Financing in Fort Lauderdale>Question Details

Joseph Koren, Real Estate Pro in Fort Lauderdale, FL

Are you really serious? I can't believe you allowed someone to answer a mortgage question like that.

Asked by Joseph Koren, Fort Lauderdale, FL Fri Sep 26, 2008

Jackie stated that she was a direct lender in New York giving loans to people with 580 credit scores, with 3.5% borrowed or gifted down payments. In Florida that would virtually guarantee a cancelled closing at the last minute, or a last minute demand for more cash, fees, or higher rate from the borrower. Let's shape up Trulia and stop spreading false information.

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Answers

7
Hi Joseph,

I'm curious as to which post you're referring to. It doesn't sound as though we have any grounds to take action which is why it's important for community members to comment and bring such issues to light. It's good to see that you're looking to ensure that the information on Trulia Voices is accurate.

Best Wishes,

Emily Gibson
Community Moderator
1 vote Thank Flag Link Fri Sep 26, 2008
It's actually not "new" guidelines for FHA at all. This scenario would be possible prior to recent guideline changes...infact, before HR 3221, the minimum down payment would have been 3%.
0 votes Thank Flag Link Mon Oct 6, 2008
That is the new FHA guide lines, which I believe change in January of 09. Also FHA will lend to a person who just moved here from another country, if they verify that the borrower has 2 years work history in their home country and has a job here in the U.S.
0 votes Thank Flag Link Mon Oct 6, 2008
I believe Seattle Mortgage is correct, this is part of the new FHA guidelines. Some Lenders will even allow a lower score with a manual underwrite.
0 votes Thank Flag Link Fri Sep 26, 2008
Actually, FHA would allow that loan. The borrowers would need to have clean credit for the past 12 months. I'd be carefully trashing someone without having all the facts.
0 votes Thank Flag Link Fri Sep 26, 2008
Matt you are so correct, Everyone should remember the old saying, if it looks to good to be true, it usually is. You should always deal with a local and trusted mortgage company or bank. Stay away from internet lenders and any person or company promising things that are too good to be true or asking for money up front for a loan.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Sep 26, 2008
Joseph~

Perhaps in New York the loan programs ang guidelines are different. Naturally, NOBODY should deliver false or misleadinginformation to the public- especially via a trusted site such as Trulia®. Some people, myself included- get eager to answer a question in order to guide or help a person in need.

I personally try to give information that I'm sure of. Perhaps there is a disclaimer on Trulia® that states" The answers and information provided by the Trulia® members is not guaranteed or warranted, it is solely the opinion of the member" or something along those lines.

THINK TWICE, TYPE ONCE
0 votes Thank Flag Link Fri Sep 26, 2008
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