I have a loan program that will lend to foreign nationals but they need to put down 30%. The rates are in the low 3% range. I and not fmailiar with all of the codes but if H1 status alows you to have a social security number, we can do a regular mortgage..... more
Well in the absence of equity, there is no cost in buying out your friend, if he/she wants out, you owe them no money. In fact if it is upside down and your friend wants out, your friend owes you money as there is a negative equity.
The assumption idea may be workable because you will not have any closing costs. The thing is interest rates are real low and you have qualify anyway on an assumption , a refinance may be a better option. the only way to tell is to do the math and see which option is in your best interest. Feel free to contact me and go over the numbers there is no cost or obligation. But hurry the FHA insurance costs are going up April 1st.... more
Well I may be able to do what is called a "short pay" refinance. That is where we get the lender to agree to accept a lower payoff than what is owed.
Let me know if you would like to consider that.... more
(a)No impound, trust or other type of account for payment of taxes on the property, insurance premiums or other purposes relating to the property shall be required as a condition of a real property sale contract or a loan secured by a deed of trust or mortgage on real property containing only a single-family, owner-occupied dwelling, except:
(4) where the original principal amount of such a loan is (i) 90 percent or more of the sale price, if the property involved is sold, or is (ii) 90 percent or more of the appraised value of the property securing the loan... more
Hi, rms_bap. For clarity: Fannie Mae and Freddie Mac are CONV (conventional) loans. Follow previous answer direction and look up your address on the fanniemae website. If it's not there, it could still possibly be a Freddie Mac product. Their website is:
If it not there, you may still need to call Fannie Mae directly to verify. Sometimes, the property's address may have be imputted incorrectly by current or previous bank holding the note.... more