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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 nâ€™ 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
Pro Option Mortgage/Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps