Not always, sometimes it is a decision of using a different product at a similar cost. There is an organization called Build It Green (builditgreen.org) that has lots of good info that can help a lot. Some items may cost a little more up front but be a lot cheaper in the long run due to lower usage costs. LED lights cost more upfront but save a lot of money in the long run and last 20+ years! You spend nothing on light bulbs, just install and enjoy.... more
You'll get the best terms and rates if you live in one of the units. Investor loans will have a little higher rates and require more down than a 4 unit building that is owner occupied. If you don't own a home and would like to get an investment property, this is the best way to do it. You'll get the best loan that you can lock in for 30 years at great rates, it makes a lot of sense.
I hope this helps.... more
It is possible but it can be messy and time consuming. And he does have to be paid for the work he's done so far. Call the FHA supervisor and tell him the issues you are having. He or she may be able to intervene on your behalf to resolve any disputes but if you really feel this guy is not doing his job well by all means get rid of him, just be prepared for the delays.... more
It probably takes about 5 minutes to have them change & run a new GFE.
They are required by Federal Law to give you a GFE, so don't be put-off.
You should get at least two Loan estimates and GFE's so that you can compare the numbers.
There are so many numbers....
Why isn't your Buyer's Agent advising you on this?
Good luck and may God bless... more
If your case number was pulled after October 4, 2010 you have annual MMI of .9%; if it was pulled before that it is only .55%. Since it’s now 1.25% you will be increasing your MMI rate by either .7% of .35%. You will also be paying 1.75% MIP up-front to get the new loan, and your refund for your original MIP won’t be much. (It changes for every month you have been paying on the loan, but .5 would probably be optimistic.)
This doesn’t include any title, escrow or loan fees. I would need to put your numbers through my excel program I wrote to calculate savings, costs and amount of time needed to get back to even to really answer your question. My guess is it won’t be to your advantage regardless, but unless you are currently at the .9% MMI AND you have a loan amount of at least $250,000 it wouldn’t even be worth running the numbers.... more
Hi Gil, it sounds like the bumpy credit was 24+ months ago and so your credit history should be in good condition for FHA financing, you'll have more lending options (and easier underwriting) with the scores you are aiming for, but your scores now would also be OK (it looks like you got them from annualcreditreport.com or myfico.com - either place gives FICO scores which is what us mortgage lenders use). If all you have is the student loan & credit card debt (which you'd be paying off you say) then I don't imagine the student loan payments would get in the way from you qualifying for what you are looking at (unless the payments are like $1,500/mo - which I doubt). At a $150k sales price, 3.5% down payment, on an FHA loan including taxes/insurance/mortgage insurance, you could expect your total payment to be about $1,075/mo. You said you and your mom would be living there, there is a down payment assistance program called CalHFA, but it has household income limits - you can check more information on it at http://www.calhfa.ca.gov/homebuyer/index.htm ... overall you look to be in pretty good shape to qualify. I'd suggest you and your mom attend a first time homebuyer education course before though, it'll help you understand the homebuying & mortgage approval process and what to expect after you own your new home.... more
Can you give a little more information about the medical bills? Did they appear on your credit report as collection accounts?
First Capital Mortgage
Direct: (310) 434-1718
Yes, there is an alternative. I work for a mortgage bank that provides Jumbo loans up to $5 MM with as little as 10% down.
Please feel free to contact me directly; I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725... more
With 5+ lending the lenders are usually looking at the buildings ability to pay for itself. If the rental income does not cover the payments, taxes and insurance plus a vacancy factor they are likely not to lend on the property, often they want a higher than twenty percent down payment as well. You really should be intouch with some commercial loan brokers to talk about what lenders are looking for. You might also talk to some of the smaller commercial banks as well.
Good luck... more
You should contact your Accountant or CPA for any tax consequences. In regards to the sizeable principal reduction (curtailment), you should contact your current Lender's Loan Servicing Department and ask them to re-cast/re-amortize your monthly payment. Most Lenders will do so with a one-time large prepayment principal as you intend to do. They probably will charge you a small fee of about $350 which is quite a bit less expensive than refinancing. Good luck!1... more
Here are some main ones and a link to FHA that you can ask questions by key word.
1. 51% owner-occupied
2. No one entity can own more than 10% of the units, builder included.
3. HOA Dues cannot be more than 15% in arrears.
4. Link: http://www.fhaoutreach.gov/FHAFAQ/
Happy funding, Rudi... more
With the info you provided, there is no reason why you couldn't qualify for a loan. Seek out a mortgage broker or a loan officer and get a pre-approval! I use a lender that regularly gets loans for people with scores as low as 580.
Good luck Nikki!... more
Sure, sounds like it would be fine. Dont get too hung up on the job thing, with 2 years history its fine. And the min down is actually 3%. We are a preferred Homepath Lender if you want to talk to about a pre approval for her.... more
Hello Ruth :)
While FHA Loan Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Good luck and please let me know if I can be of further assistance. Thank you :)... more