Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Essex County : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying6
  • Home Selling0
  • Market Conditions0

Activity 43
Tue May 16, 2017
Geoffrey Boyd answered:
Thanks for the response. I work for a nationwide mortgage bank and have been in the bsiness for over 20 years (and still having a great time!) The 43% that you reference is related to manually underwritten files, not AU files. If LP or DU accepts the file, it is done as long as the underwriter can validate the data. That being said, some lenders have overlays that limit them to a specific DTI regardless of findings. This is an investor issue and will vary from lender to lender, but is not an FHA standard. In fact, if you are having problems closing FHA loans with DTIs above 43%, please let me know. I am sure that we have an office nearby that would love to have you on their team. :-) Again, my comments regarding the banker vs broker was related to getting more flexibility (in some areas) with a mortgage bank as opposed to a commercial bank. Anyway, thanks for the great comments and perspective. ... more
0 votes 7 answers Share Flag
Sat Mar 25, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

We can do a 203k loan nationwide.

You are welcome to get in touch with me if you have any questions or would like help with this.
0 votes 1 answer Share Flag
Tue Nov 24, 2015
Angela Classen answered:
Were working with a lender, the broker was positive we were golden. Now all of a sudden the UW is requesting a million other things, after inspection, appraisal etc. have all been paid for. Needless to say I'm worried their going to deny it a week before projected closing.

Main reason is DTI, were looking into a FHA income 2013 $47k, 2014 $59k and YTD at $59 so projected about $65 by year end. Reccuring monthly debts are a bit under $1k (my wifes car payment is killing my DTI @ $718 but her APR would have been 18.9%) She will not be on the loan due to a messy past divorce.

My GFE on the home is showing a $1,600 payment @ 4.5% including everything, PMI, Principal, Interest, Taxes and HOA Bringing me to 52% DTI. Median Score I believe is 649

Do I have any hope? If so how quick is a FHA able to be processed?
... more
0 votes 1 answer Share Flag
Fri Nov 6, 2015
Amelia Robinette answered:
depends on your lender and financing criteria. you should talk to your loan officer to find out your options.

is this a loan or a gift? this is a critical distinction, a loan requires some repayment, so in the lenders eyes you've taken on a new debt that will need to be calculated into your debt to income ratio. a gift is something else, lenders have rules about gift documentation.

let your 'gifter' know ahead of time that the lender is going to want to see their bank statements to source the funds. a lot of people are surprised by this requirement and feel that it's intrusive - keep in mind you are asking a bank to loan you a LOT of money, they need to assess the risk and knowing the source of funds is not only important to them, but they are required to ask a for a lot of paperwork because of federal and state banking regulations.
... more
0 votes 1 answer Share Flag
Fri Sep 19, 2014
Bill Eckler answered:
Worth having? Your lender will likely require that you have a recent appraisal done to protect their interests. So having one done on your own would only add additional expense to your process.

Good luck,

... more
0 votes 13 answers Share Flag
Thu Apr 24, 2014
Rob Weber answered:
That seems like a tall order. Did you have a lender run it through the automated underwriting system yet? Did they get an approve but their lending guidelines cap you out at a lower number? If you were denied via automated underwriting, everyone else will get the same result, with the same input.

Maybe you can add a co-borrower?
... more
0 votes 1 answer Share Flag
Mon Feb 24, 2014
Robert Hanson answered:
Depending on your income you may qualify for grants which can eliminate or reduce the down payment. If "solid" income means a lot you may not qualify. However, if "solid" means "stable", possibly you do! Here's a link to educate yourself on these.

We accept these grants as down payment when arranging mortgage financing for our clients and although not all banks will accept them, many will.

I am available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
... more
0 votes 12 answers Share Flag
Sat Nov 2, 2013
Dana Lindberg answered:
203k loan is a government program that enables you to purchase a home and finances certain upgrades and repairs as part of your mortgage.

For more details about 203k loan, visit CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how. Let their team of experts help you. ... more
0 votes 21 answers Share Flag
Thu Dec 13, 2012
jim_dasilva answered:
Contact Andy White at Stepstone Mortgage and save yourself the time/headache 781-608-5897 or - speaking from experience
0 votes 8 answers Share Flag
Sat Oct 6, 2012
Heath Coker answered:
Using a professional with experience in what ever you are working toward is always very helpful.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.) ... more
0 votes 4 answers Share Flag
Wed Jun 13, 2012
Northeastgal asked:
Our commitment date is tomorrow, but appraisal hasn't come back yet, so we have been told that we need to file a request for an extension. We are supposed to close at the end of this…
0 votes 0 Answers Share Flag
Sun Apr 29, 2012
Trevor Curran answered:
If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to financing up to 100% of the purchase price of the home. That means no down payment.…

For other HomeBuyers, Non-Veterans, the program in the Bronx for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%.

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.

The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs in the Bronx.

I hope that helps!
Trevor Curran NMLS #40140
... more
0 votes 12 answers Share Flag
Mon Mar 26, 2012
Daniel Rivera answered:
Yes there are many options especially through government loans which provide special incentives in order for people to buy. Talk to a mortgage specialist.
0 votes 6 answers Share Flag
Tue Mar 6, 2012
Kevin Vitali answered:
A little bit of a loaded question. Depends on the type of property, occupancy and credit profile. But there are programs that allow fr 3-3.5% down and even a few that allow 100% financing.

The best thing to do is call a mortgage officer and find out for sure.
... more
0 votes 7 answers Share Flag
Tue Feb 28, 2012
Jim Simms answered:
FHA is not limited to a first time homebuyer if that is what you are asking. Owning a rental property does not necessarily keep you from getting an owner occupied FHA mortgage if you qualify for it. The second loan application will question the rental property income:

When using current leases to analyze rental income, the borrower can provide a current signed lease or other rental agreement for a property that was acquired since the last income tax filing, and is not shown on Schedule E. In order to calculate the rental income:

Reduce the gross amount by 25% (or the percentage developed by the jurisdictional HOC) for vacancies and maintenance Subtract PITI and any homeowner’s association dues, and Apply the resulting amount to income, if positive, or recurring debts, if negative.
... more
0 votes 1 answer Share Flag
Thu Aug 25, 2011
George Raymondo answered:
You should consider these major two factors when shopping for a home loan regarding APR

1.) What is my interest rate?

2.) What are my lender fees?

My company has a policy to offer par pricing (which happens to be currently 4.250% for your scenario) and a flat fee for lender charges. We charge $1,590.00 which are etched in stone. That's how you should be looking at it. APR is a little misleading, as we have to list fees on our GFE and Truth in Lending that we really don't know for sure until close to the end. So APR can vary. You should shop rate and lender's fee on not APR.

Just a thought

Just my opinion
... more
0 votes 3 answers Share Flag
Sat Aug 20, 2011
Ron Thomas answered:
1 2 3
Search Advice