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Financing in Haverhill : Real Estate Advice

  • All100
  • Local Info12
  • Home Buying21
  • Home Selling0
  • Market Conditions4

Activity 9
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
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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?
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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?
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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
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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.
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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.
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Thu Jan 27, 2011
Craig M. Pitzi answered:
I worked as a former appraiser for many years. Even some of the most gorgeous lots of land rarely were given consideration. Overall lot size and location is more important than landscaping. It is very hard to show to an underwriter reviewing an appraisal that one home with nice landscaping is worth more than a similar home with say, all grass, since it is a matter of preference. One buyer may prefer the grass, another may prefer the landscape. The main adjustments relate to overall living area, location, lot size, and condition. Bath count, central air, garage spaces and finished basements also warrant adjustments in appraisals. ... more
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Mon Jun 7, 2010
Doc & Ellen Stephens answered:
Hi, Tinker,

I think you are always better off to deal with a LOCAL lender. You can ask several REALTORS® for a recommendation and interview them all. Here's why:

1. Local lenders know what the local title companies require and already have working relationships in place.
2. Local lenders are familiar with local tax structures and Home Owner Association fees, etc.
3. Your local lender cares about his or her local reputation. They are motivated to get a great reference from you. If they come recommended by an agent, they know you will give that agent feedback on their performance. It's a highly competitive business.
4. A local lender will take the time to sit down with you and discuss your personal situation, then find the loan program that fits your individual needs best..
5. If there are hurdles to overcome, as there usually are, your local lender can work with you to get them cleared. Working long distance isn't very easy IF there are problems.
6. Working with an individual who will take personal responsibility for your success is always better than working with some faceless bureaucrat in a corporation somewhere,

Good luck.

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