agent? If so, have they not insisted on you taking the bare basic preliminary steps, especially here in this 2012 and 2013 mortgage market, to at very least invest 45 minutes to get pre-qualified in advance of making an offer?

If you have a Buyer's Agent that has submitted any offer without:

1. a pre-qualification letter
2. an escrow letter of at least 5% to 10% ( Not some weak and typical $1,000 joke either)

I would FIRE THEM NOW as this kind of corner cutting, 1/2 donkey way of submitting consumer's offers is part of the reason the whole industry is so screwed up this days!

Then, the buyer, after the offer is accepted and after putting the cart before the horse, goes into pure panic mode on a savenger hunt trying to locate a lender with a program that will work.

Meanwhile, the listing and buyer's buyer's agentare jump up and down, stomp their feet and giving the lender you finally find who has the program to fund the loan a hard time with non-stop calling and emailing, causing extra issues the entire time before closing!

Look at the programs below and contact me at 3:00 today:

4) 97% LTV- No PMI and No FHA MIP FEE of 1.75%
5) 95% LTV- No PMI
6) 95% LTV- CONDO
7) 90% LTV- No PMI 2nd Home
8) 90% LTV- JUMBO w/cc
9) 85% LTV- No PMI to Super Jumbo
10) 80% LTV- Invest./Rental

STATED INCOME ALT loan programs to Super Jumbo
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 80% LTV- NEW- Stated Income Alt
13) 75% LTV- NEW- Foreign Nationals- Stated Income Alt
14) 75% CLTV-NEW- Short Sale, BK or Foreclosure Forgiveness
15) 70% LTV- Soft and Hard Money -Stated Income Alt

Steve McRory

Pro Option Mortgage/Florida

http://www.pro-option.com

steve@pro-option.com

Ph: 888 662 4404

Prior Service U.S. Marine Corps
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0 votes Thank Flag Link Mon Nov 12, 2012
Hi Srini,

Please check with a Real Estate attorney regarding the best way to hold the deed. Also check with you financial planner for their input.
0 votes Thank Flag Link Sun Nov 11, 2012
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