Chuck Pearson

I am a mortgage banker in the Central Ohio area. There are many 100% programs available for people with good credit (your score is more than high enough) and loan amounts under the Fannie Mae limit of $417,000. What is becoming harder to find is the100% Jumbo or nonconforming. The 3 most popular programs are the 80/20, 100 % with PMI and 100% with out PMI. You will need to talk to lender that can offer all three options so that you can determine which one best serves your short and long term needs. You are making one the biggest decisions of your financial life and you need to work with a professional that will take the time to offer you all the options available in the marketplace. If you would like to schedule a no obligation consultation please email me. - Sun Mar 2 2008, 19:34

97.6% of my business comes from the area you are describing. I am a mortgage banker that specializes in government loans and I market to the North east, East and Southeast suburbs. Westerville, Gahanna, Reynoldsburg, Blacklick & Pickerington are all within an easy drive to the airport and have Metro Parks and Golf available. These communities have well respected schools and good range of prices for both new and existing homes
I work with many of the top Realtors in these area. If you would like a referral to some of the top Realtors in this area please email me. - Sat Mar 1 2008, 07:57

I'm a lender in Central Ohio and i've had HUD do this to my client late last fall. We had the inspection and appraisal scheduled to be completed and then HUD did not get the utilities turned on in time. You'll have to play hard ball with them and counter the proposal based on them providing a clear title report by the 15th. Use the phrase seller's title vendor to provide clear title commitment within 5 days of closing for lender review. I use this with my partners because Lakeside title can never produce the tite commitment till the last minute and usually cause a delay in closing. It's just not the same since MCB lost the listings... Good Luck - Thu Feb 21 2008, 14:46

As long as you are living in one of the units it is no different to get a 2 unit than a single family. in fact, if the 2nd unit is rented you will be bale to use 75% of the lease amount as qualifying income. i have done several of these purchases for friends and family over my 8 years of specializing in government loans. Be carefull about moving up to a 4 unit. HUD does not impose these guidlines, but many lenders will restrict LTV and / or require landlord counseling. Finally, Express path financing is nothing more that a repackage DE endoursed loan. Lenders that meet HUD's requirements are able to underwrite the files internally and not send to HUD (direct Endoursement) Express path is allowing some brokers (non mortgage banks) to have some of the requirements waived so that they can act in the market place like a direct endoursed lender. there are a lot of lenders that are jumping on the FHA band wagon this year. It is important that you work with a lender and Loan Officer that has the experience to get your loan closed smoothly. Check references. Are they a member of the Realtor Board in your area? Are they a memer of the ohio Mortgage Bankers Association? If you would like to send me an email i will be happy to provide Realtor and attorney referrences. My firm closes as many FHA loans in one month as most LO's do all year. (source is Mortgage Originator Magazine). - Thu Feb 21 2008, 14:28

Your best bet is to let the collections stay in collection status. Most FHA lenders will waive all collections under the newer HUD guidlines. As a lender, I would rather see the money as reserves in your bank account rather than paying off / down past derogatories.
The foreclosure is another matter. HUD requires 3 years (or more if you defaulted on a HUD insured mortgage). The only exception to the waiting period is if your spouse was ordered by court to pay the mortgage as part of a divorce decree ( not sure if this applies). Your large down paymnet helps your profile, but the underwriters hands are ied when it comes to waiving the waiting period. - Tue Jan 15 2008, 21:52