Fannie Mae/Freddie Mac programs will go up to 85%, and Essent Guaranty Insurance will insure it with a 720 FICO score.
If it's a Fannie Mae HomePath property, then 90% financing is permitted if using HomePath financing.
Shane Milne | Lending in all 50 states | NMLS #81195... more
There are no set guidelines as this type of financing is consider alternative to conventional lending which does follow standard guidelines. Most lenders will want to see from 30% equity to 50% equity depending on borrower, property and transaction. You will need to check with the investors for their individual requirements.... more
Here is a great contact. Let me know if you need assistance in purchsing the home. Mona Elmore, www.MonaElmore.com, firstname.lastname@example.org
Prospect Mortgage is:
· #1 HomePath Renovation Approved Lender
· 8th Largest Lender in the Country
· 3rd Largest FHA Purchase Lender
· 2nd Largest 203k Lender in the Nation – Banked Loan where we handle servicing & draws
· Largest REO Financer in the Nation
I am able to do
· FHA down to a 580 credit score
· FHA 203k Rehab down to a 620 credit score
· Rural Housing
· HomePath Renovation
· HomePath Investors up to 10 properties
· Homestyle (investor rehab loan)
RENOVATION LOANS ON AVERAGE CLOSE IN 45 DAYS!!!
Rates are more than competitive with the banks. We closed over $9 billion in Mortgage business ONLY last year. We don't have local branches with checking or savings depositories, we are a $3.5 billion dollar equities firm.
Mandy Fritsche, NMLS# 557211
Sales Manager - Wisconsin
262-327-5700 Cell, 877-868-9198 Fax
It appears you are 5 points away from possibly being able to obtain FHA financing. Have you spoken to anyone on how and the time frame needed to bring it up the 5 points? I can offer you a referral to a loan officer if you would like to see if they can lend on your current score or to aid in suggestions on bringing it up. Just click on my profile to contact me. (I can also help you sell your current property too.)... more
We might be able to help you with a business loan instead of hard money. We don't do residential lending but are able to help current investment property owners or those that want to start investing. You're welcome to contact me anytime for more information.
You CAN'T just decide to do a short sale. A bank must agree to it and you can't just decide, "Oh Well, I'll screw the bank and they will go along with it because it's all about me". It does not work that way although I am sure many short sale listings are just that, a wish by the home owner to make it go away at the banks expense. You better do some real investigation about what you are planning or you are going to really be in a deep hole. You better look up deficiency state and find out if WI is one or not, if it is the bank can come after you for the money they lose in a short sale.... more
Yes you can get a mortgage with 10% down. Most conventional mortgage programs you can get with as little as 5% down if you are going to occupy the home you are looking to buy. If you qualify for an FHA mortgage you can do as little as 3.5% down.
If you need an experienced lender, feel free to contact me and I can give you several good lenders you could talk to. Feel free to call me at 414-687-2159 with any questions.... more
You have two problems here: 1) FHA will not approve you if you already own a home; and 2) You say you have more than 2 late payments, which will make it hard to even qualify for a conventional mortgage (as per Freddie and Fannie guidelines).
I'm trying to understand your situation here. How are you late on payments and claiming that you can afford a second? Now by late payment do you mean a few days late (but you pay with late fee) or do you mean more than 30 days late, which leads to a ding on your credit report. If you answered more than 30 days late, then no lender will want to approve that loan.
FHA is only for primary residences and you can't currently own a home or have owned one within the last 5 years (first time homebuyer).
The third problem you'd face is FHA guidelines. 620 is the minimum score, provided you meet all other eligibility criteria.
NACA (a non profit) is a great organization for those backed up on mortgages or looking to purchase properties (first time homebuyers only). Go to NACA.com for more info.
Unfortuantely, if you're home has been on the market for a year and hasnt sold, its likely due to pricing. Has your agent given you an honest opinion of value?
