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Financing in Eagan : Real Estate Advice

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  • Home Buying15
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Activity 4
Tue Sep 20, 2016
answered:
Hi Chrispryer,

You are right to be concerned & you should get a second opinion to make sure.
Unfortunately loan officers are not perfect & we sometimes miss things or make mistakes because the guidelines on loan programs change a lot.

FHA & Fannie Mae guidelines require lenders to use one of the following options to determine the repayment amount on student loans:

- 1% of the outstanding balance
- The actual payment that will fully amortize the loan(s) as documented in the credit report, by the student loan lender, or in documentation supplied by the borrower
- A calculated payment that will fully amortize the loan(s) based on the documented loan repayment terms: or
- If the repayment terms are unknown, a calculated payment that will fully amortize the loan(s) based on the current prevailing student loan interest rate & the allowable repayment period based on the balance: IE: Loans of $60,0000+ have a 30 year amortization.

The concern is whether or not your Loan Officer is aware of these changes/guidelines.

Now on to the good news. There is a way around this where just the IBR payment can be used while still qualifying for a conventional mortgage but you need a lender, like me, that knows how to do it.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
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Tue Aug 28, 2012
answered:
With a credit score that high, you should consider doing a 1 time financed buyout of the mortgage insurance. You can do it with 5% down and finance the buyout on top of the loan up to 97%. See the web reference below for more information and let me know if you need any help. I'm just down in St. Paul. ... more
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Mon Jul 27, 2009
Cameron Piper answered:
Beefcake,

I am impressed with your thorough examination of the appraisal and all of the surrounding rules and regulations. Low appraisals are certainly something that we are seeing a lot of these days and the long and the short of the entire situation can be summed up in one idea - take your business elsewhere.

I personally fought the same battle you are fighting on my house during a recent refinance and in the end, all that I received for many hours of documenting and arguing was a bill for a low appraisal. The reality is that no matter how hard you try, it is highly unlikely that you will change the appraisers mind. They are in a nearly no lose situation. They were hired by the bank to analyze property value, and while you paid for the appriasal, thier loyalty ultimately is to the bank, not to you as a consumer.

I would have one last conversation with the bank and/or the loan officer and let them know your displeasure with the situation and inform them that this appraisal will force you to take your business to another bank.

Three thoughts for you on your analysis:

1. County assessed value is worthless - forget that it even exists.
2. Remodeling adds emotional value but is very difficult to quantify financially since the appraiser doesn't visit the interior of the other homes (they may have the same upgrades). Requiring appraisers to visit the interiors of homes that are sold would be cost prohibitive, and almost impossible to gain access since the house is no longer accepting showings.
3. The value you received is not far off what you had anticipated. Is there an issue with why this appraisal won't work? Do you not meet acceptable ratios? Does it force you to pay PMI?

I am very impressed with your analysis, but my most sincere advice is to tell you to move on.

Cameron Piper
#1 Trulia Agent in MN
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Mon Mar 3, 2008
Todd Norsted answered:
Shane,

I do believe that the state program is still in place. Qualifying has probably tightened, but what hasn't?

Here's a website to check out...... http://www.mnhousing.gov/consumers/home-buyers/loans/index.aspx

I hope that helps!

Thanks, Todd Norsted
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