Visit makinghomeaffordable.gov to see where you can go for free help on obtaining a loan modification if you're having trouble with your current mortgage.... more
Based on what you stated in your question- You will probably want to share this information with the Lender when you initially go to get pre-approved. They will base your initial preapproval on what you have at that time- but of course can make adjustments when the actual time comes and you have made a decision on writing an offer and planning the closing.
Another thing to keep in mind as you move towards your house purchase is to watch that you don't charge an excessive amount on credit cards, take out any large loans or open up new credit card accounts. These are all factors that could affect your credit scores. And we all know that Credit Scores are now one of the most important factors in getting a Mortgage.
All the Best to You!!... more
good afternoon mary....yes...but ...if you are financing fha..the entrie 3.5% can come from the family...any amt. can...if you are financing conventionally........then any amount can be...however..if it is less than a 20% gift...you would still need at least 5% of your own funds....best regards.....bob mcclure- first preferred mortgage- southfield, michigan...... more
I have worked with several students leaving college and entering residency programs. My wife is a pharmacist at Aurora Healthcare which has given me many opportunities to work with new residents. Where is your residency program? As for your financing questions, I would be more than happy to have two or three lenders contact you to discuss your concerns. Please e-mail me at email@example.com. I would be more than happy to assist you with your real estate needs. Best regards, David Ray, Shorewest Realtors... more
It is best to discuss these with a loan officer that specialize in these type loans. These are FHA loans and the rehab can be used for anything that is not structural issue; such as a basement problem or moving walls.
So it is a government loan serviced by the bank and insured by fha (hud) a government program.
I am not sure the current terms and how the origination fees are charged. But the mip should be paid monthly and the term I assume is 30 years.
If you wish to have some additional information send me e-mail and I will research or direct you to the appropriate indiviual that handles these loans.
First Weber Group
Certifed Distressed Property Expert
There are many many different issues all covered in what seems to be a very simply question..
If there was a loan committment issued, free of any stipulations...many things can happen...You /Client can contact the Deparment of Financial institutions, and file a complaint. If there is a "committment to lend", then they have to loan the money. However, just like eveyrthing else today...if there is a situation where there is a USDA LOAN, or any other type of Government loan, and there is NO MONEY for the program or it runs out...that is another story.
Your other repsonse to this question is also a VERY good answer. MOST of the time, something is not, or was not followed in proper order, or procedure. I have not seen where an underwriter reversed their decision on somthing that they have already signed off on....However, once again...if something new comes up...that WILL cause them to Turn Down the file. Let's look at an example:
Let's say...that at the last minute...(which is normal) a VERBAL VERIFICATION of employment is performed, and the person on the line says, "oh, yes, she works here, but her last day is tomorrow"....EVEN IF she is starting a NEW JOB, the customer HAS TO GO BACK to underwriting! This will cause a delay, and could cause the loan to be turned down. Why would it be turned down you ask?? Let's say, this customer goes from working at Home Depot, to being a nurse...or, from a NURSE to being a car sales person....etc...etc..
They could go from a salary to commission, or hourly to hourly plus bonus.... no matter what way you look at it, they dont have TIME in the new position yet, so there is no TRUE way to calculate what their income, overtime, bonus, etc...might be...AND, that is only ONE reason! There are 100's!
There are also TONS of new procedures we have , and the biggest change is that WE HAVE NO CONTROL over time frames anymore! Nowhere have I seen where many people care about customer service either!
I dont that the FUNDERS understand the we as Lenders, Realtors, and buyers, must adhere to the closing date, or we are in violation of a multitude of items. The buyer has to practice due dilligenece, and provide the lender with as much documentation as is required to get the loan. On the other hand, the LENDER can only work within the parameters they are given! I could not, nor could anyone, just the comittment you are speaking about in your question without first looking at it!\
You are right tho in that I am SURE the lawsuits are just sitting back and waiting to happen!
You could fax me a copy at 608-592-2229!
Thanks so much!